A Chinese-invested company wants to open a bank account in Vietnam to receive investment capital and pay expenses — what are the procedures? From August 18, 2026, Circular 38/2026/TT-NHNN has fully replaced Circular 06/2019/TT-NHNN with several important new points. This guide walks through the details.
1. Two Types of Accounts
| Type | Purpose | When to open |
|---|---|---|
| Foreign investment capital account in Vietnam (ICA) | Receiving capital contributions, repatriating profits/capital | Immediately after obtaining the Enterprise Registration Certificate (ERC), before the IRC |
| Regular payment account | Daily operational expenses | After the company is established |
Terminology note: the term “direct investment capital account (DICA)” under Circular 06/2019 is outdated. The current term is “foreign investment capital account in Vietnam” (ICA account).
2. Conditions for Opening an ICA Account
- The foreign investor has been granted an Enterprise Registration Certificate (ERC).
- Foreign ownership exceeds 50% of charter capital (new: previously “51% or more”).
- Key new point: the ICA account may be opened immediately after the ERC, before the Investment Registration Certificate (IRC) — speeding up capital inflows.
3. Required Documents
- Enterprise Registration Certificate (ERC).
- Company charter.
- Chinese investor’s business license.
- Passport of the legal representative / authorized person.
- Power of attorney (if the account opener is not the legal representative).
Special note for Chinese documents: business licenses and papers issued by Chinese authorities must be consular-legalized or apostilled, then translated and notarized into Vietnamese. This step is often missed, causing delays.
4. Bank Procedures
- Submit documents and complete the bank’s account opening forms.
- The bank performs customer identification (KYC) under anti-money-laundering rules: verifying the legal representative and beneficial owner.
- The bank approves and activates the account (typically 3–7 working days with complete dossiers).
5. Practical Notes
- All capital and profit repatriation transactions must go through the ICA account — not the regular payment account.
- Choose a bank experienced with Chinese FDI clients for Chinese-language support.
Note: This article summarizes current regulations for reference. Specific procedures may vary between banks. For specific cases, consult a professional.
Transparency: This article was researched and drafted by the AI Legal Council from original legal texts, through independent cross-checking. Content is for reference only and does not replace legal advice from a licensed lawyer.