How to Pay Chinese Suppliers from Vietnam (2026)

Key takeaways

Article 4 of Decree No. 70/2014/ND-CP lets resident companies buy foreign currency and remit it overseas to pay for imports of goods and services, against documents that show the purpose.
Article 22 of the Ordinance on Foreign Exchange bars foreign currency payments within Vietnam unless the SBV permits it, so local agents and forwarders are paid in dong.
Under Article 23 of the Ordinance, a Vietnamese company needs SBV permission to open a foreign currency account overseas, and only in listed cases.
SBV Circular No. 19/2018/TT-NHNN, in effect from 12 October 2018, allows traders in Vietnam and China border trade to pay in convertible currencies, dong or yuan.
One Vietnamese bank's published schedule charges 0.15% for an outward transfer, with a minimum of USD 10 and a maximum of USD 300, plus USD 30 if the remitter pays the correspondent fee.
China's foreign exchange rules expect the payer and the beneficiary to be the parties to the contract, so a payment sent by an agent can be queried by the supplier's bank.

How to pay a Chinese supplier from Vietnam: the short answer

A Vietnamese business pays a Chinese supplier in three stages. It agrees the price and payment terms, it pays by bank transfer from an account in the company's own name to the supplier's company account, and it clears the goods with customs using documents that match the payment. The payment is usually a SWIFT transfer in US dollars from the company's foreign currency account at a bank in Vietnam, or with dollars bought from the bank with dong. SWIFT is the international messaging network banks use for cross-border payments, and each bank has an 8 or 11 character SWIFT code.

Vietnam controls foreign exchange more closely than many of its neighbors, but paying for imports is a permitted current transaction. The bank that sends the payment must be an authorized credit institution: a bank or foreign bank branch in Vietnam licensed by the State Bank of Vietnam (SBV) to deal in foreign exchange.

The usual sequence for an order from China is:

Sign a contract or purchase order and get a proforma invoice. Agree the Incoterm, a standard trade term such as FOB or CIF that sets who pays freight and insurance.
Give your bank the contract and invoice, and pay the deposit by SWIFT from your foreign currency account or with dollars bought from the bank.
Pay the balance against a copy of the bill of lading, or through a letter of credit or a documentary collection.
Clear the goods with a customs declaration that matches the contract and invoice.
Keep the contract, invoice, customs declaration and SWIFT confirmation together: the bank checks them against each transfer.

This guide covers the Vietnamese side of each step: the SBV rules, the payment routes including yuan for border trade, published bank charges, the documents and the risks of paying through agents. For the supplier's side, such as how Chinese factories invoice and why many use a Hong Kong account, see our general guide on how to pay suppliers in China.

SBV rules for paying suppliers abroad

Three instruments set the framework: the Ordinance on Foreign Exchange of 2005, amended by Ordinance No. 06/2013/UBTVQH13 from 1 January 2014; Decree No. 70/2014/ND-CP, which implements it; and SBV Circular No. 16/2014/TT-NHNN on foreign currency and dong accounts.

Paying for imports is a free current transaction

Article 4 of Decree 70 liberalizes current transactions. A resident company may buy foreign currency from an authorized credit institution and remit it overseas to pay for imports of goods and services. The bank asks for the contract, invoice and other papers that show the purpose of the payment. Circular 16/2014 lists what a resident organization's foreign currency account may pay out, including remittances and payments for current and capital transactions under foreign exchange law, so dollars already held in the account can pay a supplier directly.

Inside Vietnam, payments are in dong

Article 22 of the Ordinance bars the use of foreign currency for transactions, payments, price listings and contracts within Vietnam unless the SBV permits it. The trade exception covers the payment to the supplier abroad. It does not cover a payment to a Vietnamese agent, forwarder or trading company, which is made in dong.

Accounts abroad need SBV permission

Under Article 23(3) of the Ordinance, organizations other than credit institutions need SBV permission to open foreign currency accounts overseas, and only in listed cases: organizations with overseas branches or representative offices, those receiving loans from abroad, those performing contracts with foreign parties, and certain state bodies receiving foreign aid. A Vietnamese company that wants to pay suppliers from an account outside Vietnam must first deal with this rule.

Rule	What it says	Instrument
Buying and remitting foreign currency for imports	Permitted as a current transaction, with documents showing the purpose	Decree 70/2014, Article 4
Paying from a foreign currency account	Remittances and payments for current transactions are permitted	Circular 16/2014, Article 3
Foreign currency payments within Vietnam	Not allowed unless the SBV permits it	Ordinance, Article 22
Opening a foreign currency account overseas	SBV permission, for listed cases only	Ordinance, Article 23(3)
Export proceeds, for companies that also export	Deposited into foreign currency accounts at authorized credit institutions in Vietnam	Decree 70/2014, Article 5.1
Border trade with China	Traders may pay in freely convertible currencies, dong or yuan	Circular 19/2018, Article 3

Sources: Ordinance No. 06/2013/UBTVQH13 amending the Ordinance on Foreign Exchange; Decree No. 70/2014/ND-CP; SBV Circular No. 16/2014/TT-NHNN; SBV Circular No. 19/2018/TT-NHNN. As published on 29 October 2026. Confirm current rules with your bank.

How the money reaches a Chinese supplier

Most Chinese suppliers invoice in US dollars, and many invoice through a Hong Kong trading company with a Hong Kong bank account. A Vietnamese importer pays in one of the ways below. Whichever route you use, the beneficiary on the payment should be the company named on the contract and invoice you give your bank.

Supplier asks for	How you pay from Vietnam	What to check
USD to a Hong Kong company account	SWIFT transfer in USD from your foreign currency account, or with dollars bought from your bank	The Hong Kong company is the seller on the contract and invoice
USD to a mainland China account	SWIFT transfer in USD	The supplier's bank checks the contract and invoice before it credits the funds
CNY for border trade	Bank transfer in yuan or dong through a bank branch in the border area, under Circular 19/2018	Applies to Vietnam and China border trade only
CNY for other trade	Ask your bank whether it sends yuan and at what rate	Compare the yuan quote with the dollar route
Letter of credit	Your bank issues the credit; the supplier is paid against documents	Documents must match the credit exactly
Documentary collection	Banks release the shipping documents to you against payment	The supplier carries more risk than under a credit

Routes as described in this guide; border trade from SBV Circular No. 19/2018/TT-NHNN; supplier-side checks from PNC Bank's summary of China's goods trade foreign exchange rules. As published on 29 October 2026.

What the supplier's bank checks

China manages foreign exchange through the State Administration of Foreign Exchange (SAFE). As summarized by PNC Bank, a Chinese company must be on SAFE's list of companies with goods trade foreign exchange business, and banks cannot handle foreign exchange for companies that are not on it. The supplier's bank verifies each receipt using documents such as the contract, invoice and customs declaration. The same summary states that the remitter and the beneficiary must be the parties to the contract, the importer and the exporter. A payment from a company that is not on the contract can be held while the supplier's bank asks questions.

Yuan for border trade

Vietnam has a separate regime for trade across its land border with China. SBV Circular No. 19/2018/TT-NHNN, issued on 28 August 2018 and in effect from 12 October 2018, covers foreign exchange for Vietnam and China border trade. Traders may use freely convertible foreign currencies, dong and yuan. They may pay through banks, using convertible currencies through licensed banks and dong or yuan through border bank branches, which are bank branches located in border areas and border gate economic zones. They may also pay in dong or yuan cash. The Circular applies to border trade only. An importer bringing goods from China by sea to Ho Chi Minh City or Hai Phong under an ordinary contract pays under the general rules above.

Deposit, balance and payment terms

The payment term decides when money leaves Vietnam and what you hold in return.

Term	How it works	Points for a Vietnamese importer
Advance payment (deposit)	You pay part of the order before production	Give the bank the contract and proforma invoice
Balance against bill of lading copy	You pay the rest once the goods have shipped	Pay the same beneficiary; quote the same contract
Letter of credit	Your bank promises to pay the supplier when it presents documents that match the credit	Bank commission applies; discrepancies delay payment
Documentary collection	Banks exchange the shipping documents for your payment, without a bank promise	Lower bank cost than a credit; the supplier carries more risk

Source: Helm Editorial Team, from Decree No. 70/2014/ND-CP and the SBV rules described above, as published on 29 October 2026.

A letter of credit (LC) is a bank's written promise to pay the seller when it presents documents that comply with the credit's terms. A documentary collection sends the shipping documents through the banks, and you receive them only after you pay or accept a bill of exchange. A supplier that has not traded with you before may ask for an LC on the first order and accept deposit and balance on later orders.

Because the bank checks the purpose of each payment, the contract matters more in Vietnam than in markets with looser rules. Sign a contract that names both companies, the goods, the price, the payment schedule and the supplier's bank account, and give the bank the same contract for the deposit and the balance. If the supplier changes its bank account or its invoicing company, amend the contract before you pay.

What it costs: published bank charges

Each Vietnamese bank publishes its own fee schedule. The table shows one bank's published charges for outward transfers abroad from a payment account, as an example of the items to budget for on each order.

Item	Published charge
Outward transfer abroad, bank fee	0.15% of the amount; minimum USD 10; maximum USD 300
Correspondent or receiving bank fee in USD, if the remitter pays it	USD 30 per payment
Correspondent fee in EUR, if the remitter pays it	EUR 25 per payment
Correspondent fee in other currencies not listed, if the remitter pays it	0.2% plus USD 30; minimum USD 40; maximum USD 250
VAT	Fees exclude 10% VAT

Source: PVcomBank, Appendix 03, fee schedule for domestic and international money transfers for payment account customers, as published on 29 October 2026. Other banks set their own charges.

On a USD 40,000 order paid as a USD 12,000 deposit and a USD 28,000 balance, the 0.15% bank fee comes to USD 18 and USD 42. Paying the USD 30 correspondent fee on each payment, so the supplier receives the full amount, adds USD 60. VAT at 10% is charged on top of the fees. Three costs sit outside the schedule. The first is the exchange rate if you buy dollars with dong, so ask for the rate before you confirm. The second is any further intermediary charge on the way to China. The third is the supplier's own bank charge.

Send SWIFT payments with the charge code OUR, which means you pay all transfer fees and the supplier receives the full invoice amount. SHA shares the fees, so intermediary deductions come out of the amount. BEN puts all fees on the supplier. A payment that arrives short delays shipment while the supplier queries the gap.

Documents that tie the payment to customs

Your bank, customs and the supplier's bank each match the same set of facts: the two company names, the contract or invoice number and the value. Keep them identical across every document.

Stage	Document	Issued by
Before ordering	Contract or purchase order and proforma invoice	Importer and supplier
Each payment	Payment instruction with the contract and invoice attached; SWIFT confirmation	Importer and bank
After shipment	Bill of lading or air waybill, final commercial invoice, packing list	Carrier and supplier
Clearance	Customs declaration matching the contract and invoice	Importer or customs broker
After clearance	File with the contract, invoices, customs declaration and SWIFT confirmations	Importer

Sources: Decree No. 70/2014/ND-CP, Article 4; PNC Bank's summary of China's goods trade foreign exchange rules. Typical sequence; requirements vary by bank and product. As published on 29 October 2026.

A bill of lading is the document the shipping line issues when it receives the goods. Ask the supplier for a copy before you pay the balance, and check that the shipper, consignee and goods match the contract. If the final invoice differs from the proforma, give the bank the final invoice and any contract amendment before you pay the balance, so the payment matches the documents customs will see.

Agents, cash and informal routes: what goes wrong

Some importers pay through an agent who collects dong in Vietnam and pays the supplier from an account in China, or through a stablecoin trader. The facts below are what an importer should weigh before using these routes.

Paying a local agent in dollars is restricted. Article 22 of the Ordinance bars foreign currency payments within Vietnam unless the SBV permits it. The trade exception covers payments to the supplier abroad, not to an agent in Vietnam.
Cash is allowed only in border trade. Circular 19/2018 allows dong and yuan cash payments for Vietnam and China border trade. It does not extend to other imports.
The supplier's bank may query it. China's rules expect the payer to be the party on the contract. A transfer from an agent's account is a payment from a third party.
There is no trace. A SWIFT transfer from your own account carries a reference and can be traced through the banks. Cash handed to an agent cannot.
Stablecoins are not a lawful means of payment. The SBV has stated that bitcoin and other virtual currencies are not legal currencies and cannot be used as lawful payment instruments in Vietnam. Resolution No. 05/2025/NQ-CP created a five-year pilot crypto-asset market in which offering, trading and payment are in dong, as reported by Vietnam Law Magazine. The pilot does not make stablecoins a means of payment.

Where Helm fits

Helm works with companies registered in Vietnam. Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. A Helm account gives a company USD account details in its own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments.

A Helm account sits outside Vietnam, so for a Vietnamese company it falls under the Article 23 permission rule, and export proceeds must still be deposited in a foreign currency account in Vietnam unless the SBV allows otherwise. It fits most directly in these cases:

A trading affiliate outside Vietnam that buys from Chinese suppliers and sells to buyers abroad. It sends international payments by SWIFT to the supplier's USD account in China or Hong Kong, with the rate, fee and expected arrival shown before sending.
A Vietnamese company with SBV permission for an overseas account, for example to perform contracts with foreign parties.
A foreign buyer that pays its Chinese and Vietnamese suppliers in USD from its own account.

Collections from buyers abroad are held in USD or converted, and you can receive, send and convert USDC and USDT to USD inside the account where your own legal position allows it. Trade finance, such as supplier finance and working capital, is arranged case by case. Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.

A checklist for paying a Chinese supplier from Vietnam

Sign a contract that names both companies, the goods, the price, the payment schedule and the supplier's bank account.
Check that the seller on the invoice is the company you will pay.
Give your bank the contract and invoice with each payment.
Send each payment by SWIFT with charges set to OUR.
Pay the balance against a copy of the bill of lading, or use a letter of credit for a new supplier.
Use yuan or cash only where Circular 19/2018 applies to border trade.
Pay local agents and forwarders in dong.
Keep the contract, invoices, customs declaration and SWIFT confirmations together for each order.

For how other importers organize supplier payments, see the importers page.

Open a Helm account

USD, EUR and GBP accounts in your company's name, with a named account manager.

Open account

Questions

How do I pay a Chinese supplier from Vietnam?

Send US dollars by SWIFT from your company's foreign currency account at a bank in Vietnam, or with dollars bought from the bank, to the supplier's company account in China or Hong Kong. Give the bank the contract and invoice so it can confirm the purpose of the payment.

Can a Vietnamese company buy dollars to pay for imports?

Yes. Article 4 of Decree No. 70/2014/ND-CP lets residents buy foreign currency from authorized credit institutions and remit it overseas to pay for imports of goods and services. The bank asks for the contract, invoice and other documents showing the purpose.

Can I pay a Chinese supplier in yuan from Vietnam?

For border trade, yes. SBV Circular No. 19/2018/TT-NHNN lets traders in Vietnam and China border trade pay in convertible currencies, dong or yuan, through banks or in cash. For other imports, ask your bank whether it sends yuan and compare the quote with the dollar route.

Can I pay a Vietnamese agent in dollars to pay my Chinese supplier?

Generally no. Article 22 of the Ordinance on Foreign Exchange bars the use of foreign currency for payments within Vietnam unless the SBV permits it. The trade exception covers the payment to the supplier abroad, not to an agent in Vietnam.

Can a Vietnamese company pay suppliers from an account abroad?

Only with SBV permission. Article 23(3) of the Ordinance on Foreign Exchange allows organizations to be considered for an overseas foreign currency account only in listed cases, such as those with overseas branches, foreign loans or contracts with foreign parties.

What do Vietnamese banks charge to send money to China?

Each bank publishes its own schedule. PVcomBank's published schedule lists 0.15% of the amount, with a minimum of USD 10 and a maximum of USD 300, plus USD 30 if the remitter pays the correspondent bank fee, all excluding 10% VAT.

What documents does my bank need to pay a Chinese supplier?

Banks ask for the contract, invoice and other papers that show the purpose of the payment. For the balance, the bill of lading and final commercial invoice are usually added, and the customs declaration should match them.

Why does my Chinese supplier want payment to a Hong Kong account?

Many Chinese factories sell through a Hong Kong trading company that holds a Hong Kong bank account. Make sure the Hong Kong company is the seller on the contract and invoice you give your bank, so the payment and the documents match.

Is it safe to pay a Chinese supplier through an agent in Vietnam?

A payment made by an agent cannot be matched by your bank to your contract, and paying a local agent in dollars is restricted. China's rules expect the payer to be the contract party, so the supplier's bank may query a third-party payment.

Can I pay a Chinese supplier with USDT from Vietnam?

The SBV has stated that virtual currencies are not lawful payment instruments in Vietnam, and the pilot crypto-asset market created by Resolution No. 05/2025/NQ-CP operates in dong. The pilot does not make stablecoins a means of payment, so take advice before using one for an import.

References

HelmHelm is a business account for companies that trade internationally: USD, EUR and GBP accounts, international payments, collections and currency exchange, with a named account manager. Questions: [email protected].

This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.

How to pay Chinese suppliers from Vietnam