VietnamDICA currency mismatch: when the wire cannot land
In plain termsA DICA (direct investment capital account) must match the investment story on the IRC (Investment Registration Certificate) and ERC (Enterprise Registration Certificate). If one file is USD and another is VND, the bank can refuse the credit even after the account exists.
Start here — three checks
- Line up three currency fields: IRC, ERC/charter, and the DICA application
- Lock the inbound currency before shareholders send the first SWIFT
- If they already disagree, stop the wire and amend documents — do not hope the teller will convert it away
Decision map
| Signal | Lock now | If skipped |
|---|---|---|
| IRC states USD; ERC charter capital is VND | Decide which figure is the contribution currency and amend the other before opening DICA. | Bank books nothing, or books a conversion that no longer matches registered capital. |
| Shareholders will pay from a EUR or SGD account | Confirm whether DICA can receive that currency or must receive the registered currency only. | Correspondent banks bounce the payment after the 90-day clock is already tight. |
| DICA opened in VND “because that was easier” | Re-read the IRC capital currency. Easier onboarding is not the same as a lawful match. | USD contribution has nowhere legal to land. |
| Partial contribution already credited in the wrong currency | Freeze further credits. Reconstruct what was booked versus what the register shows. | Paid-in capital, ERC, and bank statements diverge permanently. |
| FX conversion proposed inside the bank after credit | Ask whether that conversion still counts as the registered contribution currency. | You get VND in the current account and no clean DICA contribution proof. |
Scenario triage
| Scenario | Looks safe | Real risk |
|---|---|---|
| IRC in USD, local accountant filed ERC in VND at an old rate | Both amounts “equal” on a spreadsheet. | Registers and banks do not treat a private FX rate as identity of currency. |
| Founder sends USD to a VND DICA | The bank can convert anything. | Compliance may reject the credit or convert it in a way you cannot prove as charter capital. |
| Two shareholders, two currencies | Each pays in their home currency for convenience. | DICA and the charter usually need one coherent capital-currency story. |
Common wrong movesWhere people lose time on this exact question.
- Opening DICA in whichever currency the relationship manager offered first.
- Using a spreadsheet FX rate as if it amended the ERC.
- Sending a test wire in the “wrong” currency to see if it clears.
If this fails, do this nextRecovery order — not a generic legal memo.
- Export IRC, ERC, and DICA opening forms side by side. Circle every currency and amount mismatch.
- Amend the inconsistent certificate or re-open DICA in the registered currency before the next SWIFT.
- If the 90-day clock is at risk because of this, start late-contribution recovery in parallel.
Published gapWhat we do not invent on this page.
FX alignment is practice-heavy. We do not publish a bank-by-bank table of accepted contribution currencies. Your lock is the triad on the issued IRC, ERC, and the account the bank actually opened.
Common questions
What is DICA currency mismatch in Vietnam?
It is when the currency on the IRC, the ERC/charter, and the direct investment capital account do not tell one story. Banks then delay or refuse inbound FDI funds.
Can I contribute USD if my ERC capital is in VND?
Not as a casual conversion. Align the registered capital currency with the DICA currency first. A private exchange-rate table is not an amendment.
Should I stop a wire if currencies already disagree?
Yes. A refused or mis-booked credit burns time inside the 90-day charter clock. Fix documents, then send.