List of steps
(Total number of steps: 14)
Meet IPA
Obtain certified copies of foreign documents  (2)
Obtain consular legalized copies of documents  (3)
Obtain certified translation of documents  (2)
Obtain authenticated copies of passports and/or Vietnamese ID cards  (2)
Obtain investment certificate (IC)  (2)
11
Collect IRC
Obtain authenticated copies of investment certificate  (2)
Open bank account  (1)

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Properties
 
14
Open bank account
(last modified: 6/28/2015)

Contact details

Entity in charge

Any commercial bank


List of commercial banks in Vinh Phuc (updated to 01 Oct 2013) List of commercial banks in Vinh Phuc (updated to 01 Oct 2013)

Expected results

Bank account notification 01 - Bank account notification

Requirements

1. Application for opening account  - Customer information registration
Application for opening account - Customer information registration (2 original )
This form is of the BIDV bank. The form could vary from bank to bank. BIDV here requires 02 (two) originals be submitted, of which one shall be certified by BIDV as "Received" and other be handed out to investors as the evidence of the receipt of the request.
2. Authenticated copy of investment certificate (BCC-outside IZ)
Authenticated copy of investment certificate (BCC-outside IZ)

Costs

No fee is applicable to open a bank account. However, most banks request each client to maintain a minimum balance in his/her account. Example: BIDV requires a minimum balance of VND 1,000,000 for Vietnamese dong account and US$ 100 for USD bank account.

Time frame

As soon as the result (Bank account notification) is issued to client, its account is alrealdy activated and available to use.
Waiting time in queue: Min. 5mn - Max. 10mn
Attention at counter: Min. 15mn - Max. 30mn

Legal justification

1. Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11 dated 13 Dec 2005 (as amended in 2013)
Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11 dated 13 Dec 2005 (as amended in 2013)
Article 11 The article 11 is amended by clause 4, article 1 of the Ordinance No. 06/2013/UBTVQH13 amending the Ordinance on Foreign Exchange 2005 which takes effect as from 01 Jan 2014.
2. Ordinance amending and supplementing a number of articles of the Ordinance on foreign exchange control No. 06/2013/UBTVQH13
Ordinance amending and supplementing a number of articles of the Ordinance on foreign exchange control No. 06/2013/UBTVQH13
Article 1.4 It amends and supplements to the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11.

Additional information

Foreign investors joining the contract of business cooperation (BCC) must open account(s) of direct investment capital at an authorized credit institution. The contribution of investment capital, remittance of principal investment capital and profits and other lawful revenue must be effected via these account(s).

Investor should contact any commercial bank for detailed information (fee/interest rates/service...) so s/he could be able to compare and make the best option.
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