Legal Setup & Registration
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15 min
Opening a Business Bank Account
Which banks work best for foreign-owned businesses, what documents you need, and how to manage VND and USD.
Opening a Business Bank Account
A business bank account in Vietnam is more complex than in Western countries, but entirely manageable. Here is what you need to know.
Which Bank to Choose?
| Bank | Best for | Notes |
|---|---|---|
| HSBC Vietnam | International transactions, FDI companies | English-speaking staff, higher fees |
| Standard Chartered | Multi-currency, international business | Good for forex, fewer branches |
| Vietcombank | Local transactions, good network | Largest Vietnamese bank, slow international transfers |
| Techcombank | Tech-forward, good app | Popular with Vietnamese SMEs |
| MB Bank | SME-friendly, fast account opening | Good digital banking experience |
Required Documents
- IRC + ERC (original + certified copies)
- Company seal impression
- Passport + visa of legal representative
- Company charter (điều lệ công ty)
- Resolution of director appointment
VND vs. USD Account
You will need both:
- VND account — for all domestic transactions, payroll, rent
- USD account — for capital contribution from abroad, international invoices, profit repatriation
Capital must be contributed in foreign currency, then converted to VND for operations. Keep records of all inflows and outflows — the State Bank of Vietnam regulates currency flows carefully.
Repatriating Profits
You can transfer profits back to your home country after paying all taxes and completing the annual audit. This is legal but requires documentation: audited financial statements, tax clearance certificate, and bank application. Process takes 1–2 weeks.
Pro tip: Open accounts at both an international bank (HSBC or Standard Chartered) for FX and international wires, AND a local bank (Techcombank or MB) for daily VND transactions. The combination gives you speed and flexibility.