Based on Clause 1 Article 5 Circular No. 05/2014/TT-NHNN modified by Clause 2 Article 14 Circular No. 06/2019/TT-NHNN regarding the form of foreign indirect investment in Vietnam as follows:

Forms of foreign indirect investment in Vietnam

Indirect investment activities in Vietnam by foreign investors include the following forms:

1. Capital contribution, purchase, sale of shares, capital contributions of foreign investors to enterprises do not fall into the cases specified in Clause 2, Article 3 of Circular 06/2019/TT-NHNN dated June 26, 2019 of The Governor of the State Bank provides guidance on foreign exchange management for foreign direct investment activities in Vietnam and amendments and supplements (if any) that have not yet been listed or registered for trading on the Stock Exchange. stock trading.

At the same time, according to the provisions in Point a Clause 2 Article 7 Circular No. 05/2014/TT-NHNN regarding the use of indirect investment capital accounts as follows:

Use indirect investment capital account

The indirect investment capital account is used to carry out the following income and expenditure transactions related to foreign indirect investment activities in Vietnam:

…

2. Expenses:

a) Expenses for implementing foreign indirect investment activities in Vietnam in the forms specified in Article 5 of this Circular;

Thus, foreign investors who are non-residents carry out merger and acquisition transactions in enterprises that do not fall under the Clause 2 Article 3 Circular No. 06/2019/TT-NHNN payment of the transfer value must be made through the indirect investment capital account.