Opening Bank Account in Vietnam
As society moves towards a cashless environment, demand for bank accounts is rising. Account opening requirements and documents differ for individuals and organizations. Recent regulations enhance greater responsibility for financial institutions and clarify application procedures for opening transactional accounts for both individuals and organizations.
CHECKLIST OF REQUIRED DOCUMENTS TO OPEN NEW BANK ACCOUNTS
| Type of account holder
Document |
Individual | Organization | ||
| Vietnamese | Foreigner | Vietnamese account holder | Foreign account holder | |
| Identification Card | X | X | ||
| Passport
Visa/E-visa/Proof of visa exemption |
X | X | ||
| Work permit/ Proof of work permit exemption & TRC | X | X | ||
| Enterprise Registration Certificate (ERC) | X | X | ||
| Mobifone main number | X | X | X | X |
| Being present at the bank | X | X | X | X |
(*) Being effective from 1 Dec 2025. Circular 25/2025 requires account holders to be present at the bank when opening an account. Bank officers must verify, clarify, and crosscheck information, confirm identity documents, and match biometric data of the applicant or their representative.
If the account holder is a foreign individual who is not present in Vietnam, customer identification information may be verified by the bank or foreign bank branch through a third party or by employing another authorized organization.
STANDARD PROCEDURE FOR OPENING A NEW BANK ACCOUNT
1. Register Account Holder Information with the Bank
Present a valid ID card or passport.
Complete the bank’s application form, providing essential details such as full name, occupation, contact address, and phone number.
Verify primary mobile phone subscriber information by sending “TTTB [ID number/Passport number]” to 1414.
Provide a biometric photo.
2. Submit Bank Account Application
Fill out the bank account opening form with accurate personal or business information.
Select an account name (please note from March 1, 2026, the account name must match exactly with the name on your ID/passport for individuals, or ERC for enterprises).
Register for internet banking services, if required.
Sign the necessary documentation.
3. Notify VN Administrative Tax Authorities of New Bank Account (Optional)
Prepare Form 08/MST, entering the bank name, account number, and account holder’s name.
Submit the completed form in paper format directly to the Vietnam administrative tax office.
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