Functions of bank account(s) in Vietnam
As society moves towards a cashless environment, demand for bank accounts is rising. In addition to VND accounts, Vietnam-based businesses may open foreign currency accounts (such as USD, EUR, SGD, GBP). Accounts are limited to major currencies; for others, companies must convert VND or another currency when making payments.
🔷 DIRECT INVESTMENT CAPITAL ACCOUNT | DICA
For foreign direct investment enterprises (FDIs), opening a Direct Investment Capital Account (DICA) is mandatory alongside the current account(s).
A FDI can only open one (1) DICA at a commercial bank.
DICA is used to
▪️ Receive capital injections,
▪️ Foreign loan disbursement and repayment,
▪️ Transfer retained profit or payout dividend
🔷Current account
All transactions within Vietnam or between Vietnam-based entities must use Vietnam Dong. (VND) Vietnam-based enterprises may use foreign currency for transactions, payments, receipts, and invoicing with overseas parties not based in Vietnam.
Bank token or bank application is used to get OTP for internet banking.
🔷 Supporting document for overseas payment
A package of document for overseas payment includes:
▪️ Commercial contract/Agreement
▪️ Pro-forma invoice/ Invoice
▪️ Customs declaration (if importing goods)
▪️ Bill of lading
▪️ Packing list
▪️ Any other certificate (C/O, Phyto certificate etc.)
▪️ Payment/remittance form
▪️ Commitment regarding embargo (applicable in specific cases)