This article provides a comprehensive overview of remote account opening for companies in Vietnam. It begins by outlining the conditions for remote account opening, including enterprise qualifications, technical requirements, identity verification, document preparation, and compliance requirements. The article then offers a detailed comparison of remote account opening policies for five major Vietnamese banks: Vietcombank， Techcombank， VPBank， TPBank， and BIDV. For each bank, it describes the target customers, specific requirements, account opening processes, account functions, advantages, and limitations. The article concludes with an overall assessment and recommendations, highlighting the rapid development of remote banking services in Vietnam, the differences between technology-oriented and traditional banks, and key factors companies should consider when choosing a bank for remote account opening. It also emphasizes the importance of thorough preparation and staying informed about regulatory changes in this evolving landscape.

Assessing whether an enterprise meets remote account opening conditions

Enterprise Qualifications:

• Legally registered and normally operating enterprise in Vietnam.
• Complete and valid enterprise registration documents.
• Accurate identity information of legal representative and major shareholders.
• Business scope not in high-risk or restricted industries.

Technical Requirements:

• Stable high-speed internet connection.
• Devices supporting high-definition video calls (e.g., smartphones or computers with cameras).
• Ability to use bank-specified mobile applications or web platforms.
• Capability to scan or photograph high-quality documents.

Identity Verification:

• Representative able to conduct real-time online video verification.
• Ability to provide required biometric information (e.g., facial recognition, fingerprints).
• Representative’s identity documents are recent and information is clear.

Document Preparation:

• High-quality color scans or photos of all necessary documents, including: Enterprise Business License. Company Charter, Legal Representative’s ID or passport. Shareholder/Director identity documents, Company Seal Registration Certificate. Tax Registration Certificate (if not included in the business license).
• Ability to provide electronic signatures that meet bank requirements (if needed).
• Prepare recent financial statements or expected transaction volume explanations.

Compliance Requirements:

• The enterprise and its affiliates have no adverse records in the credit system.
• Ability to pass the bank’s strict Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.
• Clear beneficial ownership information that can be re-authorized.
• Legal and traceable source of funds.

Comparison of Remote Account Opening Policies for Different Banks

Vietcombank (Vietnam Foreign Trade Bank):

• Remote account opening service name: VCB DigiBiz.
• Applicable to: Small and medium-sized enterprises legally registered in Vietnam.
• Specific requirements: Enterprise registered capital not exceeding 10 billion VND. Relatively simple shareholder structure, not exceeding 5 shareholders. Vietnamese representative must be a Vietnamese citizen.
• Account opening process: Access the VCB DigiBiz platform and register an account. Fill in detailed enterprise information form. Upload high-definition scans of all required documents. Representative undergoes video call identity verification (workdays 9:00-16:00). Bank backend review (committed to complete within 1-2 working days). After approval, bank sends electronic account opening confirmation.
• Account functions: May have transaction limits in the initial period, such as a daily transfer limit of 500 million VND. Provides basic online and mobile banking services.
• Advantages: Large state-owned bank in Vietnam with good reputation. Extensive branch network nationwide.
• Limitations: Not applicable to certain high-risk industries (e.g., virtual currency, gambling). Foreign-invested enterprises may require additional review.

Techcombank (Vietnam Technological and Commercial Joint Stock Bank):

• Remote account opening service name: Techcombank eKYC for Business.
• Applicable to: Vietnamese local SMEs and freight companies.
• Specific requirements: Vietnamese enterprise with annual turnover not exceeding 100 billion VND. Representative must hold a Vietnamese ID card or citizen card. Enterprise address must be within Techcombank’s service coverage area.
• Account opening process: Download and install Techcombank Business App. Register enterprise account and fill in detailed information. Upload all required documents, including high-quality photos of both sides of the legal representative’s ID. Representative completes facial recognition and liveness detection. Conduct a brief video call to answer bank staff questions. Real-time review, usually completed within 15-30 minutes.
• Account functions: Provides full-function enterprise accounts, including transfers, payments, loan applications, etc. Integrated advanced cash management and financial analysis tools
• Advantages: Fast account opening, smooth experience. Provides comprehensive digital banking services
• Limitations: Not applicable to enterprises with complex equity structures. Certain special industries may require additional review.

VPBank (Vietnam Prosperity Bank):

• Remote account opening service name: VPBank NEO for Business.
• Applicable to: Most types of SMEs, including some foreign-invested enterprises.
• Specific requirements: Enterprise registered for more than 6 months. Representative must have a smartphone and be proficient in its operation. Enterprise needs to provide financial statements for the last 6 months
• Account opening process: Register on the VPBank NEO platform and fill in enterprise information. Upload all required documents. Representative undergoes video call identity verification. Initial bank review (1-2 working days). Arrange a brief offline confirmation meeting (can be conducted at enterprise office). Account can be activated after final confirmation
• Account functions: Provides enterprise banking services, including cross-border payments. Integrated supply chain financing and trade financing services.
• Advantages: Combines online convenience with offline security. Suitable for enterprises with higher security requirements.
• Limitations: Account opening may take 3-5 working days. May have lower transaction limits in the initial period.

TPBank (Tien Phong Bank):

• Remote account opening service name: TPBank eBank for Business.
• Applicable to: Vietnamese local SMEs and tech startups.
• Specific requirements: Enterprise registered capital not exceeding 20 billion VND. Default representative needs to hold a TPBank personal account. Enterprise business scope does not involve foreign exchange transactions or cross-border business.
• Account opening process: Default representative applies for enterprise account through TPBank personal account. Fill in detailed enterprise information form. Upload high-definition scans of all required documents. Conduct facial recognition verification through TPBank App. Real-time video call confirmation (workdays 8:00-17:00). Bank completes review in real-time, usually within 2 hours.
• Account functions: Provides digital banking services, including batch transfers, salary payments, etc. Integrated AI-assisted financial management tools
• Advantages: Extremely fast account opening, possibly the fastest option in the market. Provides innovative digital banking products.
• Limitations: Not suitable for enterprises that need to handle large cash transactions. May have relatively low daily limits for inter-bank transfers.

BIDV (Bank for Investment and Development of Vietnam):

• Remote account opening service name: BIDV SME Online Banking.
• Applicable to: Vietnamese local small and medium-sized manufacturing and trading enterprises.
• Specific requirements: Enterprise established for more than 1 year. Annual turnover below 100 billion VND. Vietnamese representative must be a Vietnamese citizen.
• Account opening process: Visit BIDV enterprise service website and submit initial application. Bank manager conducts preliminary assessment via phone. Upload required documents to BIDV secure platform. Arrange video call for identity verification and business consultation. Bank review (2-3 working days). May require one offline visit to verify original documents. Account activated after approval.
• Account functions: Provides comprehensive enterprise banking services, including loans and trade financing. Customized services specifically for manufacturing and trading enterprises.
• Advantages: State-owned bank background, providing stable and reliable services. Industry-specific professional financial solutions.
• Limitations: Remote account opening process relatively conventional. May not be suitable for enterprises requiring rapid account opening.

Overall Assessment and Recommendations

Remote account opening services in the Vietnamese banking sector are developing rapidly but are still in a transitional stage. Policies and processes may be updated regularly. Technology-oriented banks (such as Techcombank and TPBank) are more advanced in remote account opening, with faster processes. Traditional large banks (such as Vietcombank and BIDV) may have slightly more complex remote services but might offer more comprehensive enterprise financial services. Most banks still retain some form of offline confirmation to ensure compliance and security. Enterprises should choose the most suitable bank based on their own needs (such as transaction volume, international business requirements, industry characteristics, etc.).

When choosing a bank, the following factors should also be considered: Bank’s reputation and stability. Completeness of online and mobile banking functions. Customer service quality and response speed. Diversity of enterprise financial products. Future business expansion goals.

It is recommended that enterprises do the following before applying for remote account opening: Prepare high-quality electronic versions of all necessary documents. Ensure enterprise network security measures are in place to protect sensitive information. Legal representative is familiar with video call and online identity verification processes. Understand potential account function limitations after opening.

Consider consulting professional enterprise service providers who are usually familiar with various bank policies and can provide personalized advice. Always pay attention to the latest regulations from the State Bank of Vietnam regarding enterprise remote account opening to ensure compliance.