Opening bank accounts in VN

Question: I’m a foreigner. I intend to stay in Viet Nam for about six months and want to open a bank account to save money. What are the procedures? I only have a passport and identification (ID) card.

Answer:  According to Ordinance 28/2005/PL-UBTVQH11 on Foreign Exchange which was amended in Ordinance 06/2013/UBTVQH13 of the National Assembly, dated March 18, 2013, non-resident foreigners are allowed to open accounts at foreign banks in Viet Nam.

Thus, you are permitted to open either VND or foreign exchange accounts in Viet Nam.

To open bank accounts at credit institutions, you have to meet the following conditions as stipulated at Article 11 of Circular 23/2014/TT-NHNN, dated August 19, 2014 guiding the opening and use of payment accounts at payment service suppliers:

i) Persons from the age of 18 or older, who have appropriate civil act capacity in accordance with Viet Nam laws and regulations;

ii) Persons from the age of 15 to less than 18, not losing or being restricted in civil act capacity,

iii) Persons under the age of 15, or from the age of 15 to less than 18, who are not covered in Item b Clause 1 of this Article, who loses civil act capacity, who is restricted in civil act capacity in accordance with Viet Nam laws and regulations, may open payment accounts through their guardian or legal representative.

For more information on dossier, procedures, and opening fee on payment account, you may contact directly to banks and foreign branches in Viet Nam./.