Opening a Payment Account by Post for Household Businesses: Dossier and Procedures

Short answer: A household business is eligible to open a payment account at a bank or foreign bank branch underArticle 11 of Circular 17/2024/TT-NHNN. However, current lawno longer provides for the former method of “submitting the account-opening application by post” — dossiers and procedures for opening accounts follow Circular 17/2024/TT-NHNN andthe specific receiving processes and channels of each bank (in person at the counter, online, etc.).

Current legal framework

Circular No. 23/2014/TT-NHNN previouslyexpired on 01/7/2024 (some transitional provisions applied only until 30/9/2024). At present, the opening and use of payment accounts are governed byCircular No. 17/2024/TT-NHNN of the State Bank of Vietnam.

May a household business open a payment account?

Yes. Under Article 11 of Circular 17/2024/TT-NHNN, a household business is among the subjects eligible to open a payment account at a bank or foreign bank branch to serve its production and business activities.

Dossier for opening a payment account of a household business

Under Article 12 of Circular 17/2024/TT-NHNN, the dossier for opening a payment account includes:

• The agreement on opening and using the payment account between the customer and the bank;
• Documents, information and data for customer identification (legal papers of the household business, identification papers of the household head/representative, and related documents);
• The bank may request additional documents but must provide specific guidance to the customer.

Account-opening procedures

Under Article 15 of Circular 17/2024/TT-NHNN:

• The household business provides the full dossier to the bank as instructed;
• The bank checks and verifies the completeness and legality of the dossier and customer identification information;
• If the dossier is complete and valid, the bank provides the agreement on opening and using the account and opens the account for the household business.

Regardingthe dossier submission channel: Circular 17/2024/TT-NHNN does not rigidly prescribe the “by post” method as the old mechanism did. In practice, the household business submits the dossier through the channels the bank provides and announces (in person at transaction points, online via the bank’s system, etc.). Therefore, before proceeding, the household business should contact the intended bank directly for guidance on the receiving channel and specific forms.