Opening a corporate bank account in Vietnam sounds straightforward until you’re sitting in a bank branch with a full document pack and the relationship manager tells you they need three more things you’ve never heard of. For foreign-invested enterprises (FIEs) in particular, Vietnam’s banking system carries a layer of regulatory obligation the mandatory Direct Investment Capital Account (DICA) that trips up even experienced international operators.
This guide covers everything: which bank to choose, what documents you need, how the DICA works, what “VND operating account vs. capital account” actually means in practice, and the specific challenges foreign companies face including options beyond the big four Vietnamese state banks.
The Vietnam Corporate Banking Landscape {#landscape}
Vietnam has 49 credit institutions including state-owned commercial banks, joint-stock commercial banks, wholly foreign-owned banks, and foreign bank branches. For a company setting up operations, the practical shortlist is much shorter.
The banking market divides into three tiers relevant to foreign businesses:
- State-owned commercial banks (SOCBs): Vietcombank, BIDV, VietinBank, Agribank dominant market share, extensive branch networks, strong regulatory relationships, slower service
- Private joint-stock banks: Techcombank, VPBank, MB Bank, ACB, Sacombank faster onboarding, better digital platforms, increasingly FDI-friendly
- Foreign and international banks: HSBC Vietnam, Standard Chartered Vietnam, Shinhan Bank Vietnam, SBI Hanoi, ICICI Vietnam preferred by multinationals, bilateral trade-focused, premium service, higher minimum balances
The right choice depends on your company profile: a small FDI services company prioritises speed and online banking; a manufacturing FIE with regular USD inflows and foreign loan drawdowns needs a bank with strong trade finance and SBV regulatory experience.
State-Owned Banks: Vietcombank, BIDV, VietinBank {soe-banks}
Vietcombank (Joint Stock Commercial Bank for Foreign Trade of Vietnam)
Vietcombank is Vietnam’s most internationalised state bank and the default first choice for most FIEs. Its advantages are significant:
- Strongest correspondent banking network of any Vietnamese bank critical for USD and EUR wire transfers
- Most widely accepted for salary disbursement, VAT refund receipts, and investment capital transfers
- GDT and SBV regulators are most familiar with Vietcombank’s documentation processes
- English-language service available at major branches in Hanoi (Hoan Kiem, Ba Dinh) and Ho Chi Minh City (District 1)
Drawbacks: Account opening for new FIEs can take 2–4 weeks at busy branches. Relationship managers rotate frequently. Internet banking (VCB Digibank for Business) is functional but not as polished as private banks.
BIDV (Bank for Investment and Development of Vietnam)
BIDV is the go-to bank for companies involved in infrastructure, construction, or government-adjacent projects. It has the largest branch network in Vietnam and strong ties to provincial DPI offices useful if your investment project required provincial-level approval.
- Preferred by Korean, Japanese, and Chinese FIEs in industrial zones
- Strong in project finance and medium-term lending
- Account opening process is broadly similar to Vietcombank, with slightly more flexibility on document timing for
companies still awaiting final IRC amendments
Drawbacks: Digital banking platform lags behind private banks. English proficiency at provincial branches is limited.
VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade)
VietinBank is strong in manufacturing, trade finance, and industrial park-based FIEs. It has deep relationships with industrial zone management boards and processes a high volume of foreign currency transactions for export-oriented manufacturers.
- Preferred for companies in Binh Duong, Dong Nai, and Hai Phong industrial zones
- Good for LC (Letter of Credit) and documentary collection transactions
- Competitive FX rates for regular USD/VND conversion
Drawbacks: Less familiar to service-sector FIEs; English-language support inconsistent outside major cities.
Private Banks: Techcombank, VPBank, MB Bank & Others {private-banks}
Techcombank
Techcombank has emerged as Vietnam’s most digitally advanced bank and is increasingly the preferred choice for tech-sector FIEs, startups, and service companies that prioritise online banking over branch relationships.
- Fastest account opening in the marketsome FIEs report approval within 5–7 business days
- Techcombank Business app is genuinely strong: multi-user access, approval workflows, FX transactions online
- Proactive FDI onboarding team in Hanoi and HCMC
- No minimum balance requirement for standard business accounts
Drawbacks: Smaller correspondent network than state banks for exotic currency pairs. Less familiar to GDT officers during VAT refund reviews (minor but worth noting).
VPBank & MB Bank
Both are solid alternatives with improving FDI capabilities. MB Bank has a strong military and government-sector background and is growing its FIE client base. VPBank is aggressive on SME banking and offers competitive FX spreads.
For most new FIEs, Techcombank or MB Bank is the fastest route to a working operating account while the DICA is being set up at a state bank (see Section 5).
Foreign & International Banks: SBI Hanoi, ICICI Vietnam & Others {foreign-banks}
Why Foreign Banks?
For Indian, Japanese, Korean, and Singaporean investors, bilateral banking relationships can simplify the process significantly. Your home-country bank may have a Vietnam branch or representative office that can fast-track corporate account setup through existing KYC relationships.
SBI (State Bank of India) Hanoi Branch
SBI Hanoi is the primary choice for Indian FIEs in Vietnam. It operates under a Vietnamese banking licence, can hold both VND and foreign currency accounts, and is familiar with DICA requirements.
- Direct relationship with parent SBI for India-Vietnam remittances
- Preferred by Indian manufacturers in industrial parks (electronics, textiles, pharma)
- Faster KYC for Indian-owned entities due to existing group-level due diligence
- Trade finance products aligned with India-Vietnam trade corridors
Consideration: SBI Hanoi is smaller than the state banks branch network limited to Hanoi. HCMC-based companies may find service less convenient.
ICICI Bank Vietnam
ICICI Vietnam (representative office, with banking services through correspondent arrangements) is used primarily for Indian corporate treasury management rather than day-to-day VND operations. Most Indian FIEs use ICICI for parent-subsidiary transfers and open a Vietcombank or Techcombank account for local operations.
HSBC Vietnam & Standard Chartered Vietnam
The preferred choice for multinational corporations and regional treasury centres. Both offer sophisticated multi-currency cash management, trade finance, and integration with global TMS (Treasury Management Systems). Minimum deposit and fee structures are higher — better suited to companies with monthly transaction volumes above USD 100,000.
The DICA What It Is and Why It’s Mandatory for FDI {#dica}
This is the section that surprises most new FDI investors. Under Decree 31/2021/ND-CP (guiding the Law on Investment) and Circular 06/2019/TT-NHNN (State Bank of Vietnam), all foreign-invested enterprises must open a Direct Investment Capital Account (DICA Tài khoản vốn đầu tư trực tiếp) at a licensed credit institution in Vietnam.
What the DICA Is For
The DICA is a dedicated foreign currency account used exclusively to:
- Receive inward capital contributions from foreign investors (your registered charter capital in foreign currency)
- Receive foreign loans drawn down by the FIE
- Make outward profit remittances to foreign investors
- Transfer investment proceeds upon liquidation or divestment
It is not an operating account. Day-to-day expenses payroll, rent, supplier payments are paid from your VND operating account, not the DICA.
DICA Registration with the SBV
Opening a DICA requires SBV registration you notify the State Bank of Vietnam that the account exists and provide details of the investment project (IRC number, registered capital amount, investor details). The bank handles this filing on your behalf, but you must supply the IRC (Investment Registration Certificate) and ERC (Enterprise Registration Certificate).
The DICA Sequence That Trips Up New FIEs
The correct sequence is:
- Receive IRC and ERC from DPI
- Open DICA at your chosen bank (submit IRC, ERC, and SBV notification)
- Foreign investor wires capital contribution into the DICA in foreign currency
- Convert to VND from the DICA → transfer to VND operating account for business use
The common mistake: Foreign investors wire capital directly to a regular USD account or worse, to a personal account before the DICA is established. This creates a capital contribution tracing problem that can take months to regularise with the SBV and significantly complicates future profit remittances.
Critical: Capital contributions wired before the DICA is open may not be recognised as registered capital by the SBV. Always open the DICA first.
VND Operating Account vs. Capital Account What’s the Difference? {accounts}
| Feature | DICA (Capital Account) | VND Operating Account |
|---|---|---|
| Currency | Foreign currency (USD, EUR, etc.) | Vietnamese Dong (VND) |
| Purpose | Capital in/out, profit remittance | Daily operations |
| SBV registration required? | Yes | No |
| Who can open it? | FIEs only | All companies |
| Can expenses be paid from it? | No | Yes |
| Mandatory? | Yes (for FIEs) | Yes (practically) |
Some FIEs also open a foreign currency operating account (separate from DICA) for receiving export proceeds or paying foreign suppliers. This is permitted but requires SBV notification if the balance exceeds certain thresholds.
Documents Required to Open a Corporate Account {documents}
Document requirements vary slightly by bank, but the core package for an FIE is consistent:
For All Companies (Vietnamese and FDI)
- Enterprise Registration Certificate (ERC / Giấy chứng nhận đăng ký doanh nghiệp) original or notarised copy
- Charter (Điều lệ công ty) signed by legal representative
- Resolution/Decision to open bank account board resolution naming the account signatories
- ID documents for legal representative passport (foreign nationals) or CCCD (Vietnamese citizens), with notarised translation if not in Vietnamese
- Specimen signatures of all authorised signatories
- Company seal (con dấu) required for account opening and all banking instructions
Additionally for FIEs (for the DICA)
- Investment Registration Certificate (IRC / Giấy chứng nhận đăng ký đầu tư) issued by DPI
- SBV notification form (the bank prepares this you sign and supply the data)
- Details of foreign investor passport/ID, address, ownership percentage
For Branches of Foreign Companies
- Parent company’s certificate of incorporation (apostilled)
- Branch establishment licence issued by Vietnamese authority
- Resolution from parent company authorising branch account opening
- Power of attorney to branch chief representative
Bank-Specific Add-ons
Some banks (especially state-owned banks) may additionally request:
- Business premises lease agreement to verify registered address
- Proof of tax registration (MST certificate issued automatically with ERC since 2020 reforms but some branches still request separately)
- Completed KYC/AML questionnaire on ultimate beneficial owners (UBOs)
Step-by-Step Account Opening Process {process}
Step 1: Choose your bank(s) Most FIEs open two accounts simultaneously: a DICA at a state bank (Vietcombank or BIDV) for capital compliance, and a VND operating account at a private bank (Techcombank or MB) for speed and digital banking.
Step 2: Prepare your document package Compile all documents listed in Section 7. Have all foreign-language documents notarised and translated into Vietnamese. Apostille is required for parent-company documents from non-Hague Convention countries.
Step 3: Schedule a branch appointment For state banks, walk-ins are possible but appointments at the corporate banking desk significantly reduce wait time. For Techcombank, the FDI onboarding team can often handle initial KYC remotely.
Step 4: Submit documents and complete KYC The bank’s compliance team reviews UBO structure, source of funds, and investment purpose. For complex group structures, prepare a simplified ownership chart in advance it accelerates the compliance review significantly.
Step 5: Receive account number and internet banking credentials State banks: 10–20 business days. Private banks: 5–10 business days. DICA: add 3–5 days for SBV notification processing.
Step 6: Wire capital contribution into DICA Foreign investor wires registered capital from overseas into the DICA. Retain the SWIFT confirmation it is required documentation for future profit remittance applications.
Step 7: Convert and fund operating account Convert capital from DICA to VND → transfer to operating account. You are now ready to trade.
Common Challenges for Foreign Companies (and How to Solve Them) {challenges}
Challenge 1: “We Need More Documents” Loop
State banks are notorious for sequential document requests you submit everything, then receive a request for one more item, then another. Solution: Request the bank’s complete internal checklist upfront (not just the public-facing list). A local advisor with existing bank relationships can often obtain the full internal requirements list before you submit.
Challenge 2: Complex Ownership Structures
Banks struggle with FIEs owned through BVI, Cayman, or Singapore holding companies. The UBO chain needs to be documented all the way to the natural person(s). Solution: Prepare a clean group structure chart with each entity’s certificate of incorporation, and a UBO declaration signed by the ultimate individual shareholders. Have this ready before your first meeting.
Challenge 3: No Vietnamese Director or Legal Representative
Some banks are reluctant to open accounts where the legal representative is a foreign national based overseas. Solution: Appoint a locally-based director (Vietnamese or foreign with a work permit and Vietnamese address) as legal representative, or use Techcombank/MB Bank which are more accustomed to remote-director structures.
Challenge 4: Delayed IRC or Amendments in Progress
If your IRC is being amended (additional investment, new business lines) the bank may wait for the final version. Solution: Open the VND operating account first (which only requires the ERC), and process the DICA once the final IRC is issued.
Challenge 5: Internet Banking Limitations for Foreign Signatories
Some state banks restrict internet banking authorisation to individuals with a Vietnamese phone number and national ID. Solution: Designate a local CFO, finance manager, or trusted service provider as a co-signatory for online banking, while retaining the foreign director as primary signatory for large transfers.
Vietcombank vs. BIDV vs. VietinBank vs. Techcombank Side-by-Side Comparison {comparison}
| Vietcombank | BIDV | VietinBank | Techcombank | |
|---|---|---|---|---|
| Best for | Most FIEs; USD transfers | Infrastructure; govt-adjacent | Manufacturing; industrial zones | Tech/services; digital-first |
| Account opening time | 15–20 days | 15–25 days | 15–20 days | 5–10 days |
| DICA capability | Strong | Strong | Strong | Yes |
| Digital banking | Moderate | Moderate | Moderate | Excellent |
| English support | Good (major branches) | Moderate | Moderate | Good |
| FX / trade finance | Excellent | Good | Excellent | Good |
| Min. balance | None (standard) | None (standard) | None (standard) | None |
| SBI / ICICI users | Supplement with this | Supplement with this | Supplement with this | Supplement with this |
Vietnam Bank Account Checklist 2026 {calendar}
| Action | Timing | Notes |
|---|---|---|
| Choose primary bank(s) | Before IRC issued | Shortlist based on business type |
| Prepare document package | Immediately after ERC/IRC receipt | Allow 3–5 days for notarisation |
| Open VND operating account | Week 1 post-ERC | Techcombank/MB for speed |
| Open DICA | Week 1–2 post-IRC | State bank preferred for SBV relationships |
| File SBV notification (via bank) | Simultaneously with DICA opening | Bank prepares; you sign |
| Receive DICA account number | 3–5 days after submission | |
| Wire capital contribution | Immediately after DICA confirmed | Keep SWIFT confirmation |
| Activate internet banking | Same week as account opening | Designate local co-signatory if needed |
| Notify GDT of bank accounts | Within 10 days of account opening | Required under tax registration rules |
Frequently Asked Questions {faq}
Can I open a Vietnamese business bank account before my company is registered?
No. Both the ERC (for the operating account) and the IRC (for the DICA) must be issued before account opening. You cannot open a corporate account using personal documents on behalf of a future company.
Can I operate only in USD without a VND account?
In practice, no. Payroll must be paid in VND, most local suppliers invoice in VND, and tax payments are made in VND. A VND operating account is effectively mandatory for any company with Vietnamese employees or local expenses.
Is there a minimum capital deposit requirement to open the DICA?
There is no minimum balance requirement for the account itself. However, your full registered charter capital must be contributed within the timeline specified in your IRC typically 90 days from the date of the IRC for standard investment projects. Failure to contribute capital on time can result in IRC amendment or penalties.
Can I remit profits before all capital is contributed?
No. Profit remittance through the DICA requires that: (1) the full registered capital has been contributed, (2) all tax obligations have been settled, and (3) the audited financial statements confirm a distributable profit. The remittance is supported by a bank-facilitated SBV declaration.
Do I need a separate account for each business line?
No. One DICA and one VND operating account are sufficient for most FIEs regardless of how many business activities are listed in the IRC. Separate accounts are only needed if your company has multiple distinct projects each with separate IRC numbers.
What is the GDT notification requirement for new bank accounts?
Under Vietnam’s tax administration rules, companies must notify the GDT of any new bank account within 10 days of opening. This is done via the eTax portal (update your tax registration profile). Failure to notify can complicate VAT refund processing and trigger queries during audits.