How to pay suppliers in Vietnam from the US: dollars or dong
To pay a supplier in Vietnam, collect its exact company name, USD account number, bank and SWIFT code, then send US dollars by SWIFT wire to its foreign currency account in Vietnam, quoting the contract and invoice numbers. Vietnamese law requires export proceeds to be deposited into a foreign currency account at a licensed bank in Vietnam, so most suppliers invoice in dollars, and dong payouts suit smaller invoices. This guide covers the currency choice, details to collect, rails, cut-offs, holidays, published fees and returns.
- Article 5.1 of Decree No. 70/2014/ND-CP requires a Vietnamese exporter's proceeds to be deposited into foreign currency accounts at authorized credit institutions in Vietnam.
- The deadline for a Vietnamese exporter's proceeds follows the payment term in the export contract, and the supplier is not required to convert the dollars to dong.
- Article 22 of the Ordinance on Foreign Exchange bars payments in foreign currency within Vietnam unless the SBV permits it, so a buyer's local entity pays Vietnamese suppliers in dong.
- NAPAS FastFund 247 moves dong in real time up to less than VND 500 million per transaction, and larger transfers go through standard processing of at least four hours.
- PVcomBank charges 0.05% on a foreign currency transfer received, minimum USD 2 and maximum USD 100, plus 10% VAT, and USD 10 per amendment, return or tracing message.
- The Government Office approved a Lunar New Year holiday from 4 to 10 February 2027 and a Vietnamese Culture Day holiday on 24 November 2026 for the public sector.
USD or VND invoices: which should you pay?
Start with the currency on the supplier's invoice. Vietnamese suppliers invoice foreign buyers in US dollars (USD) or, less often, Vietnamese dong (VND), and the choice decides which account you pay, which rail you use and who carries the exchange rate risk.
Vietnamese law points exporters to dollar accounts at home. Article 5.1 of Decree No. 70/2014/ND-CP requires a resident company's proceeds from exports of goods and services to be deposited into foreign currency accounts opened at authorized credit institutions in Vietnam (Decree No. 70/2014/ND-CP). An authorized credit institution is a bank or foreign bank branch in Vietnam licensed by the State Bank of Vietnam (SBV), the central bank, to deal in foreign exchange. The Decree sets no fixed number of days: the deadline follows the payment term in the export contract. That is why Vietnamese suppliers care that the payment term in your contract is realistic.
The Decree does not require the supplier to convert dollars to dong. A Vietnamese factory can keep the dollars in its foreign currency account and use them to pay for imported fabric, components or raw materials, then sell the rest to its bank when it chooses. Paying in dollars therefore suits most exporters, and many quote only in dollars.
One rule applies if you have a presence in Vietnam. Article 22 of the Ordinance on Foreign Exchange, as amended in 2013, bars the use of foreign currency for transactions, payments, price listings and contracts within Vietnam unless the SBV permits it (Ordinance on Foreign Exchange). If your Vietnamese subsidiary, buying office or sourcing agent pays a local supplier, it pays in dong. The dollar invoice belongs to the foreign buyer paying from abroad.
| Invoice currency | What you send | What the supplier receives | Who carries the exchange rate risk |
|---|---|---|---|
| USD, paid from abroad | US dollars by SWIFT wire | Dollars in its foreign currency account in Vietnam | The supplier |
| VND, paid from abroad | Dong, converted by your provider before sending | The exact dong amount, as a local transfer | You, the buyer |
| Any currency, paid by a buyer's entity in Vietnam | Dong from a dong account in Vietnam | Dong | Not a cross-border payment; Article 22 applies |
Sources: Decree No. 70/2014/ND-CP, Article 5.1; Ordinance on Foreign Exchange, Article 22; as published on 29 October 2026.
For goods, agree a dollar invoice and pay it by SWIFT wire to the supplier's dollar account, because that is the account the export rules expect. A dong invoice can work for small orders, samples or services where the supplier's costs are all in dong, but ask the supplier first how it will match a dong receipt to the export contract. Settle the currency and the payment term in the contract, not invoice by invoice.
Details to collect from a Vietnamese supplier
Collect the payment details once, in writing, on the supplier's letterhead or invoice. Vietnamese companies usually hold a dong current account and a separate US dollar account at the same bank, each with its own number. An international wire needs the bank's SWIFT code, the 8 or 11 character code that identifies a bank on the SWIFT network.
| Detail | Example or format | Why it matters |
|---|---|---|
| Account name | The company name exactly as on the account and on its enterprise registration certificate | Name mismatches lead to queries or returns |
| Beneficiary address | Full street address in Vietnam | Required on SWIFT wires |
| Account number and currency | The USD account number, not the dong account | A dollar wire to a dong account is converted on arrival |
| Bank name, branch and SWIFT/BIC code | 8 or 11 characters | Routes the wire to the right bank |
| Intermediary (correspondent) bank | The US bank the supplier's bank uses for dollars, usually in New York | Some US banks ask for it |
| Contract and invoice numbers | As they appear on the export contract and commercial invoice | The supplier's bank checks receipts against these documents |
Field list compiled by the Helm Editorial Team, as published on 29 October 2026.
A correspondent bank is a bank that holds an account for another bank and settles payments in its currency. Vietnamese banks check incoming foreign currency against the export contract, invoice and customs declaration, so a wire that quotes the contract number is credited faster than one that does not. The SBV's Circular No. 16/2014/TT-NHNN lists what a company's foreign currency account may receive, including proceeds of exported goods and services and foreign currency remitted from abroad (SBV Circular No. 16/2014/TT-NHNN).
Pay the company that issued the invoice. A request to pay a director's personal account, a related trading company or an agent is a warning sign, and it also leaves the factory without the export proceeds the Decree requires it to receive. Treat any change of bank details as a fraud risk and confirm new details by calling a contact you already know. Our SWIFT code lookup helps confirm the bank code.
How the money moves: SWIFT and NAPAS
There are two ways to get money from a US account to a Vietnamese supplier.
SWIFT wire. Your bank sends an international wire over SWIFT, the global messaging network banks use for cross-border payments, to the supplier's bank. The dollars settle in the United States on Fedwire, the Federal Reserve's system for large-value transfers, through the Vietnamese bank's correspondent. Every SWIFT wire carries a charges instruction: OUR means you pay all bank charges, SHA means each side pays its own bank, and BEN means all charges come out of the amount sent.
Local dong payout. A provider with access to Vietnamese rails converts your dollars and pays the supplier's dong account as a domestic transfer. Wise, for example, lists VND as a currency it sends to by local transfer within Vietnam (Wise). Small domestic transfers usually run on NAPAS FastFund 247, the instant transfer service of the National Payment Corporation of Vietnam, which connects more than 60 members, settles in real time and has a limit of less than VND 500 million per transaction (NAPAS). VietnamPlus reported in May 2026 that banks had stopped processing transfers of VND 500 million or more as instant transfers, moving them to standard processing that takes at least four hours or until the next working day (VietnamPlus).
| Route | Currency the supplier receives | Timing | Notes |
|---|---|---|---|
| SWIFT wire to a USD account | USD | Credited on a Vietnamese banking day after document checks | Standard route for dollar invoices and export proceeds |
| SWIFT wire to a dong account | VND, converted on arrival | Credited on a Vietnamese banking day | Supplier's bank sets the rate |
| Local dong payout via NAPAS FastFund 247 | VND | Real time | Less than VND 500 million per transaction |
| Local dong payout of VND 500 million or more | VND | At least four hours, or the next working day | Standard interbank processing |
Sources: NAPAS, FastFund 247; VietnamPlus, 2 May 2026; Wise; as published on 29 October 2026. Cut-offs vary by bank.
Some buyers are asked to pay in stablecoins such as USDT. The SBV has stated that virtual currencies are not legal currencies and cannot be used as lawful payment instruments in Vietnam (Vietnam Law Magazine). Resolution No. 05/2025/NQ-CP created a five-year pilot crypto-asset market in which offering, trading and payment are in dong and assets backed by legal currencies are excluded from issuance (Vietnam Law Magazine). A stablecoin payment does not reach the supplier's foreign currency account in Vietnam, so it is not a route for export proceeds.
Helm sends international payments to suppliers by SWIFT, and by local rails in the supplier's currency where available, from the buyer's own account, with the rate, fee and expected arrival shown before you send.
Cut-offs and holidays
On the US side, the Fedwire Funds Service day opens at 9:00 p.m. Eastern Time (ET) on the previous calendar day and closes at 7:00 p.m. ET, with a 6:45 p.m. ET cut-off for customer transfers (Federal Reserve Financial Services). Your bank's own cut-off for international wires is earlier. Hanoi and Ho Chi Minh City are 11 hours ahead of New York in the US summer and 12 hours ahead in the US winter, so a wire sent in a New York afternoon reaches the correspondent while Vietnamese banks are closed, and is credited the next Vietnamese banking day at the earliest.
On the Vietnamese side, the big date is the Lunar New Year, Tet. The Government Office approved a seven-day Tet holiday from 4 to 10 February 2027 under Document No. 10065/VPCP-KGVX, and a one-day holiday for Vietnamese Culture Day on 24 November 2026 for cadres, civil servants and public employees (Vietnam News). Ask the supplier's bank whether it processes on 24 November, and agree with the supplier which deposits and balances fall due around Tet before you place spring orders.
| Date | Closed or affected | Plan for |
|---|---|---|
| Wednesday 11 November 2026 | US Fedwire (Veterans Day) | Send US wires by 10 November |
| Tuesday 24 November 2026 | Vietnam (Vietnamese Culture Day, public sector day off) | Check with the supplier's bank; allow an extra day |
| Thursday 26 November 2026 | US Fedwire (Thanksgiving) | Send US wires by 25 November |
| Friday 25 December 2026 | US Fedwire (Christmas Day) | Send year-end wires by 23 December |
| Friday 1 January 2027 | US Fedwire (New Year's Day) | Send US wires by 31 December |
| 4 to 10 February 2027 | Vietnam (Lunar New Year) | Pay pre-Tet invoices by the end of January 2027 |
Sources: Vietnam News, holiday schedules approved (2 October 2026); Federal Reserve holiday schedule K.8; as published on 29 October 2026.
Fees as published
A payment to Vietnam can carry four costs: your provider's sending fee, the exchange rate if you convert, intermediary bank deductions on a SWIFT wire, and the supplier's receiving charges. Vietnamese banks publish their transfer fee schedules. The example below is PVcomBank's; its fees exclude 10% value added tax (VAT).
| Item | Published charge | Who pays it |
|---|---|---|
| Credit advice fee on a foreign currency transfer received for a beneficiary in Vietnam (PVcomBank) | 0.05%, minimum USD 2, maximum USD 100, plus 10% VAT | Supplier |
| Amendment, return or tracing message (PVcomBank) | USD 10 per message, plus 10% VAT | Whoever requests it |
| Intermediary banks | Deducted in transit on SHA and BEN wires | Whoever the charges code assigns |
| Helm | Agreed in writing before the account opens | Buyer |
Source: PVcomBank, Appendix 03, fee schedule for domestic and international money transfers; as published on 29 October 2026. Other banks set their own charges.
On a $20,000 payment, a 0.05% credit advice fee is $10 before VAT, well inside PVcomBank's minimum and maximum. The larger costs are elsewhere: correspondent deductions on a SHA wire, which leave the invoice part-paid, and the exchange rate on a dong payout, where a rate 1% below the market costs $200 on the same $20,000. Amendments and traces cost USD 10 each, so complete details save money as well as time. Send dollar wires with OUR charges when the supplier must receive the full amount. Helm agrees pricing with each business before the account opens; speak to the team.
Common reasons payments are delayed or returned
| Problem | What happens | How to prevent it |
|---|---|---|
| Dollars sent to a dong account | Converted on arrival at the bank's rate | Ask for the USD account number |
| No contract or invoice number in the payment | The supplier's bank holds the credit while it checks documents | Quote both numbers in the payment details |
| Account name does not match | Bank queries or returns the payment | Use the name exactly as on the enterprise registration certificate |
| Wire sent as SHA or BEN | Supplier receives less than the invoice | Use OUR charges |
| Dong payout of VND 500 million or more | Not processed instantly | Allow at least four hours, or split payments only where the supplier agrees |
| Payment to an agent or personal account | Supplier does not receive its export proceeds | Pay the invoicing company's own account |
| Sent just before Tet | May be credited only after the holiday | Pay invoices due in early February by the end of January |
Sources: Decree No. 70/2014/ND-CP; VietnamPlus; PVcomBank; Vietnam News; as published on 29 October 2026.
If a wire has left but not arrived, ask your bank for the UETR (Unique End-to-end Transaction Reference), the tracking code that stays the same along the whole SWIFT chain, and send it to the supplier with your payment confirmation. The supplier's bank can use it to find the payment without a paid tracing message.
Step by step: paying a supplier in Vietnam
- Agree the currency and term. Set USD or VND in the contract, the payment term and who pays bank charges.
- Collect details once. Get the company name, address, USD account number, bank, branch and SWIFT code in writing.
- Verify by phone. Confirm the details with a known contact before the first payment and after any change.
- Choose the rail. Pay dollar invoices by SWIFT wire to the USD account; pay dong invoices as a local payout.
- Reference the documents. Quote the contract and invoice numbers in every payment.
- Check the quote. Compare the rate, fee and expected arrival before you confirm, and send dollar wires with OUR.
- Time it. Send before your provider's cut-off and away from US holidays and Tet.
- Send proof. Share the UETR and SWIFT confirmation, or the payout reference, with the invoice number.
For how your supplier receives and holds dollars, see how to receive USD in Vietnam and USD business accounts in Vietnam.
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What is the best way to pay a supplier in Vietnam from the US?
For dollar invoices, send a SWIFT wire to the supplier's USD account in Vietnam with OUR charges, quoting the contract and invoice numbers. For small dong invoices, a local payout through a provider arrives as a domestic transfer, instantly below VND 500 million.
What bank details do I need to pay a Vietnamese supplier?
You need the company name exactly as on the account, the supplier's address, the USD account number, and the bank's name, branch and SWIFT code. Ask for the correspondent bank the supplier's bank uses for dollars, and quote the contract and invoice numbers in the payment.
Why do Vietnamese suppliers want to be paid in US dollars?
Article 5.1 of Decree No. 70/2014/ND-CP requires export proceeds to be deposited into foreign currency accounts at licensed banks in Vietnam. Suppliers can keep the dollars to pay for imported materials, so a dollar invoice suits most exporters.
Can I pay a Vietnamese supplier in dong?
Yes, from abroad, through a provider that pays dong within Vietnam; Wise lists VND as a currency it sends to by local transfer. Ask the supplier first how it will match a dong receipt to its export contract.
Can my Vietnamese subsidiary pay a local supplier in dollars?
Generally no. Article 22 of the Ordinance on Foreign Exchange bars the use of foreign currency for transactions, payments and contracts within Vietnam unless the State Bank of Vietnam permits it, so payments between Vietnamese companies are made in dong.
What is NAPAS 247?
NAPAS FastFund 247 is the real-time domestic transfer service of the National Payment Corporation of Vietnam, connecting more than 60 members. Its limit is less than VND 500 million per transaction; larger transfers are processed through standard interbank processing.
How long does a payment to Vietnam take?
A dong payout below VND 500 million is credited in real time over NAPAS FastFund 247. A SWIFT wire is credited on a Vietnamese banking day after it clears the US correspondent and the supplier's bank checks it against the contract and invoice.
Why did my Vietnamese supplier receive less than I sent?
Intermediary banks can deduct fees from a wire sent with SHA or BEN charges, and Vietnamese banks charge for incoming transfers; PVcomBank charges 0.05%, minimum USD 2 and maximum USD 100, plus VAT. Sending with OUR charges covers the transfer fees.
Can I pay a Vietnamese supplier in USDT?
The State Bank of Vietnam has stated that virtual currencies are not lawful payment instruments in Vietnam, and the 2025 crypto pilot requires trading and payment in dong. A stablecoin payment is not a route for export proceeds, which must reach a foreign currency account in Vietnam.
When is Tet 2027 and how does it affect payments?
The approved Lunar New Year holiday runs from 4 to 10 February 2027. Check the Tet schedule of the supplier's bank, and pay invoices due in early February by the end of January.
References
- Government of Vietnam: Decree No. 70/2014/ND-CP guiding the Ordinance on Foreign Exchange
- Ordinance No. 06/2013/UBTVQH13 amending the Ordinance on Foreign Exchange (English)
- State Bank of Vietnam: Circular No. 16/2014/TT-NHNN on foreign currency and Vietnamese dong accounts
- NAPAS: FastFund 247 service
- VietnamPlus: Banks stop processing instant 24/7 transfers for transactions above VND 500 million (2 May 2026)
- PVcomBank: Appendix 03, fee schedule for domestic and international money transfers
- Vietnam News: Holiday schedules for Vietnamese Culture Day, Lunar New Year, National Day approved (2 October 2026)
- Wise: What currencies can I send to and from?
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.