Requirements
1.
Application for opening Bank Account (original)
2.
Investment Certificate (Inside IZs) (Simple copy)
3.
Seal specimen (Simple copy)
4.
Passport or Vietnamese ID card of investors (original)
(or Account holder, in case investor (Account holder) can be present)
or
Power of Attorney (1) (original)
(issued by investor for the authorized representative of investor (Account holder) in case the investor (Account holder) cannot be present)
5.
Passport or ID card of authorized representative of investor (original)
to present at the counter
Those are just example requirements from Vietcombank in Hai Duong. Other banks could require different documents.
Time frame
Generally, it takes 10 to 15 minutes to open an account at a bank provided that the application meets the bank's requirements.
Waiting time in queue:
Min. 5mn - Max. 15mn
Attention at counter:
Min. 5mn - Max. 15mn
Legal justification
1.
Ordinance No.28/2005/PL-UBTVQH11 dated 13 December, 2005 on Foreign Exchange (English version)
Article 11
2.
Ordinance No.28/2005/PL-UBTVQH11 dated 13 December, 2005 on Foreign Exchange (Vietnamese version)
Article 1.4
Additional information
Please be noted that the information presented here is mere example for reference of the investors only.
After being set up, a company must open in any commercial bank a special capital foreign currency account, which will be used for capital transactions, eg. making charter capital contributions, foreign loan disbursements or payments etc. The company may open and maintain different accounts for different kinds of foreign currencies or Vietnam Dong.
No fee is charged upon bank account opening. However, most of banks in Vietnam require individual and corporate customers to keep a minimum account balance. For example: Vietcombank in Hai Duong requires a minimum balance of 1,000,000 VND in a Vietnam dong account or 100 USD in an USD account.
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