Why Open a Merchant Account in Vietnam?

Updated on Monday 23rd April 2018

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Why Open a Merchant Account in Vietnam? Image
Foreign investors who want to start an online business in Vietnam must follow several steps, among which the company registration process, the creation of a website and registration of a domain name and the opening of a merchant account.
The merchant account is a bank account which enables the Vietnam company to accept and process the payments made by its clients. It is quite easy to open a merchant account in Vietnam, and the whole process can be explained by our local advisors.


How to open a merchant account in Vietnam

The opening of a Vietnam merchant account implies the preparation of a set of documents, among which:
  • the details of the company, such as the Business Certificate and identification number;
  • information on the website, this requirement applies only to online shops;
  • information on the company’s activities, such as the main domain in which it activates ;
  • a detailed business plan, which can include a projected annual turnover;however, not all merchant account providers require such information.
It should be noted that depending on the provider, additional documents could be required. We also remind foreign enterprisers that our company formation agents in Vietnam can help them register an online business in this country.


Common questions when opening a merchant account in Vietnam

We have received a lot of questions about the opening of a merchant account in Vietnam, however the most usual are listed below:
 
  1. Where can I open a merchant account?

Merchant account services are offered by banks and financial institutions in Vietnam. One can open this account even with the bank where the company bank account is set up. However, it is best to compare a few banks or other institutions offering such services before choosing one.

 

  1. When do I open the merchant account?

The opening of the merchant account must be done after the company was registered and the website was created, because as we explained above, information about these must be provided upon the creation of the account.

 

  1. What do I look for when I want to open a Vietnam merchant account?

The fees and the services are the most important aspects when opening a merchant account. With so many providers it is important to choose the one offering the services the company needs and then the fees attached to them.
 
  1. Is it hard to open a merchant account in Vietnam?

As we said above, it is not complicated to set up the account. However, its opening depends on how soon the client gathers the documents and on their accuracy.
 
If you need assistance in opening a merchant account, please contact our Vietnam company formation consultants.

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