Alternative to opening a business bank account in Vietnam

The potential of Vietnam's human and natural resources, the prevalence of numerous small and medium-sized (and large-sized) businesses, and the government's policy of opening up the economy all contribute to the country's economic growth. This makes Vietnam an excellent source of clients and business partners for businesses worldwide. Additionally, Vietnam is a well-liked location for business owners and freelancers working remotely for organizations of all sizes worldwide. You likely operate a company that transacts with local vendors, contractors, or clients, so you will need a straightforward, safe method of managing your cross-border payments to Vietnam.

Having a local Vietnamese bank account in Vietnam Dong is the easiest way to manage your business in Vietnam. By doing this, nobody will be obligated to pay exorbitant currency conversion fees. It will be much simpler to pay for your local business expenses if you continue to use VND rather than paying for pricey currency conversion transactions, quick money transfers, and payment tracking. However, opening a local business bank account in VND is not always straightforward and easy.

How to open a business bank account in Vietnam

A foreign business must get ready the following paperwork before opening a bank account in Vietnam:

An application for opening a payment account must contain the following contents:

+ The company's transaction name is written in full and abbreviated; address of the company's head office, transaction address of the company, telephone, fax number (if any); the field of operation and business of the company;

+ Information about the legal representative of the company registered as the current account holder;

+ Sample signature of the company account holder;

+ Full name and signature of the legal representative of the company;

Documents proving that the foreign company opening a bank account is legally established and operating in Vietnam, including:

+ Decision to establish the company;

+ Operation license of the company;

+ Certificate of business registration'

+ Or a number of other papers in accordance with current law provisions;

– Documents proving the identity of the legal representative or authorized representative of the account holder together with the valid ID card/passport/identity card of that person;

– In the case of opening a bank account for a foreign company that is required to have the chief accountant or the person in charge of the company's accounting work on the accounting vouchers of transactions with the bank in accordance with the provisions of law. In addition to the above documents, the application for opening a bank account must contain:

+ Decision on appointment;

+ Valid ID card/passport/citizen identification card of the chief accountant or the person in charge of accounting of the foreign company opening a bank account.

An easier way to own a local bank account in VND with 9Pay

9Pay helps you receive payments from customers and partners in Vietnam, manage currency and pay contractors, suppliers or remote workers here. Instead of going through many complicated and confusing registration procedures to open a company account at a local bank in Vietnam, international businesses can completely use 9Pay as an alternative payment solution.

9Pay offers a local receiving account that works just like a local Vietnamese bank account, so you can accept payments in VND. Anyone you work with who has an Vietnamese bank account can use the same domestic bank transfer network to make a convenient local bank transfer to your 9Pay VND receiving account.

With 9Pay, you can easily set up a business account in VND. Simply sign up with 9Pay and choose the local receiving account you need — in EUR, GBP, CNY, JPY or USD. Soon you'll be able to view your account details and share them with customers on your invoices, via email or via WhatsApp.

Experience the difference of having a VND business bank account

With a local VND business bank account, you’ll be able to build better relationships with clients, freelancers, suppliers, and contractors in Vietnam. Vietnamese, like everybody else, feel more trust for their local payment systems and are nervous about the risk of fraud or of payments going astray in international money transfers, so they prefer to work with people who have a local bank account.

Additionally, you’ll save time by avoiding those complicated, time-consuming forms that you have to complete each time for bank transfers. Your money management will be easier when you don’t have to change currencies so often, and payments will be faster, more transparent, and easier to track.

It’s simpler to handle invoices, receipts, tax returns, and other bookkeeping chores with a VND account too. Most bookkeeping tools can only connect with a local business account, so if you want to automate income, expenses, and tax calculations and pay them automatically online, you’ll need a local VND account.

Last but not least, having a local VND account saves you money. You’ll enjoy lower foreign currency conversion fees or even fee-free payments, and stop losing money when exchange rates fluctuate. Instead of paying high fees to use a foreign debit or credit card, you’ll be able to just use your VND card.