How to Open a Corporate Bank Account in Vietnam

To open a corporate bank account in Vietnam, your company must be legally established, choose the right account type, prepare its corporate and KYC documents, and complete the bank’s verification process. Foreign-invested companies may also need a separate account for capital contributions. Replus explains each requirement below in practical terms.

Can a Company Open a Corporate Bank Account in Vietnam?

Yes. A company legally established in Vietnam can apply for a corporate bank account at a licensed bank or foreign bank branch. Foreign-invested companies, branches and representative offices can also open accounts that match their legal status and permitted activities.

The company not its director, legal representative or shareholders is the account holder. The account name and company details must therefore match the business registration documents.

A foreign parent company may be able to open an account as a foreign legal entity. However, this account does not replace the local company, branch or other legal presence required to conduct business in Vietnam.

If your business has not been incorporated, review how to set up an FDI company in Vietnam before starting the bank application.

Which Corporate Bank Account Does Your Company Need?

Most businesses need a corporate payment account for daily operations. A foreign-invested company may also need an investment capital account. The correct choice depends on where the money comes from and what the company will use it for.

Corporate Payment Account

A corporate payment account is the company’s main operating account. It is used to receive revenue, pay employees and suppliers, settle taxes and cover other daily expenses. Most companies open this account in VND.

Investment Capital Account

An investment capital account is used for foreign capital contributions and other regulated investment transactions. It is separate from the operating account. Not every foreign-owned company needs one, so confirm the requirement with the selected bank before transferring capital.

Foreign-Currency and Indirect Investment Accounts

A foreign-currency account supports permitted transactions in that currency. An indirect investment account is used for qualifying investments such as certain share or securities purchases. Neither account replaces an investment capital account when that account is required.

What Documents Are Required to Open a Corporate Bank Account in Vietnam?

Banks normally request three groups of documents: company records, identification and authorization records, and KYC information. Requirements vary between banks, so Replus recommends obtaining the bank’s checklist before legalizing or translating foreign documents.

Company Documents

Prepare the following documents where applicable:

• Corporate account application and bank agreement.
• Enterprise Registration Certificate or equivalent establishment licence.
• Investment Registration Certificate or investment approval.
• Current company charter.
• Tax information and appointment decisions for relevant officers.
• Registered-office or seal documents if requested.

Personal and Authorization Documents

The bank usually needs identification for the legal representative, person in charge of accounting, authorized signatories and online banking users. Foreign individuals normally use their passports and may need relevant visa documents.

If another person will operate the account, prepare the required power of attorney, appointment decision or company resolution. The person’s authority must match the company charter and registration records.

KYC and Foreign-Issued Documents

KYC helps the bank verify the company’s owners, activities and source of funds. It may request:

• An ownership chart and details of the individuals who ultimately own or control the company.
• A description of business activities and expected transactions.
• Evidence of the source of funds.
• Relevant tax residency declarations.

Foreign-issued documents generally need to be legalized for use in Vietnam unless an exemption applies. The bank may also request certified Vietnamese translations. Confirm these requirements before preparing the final set.

How to Open a Corporate Bank Account in Vietnam Step by Step

Follow these eight steps to open a corporate bank account in Vietnam with fewer document corrections and KYC delays.

1. Confirm the applicant’s legal status. Identify whether the account belongs to a local company, foreign-invested company, branch, representative office or foreign legal entity.
2. Choose the correct account type. Determine whether the business needs only a payment account or also an investment capital, foreign-currency or indirect investment account.
3. Shortlist suitable banks. Check whether the bank accepts the company’s ownership structure, investor nationality, business sector and required currencies.
4. Request a pre-KYC checklist. Provide basic information about the company, owners and expected transactions. Confirm which documents need originals, legalization or translation.
5. Check document consistency. Ensure the company name, address, licences, officers and signing authority match across the entire application.
6. Complete identity verification. The bank verifies the company and the identity of its legal representative. Other authorized users may also need to complete identification and biometric checks.
7. Sign and activate services. Review the currency, fees, balance conditions and limits. Set up internet banking and approval controls.
8. Verify before transferring money. Check the account name, number, currency, SWIFT details and transfer purpose. Follow the bank’s instructions for capital contributions.

Can You Open a Corporate Bank Account in Vietnam Remotely?

Part of the process may be completed remotely, but you should not assume that the entire application can be handled online. Banks must verify the company and the identity of its legal representative.

For a company established in Vietnam, the legal representative will generally need to meet the bank or complete the bank’s approved identity and biometric verification procedure. The exact method depends on the bank and the identification documents being used.

In certain cases involving a foreign legal entity, verification may be completed through an eligible third party. However, a power of attorney alone does not remove the identity-verification requirement.

If you are considering a remote company setup in Vietnam, check the bank’s procedure before arranging travel or signing authorization documents.

How Should You Choose a Bank in Vietnam?

Choose a bank based on whether it can support your ownership structure, currencies and transactions not only its advertised fees. A bank suitable for a local consulting company may not be the best choice for an FDI manufacturer or international trading business.

Compare the following factors:

• Experience with foreign-invested companies.
• Availability of the required payment and capital accounts.
• Supported currencies, SWIFT transfers and foreign-exchange services.
• Opening deposit, minimum balance, transfer fees and FX rates.
• English-language support and internet banking.
• Transaction limits and dual approval controls.
• Payroll, trade finance and cash-management services.

Why Are Corporate Bank Account Applications Delayed or Rejected?

Most delays occur because the documents do not match, the ownership structure is unclear or the bank cannot understand the proposed transactions and source of funds.

Common problems include:

• Different company names, addresses or licence details across documents.
• Expired passports or identification documents.
• Missing legalization, certification or Vietnamese translation.
• Unclear beneficial ownership.
• Insufficient evidence of business activities or source of funds.
• A signatory whose authority does not match the charter or resolution.
• Applying for the wrong account type.
• Difficulty verifying the company’s registered office.

A suitable registered office for a foreign company helps maintain consistent registration and correspondence information. However, the office address alone does not guarantee bank approval.

What Should You Do After the Account Is Open?

After the account is approved, verify the account name, number, currency, transaction limits and authorized users. Activate internet banking, electronic tax payment and internal approval controls.

Use each account for its correct purpose. Capital contributions and regulated investment transactions should pass through the required investment account, while normal revenue and expenses should use the payment account.

Keep transfer instructions, contracts and source-of-funds records. Notify the bank when the company changes its legal representative, registered address, identification documents or beneficial owners.

How Can Replus Support Your Vietnam Market Entry?

Replus supports foreign investors with company formation coordination, registered-office solutions, initial document preparation and post-incorporation guidance. We help businesses organize consistent company information and prepare for the bank’s KYC requirements before submitting an application.

Need support with your company documents or registered office? Contact Replus for practical guidance before starting the bank application. The selected bank will make the final account approval decision.[Hotline: 0932 678 626]