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How do foreign enterprises open bank accounts in VN?

VGP – Banks and foreign bank branches are responsible for instructing their customers on the sequence and procedures for receiving and handling application files for opening payment accounts and place of signing the contract of opening and use of payment account in correspondence with their specific conditions and supply capacity.

10/21/2020 09:04

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Question: What are regulations for opening corporate payment accounts for foreign enterprises which do not have headquarters or representative offices in Viet Nam?

Answer

Circular 23/2014/TT-NHNN, dated August 19, 2014 of the State Bank of Viet Nam regulates how to make application files for opening corporate payment accounts. 

Under Article 12 of the Circular, an application file for opening a payment account comprises:

a) An application for opening a payment account, which is drawn up as per the provided form of the foreign bank branch where the account is opened and in conformity with provisions in Clause 2 Article 13 of this Circular;

b) Documents proving that the applicant is legally established and operate: Establishment Decision, Operation License, Corporate Registration Certificate or other documents as stipulated by laws;

c) Documentations of the capacity for legal representative or authorized representative of the person who registers as account holder, enclosing with ID card or valid passport of such person;

d) For the case where the applicant is a subject who is required by laws to have signature of chief accountant or the person in charge of accounting on the documents of transactions with the banks, in addition to the documents stated in Items a, b and c Clause 2 of this Article, the application file for opening payment account must contain an appointment decision, enclosing with ID card or valid passport of the chief accountant (or person in charge of accounting) of the entity applying for the opening of payment account.

According to Point 5 of Article 14, banks and foreign bank branches are responsible for instructing their customers on the sequence, procedures for receiving, handling application files for opening payment accounts and place of signing the contract of opening and use of payment account in correspondence with their specific conditions and supply capacity.

Under Point 3, Article 1, the opening and use of payment account in foreign currency by residents and non- residents, payment accounts in VND by non-residents and residents who are foreign individuals shall be conformable to laws and regulations on foreign exchange control and provisions of this Circular.