As per Article 4.2 of the State Bank of Vietnam’s Circular 48/2018/TT-NHNN (Circular 48), regarding savings deposits, Vietnamese citizens may make Vietnam-dong savings deposits, while Vietnamese residents are entitled to open foreign-currency savings accounts.
Question:
I’m an overseas Vietnamese but still hold a Vietnamese passport. I want to open a savings account at a credit institution in Vietnam and then authorize my parents in Vietnam to withdraw the interest for spending when necessary. Am I allowed to make savings deposits in foreign currencies?
Answer:
According to Article 4.2 of Circular 48, Vietnamese citizens may deposit savings in Vietnam dong, while only Vietnamese residents are allowed to open foreign-currency savings accounts.
Who is considered a Vietnamese resident?
Under the 2013 Ordinance Amending and Supplementing a Number of Articles of the Ordinance on Foreign Exchange, the following individuals qualify as Vietnamese residents:
- Vietnamese citizens residing in Vietnam or residing overseas for less than 12 months;
- Vietnamese citizens working at overseas representative offices of:
- Credit institutions or foreign bank branches operating in Vietnam;
- Economic organizations established in Vietnam;
- Vietnamese state agencies, armed forces units, and other organizations operating in Vietnam.
This also applies to Vietnamese diplomatic missions and international representative offices abroad, including accompanying individuals.
- Vietnamese citizens traveling abroad for tourism, study, medical treatment, or family visits;
- Foreigners permitted to reside in Vietnam for 12 months or more.
Since you are a Vietnamese citizen but not a Vietnamese resident, you are not eligible to open foreign-currency savings accounts in Vietnam. However, you may make savings deposits in Vietnam dong.
What are the procedures for making a savings deposit in Vietnam?
Under Circular 48, individuals qualified to open savings accounts can deposit money at credit institutions operating under the Law on Credit Institutions, such as:
- Commercial banks
- Cooperative banks
- Microfinance institutions
- People’s credit funds
- Foreign bank branches
Transaction Requirements:
Vietnamese law requires depositors to conduct transactions in person at credit institutions, except for those registered for Internet banking services, who may follow their banks’ online deposit instructions.
To open a savings account, you need to:
- Visit a transaction bureau of your chosen credit institution in person.
- Bring personal identification papers (e.g., passport). If making a joint savings deposit, personal identification documents for all depositors are required.
- If using a legal representative for the transaction, they must present:
- A document proving their representative status;
- Their personal identification papers;
- Your personal identification documents.
After completing the procedures, the credit institution will issue a savings deposit certificate to you or your representative. You may then authorize your parents to withdraw the interest or part of the savings deposit.
The above information is provided by Mys Law. For any questions regarding the content of this article, please contact 0969.361.319 or email: [email protected] for further clarification. Best regards!
Compiler: Nguyen Anh Quan
