Question

Do customers have to submit dossiers at the bank or foreign bank branch where they request to open a payment account?

Answer

The order and procedures for opening payment accounts at a bank or foreign bank branch in Vietnam, where the customer being a company legally established and operating abroad requesting to open payment accounts, are as follows:

When there is a need to open a payment account, the customer prepares one (01) dossier set according to regulations and submits it to the bank or foreign bank branch where they request to open a payment account.

Upon receiving the dossier on opening payment accounts of the customer, the bank or foreign bank branch must check and compare the documents in the dossier on opening payment accounts and process as follows:

- If the documents in the dossier on opening payment accounts are complete, lawful, valid and the elements declared in the account opening application form completely match the documents in the dossier on opening payment accounts, the bank or foreign bank branch will open payment accounts for the customer according to regulations;

- If the documents in the dossier on opening payment accounts are not complete, lawful, valid or the elements declared in the account opening application form do not match the documents in the dossier on opening payment accounts, the bank or foreign bank branch will notify the customer to complete the dossier;

- In cases where the bank or foreign bank branch refuses to open a payment account, it must notify the customer.

After completing the checking, comparison and verification of customer identification information according to the law provisions for preventing and combating laundering, the bank or foreign bank branch will enter into an agreement on opening and using payment accounts with the customer as follows:

The bank or foreign bank branchmay or may not meet directly with the lawful representative of the customer when concluding an agreement on opening and using payment accounts. In cases of not meeting directly with the lawful representative of the customer, the foreign bank branch must apply appropriate measures to verify the accuracy of the signature, seal (if any), digital certificate (if any) of the lawful representative of the account holder on the agreement on opening and using payment accounts and ensure that the signature, seal (if any), digital certificate (if any) of the lawful representative of the account holder matches the signature, seal (if any), digital certificate (if any) of the lawful representative of the account holder during the use of the payment accounts;

After entering into an agreement on opening and using payment accounts with the customer, the bank or foreign bank branch notifies the customer of the number, name of the payment account, and the date of commencement of operation of the payment account. The bank or foreign bank branch ensures that they collect the specimen signatures, digital certificate (if any) of the account holder or the lawful representative of the account holder and other related persons (if any), and seal specimens (if any, for the account holder being an organization) for checking and comparison during the use of the payment account.

Therefore, when there is a need to open a payment account, a customer being a company legally established and operating abroad, prepares one (01) dossier set according to regulations and submits it to the bank or foreign bank branch where it requests to open a payment account.

This piece of writing in Vietnamese

Related writings:

Open a corporate account for a foreign company at a bank in Vietnam

Contact:

Phone: 0989 157 682

Email: dmslawfirm@gmail.com

DMS LAW LLC

Director

(Signed)

Lawyer Do Minh Son