Application file for opening a payment account at foreign bank branches in Vietnam

Application file for opening a payment account at foreign bank branches in Vietnam (Internet image)

Regarding this issue, LawNet responded as follows:

1. Entities eligible to open current accounts at foreign bank branches in Vietnam

Entities eligible to open current accounts at foreign bank branches include:

- The following individuals are eligible to open current accounts at banks or branches of foreign banks:

+ A person who is aged exactly 18 years or older and has full capacity for civil acts as regulated by the Law of Vietnam;  

+ A person who is aged between exactly 15 and nearly 18 years and does not have his/her incapacity or restricted capacity for civil acts;

+ A person who is under the age of 15, has restricted capacity for civil acts or is incapable of civil acts as defined by the Law of Vietnam is entitled to open a current account via his/her legal representative;

+ A person who has limited cognition and behavioral control as defined by the Law of Vietnam may open a current account via his/her guardian.

- The organizations that are duly established and operate under the Law of Vietnam, including: legal entities, private enterprises, household businesses and other organizations, are allowed to open current accounts at banks or branches of foreign banks in accordance with laws.

(Article 11 of Circular 23/2014/TT-NHNN (amended in Clause 6, Article 1 of Circular 02/2019/TT-NHNN))

2. Application file for opening a payment account at foreign bank branches in Vietnam

Application file for opening a payment account at foreign bank branches in Vietnam is specified as follows:

(1) For the current account of individuals, foreign bank branches are allowed to regulate and guide customers the types of documents in the application file for opening a payment account, but must include at least the following documents:

(i) The application form for current account opening which is made using the form provided by the bank/ foreign bank’s branch where the current account is opened and in conformity with Clause 1 Article 13 of Circular 23/2014/TT-NHNN;

(ii) The citizen identity card or ID card or unexpired passport, birth certificate (for a Vietnamese citizen aged under 14 years);

Entry visa or certificate of visa exemption (for a foreigner) of the account holder;

Except for the case where the individual is a foreigner who opens a payment account as prescribed in Clause 4, Article 14 of Circular 23/2014/TT-NHNN;

(iii) If a current account is opened through a person’s guardian or legal representative, in addition to the documents mentioned in (i) and (ii), the application for current account opening must also include

- In case the legal representative is an individual: the citizen identity card or ID card or unexpired passport of the guardian or legal representative, and documents proving his/her capacity for representing the account holder.

- In case the legal representative is a legal person: establishment decision, operation license or enterprise registration certificate; documents proving the capacity of the legal representative of the account holder for opening and using the current account;

Personal papers and papers proving the representative status of the legal representative of that legal entity.

(2) For the payment account of organizations, banks, foreign bank branches, it is allowed to prescribe and guide customers the types of documents in the application for opening a payment account, but must include at least the following documents: following sheet:

- An application form for opening a current account, made according to the form of the bank or foreign bank branch where the account is opened and in accordance with the provisions of Clause 2, Article 13 of Circular 23/2014/TT-NHNN;

- Documents proving that the organization opening a payment account is established and operates legally: Establishment decision, operation license, business registration certificate or other documents as prescribed by law the law;

- Documents proving the legal representative's status as a representative together with their identification papers;

- Documents proving the capacity of the legal representative and decision on appointment of chief accountant or person in charge of accounting works (if any) of the organization opening the current account, and citizen identity cards or ID cards or unexpired passports of these persons.

(3) For a joint current account, banks and foreign bank branches are allowed to prescribe and guide customers on the types of documents in the application for opening a payment account, but must include at least the following documents: :

- An application form for opening a payment account, made according to the form of the bank or foreign bank branch where the account is opened and in accordance with the provisions of Clause 3, Article 13 of Circular 23/2014/TT-NHNN;

- Documents of subjects undersigning in the opening of shared payment account:

+ If the subjects undersigning the application for opening the shared payment account are individuals, the application file for opening account shall include the documents as prescribed in (1);

+ If the subjects undersigning the application for opening the shared payment account are entities, the application file for opening account shall include the documents as prescribed in (2).

- In the event that the agreement or contract on opening and using a payment account does not contain content on the management and use of the joint payment account by the subjects opening the joint payment account, there must be a separate written agreement on the management and use of the joint payment account by the subjects opening the joint payment account.

(Article 12 of Circular 23/2014/TT-NHNN (amended in Clause 2, Article 1 of Circular 02/2019/TT-NHNN))

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