CAN FOREIGNERS OPEN BANK ACCOUNTS IN VIET NAM?

More and more foreigners are living and working in Vietnam as a consequence of the ongoing economic integration and trade. Therefore, the demand for opening bank accounts in Vietnam is also increasing. The following article of Phuc Cau Law Office will present to you the legal information surrounding foreigners opening a bank account in Vietnam in the article below.

Legal basis:

– Circular No. 23/2014/TT-NHNN guiding the opening and use of payment accounts at payment service providers.

– Circular No. 02/2019/TT-NHNN amending and supplementing a number of articles of Circular No. 23/2014/TT-NHNN guiding the opening and use of payment accounts at payment service providers .

– Circular 16/2020/TT-NHNN amending Circular No. 23/2014/TT-NHNN guiding the opening and use of payment accounts at payment service providers.

1. Does Vietnam allow foreigners to open bank accounts?

In accordance with Circular 02/2019/TT-Clause NHNN’s 6, Article 1, the following individuals are eligible to open payment accounts at banks or foreign branches:

– Persons full 18 years of age or older with full civil act capacity as defined by Vietnamese law;

– Persons full 15 years of age to under 18 years of age who do not lose or have limited civil act capacity;

– Persons under 15 years of age; persons with limited civil act capacity; a person who has lost his or her civil act capacity.

– The organization is established; lawful activities in accordance with Vietnamese law include: organizations being legal persons; private enterprises; business households and other organizations may open payment accounts at banks; foreign bank branches as prescribed by law.

Furthermore, Circular 23/2014/TT-Clause NHNN’s 3, Article 1 states: “The opening and use of foreign currency payment accounts of residents and non-residents, as well as payment accounts in Vietnamese dong of non-residents and residents who are foreign individuals, shall comply with the provisions of the Law on Foreign Exchange Management and this Circular.”

Thus, individuals who are foreigners are allowed to open bank accounts in Vietnam. However, individuals must meet the conditions specified in Clause 6, Article 1 of Circular 02/2019/TT-NHNN.

2. Application for foreigners to create a bank account in Vietnam

According to Clause 2, Article 1 of Circular 02/2019/TT-NHNN and Article 12 of Circular No. 23/2014/TT-NHNN, a file containing an application to open a bank account for a foreigner must contain the following documents:

Firstly, the application form for opening a bank account according to the form of the bank; foreign bank branch where the account is opened and in accordance with the following regulations:

For individuals being foreigners: full name; date, month, year of birth, nationality; profession, position; phone number; valid passport number, date of issue, place of issue; entry visa (if any); address of the place of registration of residence abroad, the place of registration of residence in Vietnam; are residents or non-residents; tax code (if any);

In case an individual opens a payment account through a legal representative; In addition to the account holder’s information, the customer’s application for opening a current account must contain additional information about the legal representative of the customer opening the account, specifically:

– If the legal representative of the client is an individual, information about the legal representative shall be made according to regulations;

– If the legal representative of the client is an organization; information includes: full and abbreviated transaction name; address of head office; transaction address, phone number, fax number (if any); field of activity; principal business and the legal representative of that organization.

Second, the identification documents.

Includes valid entry visa; or proof of visa-free entry.

– In case an individual opens a payment account through a guardian; the legal representative, in addition to the above documents; The application file for opening a payment account must include:

– In case the legal representative is an individual: identification papers of the legal representative of the individual and papers proving the legal representative status of that person for the individual opening a current account. maths;

– In case the legal representative is a legal person: Establishment decision; operation license, business registration certificate; or other documents as prescribed by law; papers proving the legal representative status of such legal entity for the individual opening a payment account; identification papers and papers proving the representative status of the legal representative of that legal entity.

3. Order and procedures for opening a bank account for foreigners

The procedures for opening accounts for foreigners are carried out in the following order in accordance with Article 14 of Circular No. 23/2014/TT-NHNN, as revised by Clause 5, Article 1 of Circular 16/2020/TT-NHNN:

Step 1: Construct documents

If a customer wants to open a payment account, they must get one set of paperwork ready to send directly, by mail, or electronically to the bank or foreign bank branch where the application is being requested.

Step 2: The bank checks and compares customer information

When receiving the customer’s application for opening a current account, the bank or foreign bank branch must check and compare the documents in the account opening file and handle:

– If the documents in the application file for opening a payment account are complete, legal and valid and the elements declared in the application for opening the account completely match with the documents in the application for opening a current account. payments, banks, foreign bank branches open payment accounts for customers;

– If the documents in the application file for opening a payment account are incomplete, legal, or valid, or the elements declared in the application for opening an account do not match the documents in the application for opening a payment account. , the bank, foreign bank branch notifies the customer to complete the dossier;

– In case a bank or foreign bank branch refuses to open a payment account, it must notify the customer.

Step 3: Finalize the contract

The bank or foreign bank branch must agree to open and use a payment account with a customer after completing the inspection, comparison, and verification of customer identifying information in line with the law’s rules on money laundering prevention and combat.

To sign an agreement to open and use a payment account, the bank or foreign bank branch must personally meet with the customer or the client’s legal representative (if the account is being opened on behalf of the customer).

Step 4: Inform clients of account details

The bank or foreign bank branch shall notify the client of the payment account number, name, and start date after entering into an agreement to open and use a payment account with the customer. row.

The bank or foreign bank branch will make sure to get samples of the account holder’s signatures and digital certificates (if any), as well as those of other pertinent individuals (if any). Seal sample, if applicable, for inspecting and comparing while using payment accounts for account holders that are organizations.

 

Please don’t hesitate to contact us if you require any further information!

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