What are conditions for the foreigners to open bank account in Viet Nam to purchase houses? Do they have to pay fee?

Question:

What are conditions for the foreigners to open bank account in Viet Nam to purchase houses? Do they have to pay fee?

Answers:

Article 10 of the Decree No.101/2012/NĐ-CP dated November 22, 2012 of the Government on non-cash payment provides conditions for foreigners to open bank account in Viet Nam, which are being above 18 and having fully legal capacity.

Article 6 and 7 of the Circular No. 16/2014/TT-NHNN dated on 01 August 2014 of the State Bank of Vietnam on guiding the use of foreign currency account, VND account by residents, non-residents at licensed banks and Article 11 to 15 of the Circular No. 23/2014/TT – NHNN on August 19, 2014 of the State Bank of Vietnam on guiding the opening and utilization of payment accounts at institutions as payment service providers allow foreigners to open the bank account in Viet Nam. Subject to policy of each bank, the foreigner is required to prove the objectives of opening the bank account (for example to investor purchase houses etc.). Foreigners using service of the bank have to pay the fee subject to the policy of each bank, in accordance with Article 17 of the Decree No.101/2012/NĐ-CP dated November 22, 2012 of the Government on non-cash payment.

Source: AsiaReal