Foreigners are allowed to open a bank account in Vietnam. Normally, to make a bank card, foreigners in Vietnam have to provide information about a temporary residence card, work permit or business registration certificate and a residence address in Vietnam.

Can foreigners open a bank account in Vietnam?

Clause 3 Article 1 of Circular No. 23/2014/TT-NHNN stipulates:

3. The opening and use of foreign currency accounts, Vietnamese dong accounts of non-residents and residents who are foreigners complies with the national regulations about foreign exchange management and with this Circular.

According to the above regulations, foreigners are allowed to open a bank account in Vietnam. In particular, individuals opening a bank account must meet the conditions in Article 11 of Circular 23,amended by Circular 02/2019/TT-NHNN as follows:

- Individuals 18 years of age or older who have full capacity for civil acts as prescribed by Vietnamese laws;

- Individuals between 15 and 18 years of age who have not lost their legal capacity for civil acts or not have limited legal capacity for civil acts.

- Individuals who are under 15 years old, individuals with limited capacity for civil acts or individuals who are declared by the Vietnamese Court to have lost their legal capacity for civil acts can have their legal representatives open a bank account;

- Individuals with disabilities in perception and behavior control declared by Vietnamese laws can have the guardians to open a payment account.

In addition, in order to open a Vietnamese bank account, foreigners are required to provide identification cards, temporary residence cards, work permits or business registration certificates and valid addresses in Vietnam.

Documents for foreigners to open a bank account in Vietnam

Foreigners are required to provide identification cards, temporary residence cards, etc to open a bank account in Vietnam

According to Article 12 of Circular 23, as amended by Circular 02/2019, the documents required for foreigners to open a bank account in Vietnam includes:

- A request letter for opening a payment account which follows a standard business format of the bank or foreign bank branches where the account is opened;

- Entry visa or documents proving visa-free entry of the account holder;

- In case an individual has a guardian or legal representative open a bank account, in addition to the above documents, the guardian or the legal representative must provide a valid identification card or passport and certificates proving his legal representative status to the account holder.

Procedures for foreigners to open a bank account in Vietnam

Pursuant to Article 14 of Circular 23, as amended by Circular 02, the procedures for foreigners in Vietnam to open a payment account are carried out in the following steps:

Step 1: Foreigners prepare documents

To open a payment account, the customer should prepare 01 set of documents to be submitted directly or via post or electronic means to the bank or foreign bank branches where foreigners request to open a payment account.

Step 2: Customer accounts are checked

After receiving the customer's application for opening a bank account, the bank or foreign bank branches must check and compare the documents and handle:

Checking bank account for verification is an important step when opening a bank account

- If the information in the application for opening a payment account is complete, legal and valid; the data declared in the request letter to open a bank account completely match the data in the application for opening a payment account then banks or foreign bank branches will open payment accounts for customers;

- If the information in the application for opening a payment account is not complete, legal, or valid enough; or the data declared in the request letter to open an account do not match the data in the application for opening a payment account then banks and foreign bank branches will notify the customer to edit the documents;

- In case banks or foreign bank branches refuse to open a payment account, they must notify the customer about that.

Step 3: Customers sign the agreement

After completing the inspection, comparison and verification of customer identification in accordance with the provisions of the law on prevention and combat of money laundering, the bank or foreign bank branch shall enter into an agreement to open and use a payment account for customers.

The bank or foreign bank branch must meet face-to-face with the customer or the customer's legal representative (in the case of opening an account by a legal representative) to conclude an agreement to open a payment account.

Step 4: Banks inform customers about the account information

After entering into an agreement to open a payment account with the customer, the bank or foreign bank branch shall notify the payment account number and name as well as the start date of the payment account to the customer.

The bank or foreign bank branch shall ensure to collect samples of signatures and digital certificates (if any) of the account holder or the legal representative of the account holder and other relevant persons (if any), seal sample (if any, for account holders being organizations) for checking and comparing during the use of payment accounts.

Tags: foreigners in Vietnam, open a bank account in Vietnam, Vietnamese bank account, Vietnamese banks, a payment account in Vietnam, regulations on opening a bank account, Vietnamese laws, documents required to open a bank account