Sending business payments from the US to Vietnam
A US company pays a Vietnamese supplier by SWIFT wire in US dollars to the supplier's foreign currency account at a bank in Vietnam, quoting the export contract and invoice numbers. Vietnamese law requires exporters to receive their proceeds into foreign currency accounts at licensed banks in Vietnam, so pay the invoicing company's own account there, not an agent or an account abroad. This guide covers the details to collect, the rules, routes, timings, documents and fees.
- 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 Decree sets no fixed number of days: the deadline follows the payment term in the export contract, and the exporter is not required to convert the dollars to dong.
- NAPAS FastFund 247 moves dong in real time below VND 500 million per transaction, and VietnamPlus reported in May 2026 that larger transfers take at least four hours or until the next working day.
- PVcomBank charges 0.05% on a foreign currency transfer received, minimum USD 2 and maximum USD 100, plus 10% VAT.
- The Government Office approved a Lunar New Year holiday from 4 to 10 February 2027, so invoices due in early February are best paid by the end of January.
Details to collect from your recipient in Vietnam
Most Vietnamese exporters keep two accounts at one bank, a dong current account and a US dollar account, with different numbers. Ask for the dollar account details in writing, on the supplier's letterhead or invoice. SWIFT is the network banks use to send cross-border payment instructions, and each bank on it has an 8 or 11 character SWIFT code.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | The company name exactly as on the account and its enterprise registration certificate | Name mismatches lead to queries or returns |
| Beneficiary address | Full street address in Vietnam | Required on SWIFT wires |
| Account number | The USD account, not the dong account | A dollar wire to a dong account is converted on arrival |
| Bank name, branch and SWIFT code | 8 or 11 characters, from the supplier's bank | Routes the wire to the right bank |
| Intermediary bank | The US correspondent the supplier's bank uses for dollars | Some US banks ask for it |
| Contract and invoice numbers | As 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.
USD or dong: what Vietnam's rules say about receiving dollars
Vietnam's foreign exchange rules point exporters to dollar accounts at home, which is why most Vietnamese factories quote foreign buyers in US dollars. The State Bank of Vietnam (SBV), the central bank, licenses the banks that may deal in foreign exchange. A dollar invoice paid to the supplier's dollar account in Vietnam is the route the rules are built around. The US dollar to dong page covers the currency itself.
| Rule | What it says | What it means for your payment |
|---|---|---|
| Where export proceeds go | Into foreign currency accounts at authorized credit institutions in Vietnam (Decree 70, Article 5.1) | Pay the supplier's own dollar account in Vietnam |
| Deadline | Follows the payment term in the export contract | Pay on the agreed term; a late payment leaves the supplier exposed |
| Conversion | No requirement to convert dollars to dong | The supplier can use your dollars for imported materials |
| Payments inside Vietnam | Foreign currency may not be used for transactions, payments or contracts within Vietnam unless the SBV permits it (Ordinance, Article 22) | A subsidiary or agent of yours in Vietnam pays local suppliers in dong |
Sources: Decree No. 70/2014/ND-CP, Article 5.1; Ordinance on Foreign Exchange as amended in 2013, Article 22. As published on 29 October 2026.
A dong invoice can still work for samples or services whose costs are all in dong, but ask the supplier first how it will match a dong receipt to its export contract. For the full supplier-side picture, read how to pay suppliers in Vietnam.
Rails and arrival times: SWIFT and NAPAS 247
A dollar wire settles in the United States on Fedwire, the Federal Reserve's system for large-value transfers, open from 9:00 p.m. ET the evening before to 7:00 p.m. ET each weekday, with customer transfers accepted until 6:45 p.m. ET. 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 on a New York afternoon reaches the correspondent while Vietnamese banks are closed.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to a dollar account | US dollars | Credited on a Vietnamese banking day after the bank checks the contract and invoice | Standard route for goods and export proceeds |
| SWIFT wire in USD to a dong account | Dong, converted by the bank | Credited on a Vietnamese banking day | The supplier's bank sets the rate |
| Dong payout over NAPAS FastFund 247 | Dong | Real time, below VND 500 million per transaction | NAPAS connects more than 60 members |
| Dong payout of VND 500 million or more | Dong | At least four hours, or the next working day | Standard interbank processing |
Sources: NAPAS, FastFund 247; VietnamPlus, 2 May 2026; Federal Reserve Financial Services, Fedwire operating hours. As published on 29 October 2026.
Whatever the rail, the supplier's bank credits a dollar wire only after matching it to the export documents, so the reference you send matters as much as the speed of the network.
Documents, screening and why payments to Vietnam are held
Vietnamese banks check incoming foreign currency against the export contract, the commercial invoice and the customs declaration. A wire that quotes the contract number is credited faster than one that does not. Be wary of any request to pay a director personally, a related trading company or an agent: it is a common fraud pattern, and it also leaves the factory short of the export proceeds the Decree says it must receive.
On the US side, sanctions screening applies to every payment: OFAC states that all US persons, including US-incorporated entities and their foreign branches, must comply with its sanctions, so check the payee and its bank against OFAC's lists (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| No contract or invoice number in the payment | The bank holds the credit while it checks documents | Quote both numbers |
| Dollars sent to the dong account | Converted at the bank's rate | Ask for the USD account number |
| Payment to an agent or personal account | The supplier does not receive its export proceeds | Pay the invoicing company's own account |
| Sent just before Tet | Credited only after 4 to 10 February 2027 | Pay invoices due in early February by the end of January |
| 24 November 2026, Vietnamese Culture Day | Approved as a day off for the public sector; banks may differ | Ask the supplier's bank whether it processes that day |
| Amendment or trace needed | PVcomBank charges USD 10 plus VAT per message | Send complete details the first time |
Sources: Decree No. 70/2014/ND-CP; Vietnam News, 2 October 2026; PVcomBank fee schedule. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to Vietnam
The supplier's own receiving fee is small: PVcomBank charges 0.05% on a foreign currency transfer received, with a minimum of USD 2 and a maximum of USD 100, plus 10% VAT, which on a $20,000 payment is $10 before VAT. The larger costs are intermediary deductions on a SHA wire, which leave an invoice part-paid, and the exchange rate on a dong payout. With OUR you pay all bank charges so the full amount arrives. For the supplier's account options, see USD business accounts in Vietnam.
From a Helm account you can send international supplier payments by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager, with the rate, fee and expected arrival shown before you confirm. Helm is a financial technology company, not a bank; US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with funds held at Lead Bank.
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. See how Helm pricing works.
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How do I send a business payment from the US to Vietnam?
Send a SWIFT wire in US dollars to the supplier's dollar account at its bank in Vietnam, using the company name exactly as on the account, the bank's SWIFT code and any US correspondent it names. Quote the export contract and invoice numbers.
Why do Vietnamese suppliers want 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, and the exporter does not have to convert them. Many factories use the dollars to pay for imported materials.
Can I pay a Vietnamese supplier in dong?
Yes, from abroad through a provider that pays dong within Vietnam. Ask the supplier first how it will match a dong receipt to its export contract, because the export rules are written around foreign currency received in Vietnam.
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 bank checks the contract and invoice.
When is Tet 2027?
The Government Office approved a Lunar New Year holiday from 4 to 10 February 2027. Pay invoices due in early February by the end of January.
What does Helm charge to send money to Vietnam?
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.
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)
- 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)
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
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.