Open current accounts for company at banks in Vietnam

What are the documents required to apply for a current account at bank in Vietnam for a new, single member LLC in Da Nang, Vietnam ? (the company operates in the trade, service and import-export of goods).

DMS Law firm in Danang, Vietnam advise on open current accounts for company at banks in Vietnam ?

The agreement on opening and use of current account (payment account):  

Current accounts must be opened and used under contracts between involved parties, clearly indicating the rights and responsibilities of these parties in accordance with law (Article 7 Decree No. 101/2012/NĐ-CP dated November 22, 2012).

Account holders may use their current accounts to deposit and withdraw cash and request payment service providers to conduct valid payment transactions. Account holders may request payment service providers to provide information on transactions and balances on their current accounts (Clause 1 Article 11 Decree 101/2012/NĐ-CP dated November 22, 2012).

Documents to open a current account at banks in Vietnam, including:

- An application form for opening a current account using the form provided by the bank or the foreign bank branch where the account is opened and in conformity with provisions in Clause 2 Article 13 of this Circular; 

- Documents proving that the applicant is legally established and operate: establishment decision, operation license, corporate registration certificate or other documents as stipulated by laws; 

- Documentations establishing legal representative capacity of the legal representative and decision on appointment of chief accountant or the person in charge of accounting (if any) of the applicant and ID card or valid passport of such persons (Clause 7 Article 1 Circular No. 32/2016/TT-NHNN dated December 26, 2016).

After finishing the checking, collation, making sure that documents of the application file are sufficient, legal and valid, the bank, foreign bank branch shall proceed to sign contract for opening and use of current account (payment account) with the customer (Clause 3 Article 14 Circular 23/2014/TT-NHNN dated August 19, 2014).

In summary, you may study provisions of law in relation to opening of current account at bank in Vietnam for enterprises established in Vietnam, then adapt to your specific situation./.

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