VCBS: Notification about the Foreign Account Tax Compliance Act (FATCA) implementation at VCBS

Tuesday, 01/07/2014


Vietcombank Securities Limited Company (VCBS) would like to express our sincere gratitude and thanks for your cooperation with VCBS over the time. And also VCBS are pleased to inform you on changes in our request for customer information. Please read the entire contents of these changes here.

These changes are related to the Foreign Account Tax Compliance Act (FATCA), which was enacted on March 18th, 2010 by the U.S. Government. Following instructions of the State Securities Commission and Vietcombank - VCBS' parents bank, VCBS has registered with the IRS as a Participating Foreign Financial Institution (‘PFFI’). FATCA requires non-US foreign financial institutions to identify account holders who might be considered as U.S. taxpayers and report information to the Internal Revenue Service (‘IRS’). To VCBS, this report must be permitted by the State Securities Commission. 

Some of the important changes include:

- Gather information about individual customers opening new accounts at VCBS as required by FATCA: starting from 01-July-2014.

- Gather information about institutional customers opening new accounts at VCBS as required by FATCA: starting from 01-January-2015.

- Review individual accounts that opened before 07.01.2014 and institutional accounts that opened before 01-January-2015: within 02 years starting from 01-July-2014.

The above information collected by VCBS will be used only for the purpose of meeting the FATCA compliance requirements and will not be used for any other purpose.

Please note, in case customers do not provide the above information, VCBS may be required to perform some of the FATCA requirements on opposing accounts.

We will notify customers when there is a change related to the content above.

For more information on FATCA, please visit the VCBS' website at or United States Internal Revenue Service (IRS)'s website at You can also request assistance through VCBS' FATCA team by phone: (+84) 439366990/Ext: 681/682.

Once again, thank you very much for using our financial services and for your cooperation.

Sincerely. /.