List of steps
(Total number of steps: 20)
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 or Vietnamese ID cards  (2)
Sign MOU/contract on office lease  (1)
Declare investment project information online
Obtain investment registration certificate (IRC)  (2)
Obtain authenticated copies of IRC  (2)
Obtain Enterprise Registration Certificate (ERC)  (3)
Make seal and notify seal specimen  (2)
18
Make seal
Open bank account  (1)

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Properties
 
20
Open bank account
(last modified: 2/10/2017)

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 for reference only. 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***
Authenticated copy of investment certificate***
3. 01 - Libre deuda de patente
Authenticated copy of passport or Vietnamese ID card of company's legal representative
Legal representative is person whose name has been specified in investment certificate.
4. Decision on appointment of chief accountant
Decision on appointment of chief accountant (original)
This document is required only if company wishes to register the signature of chief accountant which will appear on any transaction request.
5. 01 - Libre deuda de patente
Document(s) relating capital contribution (Simple copy)
This document must clearly indicate that the purpose of account opening is for management of capital contribution. It may be loan agreement, capitial contribution capital, shareholder agreement or other.

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

The company must open a special capital foreign currency account at any authorized bank in Vietnam. This account is used for capital transactions e.g. making charter capital contributions, transferring principal, interest or other legal revenue/income. The company may also open and maintain several foreign currency and Vietnamese dong accounts at any commercial bank in Vietnam. Please contact any commercial banks for detailed information (fee/interest rates/service...) to be able to further compare and determine the best option.
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