Business banking account opening in Vietnam

Not legal or tax advice. Vietnamese banking rules change frequently. Verify every requirement with your chosen bank and a licensed local accountant before acting.

Opening a corporate bank account in Vietnam is one of the first tasks after completing company registration. It is also one of the steps where delays are most common. Banks have their own internal checklists that go beyond the statutory minimum, and requirements can vary by branch, by officer, and by how recently internal policy was updated.

Vietnamese corporate banking landscape

Vietnam has a two-tier banking system: state-owned commercial banks and joint-stock commercial banks. Foreign bank branches and wholly foreign-owned banks operate under tighter capital rules but serve multinationals and foreign-owned entities well.

For most foreign-invested enterprises (FIEs), the practical choice comes down to a handful of familiar names. Each has trade-offs on language support, digital tooling, fee structure, and willingness to deal with new FIEs that have no trading history.

Local banks

Vietcombank (VCB) is the most widely used bank for FIEs. It has the broadest branch network, the most mature internet banking platform for businesses, and long experience processing foreign-currency capital contributions. Processing times tend to be faster than at smaller state-owned peers.

BIDV is another state-owned option with strong trade-finance capabilities. Useful if your business involves import/export with credit lines.

Techcombank is a private joint-stock bank popular with tech-sector and service businesses. Its business internet banking is well regarded and English-language support at its larger branches is reasonable.

MB Bank and VPBank are worth considering for smaller businesses; their fee structures are sometimes lower, though English support is inconsistent.

International banks

HSBC Vietnam is the most commonly used foreign bank for FIEs. It accepts a wider range of foreign corporate documents without requiring Vietnamese notarisation in all cases (verify this directly — policy shifts). Trade-finance and multi-currency accounts are strengths. Monthly fees are higher than local banks.

Shinhan Bank Vietnam (South Korean-owned) is a strong choice for Korean-owned businesses and increasingly used by other FIEs. Good digital banking, competitive FX rates, and responsive relationship managers in Ho Chi Minh City and Hanoi.

Standard Chartered and Citibank both have a presence but focus on larger corporate clients.

Documents required

Requirements differ between banks and between local and international branches. The following list covers what most banks ask for in 2026 — treat it as a starting checklist, not a complete specification.

• Enterprise Registration Certificate (ERC) — original plus certified copy
• Investment Registration Certificate (IRC) — for FIEs, original plus certified copy
• Company charter (articles of association)
• Decision appointing the legal representative
• Passport or ID of the legal representative
• Passport or ID of authorised signatories on the account
• Specimen signatures of all authorised signatories
• Company seal (still widely expected even though legally optional since 2020)
• Recent utility bill or lease agreement confirming registered address

Some banks add requirements such as a tax registration certificate, a list of shareholders, or proof of capital source. HSBC and Shinhan sometimes ask for a business plan or introductory letter for newly registered companies.

Account opening process

1. Choose a branch. For FIEs, use a branch in the city where your company is registered. Major branches in Ho Chi Minh City (District 1) and Hanoi (Hoan Kiem, Ba Dinh) handle FIE accounts routinely.
2. Book an appointment. Walk-in is possible at most banks but an appointment avoids waiting.
3. Submit documents. The relationship officer reviews your file. Gaps are common on the first visit; expect at least one follow-up.
4. Await internal approval. Most banks complete this in 3–7 working days. HSBC can take 10–15 days for new FIEs with no existing relationship.
5. Collect account details and internet banking credentials. Online banking tokens or OTP setup typically happens on the same day as account activation.

A local accountant or corporate services firm can accompany you to the first meeting, which often shortens the back-and-forth considerably.

Capital contribution accounts

Foreign-invested companies are required to receive capital contributions (charter capital) through a dedicated direct investment capital account (DICA). This is a separate account from the operating account. The DICA must be at a licensed bank in Vietnam and all inward capital transfers must pass through it. Only after capital has been transferred into the DICA and confirmed can it be moved to the operating account for day-to-day use.

Vietcombank and HSBC are the most experienced at handling DICA setup and the associated reporting to the State Bank of Vietnam. Verify the current SBV notification requirements with your bank before initiating the first transfer.

Foreign currency accounts

Most banks offer USD and EUR accounts alongside VND accounts. Holding foreign currency is permitted for FIEs under certain conditions, but there are restrictions on converting large amounts of VND back to foreign currency — particularly for profit repatriation, which requires audited financial statements and tax clearance. Confirm current rules with a licensed accountant familiar with SBV regulations.

SWIFT and international transfers

All major banks listed here support SWIFT transfers. For outgoing international payments above certain thresholds (typically USD 50,000 or equivalent), banks will ask for supporting documentation — invoices, contracts, or evidence of the underlying transaction. Build this into your payment process from the start to avoid delays.

Incoming SWIFT transfers to the operating account are generally straightforward. Capital contributions must go to the DICA as noted above.

Indicative fees (2026 estimates)

These are approximate figures gathered from publicly available bank schedules and should be verified directly.

HSBC tends to be at the higher end of the fee range. Local banks are generally cheaper on maintenance but may charge more for international transfers.

Common pitfalls

Document translation gaps. Foreign corporate documents (articles of association, board resolutions) must typically be translated into Vietnamese by a certified translator and notarised. Banks differ on exactly which documents need this treatment.

Legal representative must appear in person. Most banks require the named legal representative to sign in person, even if an agent handles the rest of the process. Remote signing or power-of-attorney arrangements are rarely accepted.

Seal mismatch. If your company uses a seal, the seal on your documents must match the seal impression on file with the business registry.

Capital account confusion. Depositing charter capital directly into the operating account rather than the DICA is a compliance error that can create problems later, particularly around profit repatriation.

Branch-level discretion. Requirements genuinely vary between branches of the same bank. If one branch declines or adds unexpected requirements, it is reasonable to try a different branch.

For day-to-day bookkeeping once the account is live, see Vietnamese accounting software for tools that integrate with local tax reporting requirements. If you are not yet incorporated and are exploring the process as an individual first, opening a bank account as a foreigner covers personal account options.

Related

• Company registration — LLC vs JV
• Opening a bank account as a foreigner
• Vietnamese accounting software