Banking · Documents
Opening a bank account in Vietnam as an overseas Vietnamese: what do you need?
Many Vietnamese Americans want a Vietnamese bank account to receive money or send money to family. Here are the rules currently in force:
1. If you still hold Vietnamese citizenship
Under Clause 2, Article 12 of Circular 17/2024/TT-NHNN (effective October 1, 2024), Vietnamese citizens open accounts using a citizen identity card, an identity card or an electronic ID (VNeID).
Under Circular 17/2024/TT-NHNN and Circular 18/2024/TT-NHNN, from January 1, 2026, banks no longer accept passports as identification for Vietnamese citizens. Accounts previously opened with a passport must be updated with an identity card to keep transacting.
2. If you do not have a Vietnamese identity card
Under Clause 1, Article 19 of the 2023 Law on Identification, every Vietnamese citizen, including those living abroad, is entitled to an identity card. Under Article 27 of the same Law, the application must be filed with the police authority in Vietnam. It cannot yet be done at a Vietnamese Consulate General.
3. If you hold only U.S. citizenship
You open an account as a foreign national, using your U.S. passport. Those residing in Vietnam must also present a visa or a visa exemption certificate (Article 12 of Circular 17/2024/TT-NHNN, as amended by Circular 25/2025/TT-NHNN).
4. Opening by app and transferring online
- Opening an account electronically requires a facial biometric match with the account holder (Circular 17/2024/TT-NHNN).
- Since January 1, 2025, accounts without biometric verification are suspended from online transactions (Circular 17/2024/TT-NHNN and Circular 18/2024/TT-NHNN).
- Transfers above VND 10 million per transaction, or above VND 20 million in total per day, require facial verification (Decision 2345/QD-NHNN, effective July 1, 2024).
Never buy, sell, rent or borrow a bank account
This is against the law. A person who lends their account may also be implicated when it is used for fraud.
Each bank has its own procedures. Please contact the bank you plan to use for specific guidance.
KPN assists overseas Vietnamese with identity card applications, powers of attorney and document legalization. Free consultations from 9:00 AM to midnight, every day.
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This article provides general information on Vietnamese law as of the date of publication and is not a substitute for advice on your specific situation. Ken Phuc Nguyen is an attorney-at-law in Vietnam and a Foreign Legal Consultant certified by the Supreme Court of Texas; he advises only on the laws of Vietnam, not on Texas or U.S. law.