How to Open an Offshore Bank Account in Vietnam

One of the requirements that foreign investors must meet in order to buy property in Vietnam, is to have a local bank account. All real estate transactions must go through set account as required by Vietnamese law. However, due to the current travel restrictions, many new investors aren’t able to enter Vietnam making it impossible to open an account on-site.

So what alternatives are there?

Some international banks such as Standard Chartered, HSBC & UOB have enable a new service to foreign investors called Offshore Bank Account Opening, which technically enables the investor to open an account in their banks without having to come into the country.

So who is eligible?

1. Those who already have accounts in the same bank at the country of residence.
2. Residents of certain countries/cities where the bank has branches

How is the procedure?

1. The investor should contact his property agent in Vietnam to advice which banks can open offshore accounts.
2. The property agent will introduce a bank representative to the investor
3. The client must submit a copy of the passport for an initial screening to the bank representative (to check if the client is eligible to open an account in Vietnam)
4. Fill & Sign Forms for bank account opening
5. Go to the notary office (appointed by the bank) in your country of residence. Bring the passport and account opening forms and get them notarized.
6. KYC (Know your customer) video conference between bank RM & Customer to understand the client’s needs and inform him/her about all the bank policies (such as transaction daily limits, minimum yearly balance, etc )
7. Notary office will send the original documents to the bank in Vietnam. Once received, the bank account opening will take around 3-4 working days.
8. Once the bank account is set, you can make transfers from your home country to your new account in Vietnam.
9. Once the money arrives in your Vietnam account, you can transfer the money to the developer/seller through a remmittance form or through online banking (Please confirm with your RM about the daily’s transfer limit)

How to transfer money from Vietnam to overseas?

From Sales Income:

1. Through international currency
2. Submit required documentation to the bank:

• SPA with developer
• SPA with new buyer
• Tax Receipts
• Transaction Record*

*the bank should already keep all the transaction records

From Rental Income:

1. Through international currency
2. Submit required documentation to the bank

• SPA with developer
• Rental contract
• Tax receipts
• Transaction record*

*the bank should already keep all the transaction records

Benefits of Offshore Bank Account Opening

1. Convenience: Foreign Investors can open bank accounts in Vietnam while stranded overseas.
2. Investment Opportunities: Having an investment’s account in Vietnam opens the opportunities for real estate investment in one of the fastest growing economies in Asia.

List of Banks with Offshore Bank Account Opening Services:

• Standard Chartered Bank

Address: 37 Đ. Tôn Đức Thắng, Bến Nghé, Quận 1, Thành phố Hồ Chí Minh

Phone Number: +84 28 3911 0000

• HSBC

Address: 235 Đồng Khởi, Bến Nghé, Quận 1, Thành phố Hồ Chí Minh

Phone Number: +84 28 3724 7247

• UOB

Address: Central Plaza, 17 Lê Duẩn, Bến Nghé, Quận 1, Thành phố Hồ Chí Minh

Hotline: 1800 599921