Open a Bank Account in Vietnam

For local counterparty settlements, investment contributions and payments across borders, foreign companies seek to open a bank account in Vietnam. Banking arrangements vary with customer status, account purpose and foreign exchange controls.

This article covers account types, non-resident requirements, corporate banking products, documents, timing and compliance procedures. Account opening is also examined against KYC (know-your-customer) requirements, foreign-currency restrictions, rules on repatriating profits, and the regimes governing the investment capital account (ICA) and indirect investment account (IIA).

How Vietnam's Banking System Is Organised

Companies that pay local suppliers, wages and taxes or conduct foreign trade must open accounts to access banking services in Vietnam. Companies use separate banking channels to contribute foreign capital, receive overseas financing and distribute profits to owners. A company selects its product according to corporate structure, payment currency and the funds' legal purpose.

An account alone gives foreign companies no right to conduct ongoing business in Vietnam without registration. Lawful operations may call for a locally incorporated entity, a registered branch, a licensed representative office, investment-project registration or tax registration. Banking services confirm that a financial instrument is in place, without replacing corporate authorisations.

The State Bank of Vietnam (SBV) supervises the financial sector. The regulator sets electronic identification requirements and payment-account opening rules, and oversees foreign exchange transactions and credit institutions. Institutions must hold the appropriate licence to provide banking services.

The financial market includes several institutional categories:

• state-owned or state-controlled commercial banks;
• private Vietnamese credit institutions;
• subsidiaries of foreign financial groups;
• foreign bank branches.

VietinBank, BIDV and Vietcombank are major state-sector banks. International groups operate through HSBC Vietnam, Standard Chartered Vietnam and UOB Vietnam; Techcombank is prominent among private institutions. All these banks serve domestic enterprises, businesses with foreign capital and certain non-resident categories.

The law does not assign any one bank a duty to accept all foreign applicants. Before approving an account, the bank examines the owners, business model, forecast turnover, countries involved in payments and origins of the capital. Internal policies can impose further restrictions on specific industries or jurisdictions.

Opening a Bank Account in Vietnam: Purpose and Legal Treatment

The funds' economic purpose must be established first. Misidentifying the funds' purpose leads banks to refuse to credit transfers, makes contributions to charter capital harder to substantiate and creates problems repatriating profits later. Operational payments, direct investments, portfolio transactions, overseas borrowing and deposits are treated as distinct categories in law.

The main account types differ in purpose:

Holding foreign-currency accounts confers no unrestricted permission for domestic payments in US dollars or euros. Dong is the usual currency for domestic prices and payments; exceptions must be expressly allowed by foreign exchange law.

Ordinary payment accounts let companies collect revenue, pay suppliers and cover rent, wages and taxes. These accounts also carry international transfers where permitted, provided the special investment regime does not apply. A company opening its payment account in Vietnam may select dong or foreign currency, subject to that bank's rules.

Investors use dong-denominated IIAs to buy securities, invest in funds, acquire equity outside the direct investment regime and receive income from these assets. For certain institutional-investor categories, the permitted number of IIAs matches the number of assigned securities trading codes. Transfers of IIA balances into term or savings deposits are prohibited.

Only Vietnamese citizens may hold savings deposits. For foreign individuals, banks may provide term deposits. The funds cannot remain on deposit beyond the period of authorised stay shown in the depositor's valid immigration document.

Corporate Accounts: Non-resident Applications

Applicants can be foreign-invested companies, local enterprises, contractors from overseas, foreign investors, representative offices or registered branches. When deciding whether an applicant can obtain a corporate bank account in Vietnam, banks assess its legal capacity and the lawfulness of its planned transactions. The bank is not obliged to accept an organisation merely because its registration establishes that it legally exists.

An overseas parent can apply even if it has not established a subsidiary. A bank account for a foreign company in Vietnam remains conditional on a clear economic connection with the country. To establish that link, a bank may seek a local counterparty contract, investment-project documents, a branch licence, a partner agreement or evidence that a registered contract has been performed.

An incorporation certificate alone is insufficient for a non-resident corporate applicant. Banks assess projected cash flows against the applicant's industry, contracts, headcount and declared countries of operation. A mismatch between expected transactions and the customer's profile provides grounds for further enquiries.

The compliance review addresses the following questions:

• Where is the organisation registered, and does it legally exist?
• Which activities does it carry out, and what business model has it declared?
• How are its ownership and chain of control structured?
• Who are its legal representatives and authorised signatories?
• What turnover is expected, and where does the capital originate?
• In which countries do payments originate, and where are they destined?
• Who are the principal counterparties, and what characterises the payments?

Corporate applicants identify their director, chief accountant, online account users and signatories. Banks check their passports, applicable immigration documents and authority, plus the legal representative's biometrics where required. Circular No. 17/2024/TT-NHNN, as amended, permits electronic identification, although foreign representatives often need in-person checks.

Anti-money laundering rules supplement bank requirements. Banks identify individuals owning at least 25% of charter capital directly or indirectly, and anyone exercising ultimate control. If neither criterion identifies an individual, banks identify at least one legal representative, excluding representatives of state capital.

Refusal is likely for opaque ownership, unidentifiable ultimate beneficial owners, forged documents or unexplained funding sources. Other rejection grounds include sanctions risks, missing licences and attempted investment payments through operating accounts.

Comparing Providers of Business Banking in Vietnam

Companies selecting a bank consider payment currencies, counterparties' locations, the number of authorised users and possible integration with their accounting system. A foreign applicant is not assured of approval simply because a bank advertises the service. Before an application is submitted, the company and its beneficial owners undergo a separate review.

The best providers of business banking in Vietnam should be compared on corporate services, currencies, remote account management and international payment terms. One company may prioritise an international network; another, automatic statement delivery or investment-capital services. Fees, supported currencies and user permissions also require review.

A company may keep accounts with one bank or several unless this conflicts with the special investment-account rules. The comparison covers available currencies and transfer fees, formats for statements, digital access rights and how transactions are verified.

Vietcombank: VCB DigiBiz, CashUp and Accounting Integration

Corporate applicants must agree the currency, transaction purposes and user permissions with Vietcombank. Services include corporate payments, trade transactions, bank guarantees, cards and lending, plus domestic and international transfers.

VCB DigiBiz offers small and medium-sized businesses 24-hour access through its website and mobile app. For larger companies, the available options are open application programming interfaces (APIs), Host-to-Host integration and VCB CashUp. These transmit payment instructions from accounting systems, report balances and let companies receive statements through SWIFT, email or file exchange.

BIDV: Electronic Identification for Corporate Customers

BIDV's clients include domestic enterprises, companies with foreign capital and businesses involved in foreign trade. Companies seeking BIDV business banking must separately check whether foreign representatives can use its corporate electronic identification procedure.

In May 2025, BIDV introduced corporate electronic identification for remote applications and digital-service registration. Remote enrolment still requires checks of original documents and corporate authority. After identification, foreign individuals and non-resident Vietnamese can also access BIDV SmartBanking, which incorporates the former BIDV Online.

Techcombank: Account Management and Transactions in 10 Currencies

Techcombank assesses corporate account eligibility against the applicant's industry and cross-border payment activity. Its corporate customers can use dong accounts, corporate cards, foreign exchange, trade finance, international payments and term deposits. The bank also requires the legal representative's biometric data to be updated.

Techcombank Business supports exchange of 10 foreign currencies and tracks cash movements in real time. Businesses can obtain the Techcombank Visa Business Debit Card.

HSBC Vietnam: International Banking and Treasury Services

HSBC Vietnam targets cross-border groups, exporters, importers and companies with centralised treasury functions. Corporate services include HSBCnet, HSBC Connect, treasury APIs, payment tracking, trade finance, Omni Collect and NAPAS 24/7 domestic transfers.

HSBC reports that the group's payment network covers 175 markets and 130 currencies. Treasury APIs consolidate account data across an international group, including accounts at other institutions, and provide continuous access to balance information. Companies weigh these features when selecting banking services in Vietnam to manage funds across borders.

UOB Vietnam: Access to Southeast Asian Banking Networks

UOB targets regional holding companies seeking access to Southeast Asia's financial infrastructure. After integrating the business acquired from Citibank Vietnam, UOB Vietnam had over 1,500 employees and five branches across Ho Chi Minh City and Hanoi.

UOB Infinity supports account viewing, transaction initiation, mobile payment approvals and trade-finance management. It tracks transfers across borders until funds reach the beneficiary; a digital token is also supported. Whatever features a digital service such as UOB Infinity offers, Vietnamese banks may request additional documents from non-residents.

Standard Chartered Vietnam: Straight2Bank and International Payments

Standard Chartered Vietnam's corporate accounts suit companies seeking centralised control of international payments; compliance checks determine final approval. The bank offers current accounts, cash management, term deposits, trade finance and foreign exchange.

Straight2Bank supports payment creation and approval, balance checks and transaction-data downloads. Account records and transaction histories cover the preceding 90 days. After setup, customers receive daily electronic notifications and monthly statements.

Account Opening: From Preparation to Activation

Opening a bank account in Vietnam starts with preparation before the bank receives a questionnaire. First, the company establishes its legal status, identifies the product it needs and determines the intended routes for payments. This lowers the risk of submitting documents to an institution that excludes the relevant industry or customer category.

The general procedure does not require every organisation to follow an identical set of actions. Checks differ between a locally registered enterprise, an overseas parent and a foreign investor. The activities, control structure and type of cash flows determine what goes into the dossier.

Documentation and Review Times

Applicants registered locally and those registered abroad submit different dossiers. Organisations opening a bank account in Vietnam document their existence, their representatives' authority, their ownership structure and the lawful origins of their funds. A bank may expand the document list following its assessment of the applicant.

For non-resident account dossiers, documents often need translation, certification and legalisation. A consular procedure is not compulsory for every document. The country of issue, international agreements and internal bank rules determine the requirements.

Foreign organisations prepare a separate dossier:

• an incorporation certificate;
• a commercial register extract;
• the charter and director list;
• a good-standing or incumbency certificate where the bank requests one;
• an account-opening resolution;
• ownership-structure details and powers of attorney;
• ultimate beneficial owners' documents;
• the tax number and tax-residence details;
• proof of address;
• contracts or investment documents establishing a Vietnam connection.

A Vietnamese company normally provides:

• its Enterprise Registration Certificate;
• its Investment Registration Certificate, if required;
• its charter, together with resolutions appointing managers;
• information on members and shareholders, and on ultimate beneficial owners;
• passports, residence permits and visas for its foreign representatives;
• its tax number, licences and powers of attorney;
• proof of address, a turnover forecast and a business description;
• documents establishing capital sources.

A locally registered company must also appoint a chief accountant or another person responsible for accounting to obtain a corporate bank account in Vietnam. The review covers signatories' powers and whether payment approval is joint or individual.

Conclusion

A company needs a product matching its corporate structure and its funds' purpose to open a bank account in Vietnam. Evidence of a business connection with the country and bank identification are also required. If operational payments, investment and borrowing are not correctly distinguished, companies face difficulties contributing capital, transferring money internationally and later paying profits to owners.