Foreign companies open accounts at banks in Vietnam

Can a foreign company open bank account in Vietnam ? If so, how to open an account in foreign currency at a commercial bank in Vietnam ? 

DMS Lawyers in Danang, Vietnam advise for foreign company opens account at a bank in Vietnam ?

Steps, documents required to open accounts of foreign companies at banks in Vietnam are as follows:

Upon having a demand for opening an account, the applicant shall prepare 01 (one) set of application file as stipulated at  Article 12 of this Circular and submit in person or by postal service or by electronic means to the bank, foreign bank branch where the proposed account is opened.

Upon receiving the application file for opening an account, the bank, the foreign bank  branch shall check the documents of the file and collate with details that are declared at the application for opening bank account and handle as follows:

If the application file for opening payment account is sufficient and eligible, details that are declared at the Application for opening bank account are consistent with relevant documents of the file, the bank, the foreign bank branch shall proceed to sign the agreement on opening and use of the current account with customer as stipulated at Clause 3 of this Article.

After checking, collating to ensure the documents of the application file are sufficient, eligible as stipulated, the bank, the foreign bank branch shall proceed to sign the agreement on opening and use of current account with customer as follows:

For current account of organization: 

The bank, foreign bank branch does not need to meet the legal representative of the account holder in person, but must apply methods to verify the accuracy of the stamp (if any) and signature of the legal representative of the account holder on the agreement to open and use of the current account and ensure they are the same as the stamp specimen (if any), signature specimen in the application form (Item 1, Point a Clause 2, Point b Clause 3 Article 14 Circular No. 08/VBHN-NHNN dated February 27, 2018).

In closing, foreign company can apply to open and use an account at a bank in Vietnam as stipulated by law./.

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DMS Law firm in Vietnam
Director
(Signed)
Lawyer Do Minh Son