After setting up a company in Vietnam, opening a bank account is the next step you cannot skip.
It allows your business to receive funds, pay expenses, and operate properly. While the process may look simple at first, there are a few things worth understanding before you begin.
Who Can Open a Company Account?
Foreign-owned companies can open bank accounts in Vietnam. However, banks usually apply extra checks when reviewing foreign businesses.
Because of this, the process may take more time, especially if documents are not fully prepared.
One Account Is Not Enough
Most foreign businesses will need more than one account.
1. Capital account (often called DICA)
Used to receive investment funds from overseas
2. Operational account
Used for daily transactions such as payments and salaries
The capital account is especially important for foreign-owned companies, as it is required when bringing funds into Vietnam. This account is usually set up first before any investment is transferred.
What You Need to Prepare
Requirements may vary depending on the bank, but these are commonly requested:
Company documents
- Business registration certificate
- Investment license
- Company charter
Personal documents
- Passport of the director
- Visa or entry documents if required
Additional documents
- Office lease agreement
- Company stamp
In some cases, banks may ask for more details about your business.
How the Process Usually Works
- Choose a bank
- Prepare your documents
- Book an appointment
- Visit the bank for verification
- Sign the required forms
- Wait for account activation
If everything is in order, the process can be completed within a few days.
Time and Cost Overview
The timeline depends on how complete your documents are and how the bank handles your application.
- Time: a few days to a couple of weeks
- Costs may include:
initial deposit,
maintenance fees,
transfer charges
What Often Happens in Reality
Even though the steps are clear, the actual process may not always be that smooth.
Banks may ask for additional documents, request clarifications, or take more time for internal checks. This is quite common for foreign-owned companies.
Being aware of this early can help you avoid unnecessary delays.
Making the Process Easier
Opening a bank account in Vietnam is generally straightforward, but it can take more time if you are not familiar with local requirements.
Many foreign businesses choose to work with local service providers to assist with document preparation and communication with banks. With the right support, the process can become more efficient and predictable.
FAQ
Can I open a company bank account in Vietnam remotely?
Usually not. Most banks require the director to visit in person for identity checks and document signing. Some steps can be prepared in advance, but the final process is done at the bank.
Why does the process sometimes take longer?
It may take longer if the bank needs additional documents or more time to review your company. This is common for foreign-owned businesses.
Do all banks have the same requirements?
No. Each bank may ask for slightly different documents. Some are more familiar with foreign companies, which can make things easier.
What are common challenges?
Common issues include language differences, document preparation, and the need to be physically present. These can slow down the process if not planned well.
Do I need more than one bank account?
Yes. Foreign-owned companies usually need one account to receive funds from overseas and another for daily business use.
Should I use a local consultant?
Not required, but it can help. Local support can make document preparation and communication with the bank much smoother.
Easy to start,
intuitive to use
