Opening a bank account in Vietnam for foreigners


Let’s talk about such important issues both for doing business and living in Vietnam - the bank system, opening bank accounts, and lending opportunities.

Opening a bank account in Vietnam

Opening a bank account in Vietnam for foreigners 

Any foreigner with a valid passport and visa may open a bank account in Vietnam. All kinds of visas are suitable for these purposes. Opening a personal bank account takes about 1 hour. However, you can put cash into your bank account only in certain cases, there are a few of them:

  • You have a currency import declaration to Vietnam. It’s important to know about it - you can declare any sum of money when passing customs even if it is optional;

  • You have a labor contract with a Vietnamese company, you can provide it in the bank and then you can replenish your account for a sum of money equal to your salary. For example, if your labor contract is valid from January and you open a bank account in June, you can replenish your account for the sum of money equal to your salary for five months.

  • You withdraw cash via the operator of this bank (not using ATM), withdrawal check is a confirmation document to replenish your account.

  • The same principle applies to the Western Union, Golden Crown, and other systems of international transfers.

  • In all other cases, you can fund your account by transferring money from abroad.

Immediately answering the most popular question, is it possible to link Visa or Mastercard to your bank account? Yes, it’s possible, but not all banks can do it. As a rule, banks don’t issue bank cards for foreigners without temporary resident cards. 


Bank deposit in a Vietnamese bank for foreigners

If you decide to put your money in the bank at a percentage, then in Vietnam this is a very fashionable and relevant option. Vietnamese people like the idea to keep their money in the bank and get interest from them. Currently, the bank deposit rate varies from 6.9% to 7.8% per annum in different banks, but this rate is actually only for Vietnam dong. Since September 5, 2019, Vietnamese banks have ceased to open deposits in foreign currency. That is dollars or euros you can simply deposit or transfer to your account, however, they will not bring you any passive income.

You can also open a deposit box in Vietnamese dongs without any supporting documents. But in this option, you just keep money in the bank and can’t transfer your funds anywhere. In large cities, such as Ho Chi Minh City and Hanoi, you can put in deposit boxes not only money but also valuable things.

Bank loans for foreigners and companies with foreign capital in Vietnam

Foreigners can’t get loans from Vietnamese banks, but companies with foreign founders can do it! In order to get a bank loan, the company has to conduct business for at least 2 years, provide all accounting documents for that period and clearly formulate the purpose of the loan. If you are an operating company, then it is not difficult to get a loan of up to $ 20,000 in a couple of hours at the bank where you are servicing. The annual interest on such loans is 12-14% depending on the bank.

Many companies with foreign founders are now interested in mortgages because it is profitable to take a mortgage in Vietnam now. Sure, real estate remains pledged to the bank, and as a rule, the loan amount in such cases is from 60% to 70% of the purchase price. The percentage of lending is from 7.5% to 9% per year, it depends on the down payment, project, and trust in the company. Currently, there are many projects in Vietnam in which the investment rate reaches 12% per annum. It’s not difficult to calculate further!

Every year the banking system in Vietnam is being modernized, providing more opportunities for life and work.


Contact us now and get a proposal for starting business in Vietnam.