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I’m an overseas Vietnamese but still hold 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?
As per Article 4.2 of the State Bank of Vietnam’s Circular 48/2018/TT-NHNN (Circular 48), on savings deposits, Vietnamese citizens may make Vietnam-dong savings deposits, while Vietnamese residents are entitled to open foreign-currency savings accounts.
Under the 2013 Ordinance Amending and Supplementing a Number of Articles of the Ordinance on Foreign Exchange, the following individuals are considered Vietnamese residents:
(i) Vietnamese citizens residing in Vietnam; Vietnamese citizens residing overseas for less than 12 months;
(ii) Vietnamese citizens working at overseas representative offices of credit institutions or foreign bank branches lawfully established and operating in Vietnam; economic organizations other than credit institutions established and conducting business operations in Vietnam; Vietnamese state agencies, armed forces units, political organizations, socio-political organizations, socio-political-professional organizations, social organizations, socio-professional organizations, social funds and charity funds operating in Vietnam; and overseas Vietnamese diplomatic missions and consulates and representative offices of Vietnam at international organizations based in foreign countries; as well as their accompanying individuals;
(iii) Vietnamese citizens going abroad for tourism, study, medical treatment or family visit; and,
(iv) Foreigners permitted to reside in Vietnam for 12 months or more.
As in your case, you are a Vietnamese citizen but not a Vietnamese resident, hence, you may not open foreign-currency savings accounts in the country and can only make saving deposits in Vietnam dong.
What are the procedures for making a savings deposit in Vietnam?
Under Circular 48, those who are qualified to open savings accounts in the country may deposit their money at credit institutions established and operating in accordance with the Law on Credit Institutions, including commercial banks, cooperative banks, microfinance institutions, people’s credit funds, and foreign bank branches.
Please note that Vietnam’s law requires depositors to conduct transactions in person at credit institutions, unless they have registered for use of Internet banking services; in this case, depositors will follow credit institutions’ instructions to make savings deposits online.
Hence, you need to come to a transaction bureau of the credit institution you choose to complete all procedures in person. Please remember to bring along your personal identification papers; if wishing to make a joint savings deposit, personal identification documents of all depositors will be required. In case you wish to make a savings deposit through your legal representative, the latter will produce a document proving his representative status and his personal identification paper, together with your personal identification document. After completing all necessary procedures, the credit institution will receive money and hand over a savings deposit certificate to you or your legal representative, as the case may be. Then you may authorize your parents to withdraw the interest or part of the savings deposit.-
By: VLLF
