Overseas Vietnamese Need to Open a Bank Account in Vietnam When Buying a House

Overseas Vietnamese Need to open a bank account in Vietnam when buying a house is a common legal query during cross-border real estate transfer transactions. Based on current regulations, using a payment account at domestic credit institutions is a mandatory procedure to control cash flows and fulfill financial obligations. In the following article, Long Phan Consulting Company provides a detailed analysis of the regulations regarding whether Overseas Vietnamese must open a bank account in Vietnam when buying a house.

Do overseas Vietnamese need to open a bank account in Vietnam to buy a house?

The answer to whether Overseas Vietnamese need to open a bank account in Vietnam when buying a house is yes, to execute lawful payments. Under Clause 2, Article 48 of the 2023 Law on Real Estate Business, payments in real estate transactions must be executed through credit institutions. This regulation applies to real estate projects and transfer transactions containing business elements.

Vietnamese residing abroad—Overseas Vietnamese Need to open a bank account in Vietnam when buying a house—need an account to receive funds transferred from overseas. This account helps state agencies control investment capital sources and collect taxes. Transferring money through the banking system is a crucial legal basis for confirming that payment obligations have been fulfilled.

Owning a personal account in Vietnam—where Overseas Vietnamese Need to open a bank account in Vietnam when buying a house—helps you proactively manage assets. It is the sole tool for executing periodic payments for electricity, water, or non-agricultural land use taxes. The current legal system demands absolute transparency regarding cash flows in high-value asset transactions.

>>>See more: Open a Capital Account for Real Estate Investment

What are the requirements for overseas Vietnamese to open a bank account in Vietnam when buying a house?

Under Article 11 of Circular 17/2024/TT-NHNN, Overseas Vietnamese Need to open a bank account in Vietnam when buying a house, clients can open a bank account in Vietnam if they meet the following conditions:

• Persons aged 15 and older who are not restricted or have not lost civil behavioral capacity under Vietnamese law.
• Persons under 15, or those restricted/having lost civil behavioral capacity, may open a payment account through a legal representative.
• Persons with difficulties in cognition and behavioral control may open an account through a guardian.
• Lawfully established and operating organizations under Vietnamese law (including Vietnamese/foreign legal entities, private enterprises, and business households).

Pursuant to Articles 19 and 20 of the 2015 Civil Code, the account holder must have full civil behavioral capacity. Overseas Vietnamese Need to open a bank account in Vietnam when buying a house, based on Clauses 2 and 3, Article 3 of Decree 95/2024/ND-CP:

• For Vietnamese citizens residing abroad: Must have a valid Vietnamese passport bearing an entry verification stamp into Vietnam.
• For people of Vietnamese origin residing abroad: Must have a foreign passport or valid international travel document, PLUS documents confirming Vietnamese origin.

These documents must be valid and bear an entry verification stamp from the immigration management agency. The bank will verify identity and collect biometric data according to new standards—Overseas Vietnamese Need to open a bank account in Vietnam when buying a house. You must be present directly at the bank branch or use electronic identification (eKYC) if you meet the technological requirements.

What documents are required for overseas Vietnamese to open a bank account for purchasing real estate in Vietnam?

The account opening dossier for Overseas Vietnamese is generally slightly more complex. Pursuant to Article 12 of Circular 17/2024/TT-NHNN (amended by Article 3, Circular 25/2025/TT-NHNN), Overseas Vietnamese Need to open a bank account in Vietnam when buying a house, this dossier includes:

Identification Documents:

• Vietnamese citizens: Citizen ID card, Electronic ID, or birth certificate (for those under 14).
• People of domestic origin without determined nationality: Identity Certificate.
• Foreigners residing in Vietnam: Passport or other identity-proving documents issued by a competent foreign agency, PLUS an entry visa (or visa exemption proof).
• Electronic identity (via accessing a Level 2 electronic identity account).
• Documents for Organizational Clients: Documents verifying customer identity under the Law on Anti-Money Laundering, accompanied by documents of the legal representative or chief accountant. If using an electronic identity account, the bank does not require redundant documents already in the system.
• Power of Attorney: If opened via a guardian/representative, the dossier needs the valid ID/Passport of the guardian/representative and documents proving the lawful representative status.

Note: Dossiers may require additional documents depending on each bank’s regulations—Overseas Vietnamese Need to open a bank account in Vietnam when buying a house. You should contact the bank for detailed instructions.

What are the procedures for overseas Vietnamese to open a bank account when buying real estate in Vietnam?

According to Article 15 of Circular 17/2024/TT-NHNN, amended and supplemented by Article 5 of Circular 25/2025/TT-NHNN—Overseas Vietnamese Need to open a bank account in Vietnam when buying a house—the procedures for opening bank payment accounts for overseas Vietnamese are as follows:

Step 1: When applying to open a payment account, overseas Vietnamese must provide the bank or foreign bank branch where they are applying to open the payment account with documents, information, and data to verify customer identification information as stipulated in Article 12 of Circular 17/2024/TT-NHNN.

Step 2: Banks and foreign bank branches shall verify the legality and validity; cross-check and ensure the accuracy and consistency of documents, information, and data provided by overseas Vietnamese; and conduct customer identification verification in accordance with the law on anti-money laundering and the following regulations:

For individual payment account holders:

• In cases where the account holder or their representative is an individual using a national identity card, electronic identity card, citizen identity card (with information storage), or electronic identity, the bank or foreign bank branch must meet the account holder or their representative in person and verify the identification documents, ensuring the biometric information of the account holder or their representative matches as stipulated in point b, clause 1, Article 16 of Circular 17/2024/TT-NHNN, amended and supplemented by Article 5 of Circular 25/2025/TT-NHNN;
• In cases where the account holder or their representative is an individual using a citizen identification card (without a data storage section) or a birth certificate for individuals under 14 years of age who do not yet have a citizen identification card or passport, the bank or foreign bank branch must meet the account holder or their representative in person and verify the identification documents, ensuring that the biometric information of the account holder or their representative matches the biometric information displayed on their identification documents;
• In cases where the account holder is a foreign individual not present in Vietnam, the bank or foreign bank branch may verify the customer’s identification information through a third party or by hiring another organization;
• In cases where the representative is an organization, the provisions of point b, clause 2, Article 15 of Circular 17/2024/TT-NHNN, as amended and supplemented by Article 5 of Circular 25/2025/TT-NHNN, shall apply.

For payment account holders that are organizations:

• In cases where the account holder is an organization established and operating in Vietnam (except for cases specified in point d of this clause), the bank or foreign bank branch must meet in person with the account holder’s legal representative and verify the information of the account holder’s legal representative as prescribed in points a(i), a(ii), a(iii) of clause 2, Article 15 of Circular 17/2024/TT-NHNN, amended and supplemented by Article 5 of Circular 25/2025/TT-NHNN;
• In cases where the account holder is a foreign legal entity (except as stipulated in point d), the bank or foreign bank branch may verify the information of the account holder’s legal representative through a third party or by hiring another organization, but must ensure that the third party or other organization meets directly with the account holder’s legal representative and checks and compares their identification documents, ensuring that the biometric information of the legal representative matches the biometric information displayed on their identification documents.

For joint payment accounts:

• In the case where the joint payment account holder is an individual, the provisions of point a, clause 2, Article 15 of Circular 17/2024/TT-NHNN, as amended and supplemented by Article 5 of Circular 25/2025/TT-NHNN, shall apply.
• In the case where the joint payment account holder is an organization, the provisions of point b, clause 2, Article 15 of Circular 17/2024/TT-NHNN, as amended and supplemented by Article 5 of Circular 25/2025/TT-NHNN, shall apply.

Banks and branches of foreign banks are not required to comply with the provisions of point b of this clause for the following organizations:

• State agencies and public service units;
• Credit institutions, branches of foreign banks;
• Listed organizations are regulated by the Securities Law;
• Organizations that were included in the Fortune Global 500 list published by Fortune magazine in the preceding year;
• Other organizations are selected by the bank or foreign bank branch and the bank bears full responsibility for the risks arising from this selection. The list of organizations selected by the bank or foreign bank branch must comply with the criteria stipulated in the internal regulations on opening and using payment accounts of the entity. The bank or foreign bank branch must ensure accurate verification of customers opening accounts and bears full responsibility for identifying customers opening payment accounts at its entity.

In cases where customers register for transactions on online banking service application software, the bank or foreign bank branch must:

Verify the phone number information of the account holder or their representative (for individual customers), or the account holder’s legal representative (for corporate customers) to ensure that the information about the subscriber matches the information on their identification documents.

Step 3: After completing the verification and cross-checking of customer identification information, the bank or foreign bank branch shall proceed as follows:

• In cases where the documents, information, and data are complete, accurate, and legal, the bank or foreign bank branch shall provide the customer with the content of the agreement on opening and using the payment account as stipulated in Article 13 of Circular 17/2024/TT-NHNN;
• In cases where the documents, information, or data are incomplete, inaccurate, or inconsistent, the bank or foreign bank branch will notify the customer to verify and complete the application or refuse to open a payment account, clearly stating the reasons to the customer.
• If a customer is found to be using forged or illegal documents, information, or data, or if the customer is on the blacklist according to anti-money laundering laws, the bank or foreign bank branch shall report to the competent authority and handle the matter in accordance with the law.

Step 4: After the customer agrees to the terms of the payment account opening and usage agreement, the bank or foreign bank branch will open the payment account and notify the customer of the account number, account name, and the account’s start date.

Step 5: Banks and branches of foreign banks shall, based on their conditions and capabilities, provide guidance on the documents, procedures, and processes for opening payment accounts for customers with disabilities, but must ensure that sufficient documents, information, and data are collected to verify customer identification information as stipulated in Circular 17/2024/TT-NHNN.

Step 6: Banks and foreign bank branches shall, based on their conditions and capabilities, guide customers on the documents, procedures, and steps for opening payment accounts, including cases of refusing to open payment accounts in accordance with the regulations in this Circular and the laws on anti-money laundering, and shall be responsible for the accuracy, thoroughness, and completeness of the payment account opening documents provided to customers.

>>>See more: Are foreign investors required to open direct investment capital accounts?

Things to note when Vietnamese expats open a bank account

To ensure safety and limit risks when opening a bank account in Vietnam, Overseas Vietnamese Need to open a bank account in Vietnam when buying a house, clients should note the following:

• Absolutely secure bank login information using strong passwords and 2FA, and beware of phishing emails/messages.
• Pay special attention to the State Bank of Vietnam’s foreign exchange management regulations. Funds transferred from abroad must pass through a capital account or foreign currency payment account. Converting to Vietnamese Dong (VND) to pay for real estate must be done at the bank.
• Thoroughly research dossiers and procedures (valid passports, request forms, powers of attorney).
• Research foreign currency services (transferring/receiving, buying/selling) at different banks to choose a unit with reasonable conversion fees.
• Carefully keep transaction receipts for cross-referencing in case of errors.

>>> See more: Overseas Vietnamese buy private houses or apartments 

Long Phan Consulting Company provides legal advice services for real estate transactions for overseas Vietnamese

Consulting experts at Long Phan Consulting Company provide comprehensive legal solutions for overseas compatriots executing real estate transactions—Overseas Vietnamese Need to open a bank account in Vietnam when buying a house. We structure our professional support into the following key area:

• Check the legal status, zoning, and any disputes surrounding the property you intend to buy.
• Instructions on preparing documents to prove Vietnamese origin and obtaining consular legalization.
• Assisting with working with banks to open payment accounts and facilitate cross-border money transfers.
• Draft and review deposit agreements and sales contracts to optimize customer benefits.
• The representative will submit tax returns and handle land registration procedures at the relevant authorities.
• We provide advice on legal solutions for transferring money abroad after settling assets in Vietnam.

Frequently Asked Questions about whether Overseas Vietnamese Need to open a bank account in Vietnam when buying a house when purchasing real estate in Vietnam.

Below are some frequently asked questions about whether Overseas Vietnamese Need to open a bank account in Vietnam when buying a house to purchase a home in Vietnam. Please refer to them:

Is it permissible to pay for a house directly with cash to the seller?

Cash payments are prohibited for real estate business transactions as stipulated in Article 48 of the 2023 Law on Real Estate Business. All cash flows must go through accounts at credit institutions to ensure transparency and to provide a basis for tax authorities to monitor financial obligations.

Will the bank accounts of overseas Vietnamese be closed if they remain inactive for a long time?

The bank has the right to suspend transactions or close the account if the balance falls below the minimum level and there are no transactions for an extended period (usually 6 to 12 months, depending on the bank’s policy). To maintain the account for property management, you should maintain a small amount of money and make automatic payments.

When do overseas Vietnamese need to hire a lawyer when buying a house in Vietnam?

Not every transaction requires a lawyer, but in some cases, hiring one is essential. You should consider using a lawyer when:

• Your legal situation is complicated (no longer having citizenship, missing documents);
• The transaction was of significant value;
• Buying a house outside of a development project or with legal risk factors;
• It is not possible to return to Vietnam in person to complete all the procedures.

A lawyer will help you conduct a legal review of your property, scrutinize contracts, and ensure the entire process is conducted properly. The cost may be slightly higher, but in return, you will minimize major risks later on.

Can overseas Vietnamese open accounts in foreign currencies (USD, EUR) to pay for real estate?

According to Clause 2, Article 1, and Point d, Clause 5, Article 17 of Circular 17/2024/TT-NHNN amending and supplementing Circular 25/2025/TT-NHNN, you may open a foreign currency account to receive money transferred from abroad, but when making payments to the seller in Vietnam, the money must be converted to Vietnamese Dong. According to regulations on restricting the use of foreign exchange in Vietnam, all payment obligations in real estate purchase and sale contracts must be listed and paid in domestic currency.

Will my bank card be blocked if my ID card expires? Is the bank required to notify me if my ID card is about to expire?

According to Article 19 of Circular 17/2024/TT-NHNN and Article 12 of Decree 52/2024/ND-CP, when a customer’s identification document expires, payment transactions and withdrawals from the payment account will be temporarily suspended. Expired identification documents do not constitute grounds for locking a bank payment account.

Banks and foreign bank branches must monitor the validity period of identity documents of account holders and related parties during the use of payment accounts; notify customers at least 30 days before the expiration date of their identity documents to promptly request customers to update or supplement their information.

Is it necessary to verify identity documents and biometric information?

According to Article 17 and Article 23 of Circular 17/2024/TT-NHNN, customers wishing to withdraw money or make electronic payment transactions from their payment accounts must complete the verification process to ensure the identity documents and biometric information of the account holder or their representative (for individual customers) or legal representative (for corporate customers) match.

Conclusion

Determining whether Overseas Vietnamese need to open a bank account in Vietnam when buying a house is the essential first step to ensuring the legality of your asset. Using a bank account not only complies with the 2023 Law on Real Estate Business but is the safest solution to protect your investment capital.

If you require support with account opening procedures or full-package real estate transaction consulting, please contact Hotline 1900636389 immediately for direct and timely support from the expert team at Long Phan Consulting Company.