What is the age eligible to open current accounts in Vietnam?

What is the age eligible to open current accounts in Vietnam? (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. What is the age eligible to open current accounts in Vietnam?

Specifically, in Article 11 of Circular 23/2014/TT-NHNN (amended in Circular 02/2019/TT-NHNN), 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.

2. Application for opening of personal current account in Vietnam

Pursuant to Clause 1, Article 12 of Circular 23/2014/TT-NHNN (amended in Circular 02/2019/TT-NHNN), for payment accounts of individuals, banks and foreign bank branches are allowed to prescribe and guide customers on the types of documents to include in the application for opening a payment account, but they must include at least the following papers:

- 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;

- 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;

A valid entry visa or documents proving visa exemption (for individuals being foreigners), except for the case that the individual is a foreigner who opens a payment account as prescribed in Clause 4 of Article 14 Circular 23/2014/TT-NHNN;

- If a current account is opened through a person’s guardian or legal representative, in addition to the documents mentioned in Point a and Point b Clause 1 of this Article, the application for current account opening must also include 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 an individual: identification papers of the legal representative of the individual and papers proving his/her legal representative status for individuals opening a payment account;

+ In case the legal representative is a legal person: Decision on establishment, operation license, certificate of enterprise registration, or other papers as prescribed by law; papers proving the legal representative status of such a legal entity for the individual opening a payment account; identification papers; and papers proving the legal representative status of the legal representative of that legal entity.

3. An application form for opening a payment account by an individual in Vietnam

According to Clause 1, Article 13 of Circular 23/2014/TT-NHNN (amended in Circular 02/2019/TT-NHNN), the application for opening a current account for an individual shall be prescribed by the bank or foreign bank branch but must contain at least the following contents:

- If the account holder is a Vietnamese: full name, date of birth, nationality; occupation, position; telephone number; number of citizen identity card or ID card or unexpired passport, date of issue, issuing authority; registered permanent residence and current residence; being a resident or non-resident;

- If the account holder is a foreigner: full name, date of birth, nationality; occupation, position; telephone number; number of unexpired passport, date of issue, issuing authority, entry visa; registered permanent residence abroad and registered residence in Vietnam; being a resident or non-resident.

- If a personal current account is opened through a guardian or legal representative,in addition to the account holder's information as prescribed at Points a and b, Clause 1, Article 13 of Circular 23/2014/TT-NHNN, information about the guardian or legal representative of the account owner, including:

+ If the guardian or legal representative of the account holder is an individual, the information mentioned in Point a Clause 1 of Article 13 of Circular 23/2014/TT-NHNN shall be specified;

+ If the guardian of the account holder is an organization, the following information shall be specified: full and abbreviated business name; headquarters address, transaction address, telephone number, fax (if any); business lines; legal representative.

Ho Quoc Tuan

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