Opening a bank account in Vietnam as a foreigner can be a bit more complex due to the specific requirements and paperwork involved.

For foreigners and companies new to Vietnam, understanding the financial environment and its banking procedures may present some difficulties. The process of managing finances can be more intricate than expected for those who aren’t yet familiar with how the local system operates.

Grasping the process of opening a bank account in Vietnam is essential for those aiming to build a financial presence in the country. Whether you're an expat settling in Vietnam, an international investor, or a company, this overview offers key information on navigating the account opening procedures.

The required documents for opening a bank account in Vietnam

The specific documents required to open a bank account in Vietnam may differ slightly between banks, but typically include:

• A valid passport along with a visa or residency card.
• Evidence of your local address in Vietnam, such as a rental contract or a utility statement.
• Temporary Resident Card (TRC)/Permanent Resident Card (PRC)
• Forms for application and personal details, provided by the bank.
• For business accounts, additional paperwork such as a work permit or business license may be required.

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The requirements for opening a bank account in Vietnam for foreigners 

Foreign individuals are allowed to open bank accounts in Vietnam, provided they meet the the conditions in Article 11 of Circular 23/2014/TT-NHNN, as amended by Circular 02/2019/TT-NHNN as follows:

• Individuals aged 18 or older with full legal capacity as defined by Vietnamese law;
• Individuals aged between 15 and under 18, who are not subject to any loss or limitation of legal capacity;
• Individuals under 15 years of age, or those with limited or lost legal capacity, may open a payment account through a legal representative;
• Individuals with cognitive or behavioral difficulties, as defined by Vietnamese law, can open a payment account through a guardian.

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Procedure for Opening a Bank Account for Foreigners

According to Article 14 of Circular 23, amended by Circular 02, the procedure for opening a bank account for foreigners is as follows:

Step 1: Prepare Documents

When seeking to open a payment account, the customer must prepare a complete set of documents. These can be submitted directly to the bank, sent by mail, or transmitted electronically to the bank or the foreign bank branch where the account is to be opened.

Step 2: Bank Information Verification

Upon receiving the account opening application, the bank or foreign bank branch will:

• Verify that all documents in the application are complete, legal, and valid, and that the information provided in the application matches the documents. If everything is in order, the bank will proceed with opening the payment account for the customer.
• If the documents are incomplete, not legal, or invalid, or if the information in the application does not match the documents, the bank will notify the customer to rectify the application.
• If the bank or foreign branch decides to reject the account opening, it must inform the customer of the decision.

Step 3: Agreement Execution

After verifying and confirming the customer’s information in accordance with anti-money laundering regulations, the bank or foreign bank branch will finalize the agreement for opening and using the payment account with the customer. A direct meeting with the customer or the customer's legal representative (in cases where the account is opened through a legal representative) is required to finalize this agreement.

Step 4: Notify Account Information

Once the agreement is finalized, the bank or foreign branch will notify the customer of the account number, account name, and the start date of the account's activity. The bank will also collect signature samples, digital certificates (if applicable), and seal samples (for organizational accounts) to be used for verification during account transactions.

Opening a bank account with NVCS Law Firm

NVCS Law Firm has a dedicated team of experts who possess in-depth knowledge of the documentation and procedures required for opening a bank account for foreigners in Vietnam. Leveraging our strong relationships with some of the most prestigious banks in the country, we ensure a smooth and efficient process tailored to your specific needs. Our team will assist you in selecting the most suitable bank account, taking into account your unique financial requirements and operational structure.

For more information about our bank account opening services for foreigners, feel free to contact NVCS Law Firm. We are here to provide expert guidance every step of the way.

• Lawyer: Mr. Tony 
• Phone: +84 919 195 939
• Email: tuulawyer@nvcs.vn
• Website: nvcs.vn 

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