Can foreigners take out loans at Vietnamese banks?

According to Clause 3, Article 2 of Circular 39/2016/TT-NHNN, which provides regulations on borrowers from credit institutions (hereafter referred to as borrowers), the eligible borrowers include both legal entities and individuals, specifically:

• Legal entities established and operating in Vietnam, as well as legal entities established abroad but legally operating in Vietnam;
• Individuals who hold Vietnamese nationality, as well as individuals holding foreign nationalities.

Thus, based on the aforementioned regulations, foreigners who meet the necessary legal requirements are eligible to apply for loans at Vietnamese banks, provided they fulfill the set conditions.

See more: how can to get work permit in Vietnam

Conclusion

Obtaining a loan as a foreign national in Vietnam has become more feasible in recent years, but there are still several challenges that need to be addressed. Although the Vietnamese banking system has undergone significant reforms, foreign borrowers typically encounter stricter conditions than domestic citizens. To enhance the likelihood of loan approval, it is crucial to approach the application process strategically. Key factors such as establishing a reliable credit history, offering adequate collateral, and reviewing loan options from various banks should be prioritized.

By thoroughly understanding the necessary requirements and considering alternative financing solutions, foreign individuals can navigate the lending process with greater efficiency. This careful approach will help improve the chances of obtaining the funds they need for personal or business purposes in Vietnam. If you require more detailed information or assistance on this topic, feel free to contact NVCS Law Firm.

Lawyer: Mr. Tony

Phone: +84 919 195 939

Email: tuulawyer@nvcs.vn

Website: nvcs.vn