USD business account in Vietnam: how companies hold and receive dollars
A company in Vietnam holds US dollars in a foreign currency payment account at a licensed bank in Vietnam, and its export proceeds must be deposited into that kind of account. Opening a foreign currency account abroad needs State Bank of Vietnam (SBV) permission and is allowed only in set cases. This guide covers the rules, the options side by side, documents, stablecoins and where a Helm account fits.
- Decree No. 70/2014/ND-CP requires a Vietnamese company's foreign currency proceeds from exports of goods and services to be deposited into foreign currency accounts at authorized credit institutions in Vietnam.
- The time limit for bringing export proceeds into Vietnam follows the payment term in the export contract, and the SBV may allow part or all of the proceeds to be kept abroad case by case.
- Under Article 23 of the Ordinance on Foreign Exchange as amended in 2013, organizations other than credit institutions need SBV permission to open foreign currency accounts overseas, and only in listed cases.
- Article 22 of the Ordinance bars the use of foreign currency for transactions, payments and prices within Vietnam except where the SBV permits it.
- Airwallex lists Vietnam as an eligible country of business registration onboarded by its Singapore entity, and Aspire lists Vietnam as a supported country of incorporation.
- Resolution No. 05/2025/NQ-CP launched a five-year pilot crypto-asset market that requires all transactions to be in Vietnamese dong and excludes crypto assets backed by securities or legal currencies.
How a Vietnamese business can hold US dollars
Exporters, importers, garment and furniture manufacturers, trading companies, logistics firms and software houses in Vietnam receive and pay US dollars every day. Vietnam controls foreign currency more closely than many of its neighbors, so the first question is not which account is cheapest but which account the rules allow.
The State Bank of Vietnam (SBV) is the central bank and sets the foreign exchange rules. An authorized credit institution is a bank or foreign bank branch in Vietnam licensed by the SBV to deal in foreign exchange. A Vietnamese company has four routes to hold dollars:
- A foreign currency payment account at a bank in Vietnam. This is the standard route and the one the rules point to. Export proceeds must be deposited here.
- A foreign currency account abroad, with SBV permission. The SBV considers applications from companies that have branches or representative offices overseas, borrow from abroad or perform contracts with foreign parties.
- An affiliate registered outside Vietnam. Many groups sell through a trading company in Singapore, Hong Kong or the United States. That company is not a Vietnamese resident and holds dollars under the rules of its own country.
- A US company. A Vietnamese group can invest in a US company, which then opens its own US account. Investment from Vietnam into a foreign company is an outward investment with its own registration procedures.
Individuals, including freelancers, fall under separate SBV rules for individuals. This guide covers companies.
SBV rules on receiving, holding and paying out USD
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.
Receiving: export proceeds come home
Article 5.1 of Decree 70 states that a resident economic organization's proceeds from exports of goods and services must be deposited into foreign currency accounts opened at authorized credit institutions in Vietnam. The Decree sets no fixed number of days. The deadline follows the payment term in the contract or payment records. The SBV may allow an exporter to keep part or all of the proceeds abroad, case by case.
Holding: dollars stay in dollars
The Decree does not require exporters to convert dollars to dong. A company may keep the balance in its foreign currency account and use it for permitted payments, or sell it to a bank. Inside Vietnam, however, Article 22 of the Ordinance bars the use of foreign currency for transactions, payments, price listings and contracts unless the SBV permits it. A Vietnamese company generally cannot pay another Vietnamese company in dollars.
Paying out: current transactions are free
Article 4 of Decree 70 liberalizes current transactions. Residents may buy foreign currency and remit it overseas to pay for imports of goods and services and other current transactions. The bank asks for the contract, invoice and other papers that show the purpose.
| Flow | Rule | Instrument |
|---|---|---|
| Export proceeds received | Deposited into foreign currency accounts at authorized credit institutions in Vietnam | Decree 70/2014, Article 5.1 |
| Deadline for export proceeds | The payment term in the contract or payment records | Decree 70/2014, Article 5.1 |
| Keeping proceeds abroad | Only where the SBV allows it, case by case | Decree 70/2014, Article 5.1 |
| Opening a foreign currency account overseas | SBV permission, for listed cases only | Ordinance, Article 23(3); Decree 70/2014, Article 12 |
| Paying in dollars inside Vietnam | Not allowed unless the SBV permits it | Ordinance, Article 22 |
| Buying and remitting USD for imports | Permitted for current transactions with supporting documents | Decree 70/2014, Article 4 |
Sources: Ordinance No. 06/2013/UBTVQH13 amending the Ordinance on Foreign Exchange; Decree No. 70/2014/ND-CP, as published on 29 October 2026.
Foreign currency accounts at Vietnamese banks
Vietnamese banks open foreign currency current accounts in US dollars and other major currencies for companies. Circular 16/2014 sets out what may go into and out of a resident organization's foreign currency account. Anything not on the list needs a legal basis elsewhere in the foreign exchange rules.
| Permitted receipts | Permitted payments |
|---|---|
| Foreign currency remitted from abroad | Sale of foreign currency to authorized credit institutions |
| Proceeds of exported goods and services, including from non-resident accounts at banks in Vietnam | Remittances and payments for current and capital transactions under foreign exchange law |
| Foreign currency bought from authorized credit institutions | Conversion to other foreign currencies |
| Unspent cash from employees' business trips abroad, with records | Foreign currency cash for employees' business trips abroad |
| Other receipts the SBV permits | Payments to foreign individuals and other lawful transactions |
Source: SBV Circular No. 16/2014/TT-NHNN, Article 3, as published on 29 October 2026.
Foreign-invested companies also hold a direct investment capital account (DICA), which receives charter capital and foreign loans and remits capital and profits abroad. A DICA is separate from the operating foreign currency account that receives export proceeds.
A US buyer pays a Vietnamese bank by SWIFT, the international network banks use for cross-border payments, usually through the Vietnamese bank's correspondent bank in New York. Put the full SWIFT details on every invoice and agree who pays the transfer fees. Use our SWIFT code lookup to check the bank code, and see how to receive USD from overseas buyers for the invoice fields buyers need.
Accounts abroad, foreign providers and the US company route
A Vietnamese company is a resident under the Ordinance. Article 23(3) states that organizations other than credit institutions will be considered for SBV permission to open foreign currency accounts overseas, and lists the cases: organizations with branches or representative offices overseas, those receiving loans from abroad, those performing contracts with foreign parties, and certain state bodies receiving foreign aid. Article 12 of Decree 70 leaves the procedure to the SBV.
This rule applies to an account at a foreign bank and to an account with a foreign provider in the company's name. A provider accepting Vietnamese companies does not replace SBV permission. The table records what each provider's own page says about Vietnam; it is not a ranking.
| Provider | What its own page says about Vietnam | Point to check |
|---|---|---|
| Airwallex | Vietnam is an eligible country of business registration, onboarded by Airwallex's Singapore entity | Your SBV position on an account outside Vietnam |
| Aspire | Vietnam is listed as a supported country of incorporation | Whether USD details are issued to Vietnamese companies |
| Wise | Vietnam is not on Wise's list of countries where customers can hold money | Not available for holding balances |
| Payoneer | States it serves 190+ countries and territories; Vietnam is not named on its Receive Payments page | Ask Payoneer directly |
Sources: Airwallex, eligible countries and territories for business registration; Aspire, "What countries does Aspire support"; Wise, "Where do I need to live to hold money with Wise"; Payoneer, Receive Payments page, as published on 29 October 2026.
Affiliates outside Vietnam. A trading company registered in Singapore, Hong Kong or the United States is not a Vietnamese resident, so Article 23 does not apply to it. It can hold dollars, sell to US buyers and pay the Vietnamese factory under a contract. The Vietnamese company then receives its own export proceeds from the affiliate into its account in Vietnam. Transfer pricing and tax rules apply to that structure, so take advice before setting it up.
A US company. A US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that international applicants may call 267-941-1099 or fax the form to 304-707-9471 from outside the US, and that only international applicants can receive an EIN by telephone.
The options compared
The table compares the routes on the points that decide the choice for a Vietnamese company.
| Point | Foreign currency account in Vietnam | Company's own account abroad | Affiliate outside Vietnam | US company account |
|---|---|---|---|---|
| Account holder | Your Vietnamese company | Your Vietnamese company | Your foreign affiliate | A separate US company |
| SBV position | Standard account for export proceeds | SBV permission, listed cases only | Outside Vietnamese residence rules | Outward investment procedures apply |
| Export proceeds of the Vietnamese company | Must be deposited here | Only if the SBV allows retention abroad | Affiliate pays the Vietnamese company, which receives in Vietnam | US company pays the Vietnamese company |
| How a US buyer pays | SWIFT wire | Depends on the bank or provider | ACH or wire, if the affiliate has US details | ACH or wire |
| Main limit | Inbound SWIFT fees and slower credit | Approval is narrow | Cost of a second company and tax rules | Cost of a second company and US filings |
Source: Helm Editorial Team, from the Ordinance on Foreign Exchange as amended in 2013 and Decree No. 70/2014/ND-CP, as published on 29 October 2026.
For most Vietnamese manufacturers selling abroad, the account in Vietnam is the required destination for export proceeds. Groups that trade through a foreign affiliate use that affiliate's account to collect from buyers and pay suppliers.
Documents Vietnamese banks ask for
SBV Circular No. 17/2024/TT-NHNN, as amended by Circular No. 25/2025/TT-NHNN, sets the rules for opening payment accounts. ACB publishes the list it applies to institutional clients, and other banks ask for the same core set.
| Document | Why it is requested |
|---|---|
| Account opening agreement on the bank's form | Sets the terms of the account |
| Enterprise registration certificate or establishment decision and operating license | Proves the company exists and may operate |
| Charter and internal rules | Shows how the company is governed |
| Proof of the legal representative's authority, with ID | Confirms who may act for the company |
| Appointment of the General Director and Chief Accountant, with IDs | Confirms signatories and the person in charge of accounting |
| Information on founders and beneficial owners | Identifies the people behind the company |
| Biometric registration of the legal representative | Required under Circular 17/2024; banks meet the representative in person |
Sources: ACB, regulations on the opening and use of current accounts applicable to institutional clients; Techcombank notice on Circular No. 17/2024/TT-NHNN, as published on 29 October 2026.
Techcombank's notice set 1 July 2025 as the date by which legal representatives had to register biometric data so that payments and withdrawals continue without interruption. If your legal representative changes, update the bank before the change takes effect. For foreign currency payments, also keep each export contract, invoice and customs declaration on file: the bank checks them against incoming and outgoing transfers.
Where USDC and USDT stand in Vietnam
USDC and USDT are stablecoins: digital tokens designed to hold a value of one US dollar each. Vietnam's position has changed since 2025, but the core rule on payments has not.
The SBV has stated that bitcoin and other virtual currencies are not legal currencies and cannot be used as lawful payment instruments in Vietnam, as reported by Vietnam Law Magazine. Decree No. 52/2024/ND-CP on non-cash payments, in force from 1 July 2024, defines e-money as value in dong and leaves virtual currencies outside its scope.
The National Assembly passed the Law on Digital Technology Industry in June 2025, in full effect from 1 January 2026, which recognizes digital assets and excludes securities and digital legal tender from that category, as summarized by Allen & Gledhill. On 9 September 2025 the Government issued Resolution No. 05/2025/NQ-CP, a five-year pilot for a crypto-asset market licensed by the Ministry of Finance.
| Instrument | What it says |
|---|---|
| SBV statement on virtual currencies | Virtual currencies are not legal currencies or lawful payment instruments in Vietnam |
| Decree No. 52/2024/ND-CP | E-money is value in dong; virtual currencies are outside its scope |
| Law on Digital Technology Industry (2025) | Recognizes digital assets; excludes securities and digital legal tender |
| Resolution No. 05/2025/NQ-CP | Five-year pilot; issuers must be Vietnamese enterprises; assets must be backed by real assets, not securities or legal currencies; all offering, trading and payment in dong |
| Pilot service providers | Licensed by the Ministry of Finance; minimum charter capital of VND 10,000 billion; foreign ownership capped at 49% |
Sources: Vietnam Law Magazine; Vietnam Briefing on Decree No. 52/2024/ND-CP; Allen & Gledhill and Vietnam Law Magazine on Resolution No. 05/2025/NQ-CP, as published on 29 October 2026.
USDC and USDT are designed to be backed by US dollar reserves, a backing the pilot rules exclude for assets issued under the pilot. A Vietnamese company that is offered payment in stablecoins should take legal advice first: the pilot does not make stablecoins a lawful means of payment, and Article 22 of the Ordinance still restricts payments in foreign currency within Vietnam.
How a Helm USD account 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: a routing and account number that receives ACH, Fedwire and SWIFT, so a US buyer pays the way it pays a domestic supplier. EUR and GBP details are also issued in the company's own name.
Read the rules above before choosing which entity holds the account. 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. The account fits most directly in three cases:
- A trading affiliate outside Vietnam that sells to US buyers, collects in USD and pays the Vietnamese factory and other suppliers by SWIFT or local rails, 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 of Vietnamese goods that pays its 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. A named account manager answers review questions in writing within one business day, and trade finance is arranged case by case. Pricing is agreed with each business before the account opens; see contact Helm. Companies comparing regional rules can read our guides for the Philippines and Indonesia.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Vietnamese company open a USD account?
Yes. Banks in Vietnam that are licensed to deal in foreign exchange open US dollar payment accounts for companies. SBV Circular No. 16/2014/TT-NHNN lists what such an account may receive and pay, including export proceeds, foreign currency bought from banks and payments for current transactions.
Do Vietnamese exporters have to bring USD back to Vietnam?
Yes. Article 5.1 of Decree No. 70/2014/ND-CP requires proceeds from exports of goods and services to be deposited into foreign currency accounts at authorized credit institutions in Vietnam. The deadline follows the payment term in the contract, and the SBV may allow some proceeds to stay abroad case by case.
Do Vietnamese exporters have to convert dollars to dong?
Decree 70 does not require conversion. A company may hold the dollars in its foreign currency account, use them for permitted payments such as imports, or sell them to a bank. Payments in foreign currency within Vietnam remain restricted under Article 22 of the Ordinance on Foreign Exchange.
Can a Vietnamese company open a bank account abroad?
Only with SBV permission and in listed cases. Article 23(3) of the Ordinance on Foreign Exchange, as amended in 2013, covers organizations with overseas branches or representative offices, those borrowing from abroad, those performing contracts with foreign parties, and certain state bodies receiving foreign aid.
Can a Vietnamese company pay another Vietnamese company in USD?
Generally no. Article 22 of the Ordinance on Foreign Exchange bars the use of foreign currency for transactions, payments, price listings and contracts within Vietnam unless the SBV permits it. Domestic payments are made in dong.
Which foreign providers accept businesses registered in Vietnam?
On their own published pages, Airwallex lists Vietnam as an eligible country of business registration onboarded by its Singapore entity, and Aspire lists Vietnam as a supported country of incorporation. Wise does not list Vietnam among countries where customers can hold money. A provider's acceptance does not replace the SBV permission rule for accounts abroad.
Is USDT legal in Vietnam?
The SBV has stated that virtual currencies are not lawful payment instruments in Vietnam. Resolution No. 05/2025/NQ-CP created a five-year pilot crypto-asset market in which all trading and payment is in dong and assets backed by legal currencies are excluded from issuance. Stablecoins have not been made a lawful means of payment.
What documents does a Vietnamese company need to open a bank account?
Banks ask for the enterprise registration certificate, the charter, proof of the legal representative's authority with ID, appointments of the General Director and Chief Accountant, and details of founders and beneficial owners. Under Circular No. 17/2024/TT-NHNN, the legal representative must also register biometric data.
How do US buyers pay a Vietnamese company in USD?
A US buyer sends a SWIFT wire to the company's foreign currency account in Vietnam, usually through the Vietnamese bank's correspondent bank in New York. The invoice should show the company's exact name, account number, bank SWIFT code and the correspondent details the bank provides.
References
- Ordinance No. 06/2013/UBTVQH13 amending the Ordinance on Foreign Exchange (English)
- Government of Vietnam: Decree No. 70/2014/ND-CP guiding the Ordinance on Foreign Exchange
- State Bank of Vietnam: Circular No. 16/2014/TT-NHNN on foreign currency and Vietnamese dong accounts
- ACB: Regulations on the opening and use of current accounts applicable to institutional clients
- Vietnam Law Magazine: Vietnam launches five-year crypto trading market pilot program (Resolution No. 05/2025/NQ-CP)
- Vietnam Briefing: Vietnam defines e-money for the first time, excludes virtual currencies (Decree No. 52/2024/ND-CP)
- Airwallex: eligible countries and territories for business registration
- Aspire: What countries does Aspire support
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.