Opening bank account for foreigners in Viet Nam

Can foreigners open a bank account in Vietnam?. How does Vietnamese law regulate this issue? What about procedures for opening bank account for foreigners? Lawyer X will answer you through the following article.

Legal grounds

Circular 02/2019/TT-NHNN amending Circular 23/2014/TT-NHNN

Can foreigners open a bank account in Vietnam?

Accordingly to the law guiding the opening and use of payment accounts at payment service providers operated by the State Bank of Vietnam issued by Vietnam regulations for individual payment accounts are as follows:

– An application form for opening a payment account made according to the form of the bank or foreign bank branch where the account is opened in accordance with regulations;

– Citizen identification card or valid ID card or passport, birth certificate entry visa; or documents proving visa exemption entry (for individuals who are foreigners) of the account holder

Accordingly to the above regulations, individuals who are foreigners are allowed to open bank accounts in Vietnam. In which, individuals opening a bank account must meet the following conditions:

Firstly, persons aged full 18 years or older with full civil act capacity as prescribed by Vietnamese law

Secondly, persons rom full 15 years old to under 18 years old who do not lose or have limited civil act capacity;

Thirdly, persons under the age of 15, persons with limited civil act capacity, persons who have lost their civil act capacity as prescribed by Vietnamese law open a payment account through a legal representative;

Lastly, persons with difficulties in perception and behavior control in accordance with Vietnamese law shall open a payment account through a guardian.

Dossier and procedures for opening a bank account for foreigners

Account opening dossier

Dossier to open an account for foreigners at a bank includes:

Firstly, an application form for opening a payment account made according to the bank’s form; foreign bank branch where the account is opened;

Secondly, entry visa or documents proving the account holder’s visa-free entry;

In case an individual opens a payment account through a guardian or legal representative; in addition to the above documents, the application for opening a payment account must have a citizen identification card or identity card. Citizenship or valid passport of the guardian; legal representative; and papers proving his legal representative status to the account holder.

Order and procedures for opening a bank account for foreigners

Step 1: Prepare documents

When there is a need to open a payment account, the customer prepares 01 set of documents to be submitted directly or sent by post or electronic means to the bank, branch of the foreign bank where the payment account is requested to be opened.

Step 2: The bank compares customer information

When receiving the customer’s application for opening a payment account, the bank or foreign bank branch must check and compare the documents in the account opening file and handle:

In case the documents in the application file for opening a payment account are complete, legal, and valid, and the elements declared in the application for account opening completely match the documents in the application for opening a current account maths, bank; foreign bank branches open payment accounts for customers;

In case the documents in the application file for opening a payment account are incomplete, legal, or valid, or the elements declared in the application for opening an account do not match the documents in the application for opening a payment account, bank; the foreign bank branch notifies the customer to complete the dossier;

In case a bank or foreign bank branch refuses to open a payment account, it must notify the customer.

Step 3: Sign the agreement

Afterwards completing the inspection, comparison and verification of customer identification information according to the provisions of the law on prevention and combat of money laundering.

Bank, foreign bank branches enter into open agreements and use the payment account with the customer.

Banks, foreign bank branches must meet customers face-to-face or the legal representative of the customer to enter into an agreement to open and use a current account.

Step 4: Inform customers about account information

Afterwards entering into an agreement to open and use a payment account with the customer the bank, foreign bank branch shall notify the number and name of the payment account, the start date of the payment account for the customer.

Banks, foreign bank branches ensure to collect signature samples digital certificate (if any) of the account holder; or legal representative of the account holder; and other relevant people; seal samples for inspection; reconciliation in the process of using the payment account.

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