Vietnam – Banking

What are the main banks in Vietnam?

Vietnam currently has 49 banks in operation, spanning state-owned institutions, private joint-stock commercial banks, joint-venture entities, foreign bank branches, and wholly foreign-owned banks. The sector is anchored by a handful of large institutions that most expats will regularly encounter in their daily financial lives.

The country’s four largest banks — collectively referred to as the “Big Four” — are BIDV, Vietcombank, VietinBank, and Agribank. As of November 2024, BIDV (the Bank for Investment and Development of Vietnam), a state-owned institution, ranked first in the country by total assets. Vietcombank, formally known as the Joint Stock Commercial Bank for Foreign Trade of Vietnam, leads the sector in pre-tax profit, recording 41 trillion VND (roughly US$1.64 billion) during 2024.

As of September 2024, Agribank operated 2,300 branches and transaction offices throughout Vietnam, giving it the broadest physical footprint of any bank in the country — a feature that makes it particularly valuable for those living beyond major metropolitan areas. Vietcombank is widely regarded for the depth of its service offering, which spans corporate and personal banking alongside strong digital capabilities. Its financial stability and reputation for reliable customer service have made it a preferred choice for both individuals and businesses.

Beyond the Big Four, a number of private joint-stock banks enjoy strong popularity among foreign residents and offer capable digital platforms. These include Techcombank, MB Bank, ACB (Asia Commercial Bank), Sacombank, VPBank, and TPBank. Institutions such as TPBank and MB Bank have invested heavily in expat accessibility, providing English-language interfaces and eKYC onboarding that allows digital identity verification without a branch visit.

Contact details and branch information are subject to frequent revision. Always confirm current customer service numbers and branch locations through each bank’s official website, or consult the State Bank of Vietnam (SBV) for a definitive list of licensed institutions.

Do any major international banks operate in Vietnam?

Several prominent international institutions — including HSBC, Standard Chartered, Shinhan Bank, and Mizuho — maintain a presence in Vietnam, typically through local branches or joint-venture arrangements. These banks are concentrated in the country’s main commercial centres, Ho Chi Minh City (Saigon) and Hanoi, and are generally well-positioned to serve expats who require strong cross-border financial connectivity.

HSBC maintains a meaningful footprint in both major cities. If you already hold an account with HSBC elsewhere, you may be able to link that existing relationship once you are established in Vietnam — a notable practical advantage for those arriving from markets where HSBC or Standard Chartered is their primary bank.

Citibank Vietnam exited the market in 2022, transferring its local retail banking operations to United Overseas Bank (UOB) of Singapore. UOB now delivers retail banking services in Vietnam and represents an additional option for internationally oriented expats. Standard Chartered, HSBC, and UOB are all considered expat-friendly, offering multilingual support and services tailored to the needs of foreign residents.

Standard Chartered provides a dedicated Relationship Manager service, giving clients a single point of contact for all banking matters — from account opening and money transfers to investment guidance. This arrangement can be particularly valuable for foreign clients navigating Vietnamese banking regulations or encountering language barriers at branch level.

The international banking landscape is dynamic — institutions may open, close branches, or revise their Vietnamese operations over time. Always confirm branch availability, available account products, and eligibility criteria directly with the relevant bank before basing decisions on their current presence in the country.

Do banks in Vietnam offer accounts or services specifically for expats?

Vietnam’s financial sector serves a broad mix of local residents, foreign nationals, and international investors, offering everything from conventional banking products to innovative fintech solutions. While there are no universally marketed “expat accounts” of the kind found in some other countries, several account categories and services are especially pertinent to foreign residents.

Two primary personal account types are available: current accounts, suited to regular transactions and typically bundled with ATM or debit cards and mobile banking access; and savings accounts, intended for accumulating funds and earning interest. Interest rates in Vietnam are relatively competitive compared with many Western markets. Fixed-term deposit accounts are broadly available, though the term of such a deposit generally cannot exceed the remaining validity of your residential documents (as of 2024; confirm current rules with your chosen bank before proceeding).

Certain international banks in Vietnam offer multi-currency accounts, enabling expats to hold several currencies within a single account for smoother international transactions. Foreign currency accounts allow deposits in VND, USD, AUD, or EUR, and the State Bank of Vietnam (SBV) regulates these accounts to ensure adherence to national financial policy. Banks offering foreign currency account options include Techcombank, HSBC, DongA Bank, ACB, and BIDV.

International banks in Vietnam typically offer reliable multilingual support, polished mobile banking apps, and more straightforward international transfer processes. The trade-off is that they often require higher minimum balances and more rigorous documentation. Local banks, by contrast, frequently have a denser branch network, lower monthly fees, and less demanding paperwork. The most suitable option will depend on how often you need to transfer money internationally, your available budget, and your location within the country.

Expats who hold work permits and Temporary Residence Cards tend to have the widest access to banking products in Vietnam, including savings accounts, loans, and credit cards. Always verify current eligibility requirements and fee structures directly with your chosen bank, as terms evolve and product offerings differ between institutions.

What are typical bank opening hours in Vietnam?

Banking hours in Vietnam broadly follow patterns common across Southeast Asia. Most branches operate Monday through Friday, generally from 8:00 am to 5:00 pm. Smaller or rural branches may observe a midday closure of around an hour, though many larger city branches — particularly those of Vietcombank, BIDV, and Agribank — now trade continuously throughout the day without a lunch break.

Saturday openings have become increasingly widespread, especially in urban centres. Many branches of major banks open on Saturday mornings, commonly from around 8:00 am until noon. Branches are generally closed on Sundays and Vietnamese public holidays, which include key celebrations such as Tết (Lunar New Year), Reunification Day (30 April), and National Day (2 September). During the Tết period in particular, multiple consecutive days of closure are common. Check with your specific branch for its holiday schedule, as closures can vary between locations.

Although Vietnam is still developing its banking digitalisation infrastructure, growth has been substantial — particularly following a surge in internet and mobile banking adoption during the COVID-19 pandemic, driven largely by younger, tech-savvy demographics. As a result, most routine transactions — balance enquiries, fund transfers, bill payments — can now be handled through mobile or internet banking outside branch hours. Leading banks including Vietcombank, BIDV, Techcombank, and MB Bank all provide feature-rich apps, many of which include English-language interfaces.

What do expats need to know about the banking system in Vietnam?

Vietnam’s banking industry is one of the most heavily regulated sectors in the economy. Practices and norms familiar from international banking environments often do not translate directly to this rapidly evolving market, where the country charts its own distinctive course. Grasping the key differences before you open accounts or begin moving money across borders is essential.

Currency controls and the Vietnamese dong
Vietnam’s currency, the Vietnamese dong (VND), operates under a managed float — sometimes described as a managed peg. Each trading day, the State Bank of Vietnam publishes a reference exchange rate for the dong against the US dollar, and commercial banks and currency dealers are permitted to trade only within a defined band around that rate. This differs considerably from the freely floating exchange rate regimes used in countries such as the eurozone, the UK, Australia, or Canada, and it means that currency conversion flexibility is more limited. Expats holding income or assets denominated in foreign currencies should incorporate this into their financial planning.

Deposit insurance
Vietnam maintains a deposit insurance scheme administered by the Deposit Insurance of Vietnam (DIV), which operates under the supervision of the State Bank of Vietnam. In contrast to the UK’s Financial Services Compensation Scheme (FSCS), which safeguards deposits up to £85,000 per person per institution, or the US Federal Deposit Insurance Corporation (FDIC), which covers up to US$250,000 per depositor, Vietnam’s deposit protection threshold has historically been set considerably lower. As of 2024, the insured amount stood at 125 million VND per depositor per institution, though this figure is subject to revision. Confirm the current limit directly with the Deposit Insurance of Vietnam (DIV) before making decisions about where to hold your savings.

Foreign currency account restrictions
When sending money to an overseas bank account, specific conditions apply. You will be required to provide official documentation substantiating the purpose of the transfer — for instance, proceeds from a property sale, remittance of a portion of your salary, or payment of school fees abroad. This documentation requirement represents a significant practical difference from less-regulated banking environments and should be factored into your planning well in advance.

Smaller bank risks
A number of domestic banks — including DongABank, CBBank, and Ocean Bank — have experienced negative equity and substantial non-performing loan burdens, and the State Bank of Vietnam has placed these institutions under special administration. Assessing the health of smaller banks can be difficult given inconsistent financial reporting and reporting delays. Expats are generally well advised to bank with one of the larger, well-established institutions — whether a state-owned bank or a reputable international bank — to reduce exposure to institutional risk. The State Bank of Vietnam is the authoritative source for information on licensed banks and those subject to special supervisory measures.

Language
Rules differ between banks, documentation requirements vary depending on visa type, and not all branch staff are able to communicate in languages other than Vietnamese. Before visiting a branch, it is worth calling ahead to confirm that multilingual assistance is available, or bringing a Vietnamese-speaking colleague or friend. International banks and the larger urban branches of domestic banks are more likely to have staff who can assist in English.

A significant portion of Vietnamese consumers retain a strong preference for branch-based banking, associating traditional banks with trustworthiness, established reputations, and dependable service — values that carry considerable weight in Vietnamese society. This cultural context is worth keeping in mind even as digital banking options continue to expand rapidly.

How Do I Open a Bank Account in Vietnam as an Expat?

Foreign nationals can open a bank account in Vietnam provided they hold a long-term visa or residence permit valid for at least 12 months. The Vietnamese government has been tightening rules that previously allowed foreigners working without proper authorisation to deposit funds, meaning a complete set of documents demonstrating legal residency — and often the origin of any funds being deposited — is now required. The following step-by-step guide outlines the process for foreign residents opening a personal bank account in Vietnam.

1. Check your visa eligibility. Tourist visas and e-visas are not generally accepted for bank account opening in Vietnam. Most banks require foreign nationals to hold a long-term visa (valid for at least six months) or a Temporary Residence Card before they will open an account. That said, certain banks — including VPBank and BIDV — may permit account opening with an e-visa, giving some categories of foreign visitor an easier entry point into the banking system. Always verify the prevailing rules with your chosen bank before making a branch visit.
2. Choose your bank. Selecting the right institution will shape your day-to-day banking experience considerably. Weigh factors including the bank’s financial stability, service range, fee structure, branch accessibility, and the availability of English-language support. If you make frequent international transfers or require comprehensive services, an international bank may be the better fit. For lower costs and a denser branch presence, a major local bank may be more convenient.
3. Gather the required documents. The exact documents required will vary by institution, but you should typically expect to provide your valid passport and visa, your Temporary Residence Card or residence permit, evidence of a local address, and potentially a copy of your work contract or work permit. Acceptable proof of address documents generally include a signed rental agreement, a letter from your landlord, a utility bill in your name, or a residence confirmation issued by local authorities.
4. Visit a branch in person. The majority of banks require foreign applicants to attend a branch in person to complete the account opening process. Some institutions, such as HSBC Vietnam, permit online applications to be initiated remotely, but an in-person visit to finalise the process is typically still required. At the branch, submit your documents and completed application forms, ensuring all paperwork is accurate to avoid delays.
5. Make your initial deposit. An opening deposit is generally required to activate a new account. The minimum amount varies between banks — check the current figure directly with your chosen institution before visiting, as these requirements change periodically.
6. Activate your account and set up digital banking. Once your account has been verified and confirmed as active, download the bank’s mobile application and register for internet banking so you can conduct transactions beyond branch hours. Most of the major banks offer apps with English-language options.
7. Apply for a debit card if needed. Unlike in some countries where a debit or ATM card is issued automatically on account opening, in Vietnam you may need to submit a separate application at a branch. Bring your passport (with a valid visa or residence permit) together with your new account details. Cards are normally issued within a few working days.

Requirements and procedures may shift as the State Bank of Vietnam updates its regulations. Always consult the individual bank’s official website or speak to branch staff for the most current guidance. The State Bank of Vietnam remains the definitive source for regulatory information.

What banking and payment apps are widely used in Vietnam?

By 2026, Vietnam’s mobile payments market had reached a value of approximately US$40.5 billion — a figure that underscores the country’s swift embrace of digital payment methods, propelled by government digitalisation initiatives, growing smartphone penetration, and the increasing dominance of super apps in Vietnamese consumer life. For day-to-day living in Vietnam, smartphone-based payments are not simply a convenience but a practical necessity.

QR code payments
The most prevalent payment method in Vietnam is QR-based transfer. Almost any purchase — from a bowl of pho to a taxi ride — can be settled via your phone, with funds drawn directly from your bank account. Keeping a small amount of cash on hand for emergencies remains sensible, but groceries, restaurant meals, coffee, and public transport can all be paid for by scanning a code. VietQR is Vietnam’s national QR standard, providing a common framework that banks and digital wallets can all use, enabling different apps to make and receive payments through a single unified code.

MoMo
MoMo has evolved well beyond its origins as a basic e-wallet, developing into an AI-powered all-in-one financial platform through which users can settle bills, make peer-to-peer transfers, apply for micro-loans and insurance products, invest in equities, and pay for online services. With over 31 million registered users, MoMo has forged partnerships with 70 banks and international card networks and supports more than 140,000 payment acceptance points across the country.

ZaloPay
ZaloPay is a widely adopted mobile wallet that is embedded within Zalo, Vietnam’s most popular messaging application — making it a natural choice for the many users who already rely on Zalo for everyday communication. ZaloPay holds both PCI DSS and ISO 27001 security certifications and offers numerous promotions alongside fee-free transactions, making it an economical option for regular digital payments.

Other platforms
Vietnam’s mobile payments landscape is highly competitive, with MoMo, ZaloPay, ShopeePay, VNPay, ViettelPay, and GrabPay all competing for market share. Digital bank offerings such as TPBank LiveBank and Cake by VPBank are also pushing boundaries in customer acquisition and service delivery, frequently partnering with telecommunications providers or e-commerce platforms to expand their reach.

Regulatory context and international apps
The State Bank of Vietnam acts as the central regulatory authority overseeing the country’s digital finance agenda — issuing rules, establishing legal frameworks to advance financial inclusion, and running regulatory sandboxes for fintech innovation. Services such as Wise (formerly TransferWise) are used by many expats for international transfers to and from Vietnam, though they function differently from local e-wallets. Revolut and PayPal have limited direct integration with Vietnam’s domestic banking infrastructure, and their functionality for expats may be affected by ongoing regulatory developments. Always verify the current status of any international fintech service with the SBV or the provider itself before relying on it for critical transactions.

How can expats manage money between Vietnam and their home country?

Handling finances across borders is one of the most tangible practical challenges for expats in Vietnam. While international transfers are permitted, the process is subject to more rigorous oversight than in many other countries, and documentation obligations must be treated seriously.

Transferring money out of Vietnam
Sending funds to a foreign bank account is subject to specific conditions. You will be required to furnish official documentation establishing the reason for the transfer — examples include proceeds from the sale of property, remittance of a share of your salary, or payment of educational expenses for a child studying overseas. This means that large or unexplained transfers are liable to be delayed or declined. Maintaining thorough records of income sources, salary receipts, and significant transactions is strongly recommended.

Foreign currency considerations
The State Bank of Vietnam regulates foreign currency accounts to ensure that all transactions align with national monetary policy. Foreign investors are generally required to hold a foreign currency account if they plan to repatriate profits to their home country. For individual expats receiving a VND salary and wishing to remit savings abroad, salary-related transfers are typically permissible when supported by payslips and appropriate employment documentation.

Exchange rates and fees
Vietnam’s dong operates under a managed float, with the SBV publishing a daily reference rate against the US dollar and commercial banks permitted to transact within a specified band around that rate. Exchange rates offered at bank branches may deviate from the interbank rate. For regular international remittances, platforms such as Wise provide mid-market exchange rates with clearly disclosed fees and are widely used by expats globally — though always confirm that any such service is compliant with current Vietnamese regulations before using it. Since fees and exchange rate margins shift frequently, verify the latest figures with your bank or transfer provider at the time of each transaction.

Reporting requirements
Vietnam does not currently operate an automatic tax information exchange framework equivalent to US FATCA or Australian reporting regimes, but substantial international transfers are subject to documentation requirements and anti-money laundering checks. If you hold significant assets or accounts abroad, seek advice from a tax professional or legal adviser with expertise in Vietnamese regulations and your home country’s rules on reporting overseas income and assets. The State Bank of Vietnam and the General Department of Taxation are the primary official sources for guidance on cross-border financial matters.

Frequently Asked Questions

Can I open a bank account in Vietnam before I arrive?

A small number of banks offer remote account opening for prospective customers who have not yet arrived in Vietnam, though this is far from universal. It is advisable to check directly with specific banks, as policies differ. In practice, the majority require an in-person visit to complete identity verification, so most expats open their accounts after arriving in the country. Assembling your documents — passport, visa, proof of address, and employment paperwork — before departure will help you move quickly once you are on the ground.

Can I open an account on a tourist visa or short-stay e-visa?

Tourist visas and e-visas are generally not sufficient for bank account opening in Vietnam. Most banks require a long-term visa of at least six months’ validity, or a Temporary Residence Card. However, certain banks — including VPBank and BIDV — may accept an e-visa in some cases. Policies vary by branch and are subject to change, so always confirm the current position directly with the institution you plan to use.

What documents do I need to open a bank account in Vietnam?

Expats holding a work permit are typically required to provide their passport, work permit, Temporary Residence Card, and proof of a local address. Accepted address documents commonly include a rental contract co-signed by the landlord, and some banks may also request employment or income evidence. Requirements differ between institutions, so contact your chosen bank directly before attending a branch to avoid unnecessary delays.

Is there deposit protection for bank accounts in Vietnam?

Yes. Vietnam operates a deposit insurance scheme through the Deposit Insurance of Vietnam (DIV), which is supervised by the State Bank of Vietnam. As of 2024, the insured amount was 125 million VND per depositor per institution — a considerably lower threshold than the protection offered in countries such as the US (FDIC: US$250,000) or the UK (FSCS: £85,000). This is an important consideration if you intend to hold substantial funds in a Vietnamese bank account. Always verify the current limit directly with the Deposit Insurance of Vietnam, as the figure may be revised over time.

Are mobile payment apps like MoMo and ZaloPay available to expats?

Some Vietnamese e-wallets — including MoMo, ZaloPay, and ViettelPay — allow foreign users to access their services when a Visa or Mastercard is linked to the account. However, full functionality, such as connecting a local VND bank account, typically requires both a Vietnamese bank account and a Vietnamese phone number. Expats who have set up a local bank account and obtained a Vietnamese SIM card generally enjoy full access to these platforms. The State Bank of Vietnam oversees the licensing of all e-wallet providers.

Can I hold a foreign currency account in Vietnam?

Foreign currency accounts in Vietnam, which can hold currencies including USD, AUD, and EUR alongside VND, are regulated by the State Bank of Vietnam to ensure compliance with national financial policy. Access to these accounts is subject to eligibility requirements. Banks that offer foreign currency account options include HSBC, Techcombank, ACB, and BIDV. Foreign investors intending to repatriate profits are typically required to use a foreign currency account. Check the current eligibility criteria and terms with your chosen bank.

Can I send money internationally from a Vietnamese bank account?

Yes, though conditions apply. You will need to provide official documents establishing a clear purpose for the transfer — such as evidence of salary income, property sale proceeds, or education funding. Large or unexplained transfers risk being delayed or refused. Keeping detailed records of all income sources and major financial transactions is good practice. For regular salary remittances, most major banks can process international transfers once the appropriate payslips and employment documentation are presented. Confirm current procedures with your bank and refer to the State Bank of Vietnam for regulatory guidance.

Are credit cards widely available for expats in Vietnam?

Credit card ownership in Vietnam remains limited, with approximately 6 percent of World Bank Findex survey respondents reporting that they hold one. Each bank sets its own application criteria. Those on a tourist visa are not eligible to apply, but expats who hold a Temporary Residence Card can approach banks such as HSBC and BIDV to explore their options. For everyday spending, the majority of expats in Vietnam rely on debit cards and QR-based payments rather than credit cards.