Open a Bank Account in Vietnam
No matter the reason for relocating to Vietnam, an important aspect to consider is to open a bank account right after coming here. There are several types of bank accounts that can be set up here. Among these, personal and corporate bank accounts are the most popular in Vietnam.
Our company formation consultants in Vietnam can offer more information on the banking system in this country.
The New Banking Law in Vietnam
In 2016, Vietnam amended its banking legislation which among the many changes also contained some related to the easiness through which foreigners can open bank accounts here. Another change that entered into effect in 2019 also enables foreign citizens and entrepreneurs to open set up accounts from abroad, so it is fair to say that Vietnam is now one of the most friendly and foreign investment-oriented countries in Asia when it comes to facilities offered to overseas persons and entrepreneurs coming here.
If you decide to open a bank account in Vietnam, our specialists can assist with the creation of various types of accounts.
Types of bank accounts in Vietnam
Persons who decide to create bank accounts in Vietnam have several choices in terms of banks and accounts they can set up. All they need to do is search for the best option for them. They can also rely on guidance in making such decisions.
Here are the main types of bank accounts one can open in Vietnam:
- personal bank accounts that can be opened by natural persons living and working in Vietnam;
- corporate bank accounts that are mandatory for all companies operating in Vietnam;
- non-resident bank accounts which were recently introduced in Vietnam;
- merchant accounts that are mandatory for e-commerce businesses in Vietnam.
According to recent legislation, bank accounts can also be divided into local and foreign currency accounts.
If you want to open a bank account in Vietnam for your company, no matter if it is a traditional or an online one, you can rely on our local agents. We can also support you if you want to open a company in Vietnam.
Requirements to open a bank account in Vietnam
Foreign citizens and companies interested in opening bank accounts in Vietnam must present a set of documents with the bank they want to work with. Among these are:
- proof of identity in the case of individuals;
- a valid e-mail address;
- a copy of the work contract, in the case of foreign employees;
- a minimum amount of money to be deposited when opening the account;
- information about the company, in the case of corporate bank account;
- specific application forms issued by the bank.
Other requirements could apply depending on the bank. Our Vietnam company formation specialists can assist with the opening of corporate bank accounts.
How to open a personal bank account in Vietnam as a foreigner
According to Circulars 19/2016/TT-NHNN and 26/2017/TT-NHNN, foreign citizens can open bank accounts here if they have obtained residence permits with a minimum validity of one year. For this purpose, they must file a set of documents with the chosen bank.
Here are the documents one must file to open a bank account in Vietnam as a foreigner:
- the valid passport which must have a validity of at least 6 months;
- a Vietnam visa with a minimum duration of one year;
- a temporary or permanent residence permit;
- a temporary residence confirmation letter obtained from the nearest police department.
Among the last 3 documents, only one must be submitted as proof of residence here.
Foreign citizens can open bank accounts with local or foreign institutions in Vietnam. Some of the largest banks in the world have branches here in several cities which can ease the decision of persons who want to transfer money abroad, for example.
If you want to open a bank account in Vietnam and need advice on how to choose a bank, our officers can make some recommendations based on our experience with them.
Opening corporate bank accounts in Vietnam
According to the Company Law, a company is not required to have a local bank account if its transactions do not exceed 20 million VND, however, most enterprises decide to set up accounts for their operations.
The creation of a bank account for a company in Vietnam implies two procedures:
- the opening of a bank account in which the share capital will be deposited;
- the creation of an account for day-to-day transactions.
Also known as an investment or direct investment capital account, it must be created by companies with foreign ownership with local or foreign institutions that are allowed to provide foreign exchange services. These banks are authorized by the State Bank in Vietnam.
Among the documents that must be presented in order to open a bank account in Vietnam for a company are the following:
- an application form that must contain specific information;
- proof of establishment in the case of foreign companies operating in Vietnam;
- identification papers of the company’s representative authorized to represent the business in relation to the bank.
The opening of a corporate bank account can be handled by our company formation experts in Vietnam who can help you prepare all the documents requested by the financial institution of your choice.
Why open a bank account in Vietnam?
There are plenty of reasons for which a foreign citizen should open a bank account in Vietnam, apart from when necessary. Tourists, for example, are also allowed to set up Vietnamese bank accounts, which means one must not be a resident in order to have a local bank account. This is an important aspect, as most Asian countries require a residence permit for foreign citizens.
Also, the opening of a bank account in Vietnam can be in the local currency or in other currencies, such as euros or US dollars. Online bank account opening is another facility offered by most banks in Vietnam. Also, many foreign banks have branches in Vietnam which provide for several options when choosing the bank to work with.
The banking system in Vietnam
Foreign citizens and companies seeking to open a bank account in Vietnam can choose between several institutions. The local banking system consists of commercial banks divided into:
- 5 state-owned banks;
- 35 joint-stock banks;
- 4 joint-venture commercial banks;
- foreign banks operating through 35 branch and representative offices;
- 6 financial companies.
Our local advisors are at your service if you want to set up any type of bank account as a foreigner. You can also rely on us for business registration services in Vietnam.
If you need assistance in opening a bank account in Vietnam, please contact us. We can also assist with the company registration procedure in Vietnam.