Opening a bank account

Opening a bank account

Documentation for opening an ANZ bank account.

Finance regulations

Finance regulations

The Law on State Bank of Vietnam.

Economic updates

Economic updates

Accessing economic conditions impacting your market.

Vietnam locates in South-eastern Asia, bordering the Gulf of Thailand, Gulf of Tonkin, and South China Sea, alongside China, Laos, and Cambodia.  It stretches from latitudes 16° 0' N to longitude 106° 0' E with the total area of 329,566 sq.km and a coastal line of about 3,444 km on the Gulf of Tonkin and East Sea (Bien Dong).

Three-quarters of the country area are mountains and hills, with the highest peak Fan Si Pan of 3,134m in the North West of Vietnam. The two huge rice baskets of the country are situated in the North and the South (6 million ha Mekong Delta and 1.5 million ha Red River Delta). Thanks to such geographical features, Vietnam is rising as one of the top world rice exporters and an important marine service provider.

Vietnam climate is tropical in the South and monsoonal in the North with hot, rainy season (mid-May to mid-September) and warm, dry season (mid-October to mid-March). This climate gives Vietnam diversified species of flora, fauna and fruits.

Vietnam’s key export products are crude oil, coal, textile, rice, coffee, wooden products, seafood, and footwear while its key import products are machinery and spare parts, petroleum, steel, and raw materials.

Vietnam financial system consists of 4 state owned commercial banks, 1 policy bank, 40 joint stock banks, 37 foreign banks, 5 joint venture banks, 12 financial companies, 13 leasing companies and 54 foreign bank representative offices. There are still nearly 20 bank opening applications queuing up for licences to be extended by State Bank of Vietnam.

After more than 15 years Vietnam initiated with equalization, up to now about 4000 state owned enterprises have been equalized. Equalization process will be speeded up till 2010 when some top national Corporates and state owned banks will be equalized.

Viet Nam has made impressive gains in the last decade till end of first half 2007 through rapid economic growth following the doi moi reforms in late 1980s. Poverty elimination has been a success and GDP/capita has been considerably increased (USD200 in the late 1980s to USD2,794 in 2008 based on the available latest statistics).

The drivers for sustainable growth and long term productivity for Vietnam are the increase in Foreign Direct Investment disbursement, plentiful natural resources, stable politics, and powerful literate workforce.