If you want to run a business in Vietnam or know that you will be staying in Vietnam for an extended period of time, you may want to consider opening a bank account in Vietnam to ease the transaction and avoid excessive bank fees.
The Vietnamese government provides a wide range of banking to foreigners because the increasing foreign investments and huge draw of tourism. So if you are an expat or a foreigner working or living temporarily in Vietnam, opening a bank account in the country is one of the important things you need to understand.
In this guide, Cekindo will show you how you can open a bank account in Vietnam.
Required Documents for Opening a Bank Account in Vietnam
Foreign non-resident in Vietnam is allowed to open a bank account in Vietnam and this is always recommended, especially when you plan to stay in the country for longer than six months.
Personal Bank Account in Vietnam
In order to open a personal bank account in Vietnam, you are required by law to submit to below documents:
- A valid passport
- A valid stamped Vietnamese visa for three to six months or a visa exemption
- A minimum bank deposit (varies based on different bank’s regulation)
- An application form obtained from the bank
- A residential address in Vietnam
- A work permit and a work contract if you get into Vietnam with a work visa
Business Bank Account for Foreign Company in Vietnam
While a business bank account is not mandatory for a foreign company to run its business in Vietnam, having one can bring you numerous benefits including convenient payment transaction without geographical limitations, an enhanced professional image, transaction legalization for tax purposes with an amount of more than VND 20 billion, and many more.
There are two types of business bank account for foreign company in Vietnam:
- Investment Capital Account : for investment amount sending and receiving
- Transaction Account : for daily transaction in Vietnam
Opening a business bank account in Vietnam is a relatively complex process compared to opening a personal bank account.
Here are the documents you must prepare to register one:
1. An application form with the following information:
- Company’s transaction name
- Company’s headquarter address
- Company’s fax number
- Company’s business sector
- Legal representative and account holder information
- Chief accountant information
- Account holder’s signature
- Chief accountant’s signature
- Legal representative’s full name and signature
- Company’s stamp seal sample
2. Documents proving establishment of the foreign company in Vietnam:
- Operation license
- Establishment decision
- Business registration certificate
3. Documents proving company’s authorised representative or legal representative:
- Identity card or passport
4. Documents if your company is required to have a chief accountant by law:
- Identity card or passport of chief accountant
- Authorisation decision
How Cekindo can Assist
Cekindo helps you to handle all the nitty-gritty of your company setup and bank account opening in Vietnam.
With disciplined experts from diverse professional background, we provide you with a gamut of services to support your business to help you incorporate, manage and comply. Furthermore, we free up your time to concentrate on what is most important – your business performance.
In addition to offering you complete corporate services to help you register your company and open a bank account, our knowledgeable team is well-positioned to ensure your business operations comply with Vietnamese regulatory requirements.
Cekindo is your designated stop to help you flourish as a business owner. Join thousands of our satisfied clients now!
Contact us by filling in the form below.