Do you  want to invest overseas into Vietnam? Do you want to open an indirect investment account in Vietnam with total confidence? In here, we lay out from legal steps to best practices. You will understand the risks, avoid mistakes, and learn how to handle it, without the need to travel to Vietnam to open an indirect investment account in Vietnam.

So Why Vietnam? 

OK. Vietnam is calling. 

Vietnam has taken a strategic role in the global market. 

Investors from around the world are taking notice especially amid geopolitical tensions i.e. tariffs, new forms of competing between nations and continents for supply chains of critical products, financial and human capital, technology, data and digital infrastructure.

There are ways for foreign investors especially those who want to invest without setting up a company in Vietnam, to get access to Vietnam’s financial markets. 

But before you can invest in Vietnamese securities as a foreigner, one thing is required. You must open an indirect investment account in Vietnam. Without this specific account, foreign capital cannot enter the market legally. Transactions may be blocked. Dividends cannot be received. Profits cannot be repatriated.

We will you through the full process: what this account is, who needs it, how to open an indirect investment account in Vietnam, what documents to prepare, what mistakes to avoid, and how to stay compliant.

Whether you are an individual investor or managing a fund, this is the step-by-step guide you need to begin your investment journey in Vietnam with legal confidence and strategic clarity.

Vietnam Welcomes Foreign Capital, But With Structure

Vietnam has gained global attention for its vibrant economy, expanding middle class, and fast-growing capital markets. Foreign investors, both institutional and individual are actively seeking access to these opportunities.

The Vietnamese legal system offers two main channels for foreign investment: direct and indirect. Direct investment means setting up a company in Vietnam or acquiring equity in a company in Vietnam and participating in its management. Indirect investment allows foreigners to buy listed stocks, corporate bonds, government securities, and fund units without owning or running any company in Vietnam.

To separate these flows, Vietnamese law requires indirect investors to channel their capital through a regulated account. That account must be held in Vietnamese dong (VND), opened at a commercial bank licensed for foreign exchange operations.

The purpose of the account is not administrative, it is foundational. It ensures capital flows are traceable, legal, and fully aligned with foreign exchange control laws which are quite strict in Vietnam under the management of the State Bank of Vietnam.

To participate in Vietnam’s securities markets legally and efficiently, every non-resident investor must open an indirect investment account in Vietnam.

What You’ll Gain by Reading This Guide

This will help you cut through the complexity and act with confidence.

You will learn exactly what an indirect investment account is, how it works, who needs one, and why and how to open an indirect investment account in Vietnam. You will understand the legal foundations behind it, and how to navigate the steps to open an indirect investment account in Vietnam from inside or outside. You will see what documents to prepare, what risks to avoid, and how to keep the account in good legal standing once opened.

Most importantly, this guide will help you avoid the common but costly mistake of trying to invest without proper legal access. By the end, you will be equipped to take the right steps, in the right order, with full clarity.

The Investor Who Missed the First Step

Imagine an investor after months of research selects several high-performing Vietnamese companies and places a buy order through a broker. But the investor could not initiate a wire transfer to fund the purchase because there was no proper investment account established to receive and process the funds. The bank cannot accept the capital. The investment opportunity slips away.

Only later does the investor learn to do from the beginning: open an indirect investment account in Vietnam. With this account in place, the funds would have been received without issue. The order would have gone through. The capital would have entered the market legally and cleanly.

This story is avoidable.

The Legal and Operational Rules You Must Know 

The indirect investment account is a regulated Vietnamese bank account. It is held in local currency (VND) and is used solely for foreign portfolio investments. It is not a general-purpose account. It is not used for business income, salary payments, or personal transfers.

Every foreign investor who wants to participate in Vietnam’s capital markets without forming a business must open this account first.

Funds sent from abroad are received into this account. Investments in stocks, bonds, and funds are paid from this account. Dividends, interest, and capital gains are returned into it. And finally, when investors wish to exit the market, profits are repatriated from this account, after tax clearance and documentation.

Vietnamese law does not allow foreign investors to use personal bank accounts or random VND accounts for these activities. The indirect investment account is the only legal vehicle approved for these purposes.

To open an indirect investment account in Vietnam is not difficult, but it must be done properly.

Before applying to a bank, investors must first register for a trading code with the Vietnam Securities Depository and Clearing Corporation (VSDC). This code identifies the investor in the securities system and is required for all market transactions.

Once the code is issued, investors prepare documents to submit to the bank. These typically include the following to open an indirect investment account in Vietnam:

• A valid passport or corporate registration certificate
• The VSDC-issued trading code
• Application forms provided by the bank
• A notarized Power of Attorney if someone will act on the investor’s behalf
• Certified translations of documents if required by the bank

There is no need to travel to Vietnam to open an indirect investment account in Vietnam. Many investors open an indirect investment account in Vietnam remotely by appointing a legal representative. The authorization must be legally prepared and authenticated, but the entire process can be completed from abroad.

Most banks process account openings within five to ten business days once all documents are received to open an indirect investment account in Vietnam.

After the account is opened, it becomes the official channel for all investment-related payments. Investors must ensure that every transaction going into or out of the account is related to legitimate investment activity. Banks will ask for supporting documentation. Transactions that do not match the account’s purpose can be rejected.

How to Move Forward with Clarity 

If you plan to buy Vietnamese securities or participate in the local fund market, the first thing you should do is plan to open an indirect investment account in Vietnam. Do not wait until a bank rejects your transfer or a broker refuses to execute your trade.

Start with a clear understanding of what kind of investor you are. If you are not forming a company in Vietnam, if you are not involved in managing a business in Vietnam, and if your focus is purely financial investment, you fall under the category of indirect investor.

The next step is to contact a bank or a trusted legal advisor in Vietnam. Ask for a list of required documents, and review the procedure for obtaining a trading code. If you prefer not to travel, discuss the Power of Attorney requirements and how your representative can assist in your place to open an indirect investment account in Vietnam.

Be mindful of compliance in Vietnam. Do not use the investment account to receive unrelated payments. Do not transfer money in or out without documenting the reason. Always keep records of your trades, tax filings, and approvals.

Working with an experienced legal advisor in Vietnam can reduce mistakes and save time. Advisors can handle everything from VSDC registration to communication with banks and post-account support.

Vietnam is opening its doors to foreign capital but there is regulation in place.

A Strong First Step into a Growing Market

Vietnam’s capital markets are full of potential. But investing legally requires preparation. You must go through the right channels. You must follow the rules. And you must begin with the right structure.

That structure starts when you open an indirect investment account in Vietnam.

With this account, you unlock legal access to the market. You gain the ability to move capital in and out. You establish a relationship with a bank that understands your role. And you build a foundation of trust and compliance.

Many foreign investors make the mistake of trying to invest first and understand the legal requirements later. That approach leads to delays, losses, and frustration.

But you do not need to make that mistake. With this guide, you now have the information you need to act strategically.

So to open an indirect investment account in Vietnam, you will need to prepare your documents. Appoint a trusted partner. Ask the right questions. And take your first step toward a structured, legal, and rewarding investment in Vietnam.

Frequently Asked Questions (FAQ) To Open an Indirect Investment Account in Vietnam

Q1: Do I really need to open an indirect investment account in Vietnam to invest?

Yes. If you are a foreign investor who wants to buy Vietnamese stocks, bonds, or investment fund units, this account is legally required.

Q2: Can I use my personal or business account for investing?

No. Vietnamese law requires all indirect investment to go through a special VND account used only for this purpose.

Q3: Can I open the account from outside Vietnam?

Yes. You can open the account remotely by giving Power of Attorney (POA) to a trusted legal or financial representative in Vietnam.

Q4: What currency is the account in?

It is in Vietnamese dong (VND). All transactions must be made in VND.

Q5: What can I do with this account?

You can use it to transfer money into Vietnam, buy and sell securities, receive dividends, and transfer profits out—if done properly.

Q6: What documents do I need to open an indirect investment account in Vietnam?

Usually, you need your passport or company registration, a trading code from the Vietnam Securities Depository, bank application forms, and a POA if you’re not in Vietnam.

Q7: How long does it take to open an indirect investment account in Vietnam?

On average, it takes 1 to 2 weeks after submitting complete and correct documents.

Q8: Can I open more than one account?

No. You are allowed only one indirect investment account at a time unless you manage multiple trading codes as a fund or institutional investor.

Q9: What happens if I use the account for non-investment purposes?

The bank may freeze or close your account, and your transactions may be blocked for violating regulations.

Step-by-Step Summary Guide

Step 1: Register a Trading Code

Apply to the Vietnam Securities Depository (VSDC) with basic ID or business documents.

Step 2: Choose a Licensed Bank in Vietnam

Pick a bank that offers services for foreign investors (e.g. Vietcombank, BIDV, HSBC).

Step 3: Prepare Your Documents to Open an Indirect Investment Account in Vietnam

Get your ID, trading code, and bank forms ready. Include notarized POA if you will appoint a local representative.

Step 4: Submit to the Bank

Send the full document set to the bank. Some banks allow scanned copies at first.

Step 5: Wait for Approval

Processing takes 3–10 business days if your documents are complete.

Step 6: Start Investing

Once the account is opened, wire in your funds and begin buying securities legally.

About ANT Lawyers, a Law Firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/fii/open-an-indirect-investment-account-in-vietnam.html

The Business World Is Changing Fast

Rules are shifting. Expectations are rising. Eyes are watching.  We are talking about ESG laws in Vietnam.

Everywhere you look, companies are being asked not only to perform, but to perform responsibly. It is no longer just about revenue or market share.

Buyers want answers. Investors want proof. And governments are tightening regulations to hold businesses accountable.

In Vietnam, this change is arriving quickly. Many businesses are being asked to show responsibility, not just in reports, but in reality. That means understanding and following a new generation of regulations.

These ESG laws in Vietnam that cover how your business impacts the environment, how you treat workers and communities, and how your management operates behind the scenes.

In here we will explain what you need to know, why it matters now, and what actions to take so you do not fall behind.

ESG Is Now Part of Legal Compliance in Vietnam

In the past, most companies in Vietnam focused on the basics i.e. getting a license, following tax laws, and avoiding direct violations. If you stayed clear of obvious legal trouble, you were fine.

That is no longer enough.

Modern compliance now includes how your company affects the environment, whether your employees are treated fairly, and whether your management is clean and transparent. These are not just soft expectations from foreign partners anymore but they are becoming binding legal obligations.

The rise of ESG laws in Vietnam means businesses must meet standards in three major areas:

• Environmental: such as emissions, waste management, and resource usage
• Social: such as worker safety, labor rights, and equality
• Governance: such as anti-corruption, transparency, and ethical conduct

Understanding and applying these laws is now important not only to avoid penalties but to survive in a more demanding business landscape.

Make ESG Laws in Vietnam Understandable and Actionable

Many businesses are confused. They hear about ESG. They hear about compliance. But they are not sure what exactly the ESG laws in Vietnam require.

Some try to guess. Some do nothing. Some overdo it and waste time or money.

We are here to give you clarity.

You will learn:

• What legal requirements relate to ESG laws in Vietnam
• Which agencies enforce them
• What risks you face if you ignore them
• And what steps to take right now to be safe and competitive

You do need to understand the key rules that shape your business environment today.

ESG Is Already in the Legal System

Let’s look around.

A factory has to conduct an environmental impact assessment before expanding. A real estate developer is being asked to disclose its emissions and construction waste disposal methods.

These are not future possibilities. They are real examples of ESG enforcement under current law.

And that is exactly why understanding ESG laws in Vietnam is now essential for any business, large or small, local or foreign-owned.

Here is a breakdown of how the ESG laws in Vietnam already exist:

Environmental Laws (E in ESG)

Law on Environmental Protection and its guidance decrees

• Requires environmental impact assessments (EIAs) for many types of projects
• Mandates environmental permits for activities involving waste, emissions, and resource use
• Includes rules on carbon reporting, green labeling, and climate adaptation

• Provides guidance on types of permits, classifications of projects, and technical requirements
• Introduces stricter penalties for violations, including public disclosure and temporary suspension

What this means: Businesses must track their waste, emissions, and usage of energy and water. They must file reports, apply for permits, and meet environmental standards or risk legal action and loss of investor confidence.

Social Laws (S in ESG)

Labor Code

• Prohibits forced labor and child labor
• Requires clear contracts, fair wages, and working conditions
• Promotes gender equality and worker representation (e.g., trade unions)

Law on Occupational Safety and Health (OSH)

• Requires risk assessments and accident prevention plans
• Mandates safety training and protective equipment
• Establishes rules for regular reporting of workplace accidents and illness

What this means: Even small businesses must ensure that employment terms are lawful, that workplaces are safe, and that social protections are in place. These are not only moral duties, they are legal requirements.

Governance Laws (G in ESG)

Law on Enterprises

• Requires transparency in management
• Governs shareholder rights, internal audits, and conflict-of-interest rules
• Sets responsibilities for company directors and general meetings

Anti-Corruption Law

• Requires both public and private companies to apply anti-corruption practices
• Encourages whistleblower mechanisms and reporting of unethical behavior
• Penalizes bribery and undisclosed conflicts

What this means: ESG laws in Vietnam is no longer just about external impact. It also covers how businesses are run from within. That includes policies, recordkeeping, leadership structure, and accountability.

Real Trends and Rising Enforcement

Still wondering if this really applies to you?

Here are five signs that the ESG laws in Vietnam are already shaping business realities:

Public Company Reporting Is Expanding

Vietnamese listed companies are already required to report on their environmental and social impacts. This trend is likely to expand to large private enterprises in the next few years.

Foreign Buyers Are Enforcing ESG Contracts

Multinational clients are increasingly adding ESG clauses to supplier contracts. This includes compliance with labor law, waste audits, or human rights due diligence.

Trade Deals Are Not Just About Tariffs

The EVFTA, CPTPP, and other agreements contain chapters on labor and environmental obligations. These impact customs clearance, preferential tax treatment, and buyer selection.

Investment Projects Are Being Screened

Investors from developed countries are reviewing ESG risks before investing. This includes requesting audits or setting ESG pre-conditions before approving deals.

Local Authorities Are Getting Tougher

Inspections by environmental agencies and labor inspectors have increased. Companies that are non-compliant risk being fined or having their business licenses suspended.

6 Steps to Navigate ESG Laws in Vietnam

Now that you know what the laws require, how do you actually respond?

Step 1: Start with a Legal Gap Analysis

Review your current business activities. Compare them with the relevant environmental, labor, and governance laws. Identify where you are compliantm and where you are not.

Step 2: Build Simple ESG Policies

Develop short, clear documents outlining your approach to:

• Waste management
• Labor treatment
• Ethical conduct and transparency

Share these policies with your team and clients to demonstrate awareness and accountability.

Step 3: Document What You Already Do

Chances are, you are already doing something right maybe using solar power, or ensuring worker safety. Start recording those actions. That way, you can prove compliance when needed.

Step 4: Engage a Legal or ESG Advisor

You do not need to navigate ESG laws in Vietnam alone. Lawyers and ESG consultants can help make sense of the regulations, provide training, and develop a compliance plan tailored to your business.

Step 5: Prepare for ESG Reporting

Start collecting data regularly. This includes electricity and water use, waste disposal records, accident logs, and training sessions. Use this data to build basic ESG reports.

Step 6: Communicate Carefully and Honestly

Just be transparent about what you are doing and where you are improving. Avoid greenwashing. A little honesty builds far more trust than flashy promises.

ESG Law Is the New Playing Field

The landscape has changed. What used to be considered a competitive advantage is quickly becoming a minimum standard.

In Vietnam, the shift is clear. Businesses that understand and follow ESG laws in Vietnam will be the ones welcomed by investors, supported by regulators, and trusted by customers.

Do not wait for the audit, the buyer rejection, or the government warning.

Build compliance into your business as a bridge to stronger, smarter, and more sustainable growth.

About ANT Lawyers, a Law Firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/esg/esg-laws-in-vietnam.html

  The procedure to apply for investment license in Vietnam is the procedure for applying for an Investment Registration Certificate in Vietnam under the Investment Law.

Depending on the size, nature, and great impact on the environment, projects need special mechanisms and policies, projects that need land allocation, or projects that need to relocate large numbers of people, projects of foreign investors in the sea and islands that affect national defense and security, the procedures to apply for investment license in Vietnam may require approval of an investment policy.

In the framework of this article, we only refer to the procedure to apply for investment license in Vietnam, which is not subject to approval of investment policy.

What is an Investment Registration Certificate?

Investment registration certificate means a license issued by a competent State agency to organizations and individuals that fully satisfy the conditions for implementing an investment project, being foreign investors, or foreign organizations, organizations invest in projects in which foreign investors hold more than 50% of charter capital, or the majority of general partners are foreign individuals, for economic organizations that are partnerships.

The investment certificate contains information such as project name, investor’s name and address, investment project code, project location, land use area, objectives, and scale of project, project investment capital, project operation duration, investment project implementation schedule (capital and implementation of operational objectives), incentives, support and project conditions investment.

What are the forms of investment in Vietnam?

-Investment in establishing economic organizations.

-Investment to contribute capital, buy shares, or acquire capital contribution.

-Investment in the form of BCC contract.

-New investment forms and economic organizations according to the Government’s regulations.

What are the conditions for granting an investment registration certificate?

For an investment project that is not subject to approval of investment policies, an investor shall be granted an Investment Registration Certificate if it meets the following conditions:

-Investment projects that are not in industries or trades banned from business investment;

-Having a location for the implementation of the investment project;

-Investment projects in accordance with the planning;

-Satisfy the conditions on investment rate per land area and number of employees (if any);

-Meeting market access conditions for foreign investors.

What is the timeline for granting an investment registration certificate?

15 days from the date of receipt of the investor’s request for an Investment Registration Certificate, for an investment project that is not subject to a written approval of investment policies.

Steps to apply for investment license in Vietnam?

Normally, the procedure to apply for investment license for an investment project that is not subject to approval of investment policies is carried out as follows:

Step 1: The investor submits 01 application for the Investment Registration Certificate to the investment registration agency.

In case the investment project is implemented in 02 or more provincial-level administrative units, the investor shall submit a dossier to the Department of Planning and Investment of a province or centrally run city where the investor implements the project to set up an executive office to apply for the Investment Registration Certificate for the project.

Step 2: For an investment project that has already been operated, the investor submits a dossier according to regulations in which the investment project proposal is replaced by a report on the implementation of the investment project from the time of implementation.  The declaration is up to the time of application for the Investment Registration Certificate.

Step 3: The investment registration authority shall issue the Investment Registration Certificate to the investor within 15 days from the date of receipt of the valid dossier when the project meets the conditions.

What authority to issue an Investment Registration Certificate?

The authority to issue, amend and revoke the Investment Registration Certificate is as follows:

-Management Boards of industrial parks, export processing zones, hi-tech zones and economic zones shall grant, adjust and revoke investment registration certificates for investment projects in industrial parks, export processing zones and zones, hi-tech, economic zones, unless otherwise specified.

-The Department of Planning and Investment shall grant, adjust and revoke the Investment Registration Certificate for investment projects outside industrial parks, export processing zones, hi-tech zones, and economic zones, unless otherwise prescribed other.

-The investment registration agency where the investor implements the investment project, locates or is expected to set up an executive office for the implementation of the investment project, issues, adjusts and revokes the Investment Registration Certificate for the following investment projects: i) Investment projects implemented in 02 or more provincial-level administrative units; ii) Investment projects implemented inside and outside industrial parks, export processing zones, high-tech zones and economic zones; iii) Investment projects in industrial parks, export processing zones, high-tech zones, economic zones where the management board of industrial parks, export processing zones, hi-tech zones, economic zones has not been established or is not within the scope of management of the Management Board of industrial parks, export processing zones, high-tech zones and economic zones.

The agency receiving investment project dossiers is the agency competent to issue the Investment Registration Certificate, unless otherwise specified.

Why the investors need to apply for investment license in Vietnam?

The procedure to apply for investment license in Vietnam, or the procedure for granting an investment registration certificate in Vietnam, is an important procedure for foreign investors. It is therefore imperative that they understand the requirements and procedures of the application process. According to the historic data, investing in Vietnam can be beneficial for companies that want to penetrate a fast-growing market like Vietnam. Applying for an investment registration certificate is the first step that an investor must take to participate in the market.

When applying for an investment registration certificate in Vietnam, there are a number of documents and information that an investor must provide. Information such as legal documents, business plans and other financial documents must be provided for the investment registration to be approved.

Completing the application for an investment registration certificate is a complicated process and requires knowledge and experience. It is important that foreign investors seek the help of experts or legal advisors who are lawyers in Vietnam who understand the procedure and required documents while doing business in Vietnam.

Source: https://antlawyers.vn/library/apply-for-investment-license-in-vietnam.html