ACCOUNT OPENING AND TRANSACTIONS

1(a). Account Opening: account opening will be free of charge

• Personal (individual) account:
  • Account holder: Vietnamese citizen
    
  • Required documents: a copy of ID or Passport
    
  • Minimum maintenance balance:
    • Vietnam Dong account: VND 50,000
      
    • Foreign currency account: USD 15.00 (or other foreign currency equivalence)
• Corporate account:
  
  • Account holder: Vietnamese state-owned enterprise, commercial banks, co-operative, limited company, corporation, joint-venture company, entrepreneur, shop, business unit, etc.

• Required documents:
  (a) For state-owned enterprise: notarised or certified true copies of
  - Enterprise Establishment Decision
  - Business Registration Certificate
  - Appointment decision for the (General)Director, Chief Accountant, authorised person(s) of the enterprise, if any.

  (b) For commercial bank: notarised or certified true copies of
  - Establishment Decision by State Bank of Vietnam
  - Appointment decision for the (General)Director of the bank by the Governor of State Bank of Vietnam.

  (c) For cooperative: notarised or certified true copies of
  - Establishment Decision
  - Business Registration Certificate
  - Appointment decision for the Chairman of the cooperative, Chief Accountant, authorised person(s), if any.

  (d) For limited company, corporation: notarised or certified true copies of
  - Business Registration Certificate
  - Appointment decision for the (General)Director, Chief Accountant, authorised person(s) of the enterprise, if any.
  - Minute of the Board of Directors on the appointments and Appointment decision, which are sealed with the company's stamp.

  (e) For joint-venture company: notarised or certified true copies of
  - Business Registration Certificate issued by the Planning and Investment Service.
  - Appointment decision for the Director, Chief Accountant, authorised person(s), if any.

  (f) For private company, shop, business unit:
  - Business Registration Certificate (notarised copy)
  - Appointment decision for the Director, Chief Accountant; or authorisation letter (notarised by ward-level authority), if any.
  Note: for private enterprise, the authorisation (power of attorney) only needs to be sealed with the company's stamp.

  (g) For Business Cooperation Contract (BCC):
  - Business Licence issued by the Planning and Investment Service.
  - Business Cooperation Contract which may contains agreements on corporate name, director appointment, the non-stamp operation or operation under the stamp of the Vietnamese side in BCC.

• Minimum maintenance balance:
  
  • Vietnam Dong account: VND 1,000,000
    
  • Foreign currency account: USD 300.00 (or equivalence)

1(b). Account Transaction

(a) VND account: Account Holder can deposit, withdraw cash, cash vouchers, payment order, payment collection, and cheque.
(b) Foreign Currency account: eligible transactions for foreign currency account include

(1) payment for sales contracts between enterprises, for authorised import order (or export contract) between the authoriser and the authorised parties.
(2) transfer/allot fund from a legal entity to its accounting-dependent unit/branch(es) and vice versa.
(3) premium payment under insurance policy for internationally traded goods, transportation freight /forwarding fees for FDI project.
(4) payment for sea/air fares, freight to licensed booking agents of international sea/air transportation service companies.
(5) payment for postal fees to licensed postal service providers, or companies.
(6) repayment for bank loan, international loan.
(7) buying short-term certificate of deposits in foreign currency.
(8) Withdrawal of foreign currency in cash or transfer to the nominated account of the staff of the organisation or enterprise to settle international training course, business travel, seminar fee; or pay salary, allowances, bonus to foreigners working in foreign organisation, office or in foreign-invested enterprises in compliance with the Labor Code of the S. R. Vietnam.