Banking in Vietnam
A fast-growing Southeast Asian economy and manufacturing & export hub
Vietnam is one of Asia’s fastest-growing economies and a major manufacturing and export hub. Banking is led by large state-linked and joint-stock commercial banks (Vietcombank, BIDV, VietinBank, Techcombank) with broad reach but document-heavy onboarding tied to the Enterprise Registration Certificate (ERC). A digital layer (e.g. Timo, which fronts a licensed bank) onboards faster but is narrower and mostly consumer-focused. Foreign-owned companies must first obtain an Investment Registration Certificate (IRC) before banking.
Find my Vietnam account →Top business accounts — Vietnam
| Bank | |||||
|---|---|---|---|---|---|
| Free · 56% | None | 5 days · 56% | 62/100 · B | ||
| Free · 60% | None · 60% | 2 days · 56% | 59/100 · C | ||
| ₫50,000 | ₫1,000,000 | 7 days | 54/100 · C | ||
| ₫55,000 | ₫1,000,000 | 9 days | 52/100 · C | ||
| ₫50,000 | ₫1,000,000 | 9 days | 52/100 · C |
Who regulates banking in Vietnam
Vietnamese residents & companies
Widest access across the major banks; in-branch onboarding for businesses, typically days to a couple of weeks once the Enterprise Registration Certificate (ERC) and company seal are in order.
Non-residents / foreign-owned (IRC)
A foreign-owned company must first secure an Investment Registration Certificate (IRC), then register and obtain an ERC before opening a corporate account. Process is heavier and slower — always verify current requirements with the bank and your advisor.
Entity types (LLC, JSC, Sole Proprietorship)
Limited-liability companies (Cong ty TNHH), joint-stock companies (Cong ty Co phan) and sole proprietorships are all bankable; the ERC, company seal and legal-representative ID are core requirements.
Best business banks — Vietnam
See all →- ✓Directly serves your need: business acct.
- ✓Fast to open (~5 days).
- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~70%).
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Best for trade & manufacturing
See all →- ✓Directly serves your need: trade finance.
- ✓Matches: trade-finance.
- ✓Directly serves your need: business acct.
- ✓Matches: trade-finance.
- ✓Strong approval odds for your profile (~78%).
- ✓Fast to open (~3 days).
- ✓Directly serves your need: business acct.
- ✓Matches: trade-finance.
- ✓Directly serves your need: business acct.
- ✓Matches: trade-finance.
- ✓Directly serves your need: business acct.
- ✓Matches: trade-finance.
Best digital banking
See all →- ✓Directly serves your need: business acct.
- ✓Matches: digital.
- ✓Directly serves your need: business acct.
- ✓Matches: digital.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Vietnam banking — frequently asked
Can a foreign-owned company open a business account in Vietnam?
Yes, but with extra steps. A foreign-owned entity must first obtain an Investment Registration Certificate (IRC), then register the company and receive an Enterprise Registration Certificate (ERC) before a bank will open a corporate account. Onboarding is document-heavy and slower than for locally-owned firms. Vietcombank, BIDV and VietinBank are common choices for trade-heavy businesses. Always verify current requirements with the bank and your advisor before applying.
What is the Enterprise Registration Certificate (ERC)?
The ERC is the core company-registration document issued in Vietnam (broadly the equivalent of a certificate of incorporation). Banks ask for it — together with the company seal and the legal representative’s ID — when opening a business account. Foreign-owned companies typically need an Investment Registration Certificate (IRC) before the ERC.
Local state-linked bank vs private/digital bank — which is right for my business?
Large state-linked banks (Vietcombank, BIDV, VietinBank) give the broadest reach, the deepest trade-finance and correspondent networks, and strong USD/VND settlement — but onboarding is slower and document-heavy. A digital-first private bank like Techcombank onboards faster with stronger online channels, while app-led players like Timo (which fronts the licensed BVBank) are fastest but mostly consumer-focused. Many trade-oriented SMEs run a major bank for settlement plus a digital one for day-to-day.