Discover the Easy Steps to Open a US Bank Account in Vietnam

In Vietnam, US dollars turn up in more places than you might expect. Even shops and restaurants in tourist parts of Hanoi are often happy to be paid in dollars rather than dong. The dollar's strength makes it appealing not just for tourist-facing trade, but as a mainstay of large-scale industry too. Many Vietnamese factories and consultancies have close ties to US businesses and markets. So what do these businesses do when it's time to bank those dollars?

Opening a US bank account from overseas is possible, but it's difficult for any non-resident, wherever they are. In Vietnam, money moving in and out of the country is tightly regulated by the State Bank of Vietnam, which sets its own rules on currency, and that adds another layer to work through. The usual route to a US bank account from abroad is to form a US business entity, but the cost, the barriers, and the ongoing upkeep of that entity can be a lot for a small shop owner in Saigon to manage.

There is a simpler option: the Slash Global USD Account.³ Using your business's Vietnamese registration, you can get a US account and routing number, along with access to the ACH network, without forming a US LLC or any other US entity.¹ With it, you can accept payments from major processors, convert easily between USD and dong from your local bank, and send international payments to more than 130 countries. If your business wants to send, collect, and manage dollars more easily without setting up a US entity, read on to see how it works.

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Why Should You Open a US Bank Account in Vietnam?

The US dollar is used widely across Vietnam, by large and small businesses alike. Many Vietnamese manufacturers and exporters work with American clients who pay in dollars, and a supplier who can give those clients a US account number is much easier to work with. An American business partner can send and receive money almost the way they would pay a company at home, often dodging the higher fees and longer wait of an international wire. Additionally, the dollar is trusted as the world’s default reserve currency. It holds its value better than the dong; it’s exchanged so freely that a tourist shop in Hanoi may prefer to be paid in dollars rather than in local currency.

If your business earns dollars from American customers, the trouble starts when you try to bank those dollars at home. Putting those dollars through a Vietnamese bank usually means converting them, supplying paperwork, and working within the State Bank of Vietnam's rules on money moving in and out of the country. Many US payment services also ask for a US account and routing number to pay you directly, and without one you may have to use a third-party service that takes a cut of every payment.

A US bank account, or a USD account with US bank details, solves both problems. It gives your US clients and partners a normal US account and routing number to pay into and collect from, and it lets you keep your dollars instead of converting them the moment they arrive, so you decide when to move or exchange them. For a Vietnamese business owner, having the ability to decide when and how those dollars move is the main reason to have one.

Types of Bank Accounts in Vietnam

Before looking at the US route, it helps to know what local banks offer and where they fall short for a business earning dollars. Vietnamese banks offer several types of accounts, all governed by State Bank of Vietnam rules:

Local Checking Account (VND)

A regular account held in Vietnamese dong, used for everyday spending: paying staff, suppliers, rent, and local bills. Most Vietnamese banks now offer online banking for these accounts through their website and mobile apps. This is the main account for any business operating inside Vietnam, but it almost always will hold dong, not dollars, so money earned in dollars has to be converted before it reaches the account.

Foreign Currency Account

A foreign currency account lets a business hold money in dollars or another foreign currency. It looks like the obvious answer, but it falls under the same foreign-exchange rules that cover all currency in Vietnam. The conversions, the limits on sending money abroad, and the paperwork banks ask for to explain dollars coming in and going out can make these accounts less useful than they first seem. Interest paid on dollar balances has also long been very low under State Bank policy.

Investment Capital Account (DICA / IICA)

If foreign capital is invested into a Vietnamese entity, that capital generally has to flow through a dedicated investment capital account, often a Direct Investment Capital Account (DICA) or Indirect Investment Capital Account (IICA). These accounts exist to track and regulate cross-border investment, and the rules around what can move through them are specific. They serve a narrow regulatory purpose rather than general business banking.

Time Deposit (Fixed Deposit) Account

A fixed deposit locks funds for a set term in exchange for interest, typically in dong. It is a savings tool, not an operating account, and USD-denominated fixed deposits have generally carried low or zero interest under prevailing rules.

What these accounts have in common is that they are all built for money used inside Vietnam. None of them gives you the US account details that American companies and customers expect, which is why many businesses that earn in dollars set up a US account instead.

How to Open a US Bank Account in Vietnam: Step-by-Step

You cannot usually walk into a US bank branch from Vietnam and simply ask for a US bank account. Most US banks expect a US presence and a Social Security number or in-person verification. The path that works for many non-residents runs through a US business entity. Here’s how that usually works – but disclaimer, the process can be long, difficult, and expensive. If you’re interested in a simpler alternative, keep scrolling below:

Step 1: Form a US Business Entity

A common way to get started with opening an account at a traditional US bank is forming a US limited liability company, or LLC. It is a business structure that separates the company from its owners and can be formed by non-residents without US citizenship or residency. Wyoming and Delaware are popular choices for non-resident owners because of their straightforward formation processes and predictable annual costs. You file formation documents with the chosen state and pay a state filing fee. This step establishes the legal entity that the bank account will belong to.

Step 2: Apply for an EIN

An EIN, or Employer Identification Number, is the federal tax identification number the IRS assigns to a business. Banks require it to open a business account. Applicants who do not have a Social Security number generally apply by submitting Form SS-4 to the IRS by fax or mail (not through the online system). Build in lead time here, because the bank application in a later step depends on having the EIN in hand.

Step 3: Contract a Registered Agent Service

Every US LLC must maintain a registered agent: a person or company with a physical address in the state of formation who can receive government mail and other paperwork on the company's behalf. Non-resident owners almost always will contract a commercial registered agent service to satisfy this requirement. Keep in mind that this is an ongoing annual cost, not a one-time step, and lapsing on it can put the business entity in poor standing with the state.

Step 4: Apply for a Bank Account

Once the company is formed and the EIN is issued, you can apply for a business bank account. Not all US banks have the same policies: some are happy to work with a foreign-owned company from abroad, while others may expect an in-person visit or a US-based signer. Approval is never guaranteed and depends on each provider's own review, so it is worth checking a bank or provider's requirements before you rely on it.

Step 5: Handle Ongoing Tax and Compliance Obligations

Maintaining a US business entity comes with ongoing work. Depending on the state you register in, you’ll have an annual report, a franchise tax or equivalent fee, plus the registered agent renewal. At the federal level, a foreign-owned US LLC generally has information-reporting requirements, including an annual tax return. Separately, you may have Vietnamese tax obligations on your worldwide income depending on your residency status. The interaction of US and Vietnamese tax rules is complex and changes over time; speak to a qualified cross-border tax professional rather than relying on a general guide.

Required Documentation to Open a Bank Account in Vietnam

Exact requirements vary by provider, but a non-resident applying to open a US business account through the entity route should generally expect to supply the following:

Identity verification: A valid passport for each owner and any authorized signer.
Proof of address: A recent document confirming your Vietnamese residential address, such as a utility bill or bank statement.
Entity formation documents: The articles of organization or certificate of formation issued by the US state where the LLC was registered.
EIN confirmation: The IRS notice confirming your Employer Identification Number (the CP575 letter).
Operating agreement: The document setting out ownership and how the LLC is run, which many providers ask to see.
Registered agent details: Confirmation of your registered agent and the entity's official address.
Proof of business activity: Some providers ask for evidence of what the business actually does, such as a website, contracts, or invoices, as part of their checks on the business.

Financial technology providers run their own identity and business checks, so the exact list and the formats they accept can differ from a traditional bank. Confirm the current requirements with your chosen provider before you apply.

Open a US Bank Account with the Slash Global USD Account

The route above works, but it is a lot to manage: a US company to set up and maintain, an EIN to get, a registered agent to pay every year, and US tax filings to keep up with. For many Vietnamese businesses, the aim is simply to get paid in dollars by US customers, and forming a whole US company is more work than that needs.

The Slash Global USD Account is built for exactly this. Using your existing Vietnamese business registration, it gives you a US bank account and routing number without a US LLC, an EIN, or a Social Security number, so you can start receiving and sending dollars and replace most of the five steps above with a single application. It is open only to businesses based outside the United States, which fits a Vietnamese business selling to US customers.

A few of the features worth knowing:

Global payment capabilities: Send USD payments via ACH, international wires to 180+ countries, or stablecoin transfers in USDC and USDT.⁴
Invoicing: Create and send professional invoices with line items, taxes, and discounts, and let clients pay you by transfer, card, or stablecoin through a built-in payment link.
Slash Visa Platinum Card: Earn up to 2%+ unlimited cashback on eligible purchases. Issue cards to team members in 100+ countries and spend anywhere Visa is accepted.
Spend controls and approvals: Manage cards, spending limits, approvals, transactions, and team permissions from a single platform, helping finance teams maintain visibility and control over company spending.

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Frequently Asked Questions

Can a US citizen open a bank account in Vietnam?

Yes. Foreigners, including US citizens, can open accounts at many Vietnamese banks, usually by showing a passport, a valid visa or temporary residence card, and sometimes proof of a local address or a job. Requirements differ from bank to bank, and some banks are more used to opening accounts for foreigners than others. Keep in mind that this is a local Vietnamese account, which is separate from the US bank account this guide is about.

Can Vietnamese citizens make overseas transfers?

Yes, but outward transfers are subject to State Bank of Vietnam foreign-exchange controls. Individuals can generally remit funds abroad for specified purposes, such as education, medical treatment, or supporting family, with supporting documentation, while commercial and capital transfers face stricter rules and reporting. The permitted purposes and any limits can change, so confirm the current rules with your bank before initiating a transfer.

How do you transfer money to Vietnam?

Money can be sent to Vietnam by an international wire over the SWIFT network, through a licensed money-transfer service, or with stablecoins, which usually arrive quickly and often cost less. Money arriving in a Vietnamese account is generally converted to dong under State Bank of Vietnam rules, so the person receiving it may not be able to keep the full amount in the original currency. Compare both the transfer fee and the exchange rate across your options, because the stated fee is not always the full cost.

How do you transfer money between two foreign currency accounts?

Transfers between foreign currency accounts go through normal banking channels: a transfer within the same bank if both accounts are there, or an international wire (usually over the SWIFT network) if they are at different banks. Transfers that involve accounts in Vietnam still fall under State Bank foreign-exchange rules, and you should expect transfer fees, plus a cost built into the exchange rate if the accounts hold different currencies. Check the fees at both the sending and receiving banks beforehand, since they vary.