Vietnam Foreign Trade Bank (Vietcombank) – State-owned Bank

Detailed Account Opening Requirements

• Original business license and notarized copy.
• Original company charter and notarized copy.
• Original tax registration certificate and notarized copy.
• Original company seal registration certificate and notarized copy.
• Original and notarized copy of valid representative’s ID/passport.
• Original and notarized copy of authorized signatory’s ID/passport.
• Board resolution authorizing account opening (notarization required).
• Company organizational chart.
• Declaration of actual beneficiaries.

Specific Process

• Appointment: Schedule account opening time through Vietcombank’s official website or phone.
• Document submission: Submit all necessary documents at the designated branch.
• Preliminary review: On-site document review by bank staff.
• Detailed examination: Bank conducts background check and anti-money laundering check (2-3 business days).
• Account opening approval: By branch manager or higher-level supervisor.
• Agreement signing: Sign account operation agreement upon approval.
• Fee payment and activation: Pay account opening fee (about 200,000 VND) and make initial deposit.
• Service setup: Set up online banking, SMS notifications, and other additional services.

Additional Requirements for Foreign-invested Enterprises

• Investment license or investment registration certificate (original and notarized Vietnamese translation).
• Parent company’s business registration certificate (requires consular authentication).
• Foreign directors’ passport documents (notarization required).
• Statement of fund sources.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) – Commercial Bank

Detailed Account Opening Requirements

• Latest business license (original and notarized copy).
• Company charter (original and notarized copy).
• Tax registration certificate (if not included in the business license).
• Company seal sample registration form.
• ID documents of legal representative and all directors.
• ID and authorization letter of authorized signatories.
• Shareholder list (information of shareholders holding more than 5%).
• Most recent financial statement.
• Company address proof (e.g., lease contract).

Specific Process

• Online appointment: Schedule through Techcombank’s official website.
• Document preparation: Prepare all necessary documents according to the checklist.
• Application submission: Submit documents at the selected Techcombank branch.
• Interview: Meet with bank customer manager to discuss company business.
• Due diligence: Bank may conduct on-site and background investigations (3-5 business days).
• Risk assessment: Internal bank risk evaluation Account opening approval: Sign account agreement and related documents upon approval.
• System setup: Set up online banking and corporate payment system.
• Account activation: Pay minimum deposit amount (usually 1,000,000 VND).

Special Requirements for Foreign-invested Enterprises

• Investment certificate or investment registration proof (original and notarized Vietnamese translation).
• Parent company board resolution regarding the Vietnamese subsidiary (requires consular authentication).
• Detailed business plan.
• Anti-money laundering and financing compliance declaration.

HSBC Vietnam – Foreign Bank

Detailed Account Opening Requirements

• Valid business license (original and notarized copy).
• Company charter (original and notarized copy).
• Tax registration certificate (if applicable).
• Investment registration certificate (for foreign-invested enterprises).
• Valid representative’s passport/ID (original and notarized copy).
• Authorized signatory’s passport/ID and authorization letter.
• ID documents of all board members.
• Company seal sample.
• Bank statements for the last 6 months (if available).
• Detailed business plan and forecasts.
• Customer due diligence form (provided by HSBC).

Specific Process

• Initial consultation: Preliminary discussion with HSBC account manager.
• Application form completion: Fill out the corporate account opening application form provided by HSBC.
• Document collection: Prepare all necessary documents, including additional required documents.
• Application submission: Submit all documents at HSBC branch
• In-depth due diligence: HSBC conducts comprehensive background check and anti-money laundering check (may take 1-2 weeks).
• Global compliance review: As an international bank, may require headquarters’ approval.
• Account opening approval: Final approval obtained.
• Document signing: Sign account operation agreement and other necessary documents.
• System setup: Set up HSBCnet online banking and other electronic services.
• Account activation: Pay minimum opening amount (depends on account type, usually as mentioned before).

Additional Requirements for Foreign-invested Enterprises

• Group structure chart showing all affiliated companies.
• Parent company’s registration documents (requires consular authentication).
• Detailed explanation of fund sources and expected transaction patterns.
• Copies of contracts with local Vietnamese partners or clients (if any).

Policy Banks (e.g., Vietnam Bank for Social Policies)

Note: Policy banks typically do not provide account opening services for ordinary enterprises and mainly serve specific industries or projects.

Account Opening Considerations: Document authenticity, All documents must be up-to-date and within the validity period. Translation requirements, All non-Vietnamese documents must be translated into Vietnamese by certified translation agencies. On-site visits, Banks may conduct on-site visits during or after the account opening process. Processing time, Account opening for foreign-invested enterprises usually takes longer than for local enterprises, possibly 3-4 weeks. Minimum deposit requirements, Different banks and account types have varying minimum deposit requirements. Fees, In addition to account opening fees (usually 100,000-500,000 VND), there may be monthly maintenance fees, transaction fees, etc. Foreign currency accounts, Foreign-invested enterprises can usually open both VND and foreign currency accounts, but usage has certain limitations. Account opening time, Local enterprises usually 3-7 working days; foreign-invested enterprises, may take 2-4 weeks, depending on document completeness and bank’s internal processes.

Special Considerations for Foreign-invested Enterprises: Localization requirements, Consider whether an extensive local branch network is needed. Capital account, Must open a Direct Investment Capital Account (DICA) for receiving investment capital. Current account: Account for daily operational income and expenses. Foreign exchange management, Understand the State Bank of Vietnam’s foreign exchange control policies; some transactions may require notification or approval. Profit repatriation, Need to provide financial statements, tax receipts, and other supporting documents. Cross-border payments, Choose banks with strong international networks, such as foreign banks or large state-owned banks.

Post-Account Opening Services: Relationship manager, Maintain regular communication with the assigned customer manager to learn about new products and services. Online banking, Set up and use corporate online banking systems. Mobile banking, Some banks offer dedicated corporate mobile banking apps. Cash management, Understand the bank’s cash management solutions. Trade finance, Inquire about the bank’s trade finance products if import/export business is needed.