How to transfer money from Vietnam to South Korea for businesses

1. Overview of financial trade between Vietnam and South Korea

South Korea is consistently one of the largest foreign investors in Vietnam, with billions of dollars of Foreign Direct Investment (FDI). South Korea is Vietnam's third largest trade partner, with bilateral turnover reaching 76 billion USD in 2023 and upgrading relations to Comprehensive Strategic Partnership in 2022. Cooperation spans manufacturing, electronics, finance, services, education, and culture.

This deep trade relationship necessitates efficient outbound payments from Vietnam, mainly for:

Profit repatriation: Remitting earned dividends and profits back to the South Korea parent company.

Intercompany debt repayment: Settling loans or financing provided by the Korea headquarters.

Service fees: Paying for technical assistance, royalties, and management fees to the parent company.

Investment capital return: Withdrawing capital upon the completion or liquidation of a project.

The major hurdle for these outbound transfers is Vietnam's strict regulatory framework surrounding foreign exchange controls. All transfers must be fully documented, tax-compliant, and channeled through a licensed financial institution.

2. How to send money from Vietnam to South Korea

Businesses must adhere to strict regulatory guidelines set by the State Bank of Vietnam (SBV) for all outbound foreign currency transfers. The primary method involves licensed financial channels:

2.1. Traditional banks (SWIFT)

Commercial banks in Vietnam (both local and foreign branches) offer SWIFT transfers.

Process: Requires presenting extensive documentation (audited financial statements, tax clearance, service contracts, etc.) to the Vietnamese bank to prove the legitimate purpose of the transfer.

Limitation: This method is often slow (2-5 business days), involves high intermediary bank fees, and the exchange rates may include higher margins, which can erode the value of large-volume transfers.

2.2. Licensed international payment service providers (PSPs)

This method is increasingly favored for its speed, transparency, and focused expertise in cross-border payment regulations. Licensed PSPs, like 9Remit, offer a streamlined alternative to traditional banking rails for B2B international money transfer.

Key advantage: PSPs often specialize in specific corridors and can provide faster execution and more competitive rates while ensuring regulatory compliance through dedicated systems.

3. 9Remit – Money transfer service provider from Vietnam to South Korea

9Remit stands out as a specialized, licensed international payment service provider offering a professional and efficient solution for transferring money from Vietnam to South Korea for B2B purposes.

9Remit is designed to manage the complexities of Vietnamese outbound foreign exchange controls, providing a fast, seamless, and compliant route for transferring VND to KRW.

Core value proposition for businesses:

4. Instructions for registering for 9Remit's international money transfer service

Accessing 9Remit's service is a B2B process tailored for corporate clients.

Step 1: Initial inquiry and Compliance check

The South Korea parent company or the Vietnamese subsidiary contacts 9Remit's corporate sales team to outline the nature and frequency of the required transfers (e.g., profit repatriation, loan repayment).

Step 2: KYC/Business Verification

The business undergoes a Know Your Customer (KYC) and Due Diligence process, providing necessary corporate documents (Business Registration Certificate, Investment Certificate, etc.).

Step 3: Documentation Submission

For each transfer request (e.g., dividends), the client submits the required legal documents, which must prove the legitimate purpose of the transfer.

Step 4: Execution and Tracking

9Remit's compliance team verifies the documentation.

Once approved, the funds are converted and transferred directly to the designated corporate account in South Korea via fast payment channels.

Businesses can receive money through the following payment methods: bank account, credit or debit card, international e-wallet.

5. Frequently asked questions (FAQs)

5.1. Latest VND to KRW conversion rate

The VND to KRW exchange rate is constantly changing due to market volatility. As an expert PSP, 9Remit provides clients with real-time, interbank-competitive rates at the time of transaction confirmation. Here are some latest VND to KRW (Vietnamese Dong to South Korea Won).

5.2. How long does it take to send money from Vietnam to South Korea?

With 9Remit, transfers to South Korea can typically be completed on the same day (T+0), much faster than the 2–5 business days required by traditional bank transfers.

Note: Customers need to provide complete legal documents related to the money transfer. The time to complete the transaction depends largely on the speed at which customers provide all necessary legal and tax documents.

5.3. What is the maximum amount I can transfer via 9Remit?

9Remit, focusing on B2B solutions, is structured to handle large-volume corporate transfers (no transaction amount limit). Businesses can flexibly set payment amounts according to their needs, while still complying with South Korea and Vietnamese regulations.

Businesses should consult directly with the 9Remit business team to discuss their specific international money transfer needs.

Contact us now

• Website: 9Pay.vn

• Hotline: 1900 88 68 32 (Support 24/7)

• Email: business@9pay.vn

5.4. Is it safe to send money from Vietnam to South Korea?

Yes. 9Remit is a safe and legal international money transfer solution from Vietnam (VND) to South Korea (KRW).

Official license: 9Remit is a service provided by 9Pay JSC, a unit licensed by the State Bank of Vietnam (SBV) under License No. 60/GP-NHNN. This ensures legality and compliance with Vietnam's strict financial regulations.

Compliance: 9Remit specializes in handling the complexities of overseas money transfers. We implement strict AML (Anti-Money Laundering) and KYC (Know Your Customer) procedures. 9Remit's system helps customers ensure that all transactions have the necessary documents (invoices, tax documents) to comply with SBV's foreign exchange control regulations.

Technical security: 9Remit platform uses high-end international security standards such as PCI DSS Level 1 and advanced encryption to protect your financial and personal data.