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Opening a Bank Account in Vietnam? Here’s What You Need to Know

ONEONEAug 10, 2025
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What You Need to Know About Opening a Bank Account in Vietnam

With the growing economic and cultural exchanges between China and Vietnam, more and more Chinese citizens are traveling, working, investing, or even settling in Vietnam. In this process, having a local bank card has become an important step for many people living in Vietnam. So, what do you need to know about opening a bank account in Vietnam?

Opening a Bank Account in Vietnam? Here’s What You Need to Know

1. Who Can Open a Bank Account in Vietnam?

For foreigners, whether you can open a bank account in Vietnam largely depends on your legal status and purpose. Generally speaking, foreigners with a valid visa, residence card, or work permit can open a personal bank account in Vietnam. This is especially true for those who are working, studying, or living in Vietnam long-term.

Banks may require supporting documents such as a work contract, school enrollment letter, or proof of address. Recently, several banks have tightened their requirements for foreign account holders, and some have even stopped opening accounts for people on short-term visas.

Tip Before visiting a bank, it’s a good idea to check the specific requirements of that institution to avoid unnecessary trips.

2. What Documents Are Required?

Although specific requirements may vary from bank to bank, here are the general documents you’ll need

1. Passport original and copy Must be valid, with visa pages and entry stamp included.

2. Residence or Work Permit Having a Temporary Residence Card or Work Permit greatly increases your chances of approval.

3. Proof of Address Some banks may require a local address, such as a rental contract or utility bill.

4. Additional Documents These may include application forms, photos, and mobile phone verification.

3. Which Banks Are Foreigner-Friendly?

Vietnam has dozens of commercial banks, but some are more accommodating to foreigners than others. Here are a few popular options

Vietcombank One of the largest banks in Vietnam, known for its professional service, though the account opening process is strict.

Techcombank Offers simpler procedures and English support, making it a good choice for first-time account holders.

ACB Asia Commercial Bank Known for flexible service and a wide network of branches.

MB Bank Popular among younger users for its digital banking features and mobile app support.

HSBC Vietnam A foreign bank with high entry requirements, suitable for those with specific financial needs.

4. What Can You Do With a Vietnamese Bank Card?

A local bank card in Vietnam typically supports the following functions

ATM Withdrawals Most cards can be used at local ATMs, and some Visa or MasterCard-branded cards work internationally.

POS Payments You can use your card for shopping at malls, supermarkets, and restaurants.

Mobile Banking Most banks offer apps for transfers, bill payments, and balance checks.

E-wallet Integration You can link your card to popular local e-wallets like Momo or ZaloPay for small, everyday payments.

Note Some cards may have limitations when used overseas, so always check with your bank.

5. Fees and Important Notes

Opening a bank account is usually free, but there may be fees associated with usage

Annual Fees Some banks charge a yearly maintenance fee.

Interbank Transfer Fees Transfers between different banks may cost extra.

ATM Fees Using non-bank ATMs may incur a service fee.

SMS Alerts Some banks charge for transaction notification services.

Security is also a major concern. Financial fraud has been rising in Vietnam, especially related to online payments and SMS verification codes. It’s wise to use strong passwords, avoid sharing personal information, and monitor your account regularly.

6. The Future Rise of Mobile Payments

With the rapid development of technology, mobile payments are becoming increasingly popular in Vietnam. According to the State Bank of Vietnam, electronic payment transactions grew by over 40% in 2025.

For foreigners, besides traditional bank accounts, local e-wallets like Momo, ZaloPay, and VNPay offer convenient, multilingual interfaces and even support international credit cards. However, most of these platforms still require a local bank card for top-ups and withdrawals.

Bottom line Bank cards remain a fundamental part of financial life in Vietnam.

Summary

Opening a bank account in Vietnam is not overly complicated, but it does require proper preparation and understanding of the rules. Choosing a bank that offers good service, convenient branches, and English support can make your life in Vietnam much easier.

Whether for daily spending, receiving salary, or sending money abroad, a local bank card plays a crucial role. With the right preparation, your financial life in Vietnam can be smooth and stress-free.

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