To open a Vietnamese bank account, a foreign individual needs at minimum a valid passport; anyone residing in Vietnam additionally needs a valid entry visa, a document with visa-equivalent value (such as a temporary residence card, thẻ tạm trú), or proof of visa exemption (Article 12(2)(c), Circular 17/2024/TT-NHNN). Foreign-currency and VND accounts held by non-residents and by resident foreign individuals are subject to their own, narrower rules (Circular 16/2014/TT-NHNN). And a newly established FDI company must channel its capital contribution through a dedicated direct investment capital account (DICA), not an ordinary business account (Circular 06/2019/TT-NHNN).
Why the right bank account matters in Vietnam
For foreigners in Vietnam, opening a bank account is often the first real encounter with Vietnamese banking law — and one of the areas where common assumptions and actual law diverge most. Someone living and working in Vietnam, an investor setting up a company, and that same company receiving foreign capital each need a different type of account with different requirements. This guide sets out the rules currently in force at the State Bank of Vietnam (Ngân hàng Nhà nước Việt Nam, SBV).
Legal basis: which regulations apply
Since 1 July 2024, the opening and use of payment accounts at banks has been governed by Circular 17/2024/TT-NHNN (the provisions on account-opening documentation, account agreements, opening procedures, and electronic account opening — Articles 12 to 16 — took effect on 1 October 2024). This circular replaced the previously applicable, repeatedly amended Circular 23/2014/TT-NHNN, and was itself amended in several places by Circular 25/2025/TT-NHNN (in force since 31 August 2025) — including precisely the document requirements for foreigners (Article 12) and electronic account opening (Articles 16, 17). The information below reflects the current, amended wording.
Foreign-currency and VND accounts held by residents and non-residents are additionally governed by Circular 16/2014/TT-NHNN. The direct investment capital account for companies with foreign direct investment is governed by Circular 06/2019/TT-NHNN. All three are SBV regulations that complement rather than replace one another.
Personal bank accounts: what documents foreigners need
Under Article 11(1) of Circular 17/2024/TT-NHNN, any individual aged 15 or older with full legal capacity may in principle open a payment account — this applies regardless of nationality.
For identity verification, Article 12(2)(c)(i) of the same circular — as amended since 31 August 2025 by Article 3(2) of Circular 25/2025/TT-NHNN — requires, for foreign nationals:
- a passport or another identity document issued by a foreign authority, and
- additionally, if the person resides in Vietnam: a valid entry visa, or a document with visa-equivalent value, or proof of visa exemption.
The temporary residence card (thẻ tạm trú) falls into the second category: under Article 3(13) of Law No. 47/2014/QH13 on entry, exit, transit, and residence of foreigners in Vietnam, it expressly carries visa-equivalent value while valid. A standalone "retirement visa" or similar category that a bank could additionally demand does not exist under Vietnamese law — what is required is a valid residence document, not a specific visa category.
A formal bank reference letter or a separate government confirmation letter is not listed as a requirement in the circular. Some banks in practice request additional internal documents (Article 12(5) expressly permits banks to require further information) — that is bank practice, not a legal requirement, and should be confirmed with the specific bank.
Account types under Vietnamese law
The circular distinguishes only three forms of account (Article 3(1), Circular 17/2024/TT-NHNN): the individual account, the organization account, and the joint account held by more than one account holder. Whether an account is denominated in VND or in foreign currency is not a separate account form but an additional attribute, governed by its own foreign-exchange rules.
Foreign-currency and VND accounts: residents and non-residents
Vietnamese foreign-exchange law draws a precise distinction here that is frequently overlooked in practice:
- Resident individuals (người cư trú), including foreign nationals with resident status in Vietnam, may hold a foreign-currency account and use it to, among other things, receive salaries, bonuses, and other lawful income in foreign currency and transfer money abroad (Article 4, Circular 16/2014/TT-NHNN).
- Non-resident individuals (người không cư trú) may likewise hold a foreign-currency account, but subject to a narrower list of permitted credits and debits (Article 6, Circular 16/2014/TT-NHNN).
- VND accounts held by non-residents (organizations and individuals alike) and by resident foreign individuals are governed by a separate provision with its own list of permitted transactions — such as payments and cash withdrawals for living expenses in Vietnam, purchasing foreign currency to remit abroad, or gifts under applicable law (Article 7, Circular 16/2014/TT-NHNN). Legally, this account is not the same as an ordinary VND account held by a Vietnamese citizen.
Which account combination is right in a given case depends on residence status and the origin of the funds, and should be discussed with the bank when the account is opened.
Company accounts: what a newly established business needs
For an organization's account, Article 14(2) of Circular 17/2024/TT-NHNN requires, among other things: the company's full and abbreviated trading name, the address of its head office and place of business, its establishment license or registration number, tax identification number (if any), field of business, and information on its legal representative. For an FDI company, this means in practice: the Investment Registration Certificate and/or Enterprise Registration Certificate, tax ID, and the legal representative's identification/passport details.
Capital contribution: the direct investment capital account (DICA)
For MaiVN's core audience — companies newly established in Vietnam that receive foreign capital — this is the most important point: an ordinary business account is not sufficient for the capital contribution.
Under Circular 06/2019/TT-NHNN, a company with foreign direct investment (an FDI company: one required to hold an Investment Registration Certificate, or one with at least 51 percent foreign ownership, Article 3(2)) must hold a direct investment capital account (tài khoản vốn đầu tư trực tiếp, DICA):
- For capital contributed in foreign currency, exactly one foreign-currency DICA must be opened at one licensed bank — and only one per currency contributed (Article 5(2)(a)-(b)).
- If the investment is (also) made in VND, one additional VND-denominated DICA may be opened at the same bank (Article 5(2)(c)).
- All lawful receipts and payments related to the direct investment — including the capital contribution itself and later profit transfers abroad — must flow through this account.
- The procedure for opening and closing a DICA follows the SBV's general account-opening rules, i.e., the same Circular 17/2024/TT-NHNN that governs ordinary payment accounts (Article 5(5)).
A separate "foreign-exchange transaction license," as sometimes claimed, is not required for the routine handling of capital contributions through a DICA — the licensed bank processes the currency transactions under its own banking license.
Remote and eKYC account opening: is it possible without an in-person visit?
Vietnamese law permits fully electronic opening of a payment account (Article 16, Circular 17/2024/TT-NHNN): the bank collects the required identification documents electronically and must additionally capture the account holder's biometric data and match it against a reliable source.
For foreigners who hold a Vietnamese electronic identification account (VNeID), this matching can be completed entirely electronically. For foreigners without such an electronic identity, Article 17(5)(c)(ii) of the same circular expressly requires that biometric data be captured through an in-person meeting — this specific requirement was left unchanged by Circular 25/2025/TT-NHNN. In practice, this means a purely remote opening with no physical contact is not currently possible in a fully paperless way for most foreign applicants: anyone without a Vietnamese electronic identity must appear in person for biometric capture, even if the remaining steps can be completed electronically.
Since the amendment introduced by Circular 25/2025/TT-NHNN (Article 7(2), new Article 16(3)), electronic account opening is also expressly excluded for joint accounts held by more than one person, and for customers who open an account through a legal representative (for example, minors) — an in-person appointment is required in these cases regardless.
Ongoing account management
Once the account is open, the usual rules apply: review statements regularly, notify the bank of material changes to your circumstances, and follow the bank's agreed security measures (for example, two-factor confirmation for electronic transactions). Specific deadlines, fees, or transaction limits are set individually by each bank; they are not part of the circulars discussed here and should be confirmed directly with the bank.
Conclusion
Anyone looking to open a bank account in Vietnam should first clarify which role applies to them: private individual, resident or non-resident, or company receiving foreign capital. Each role rests on its own legal basis — from the general account-opening rules of Circular 17/2024/TT-NHNN, through the foreign-exchange rules of Circular 16/2014/TT-NHNN, to the direct investment capital account under Circular 06/2019/TT-NHNN.
MaiVN Consulting guides foreign investors through company formation in Vietnam, including opening the correct capital account at a licensed bank. Contact us for an assessment of your specific situation.