Open a Bank Account in Vietnam

Updated on Sunday 12th November 2017

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Vietnam is one of the most important banking centers in Asia and it offers many incentives to foreign investors opening companies here. Important numbers of foreign citizens also move here for employment or other reasons, not to mention the influx of tourists the country attracts every year.
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 which 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.

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:

-          a 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.

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 provides for a several options when choosing the bank to work with.

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.