As a foreigner, opening a bank account in some countries in Asia can be challenging.
However, in Vietnam, the process to open a bank account is less complicated, as long as all required documents are properly provided.
The required documents may vary depending on the banks, but the basis documentation remains the same.
I) Individual
As an individual, whether it is a digital bank or a classic bank, it will normally be mandatory to provide:
• A valid passport;
• one of three following valid documents issued for a period of at least 12 months (the minimum period may vary depending on the bank):
◦ A Vietnam visa, or
◦ A temporary resident card, or
◦ A permanent resident card.
• A minimum deposit amount (depending on the bank);
• A certificate of residency (depending on the bank); and
• Banking forms to be dully filled and signed.
Furthermore, to deposit money, it will also be required to provide supporting documents, such as valid invoices, or a valid labor contract and work permit.
Finally, once the bank account is already opened, and if the visa or the resident card comes to expiration, the bank will request for an extension or the renewal of such documents.
II) Limited liability company (LLC) or representative office (RO)
Once the LLC or the RO is incorporated in Vietnam, it will be possible for such entity to open bank accounts.
It will normally be mandatory to provide:
• For a LLC, all company licenses (Enterprise Registration Certificate (ERC) and investment registration certificate (IRC)); and for a RO, the company license of the RO and of its mother company.
• The valid passport of the legal representative and of the authorized person in case the legal representative is not residing in Vietnam; and
• The valid passport of legal representative of RO’s mother company
• Banking forms to be dully filled, stamped and signed.
• Documents which are not in Vietnamese or English will be requested to be translated.
Regarding the internet banking and the validation of payment, there will be two possible options:
• Physical token on which the validation code shall be sent. In this case, please note that the token cannot be shipped internationally.
• Smart OTP via phone app. In this case, please note that a Vietnamese phone number will be required.
Finally, regarding the LLC, the transfer of the capital investment needs to be fully done 90 days from the day of the ERC. Therefore, the capital investment account, which is called “Direct Investment Capital Account (DICA)” must be opened within that period.
RBA Vietnam can support you in the full process, from the incorporation of the LLC or the RO, to the opening of a bank account in Vietnam.
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