Direct Investment Capital Account (DICA) in Vietnam Explained

For an FDI company, the bank is not just where money is kept but also the “checkpoint” for capital flowing into and out of Vietnam. The direct investment capital account (DICA – tài khoản vốn đầu tư trực tiếp) is a dedicated account for receiving capital contributions and carrying out capital transactions with foreign investors. A transfer sent by mistake to an ordinary current account may mean the contribution is not recognized. This article explains how to use a DICA correctly, drawing on the FDI accounting experience of ACCA Consulting Vietnam.

1. What is a direct investment capital account (DICA)?

A DICA is an account that a foreign-invested company opens at a bank licensed to deal in foreign exchange, in order to carry out transactions related to direct investment activities. It can be denominated in foreign currency or Vietnamese dong, depending on the currency of the capital contribution.

The key point: a foreign investor's capital contribution must be transferred through the DICA and contributed in full within 90 days of the Enterprise Registration Certificate (ERC – Giấy chứng nhận đăng ký doanh nghiệp) issue date. A DICA does not replace a current account; the company still opens an ordinary current account to pay salaries and suppliers and to receive payments from customers.

2. Where to open a DICA and what to prepare

The number of DICAs that may be opened, changing the bank holding the DICA, and the accompanying documents are governed by current foreign exchange management regulations; the bank will provide detailed guidance. Choose a bank with a dedicated FDI client desk to reduce back-and-forth.

3. Reference table: transactions through the DICA

4. Misdirected transfers and how to fix them

• Investor transfers capital to the current account: contact the bank immediately for instructions on returning the funds and re-sending them to the DICA; do not book them as a capital contribution yourself.
• Customer pays for goods into the DICA: notify the bank, and record the receipt clearly as sales proceeds to avoid mixing it with contributed capital.
• Vague transfer descriptions such as “transfer” or “payment”: the bank may request an explanation before crediting the funds.
• Paying suppliers directly from the DICA: the cash flow becomes hard to reconcile during audits and when remitting profits later.

5. How accounting should track the DICA

Set up a separate sub-account for the DICA in the bank deposit ledger and reconcile it with the bank statement every month. Every inflow to the DICA must be linked to an investor and a purpose; every outflow must have an approval document. For capital contributed in foreign currency, record it at the actual exchange rate on the date of receipt and track exchange differences when converting to Vietnamese dong.

Practical tip: keep a three-column reconciliation showing the DICA balance per the bank statement, the balance in the accounting books, and the capital still to be contributed per the ERC. Send it to the investor together with the monthly report. During the first-year audit, having this reconciliation ready shortens capital confirmation, and it also serves as evidence later when remitting profits or adjusting capital.

A capital flow report like this shows investors how their capital has been used, and helps auditors reconcile quickly during the annual financial statement audit — a mandatory obligation for FDI companies.

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