Requirements
1.
Application for opening bank account (original)
2.
Authenticated copy of IRC (original)
3.
Passport or Vietnamese ID card of the legal representative (original)
to present at the counter
Time frame
Generally it takes 5-10 minutes to open a bank account provided that the application meets the bank's requirements.
Waiting time in queue:
Max. 5mn
Attention at counter:
Min. 5mn - Max. 10mn
Legal justification
1.
Ordinance No 28/2005/PL-UBTVQH11 dated December 13, 2005 on foreign exchange
Article 11
2.
Ordinance No 06/2013/PL-UBTVQH13 dated March 18, 2013 on amending and supplement some articles of Ordinance 28/2005/PL-UBTVQH11
Article 1.4
3.
Decree No. 70/2014/ND-CP of the Government dated July 17, 2014 detailing the implementation of several provisions of the ordinance and the amended ordinance on the foreign exchange
Article 8
4.
Circular No. 19/2014/TT-NHNN dated August 11, 2014 of the State Bank of Vietnam providing guidance on foreign exchange control over foreign direct investments in Vietnam
Article 6
Additional information
The foreign owned capital company (Foreign investors joining business cooperation contract) must open accounts of direct investment capital at an authorized credit institutions. The contribution of investment capital, remittance of principal investment capital and profits and other lawful revenue must be effected via these accounts.
There's no fee to open a bank account, but banks may request to keep a minimum account balance.
Each bank provides its own form for opening bank account and normally requires authenticated Investment Certificate.
List of some commercial banks in Phu Yen (not exhaustive)
