Vietnam Banking System

Vietnam has a two-tier banking system, under which state bank of Vietnam performs roles of the central bank in managing currency and banking. The second tier comprises commercial banks and credit institutions providing banking and financial services in compliance with the law on Credit Institutions as core legislation.

Banking sector plays a pivotal role, and also accounts for the largest part of Vietnam financial system. As of mid-2020, commercial banks include 4 state-owned banks, 31 joint stock commercial banks, 9 wholly-owned foreign banks, and 2 joint venture commercial banks. Remarkably, four state-owned commercial banks, namely Agribank, BIDV, Vietinbank and Vietcombank predominate with nearly 50 % of total market share in bank deposit at 2019 year-end.

Vietnam banking system, like many frontier money markets, has long stacked up its systematic risks with low liquidity, weak and insufficient regulatory and supervision framework, thin capital buffer, and so on. After banking crises in 2011 submerged the whole industry, until then the state bank has taken steps to address its structural weaknesses, with the aim of system stability.

Vietnam holds a conservative view on its foreign exchange policy, but without lessening attraction to foreign investment flows. In particular, it regulated all investors have to open Direct or Indirect Capital Account at a local licensed bank to make any transaction related to that foreign investor.

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Open a Bank Account for Vietnam Company

Note: If you would like to request our banking support to open business account with our supported Vietnam banks, please consider our proposal below which does not include the fee for bank account application or any other related fee (if any) chargeable by the bank you choose to apply.

Order Banking Support Separately

US$499*

* This fee is only for customers who have already used our company formation service

Order Package that Includes Banking Support

US$400

Save US$99 when ordering Standard or Premium Package

What Included in Our Fee

  • Consult on local banking partners that best suit your needs
  • Guide you through the whole process, and answer all your bank related queries
  • Help you prepare and review your documents before submitting
  • Support in getting your foreign documents translated and properly certified
  • Set up appointment with your chosen bank
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Why Our Service is Unique

  • One-time fee for multi bank applications with premium package
  • Long-term relationship with a wide range of local banking partners
  • Dedicated support team that answer all your queries even on weekends
  • Prompt response and easy-to-follow guide for application

Banking Options for Vietnam Company

CountryBankOnline BankingPersonal VisitCredit CardDebit Card
Viet NamVietcombank
Techcombank
Sacombank
HSBC
Citibank
Standard Chartered
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Required Documents

Opening capital account for foreign enterprises is straightforward and quite easy. Though each bank might have different requirements. The below list of documents should serve you well for pre-consideration.
  • Account application form
    For company’s authorized account holder, Chief accountant (or accounting staff) or any related person:
  • A valid ID or passport with at least 6 months to expiry date
  • Authorization letter (if any)
    If related people are non-resident, following would be required
  • A valid Vietnam visa with a duration of a minimum of 1 year issued within the last 12 months; OR

    Any of the below documents with a validity of 1 year or longer, also issued within the past 12 months:

    • Temporary Resident Card (TRC)
    • Work Permit
    • Permanent Resident Card (PRC)
    • Temporary resident confirmation
For foreign company:
  • Legal proofs of business establishment and operation such as business registration certificate, investment license, tax code registration, registered company stamp, etc.

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