Requirements
1.
Application for opening bank account (original)
2.
Authenticated copy of Investment Registration Certificate
Time frame
Depending on the bank, but generally it takes 10-15 minutes to open a bank account provided that the application meets the bank's requirements.
Waiting time in queue:
Max. 5mn
Attention at counter:
Min. 10mn - Max. 15mn
Legal justification
1.
Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11
Article 11
2.
Ordinance amending and supplementing a number of articles of the Ordinance on foreign exchange control No. 06/2013/UBTVQH13
Article 1.4
3.
Decree No. 70/2014/ND-CP of the Government dated July 17, 2014 detailing the implementation of several provisions of the ordinance and the amended ordinance on the foreign exchange
Article 8
4.
Circular No. 19/2014/TT-NHNN dated August 11, 2014 of the State Bank of Vietnam providing guidance on foreign exchange control over foreign direct investments in Vietnam
Article 6
Additional information
The foreign owned capital company (or foreign party in Business Cooperation Contract) must open accounts of direct investment capital at an authorized credit institutions. The contribution of investment capital, remittance of principal investment capital and profits and other lawful revenue must be effected via these accounts.
There's no fee to open a bank account, but banks may request to keep a minimum account balance.
Each bank provides its own form for opening bank account and normally requires authenticated Investment Certificate.
