Bank Account Opening in Vietnam

In 2026, bank account opening in Vietnam is a key step for businesses, investors and people living in this rapidly developing country. Local banks offer flexible service terms to foreign nationals and non-residents; company owners can often arrange a corporate account without attending the bank themselves. This article explains how companies and individuals can apply, covering bank selection, documents and costs.

Vietnam remains on the grey list maintained by the Financial Action Task Force (FATF), which places the country under increased monitoring. Banks are generally receptive to foreign capital, but their know your customer (KYC) and anti-money laundering (AML) procedures have been considerably stricter since 2023–2024. Corporate applicants are almost invariably asked to substantiate both the origin of their funds and their actual business activity. The outcome depends on the quality of the application dossier rather than the bank chosen; errors in preparing it are the principal cause of refusals.

Corporate Bank Accounts in Vietnam: Available Products

Current accounts for everyday operations

Businesses usually begin with a current account when arranging corporate bank accounts in Vietnam, since they need it to pay counterparties. This account underpins their daily transactions and working capital management. Service conditions differ between banks, from interest paid on balances to transaction fees.

Term deposits and financial planning

A term deposit lets a business earn interest on funds it does not currently need. It supports longer-term financial planning while preserving the deposited funds, which become available when the agreed term ends. Companies seeking to manage and grow their capital efficiently can benefit from this arrangement.

Foreign currency accounts for international transactions

Companies trading internationally need accounts denominated in foreign currencies. These are particularly important for importers and exporters, helping them reduce losses arising from exchange-rate movements. Banks also provide pricing and products specifically for international businesses.

Understanding Vietnam's currency controls is important: domestic payments must generally be made in the national currency, the dong (VND). Companies may also hold accounts in other currencies, such as US dollars. State Bank of Vietnam (SBV) rules govern transactions on these accounts: some need supporting documents, and certain cases require prior approval. Businesses engaged in importing or exporting should decide on their combination of VND and foreign currency accounts before applying.

Personal Accounts and Non-Resident Applicants

Companies are not the only applicants: expatriates, investors, property owners and digital nomads also open a Vietnamese bank account. The applicant's status determines the procedure.

• Residents with a temporary residence card (TRC). A standard application normally requires the TRC and passport. Address confirmation or details of the intended account use may also be requested. Residents can obtain a full account and debit card, with mobile banking available too.
• Non-residents without a residence permit. At some institutions, non-residents can obtain an account by presenting their passport and current visa. The choice is narrower and the conditions stricter. Certain institutions also require applicants to substantiate their funding sources and explain the intended purpose of the account.
• Tourists. A card issued abroad or a payment service is normally sufficient during a short stay. A full local account is not available to tourists at every bank.

Individuals should treat entirely remote opening as exceptional. Non-resident customers normally undergo personal identity checks, with the permissible procedure determined by the applicable rules and the bank. A video call alone does not necessarily satisfy those requirements. For companies, opening through an authorised representative under a power of attorney (POA) is much more commonly available. Where avoiding a personal visit is the priority, the corporate route is therefore usually more practical than a personal application.

Remote Bank Account Opening in Vietnam

Foreign entrepreneurs can arrange a corporate account without attending the bank themselves by appointing a representative to act for the company. This option is in demand. Remote bank account opening in Vietnam through this route involves granting a POA to a person who submits the company's documents and completes the necessary procedures on its behalf. Our specialists assist during the bank's review and promptly supply any further documents requested, following the application through to account opening.

Remote arrangements still involve full KYC checks. The bank identifies the beneficial owners, examines the corporate structure and checks where the capital originated. The POA must be properly executed and authenticated by apostille or consular legalisation, as applicable to the country concerned, with a notarised Vietnamese translation where required. Even a minor inconsistency will prompt the bank to request replacement documents, delaying the application. We therefore prepare the POA and incorporation documents in advance and agree the document package with the bank before submission. Appointing a representative does not remove any identification requirements that remain applicable to the company or its legal representative.

Bank Account Opening in Vietnam: The Application Process

Researching and choosing a bank

Begin by comparing Vietnamese institutions, their services and account terms against your business requirements. Branch locations, service quality, charges and online facilities are central considerations. Whether the intended location is Hanoi, Ho Chi Minh City or elsewhere, detailed comparison of the available offers is the starting point for bank account opening in Vietnam.

Banks serving corporate customers

A local bank account is strategically important for companies entering Vietnam's rapidly expanding economy and using it as a base for growth across Southeast Asia. The following institutions serve corporate customers.

The customer's priorities determine which institution suits them best. Vietcombank, BIDV and VietinBank are strong choices for large transactions and domestic settlements. However, foreign applicants may encounter a conservative approach and slower communication in English. Non-resident customers generally find HSBC, Standard Chartered, Shinhan and UOB more convenient, especially for cross-border payments. These banks tend to impose stricter compliance checks and minimum-turnover requirements. Our frequent recommendation is to use two banks: a local institution for domestic settlements and a foreign institution for international transactions.

Preparing the documents

To open a Vietnamese bank account, companies must prepare their documentation with care and understand the local legal procedures. The following records and related tasks require attention.

Documentation causes technical delays more often than any other issue. Although Vietnam joined the Apostille Convention recently, documents from certain countries or of particular types may still need consular legalisation. Each bank determines its translation requirements: some accept documents in English, while others may ask for a notarised Vietnamese translation. Issue dates also matter where an institution requires recent records; documents older than three to six months may be refused. By checking the chosen bank's requirements in advance, we avoid having to prepare the package again.

Our consultants coordinate the process so that procedures are completed correctly and in accordance with Vietnamese law. Throughout dealings with banks and tax authorities, we guarantee confidentiality and the protection of client data.

Submission and bank approval

Submission and approval form the final stage. Our specialists help foreign entrepreneurs arrange corporate accounts through representatives, allowing owners to proceed without visiting personally. We respond promptly to requests for further documents during the review and support the application through to a successful outcome. Managing the process independently can be difficult without adequate preparation: it calls for detailed work and familiarity with local law.

Debit and Corporate Cards

Banks issue debit cards linked to the accounts they open, including corporate cards for business customers and personal cards for individuals. Most local institutions support Visa and Mastercard as well as the domestic NAPAS network. For foreigners spending locally, a card linked to a Vietnamese account is convenient for everyday purchases. Payments from its VND balance avoid the conversion charges associated with cards issued abroad.

Banks examine corporate card arrangements closely, so the limits and authorised holders should be agreed beforehand. Personal cards linked to bank accounts in Vietnam for non-residents are normally issued only when the customer opens the account and undergoes personal identity verification.

Initial Deposits and Minimum Balances

Banks set financial conditions for opening and maintaining accounts. These can include an initial deposit, an ongoing minimum balance, and rules governing how money is paid in and used.

Allowing for balance requirements

Minimum balances matter when choosing corporate bank accounts in Vietnam. The initial deposit usually starts at US$300; each institution sets the amount for its account products. To keep an account active, a continuing minimum balance may also be required, alongside a small monthly service fee. Money held to meet that minimum is effectively unavailable for day-to-day spending, which should inform the choice of bank and account.

A separate tax rule links payment methods to deductible expenses. For an expense of VND5 million or more per transaction to be deductible for corporate income tax (CIT), evidence of non-cash payment is generally required. The rule covers goods, services and other expenditure. Paying such expenses in cash can prevent their deduction. Applying this rule correctly supports tax planning and cash-flow management.

Digital Services for Businesses

Internet banking is now an essential tool, particularly for companies operating internationally. Recent developments in business banking in Vietnam give companies more convenient and efficient ways to manage their finances.

Available digital channels

• Mobile banking enables payments and account management in real time through an app. Configurable transaction alerts help businesses monitor cash movements.
• Browser-based banking provides secure access to company accounts and supports scheduled, recurring payments, including taxes and mandatory contributions.
• An application programming interface (API) connects banking services with corporate systems, including enterprise resource planning (ERP) and accounting software, to automate business processes.

These tools make transactions faster and more secure while simplifying management accounting and reporting. We help businesses arrange their accounts so they can adapt more easily to the digital services available locally.

Security measures

Security is central to managing money online. Vietnamese banks protect digital transactions through several layers of controls, including two-factor authentication, encryption and continuous monitoring for suspicious activity.

Practical benefits

• Faster processing: online payments and transfers take less time than conventional methods.
• Round-the-clock access: transactions can be initiated outside branch opening hours.
• Better financial planning: analytical tools assist with budgeting and managing capital.
• Accounting integration: many platforms connect readily with accounting systems, simplifying records and audits.

Services that enable customers to arrange accounts without visiting a bank are becoming more widely available and increasingly sought after.

International Payments and Currency Controls

Companies making international payments face regulatory requirements as well as operational restrictions. Clear currency-transaction rules apply when using foreign currency accounts in Vietnam.

• Vietnam controls currency conversion and the movement of capital across its borders.
• Certain currency transactions need SBV permission.
• Restrictions apply to outward transfers made without the required declarations.

• International payments must comply strictly with the processing bank's procedures and policies.
• Some banks require further documentation explaining why the payment is being made and where its funding originated.

• Tax notification requirements depend on the transaction. Foreign investors must notify the tax authority before remitting profits abroad from their direct investment in Vietnam.
• Every cross-border transaction must comply with AML requirements and measures for countering the financing of terrorism (CFT).

Cross-border payments attract close regulatory scrutiny, particularly profit remittances, dividends and intragroup payments. For these transactions, banks are almost certain to request contracts, invoices and evidence that taxes have been paid. We prepare the supporting records for each transaction in advance to prevent payments being delayed during compliance checks. Proper preparation can save weeks.

Our company helps clients understand both Vietnamese and international financial requirements and arranges corporate accounts remotely through representatives, matching banking services to the particular needs of each business.

Banking Support for Foreign Investors

Amid globalisation and rising cross-border investment, many foreign companies seek accounts for business banking in Vietnam.

Our services

We understand the difficulties investors face in another jurisdiction. Our support covers corporate account applications and preparation of the full document package to meet local banking requirements. We also arrange for accounts to be opened through representatives, saving clients time and resources by avoiding the need for the owners to visit personally.

Assessing potential banking partners

Successful foreign investment depends on sound banking support. When choosing an institution, examine the following aspects:

• Infrastructure Consider its branch network, access to cash machines and the quality of its online banking.
• International relationships Strong overseas partnerships matter for global payments and currency controls.
• Cross-border servicesLook at the provision for international transfers, currency exchange and trade finance.
• Investment projects Assess the availability of project finance, together with advisory support.
• Corporate facilitiesConsider company cards and the services for managing capital and planning liquidity.
• ComplianceAssess whether the bank can meet international as well as local requirements.
• Personal serviceLook for flexibility in the unusual situations frequently encountered by foreign customers.

Basic services alone do not provide effective support for foreign investment: the institution also needs experience handling foreign capital.

Conclusion

An account is strategically important for companies and individuals seeking to enter Vietnam's promising market or expand their financial opportunities across Southeast Asia. Careful preparation makes the process accessible and commercially worthwhile, giving customers modern banking tools and simplifying international settlements.

Preparing documents early, choosing the appropriate institution and obtaining professional support help avoid difficulties and speed up account opening. With our assistance, clients can open a Vietnamese bank account quickly and securely while meeting local legal requirements. Contact us: we will assess your circumstances and identify a bank that meets your business requirements.