[Vietnam] Corporate Bank Accounts Setup for Foreign-Invested Companies in Vietnam

Upon the issuance of the investment registration certificates (IRC) and the enterprise registration certificates (ERC), a foreign-invested company (FIC) is deemed to have fulfilled the statutory licensing requirements under Vietnamese law and may lawfully commence its business activities in Vietnam. However, the licensing procedures do not conclude at this stage. To lawfully operate in practice, an FIC is further required to complete certain post-licensing procedures, as mandated by relevant regulatory frameworks. Among these, the opening of a corporate bank account constitutes a critical compliance obligation, serving as a prerequisite for capital contribution, revenue collection, and lawful disbursement of funds. The following outlines several types of corporate bank accounts that an FIC is required to establish during the post-licensing stage.

1. Direct investment capital account

   
   

   The first and most critical account that an FIC must open is a direct investment capital account (DICA) to be maintained at a licensed commercial bank legally operating in Vietnam.  So, what is DICA?

   
   

   Pursuant to the guidance of the State Bank of Vietnam (SBV), a DICA is a payment account denominated in either foreign currency or Vietnamese Dong (VND), opened by an FIC at a licensed commercial bank in Vietnam. DICA serves to conduct transactions related to foreign direct investment activities. It is an official channel for capital contribution, profit remittance, loan disbursements, and other transactions associated with the foreign investment process. Each FIC is allowed to open only one DICA, which must be denominated in the currency specified in the IRC - either VND or a foreign currency. The FIC is required to fully contribute the registered charter capital through the DICA within 90 days from the date of issuance of the ERC, in compliance with Vietnamese foreign exchange regulations.

   
   

2. Other corporate bank accounts

   
   

   In addition to the DICA, an FIC may, and in certain cases is required to, open other types of bank accounts to facilitate its business operations and ensure compliance with applicable regulatory requirements. Specifically:

• Operational (current) account: This account is used for FIC’s day-to-day business activities, such as payments to suppliers, wages to employees, taxes to tax authorities, and other operational expenses. After the full capital contribution has been transferred through the DICA, funds may be transferred to the operational account to support the FIC’s daily transactions.

• Payment accounts in VND or foreign currency: Depending on the nature of the FIC’s business, particularly in import-export or cross-border transactions, separate payment accounts may be opened in VND and/or specific foreign currencies to facilitate domestic or international payments. However, these accounts must not be used for capital contribution, profit remittance, or any transactions that are required to be conducted through the DICA, as stipulated by the SBV’s regulations.

• Foreign loan account (if applicable): To receive foreign loans, an FIC must open a foreign loan account when the loan currency differs from the currency of its DICA. This means that where the loan currency matches the currency of the DICA, a separate foreign loan account is not required. In such cases, the loan proceeds may be directly disbursed into the DICA, provided that the foreign loan has been duly registered with the SBV (if applicable) and complied with all relevant regulatory requirements.

3. Documents needed to open bank accounts

   
   

   To open the DICA and other bank account types, an FIC is required to prepare a set of documents in accordance with the SBV’s regulations and the internal requirements of respective banks. The basic documentation includes:

   
   

   (a) Legal documents of the FIC

   • Copies of the IRC and ERC

   • A copy of the FIC’s charter

   • Appointment decisions for the general director/director and chief account (if applicable)

   • Copies of identification documents of the legal representative and the authorized person to open the account (i.e., ID card/passport)

   • Power of Attorney (if the person opening the account is not the legal representative

   (b) Bank-specific requirements

   Subject to respective banks’ instructions, the required documents may be different. Below are basic documents for reference:

   • Application form for opening a DICA (as provided by the respective banks)

   • Commitment to using the account for its intended purpose (in accordance with SBV’s guidelines)

   • Documents proving the source of foreign investment capital (if required)

   • Specimen signature and company seal form

   Where required, the documents in foreign languages need to translated into Vietnamese and be legalized/consularized.

Final Thoughts

Adhering to Vietnam’s banking regulations is a fundamental legal obligation for all foreign investors operating in the country. The prompt establishment of the required bank accounts and proper execution of capital contribution procedures are essential not only to ensure regulatory compliance but also to avoid potential legal risk and penalties. As part of a sound post-licensing planning, foreign investors are strongly encouraged to carefully assess and structure their banking arrangements to facilitate smooth capital inflows and support the efficient management of their business operations. TWL Law Group offers strategic legal counsel to assist foreign investors in navigating Vietnam’s complex banking regulatory environment, ensuring full compliance at every stage of the investment lifecycle.