The Complete Guide to Open a Bank Account in Vietnam for Interns

Opening a bank account in a foreign country sounds scary, especially if you are in a non English-speaking country like Vietnam. However, having a local bank account is essential, especially if you plan on transferring money from overseas. It is also extremely convenient as you can use local apps such as GrabPay instead of having to carry large amounts of cash around. Fortunately for you, opening a bank account in Vietnam is actually an extremely simple process. No more awkwardly fumbling around in your wallet for cash!

Which Bank Should I Go With?

When it comes to the choice of banks, you are definitely spoiled for choice! You can opt for international banks such as HSBC, ANZ, UOB, Citibank, or Maybank, just to name a few. Alternatively, you can also opt for local banks such as VietcomBank, ACB, Sacombank, Techcombank, and many others. On a related note, check out this blog post by ODM on interesting promotions that banks have offered customers. 

International Banks

International banks are generally safer to go with, especially if you intend to transfer money from overseas accounts. However, international banks have relatively strict requirements and a higher minimum deposit amount for foreigners. According to the staff at the HSBC branch we visited, most international banks in Vietnam only allow foreigners to open an account if they are staying in Vietnam for more than 1 year.. Make sure to take note of this, as this information is not stated online. Read through the minimum requirements online before you actually visit the branch.

Local Banks

The staff at the HSBC branch we visited encouraged us to open a bank account with a local bank instead, as we were only staying in Vietnam for 5 months. The most highly recommended bank was VietcomBank, which has the most extensive network of ATMs and branches. VietcomBank is a state-owned bank and rated as the strongest bank in Vietnam, so it is a safe option to go with. Local banks have much more lenient requirements for foreigners, including a lower minimum deposit and duration of stay in Vietnam. Interestingly, the marketing for local banks can be improved greatly to attract more customers, especially since there are so many banks to choose from. Many banks give away promotional products, such as these promotional headphones given away by Citibank HK. This is a great way to attract more customers.

What Do I Need to Open a Bank Account?

Regardless of whether you choose to go with an international or local bank, the criteria and documents required are similar:

• Minimum Age: 18 and above

• Account application form: This can be found on the bank's website. You can print and fill it out before going to the bank to save a significant amount of time. Alternatively, you can choose to fill this out at the bank itself. If this is your first time opening a bank account overseas, it is recommended that you fill out the application form at the bank itself. The bank staff would guide you through the details and simplify the entire process.

• Original Passport: Most banks will require you to bring your original passport to open an account, as this is the most common form of identification for foreigners.

• Copy of Passport: You most likely wouldn't need this, but it is generally safer to bring along.

• Copy of valid visa entry: Bring a copy of both your visa stamp on your passport, as well as a copy of your visa acceptance letter.

• Copy of labor contract: You are required to provide proof of employment for the duration that you are staying in Vietnam. This is most commonly your employment contract. If you are an intern, you can use your internship acceptance letter.

• Proof of local address: This is the address that you are staying in Vietnam. If you have already secured a deposit at a house or apartment, you can bring along the receipt or contract. Alternatively, most banks will allow you to use the address of your Airbnb or hotel if you are staying mid-to-long term. Some banks, such as VietcomBank, allow you to use the address of your company.

• Minimum Deposit Amount: Varies widely. Check the bank's website to find out. HSBC's minimum deposit is 3,000,000 VND. VietcomBank has a much lower minimum deposit amount of 50,000 VND.

What is the Process of Opening a Bank Account?

You will be glad to know that the process of opening a bank account in Vietnam is extremely simple, and takes less than an hour!

1) Prepare documents: Print out all the documents before you arrive in Vietnam to save time and hassle. If you are already in Vietnam, don't worry! You can print out and photocopy the documents any of the countless print shops around (Use Google Maps).

2) Go to a branch: With all of your documents and passport with you, head over to a branch. An appointment is not necessary. If you decide to go with Vietcombank, head to the central branch at Vietcombank Tower. This is the biggest branch in Ho Chi Minh, and most of the staff speak English fluently. It is recommended that you visit the branch in the morning, as it is much less crowded.

3) Set up your Account: Tell the front desk staff that you wish to open a bank account. Depending on the crowd, you might immediately be able to proceed to a counter. This is where you would submit your documents and sign forms. The staff will explain the fees, requirements, and other important information to you. You would also be required to make the minimum deposit here. We found the staff to be extremely pleasant and efficient, and the whole process was completed in about 30 minutes.

4) Collect your debit card: Your debit card would take about 10 days to prepare. You would be given an appointment slip which you can present at the branch at the stated date to collect your debit card. You need your debit card to make withdrawals from ATMs. If you need to withdraw cash urgently, don't worry! You can visit any branch and present your passport to make withdrawals.

5) Congratulations! You have opened your very own Vietnamese bank account!

Fees

The fees charged by banks varies across different banks. This is the chart of fees that the staff at VietcomBank gave to us. You can waive some of the fees, such as the debit card issuance fee, simply by asking the staff.

Other Important Things to Take Note of:

• Most banks only operate from 8am to 5pm in the weekdays. Banks are closed during weekends and holidays. For that reason, it is recommended that you arrive in Vietnam a few days before your work/school/internship starts to set up your bank account.

• Bring enough cash before arriving in Vietnam if you intend to secure a deposit at an apartment before opening an account.

• If you intend on transferring money to and/or from overseas accounts, ensure that your bank provides you with a Swift Code.

• Bank transfers from overseas would take about half to a full day to reach your account. It might only be deposited in your account the next day.

• Remember to sign up for Internet Banking and Mobile Banking.

• For your own security, when at any print shop, remember to ensure that you have logged off your account before you leave.

ODM Interns Enjoying Weekend In Vietnam

When my intern mate and I arrived in Saigon, our internship support company organized a food tour for us to get familiar with our surroundings and the local food. While working here in Vietnam under ODM, we had plenty of time to explore by ourselves and try the local delicacies. Today we wanted to share these experiences with you, as well as our one day trip to the Mekong Delta. This is our way to get away from the hustle and bustle of this gigantic city while getting a glimpse of life in the countryside!

Food Tour - HCMC

We met Binh, a local guide and his team of motorbike drivers at the Opera House for the food tour. The Opera house is a magnificent french architecture inspired building. From then on, we discovered the city on the back of motorbikes while stopping to taste typical street food along the way!

The first street food we tried was banh xeo, a fried pancake made with water, rice flour and turmeric powder. It is close enough to a “crêpe” and you can stuff it any way you see fit, usually with shrimp, pork meat, mung bean… it will be rolled in large leaves, with mint and basil added. It is very delicious, and every ingredient works perfectly with one another. What’s best is It can also be served without meat if you are vegetarian!

After a short bike ride, we arrived at the second stop to try some banh mi! Banh mi is in part a french heritage, as the main ingredient is a french baguette. However, it is airier than the traditional French baguette though. It is a sandwich stuffed with pork belly, greens, daikon, carrots, vietnamese sausage. For those who don’t like meat, there is another amazing version with eggs called “banh mi op là”. For me, the pork belly texture was something difficult to take, so I tried the op là version and no regrets, it is fantastic!

At the third stop, we ate seafood. There is a wide range of sea products in Vietnam, such as fish, shells, shrimps, more obscure creatures like limules. At this stall,  we tried shrimps, shells, clams, and snails. Everything was fantastic and I really urge you to try these local delicacies!

Lastly, we ate “goi cuon”, which you probably know this as spring rolls! A nice opportunity to try sauces, nuoc mam, for example. What struck us is how healthy the food was - there are always greens, not too much salt and fat. It felt extremely light while nourishing.

I need to also mention the bike rides. You get a pure feeling of freedom while on these! It can be scary initially because of the chaotic traffic, but every driver I have met thus far knew their way around the roads. You just have to make sure that you have an anti pollution mask as sometimes it can be hard to breathe in crowded areas due to all the exhaust pipes… Other than that, it truly is a really fun and exciting experience!

Vinh Trang Temple

During the week-end we booked a one day visit in the Mekong Delta. We left HCMC by bus at 8 in the morning, the Mekong Delta is 1.30 hour away from the city. A good opportunity to see life in the countryside and get away from the agitation! We also saw something you don’t quite see in town, which is burial sites. People get buried usually in the countryside, near their family farm. People from town go back here when they can in order to visit their relatives and loved ones.

Before arriving in the Delta itself, we stopped to visit Vinh Trang Temple. There were incredible gigantic statues of Buddha. We are also able to go inside one of the buildings and get a glimpse of the monk’s lives here. This a place worth seeing - really relaxing and beautiful. If you go there, make sure you wear long pants and that your shoulders are covered, it is considered disrespectful to be dressed otherwise!

Mekong Delta

Lastly, we visited the Delta! The place was still a little crowded because it is the weekend. We tasted a lot of delicacies produced in the region, starting with honey and honey tea. They are really good, and a friendly warning - you will encounter a lot of bees when you stop there!

We were listening to traditional music while tasting the locally harvested fruits. This was when I tried durians and dragon fruits for the first time. The smell of durian is indescribable, and the taste is very unique. Make sure you have a taste of it when you are here! The dragon fruits we had were also fantastic…

There are 5 islands in the delta, and you travel from one to another with boats. We discovered a lot of animals and plants that we did not expect before, and I held a serpent (it’s cold!). Did you know they craft spirits with serpents? Towards the end, we visited a coconut milk candy factory. The entire production process was explained to us. They just use malt, coconut milk and a bit of tapioca powder to produce these delicious candies. It tastes amazing so we decided to buy some.

After all these experiences, it was time to head back to hectic Saigon. What I will remember the most are the colours, the sounds, and the way people lived such simple lives. Makes you realize what you have and what matters. A truly enriching trip, even if it was for just a day.

For our french readers / Pour nos lecteurs français:

Quelques semaines auparavant, Romain et moi sommes arrivés au Vietnam à Ho Chi Minh City pour un stage chez ODM Group. Nous souhaitons ainsi partager quelques unes de nos expériences que nous avons adorés.

L’une des premières soirées nous nous sommes baladés dans la ville accompagnés par un guide local prénommé Binh. Il nous a fait découvrir la nourriture locale et la ville en scooter, moyen de transport emblématique du Vietnam. Cette soirée nous a permis de goûter à des fruits de mer, des banh mi (un héritage bien français !)… Les spécialités locales sont vraiment des plats à tenter, et permettent de découvrir ce que mangent les vietnamiens dans la vie de tous les jours en s’imprégnant de leur culture. Afin de tester différents lieux où manger, nous nous baladions par scooter, ce qui permettait d’admirer la vue et d’échanger quelques mots avec nos conducteurs.

Nous souhaitions aussi relater la journée où nous sommes parti en direction du delta du Mékong et avons découvert le temple de Vinh Trang.

Les escapades sur bateau à moteur et barques typiques vietnamiennes avec rameurs sont réellement des moments à vivre. Cette balade sur le Mékong nous a aussi conduit à goûter du miel vietnamien avec du thé, ainsi que des fruits locaux, tout était délicieux.

En ce qui concerne le temple bouddhiste Vinh Trang, très populaire dans la région, c’était un endroit somptueux et où beaucoup de locaux venaient prier, malgré un afflux touristique certain. Si vous compter échapper quelques temps au tumulte de la ville, ce lieux est à visiter coûte que coûte ! L’endroit compte une des plus grandes représentations du “Bouddha Rieur”. La pagode en elle-même est très silencieuse et appelle à la méditation, de quoi peut-être faire naître des vocations !

Nous vous recommandons grandement d’aller visiter ces lieux si vous passez dans le sud du Vietnam !

Intern in Vietnam: Hello Weekend Market in HCMC

You must be wondering what we interns do during the weekends after a tiring 5 days of work. Well, we can't possibly be sleeping the weekends away. Like the name suggests, Hello Weekend happens only in the weekends and is a famous flea market here in Ho Chi Minh City that we couldn't miss! It is indeed saying hello to the weekends while we unearth various hidden gems in this growing city of urbanization. 

We celebrated the festive occasion by dropping down to the market during Halloween to bask in the spooky season. The area was decorated in pumpkin lanterns which reminded me of the Unique Pumpkin Shaped Lamp on ODM case studies blog. Ho Chi Minh City spontaneously engaged their tourists and locals alike as also seen their efforts at Tous Les Jour with their Halloween custom display design. The excitement could be felt as people buzzed in and out of the markets - carrying bags of their loots. There are even tables and chairs for us to relax after shopping really hard!

The aisle to walk through all the shop tents that were set up. Items sold there ranged from phone cases to clothes - and the most mouth-watering of them all: cheap and delicious food. 

One will surely not go wrong by spending money on food. The aroma was heavenly and it felt great reward to oneself for getting through a tough work week. These finger food easily fuelled our energy to continue shopping for more.

There were more seats at the back for people to chill. Definitely thought that the organizers could have provided Halloween special shadow coasters to further spice up the occasion. Nonetheless, we had our fair share of enjoyment and definitely would come back for more. Be sure to check out the market if you are ever going to intern in Ho Chi Minh City!

Intern in Vietnam: Local Food in HCMC

Asides the heavy morning traffic and waking up to the sound of my alarm, what I came to love from living in Ho Chi Minh City was the sight and scent of food that leaves me wanting for more. The cost of living in HCMC is comparatively lower than in Singapore, which makes things so much easier! Splurging on food has never felt more enjoyable given that a bowl of noodles along the streets will never hit more than 3 USD/4 SGD.

So, what is the first thing that comes to mind when someone mentions Vietnam? That’s right, it’s phở! Phở is a Vietnamese dish that is made up of broth, rice noodles, spices, and mainly with either beef or chicken as the meat. Instead of using chopsticks, was wondering if the twist fork product idea could work on Phở 🤔

Through recommendations from our Vietnamese colleagues, we went to try out Phở Hòa Pasteur that is located in district 3 – a stone’s throw away from our Vietnam office!

We ordered Vietnamese tea which was perfect for a tea lover like myself. It reminded me of this promotional gift idea I read on ODM’s blog which I found unique. Speaking of tea, I frequently purchase Fuze Tea in HCMC and also got a chance to write about their promotional POS display as it caught my attention in the convenience store.

Next up, my friends and I came across this stall selling crab noodles and more along district 5 – also known as Saigon’s Chinatown – during the weekends. The noodles used was Bánh canh – a thick Vietnamese noodle made tapioca flour or a mixture of both rice and tapioca flour. While savouring the crab, I thought that crabs designs would totally make good promotional items for summer as it reminds one of the ocean. Inspiration is surely everywhere! Overall, life here in HCMC has been pleasant so far and I can't wait to see what more will the future unfold.

Intern in Vietnam: Short Getaway Trip To Da Lat

3 weeks into Ho Chi Minh City was nothing but a series of cultural adaptations and independence. However, that didn't kill the adventurous spirit to explore Vietnam inside out! During the span of our 6-month internship for The ODM Group, we decided to take a trip down to Da Lat to immerse ourselves locally.

Sleeper Bus - En Route from HCMC to Da Lat

Excitement and anticipation bubbled in us as it was our first experience on a sleeper bus. We hopped onto our ride on a Friday night after work and slept throughout the 5-hour long journey.

Bird's Eye View of Da Lat

In a blink of an eye, we reached Da Lat! It was a freezing cold 20°C (a stark contrast from the temperate weather in HCMC). Despite the cold summer breeze, we were definitely warmed by the beauty of Da Lat. 

Trúc Lâm Temple

Valley of Love

We visited some of the famous tourist attractions such as Bao Dai Palace, Valley of Love, Trúc Lâm Temple etc, Elephant Falls etc. The day was filled with sightseeing activities - it was really a great unwinding session as we got to indulge ourselves in the tranquility and scenic views.

Tea Time at An Cafe

After a day of fun, we headed down to An Cafe - one of the popular cafes in Da Lat - and ordered a muesli bowl to snack before we left for our sleeper bus back to HCMC. All in all, we didn't expect to love Da Lat as much and this trip was certainly unforgettable - can't wait to come back already! Now, back to hustle bustle life in HCMC while the next adventure awaits us.

Benthanh Street Food Market.

Ben Thanh Street Food Market

Considering my last blog did not present Vietnamese food in the best light, I thought my second one should be of a more positive experience with Ho Chi Minh's cuisine. There is a lot of amazing food in Vietnam, but with a large group of people it is difficult to find a restaurant in Ho Chi Minh that everyone will enjoy, as they generally specialise in one particular type of food. Luckily, the Benthanh Street Food Market has an option for everyone, even those who come to Vietnam and insist on eating western food the whole time. 

Inside the Market

Benthanh Street Food Market is easily recognisable from its bright lights and chilled music in contrast to the Vietnamese road it is located on. There is plenty of seating downstairs at the front and back of the restaurant where you are surrounded with energy, excitement and an aroma of amazing foods. However, if you prefer a slightly calmer surrounding there is seating upstairs where you can watch over the craziness of the Market from a distance. But please do not come to Benthanh Street Food Market expecting a fine dining experience . The food is really good value for money, but it is a Vietnamese dining experience at heart. You share tables with strangers unless you are in a big enough group to take up a one and there is still no concept of personal space. Ironically, this is what actually makes Benthanh so much fun. It is lively and different from any eating experience I have ever encountered. The long park benches create a sociable atmosphere for eating or drinking. There is a huge variety of food stalls, so there are very few queues. The staff bring your food to the table when it is ready and its normally pretty fast. This is probably a less hazardous option then lots of hungry customers trying to balance their food through the mass of tables and stops the market getting to busy with people wondering around. 

Food getting prepared

Amazing food is not all that is to be found at the market, the drinks are really good as well. There are a variety of cocktail offers for those who are willing to spend a little bit more money, which I would highly recommend doing as there are some absolute gems. Standard priced beers and soft drinks are also available for those wanting to maintain a budget or if that just what you prefer. Benthanh Street Food Market is somewhere that is popular amongst a mixture of younger and older people, locals and tourist, which speaks for itself better than I could ever put into words. 

My first and last food tour in Vietnam.

Moped Bike

After less than twenty-four hours in Vietnam I had an eye opening experience to the reality of living in Ho Chi Minh: a food tour. Although this may seem like a fun way to immerse yourself in the Vietnamese culture, do not be deceived. It was a shock to the system for a different way of living, which I had not had time to prepare myself for, after only being in the country for a short period of time. The tour started well, getting on a moped for the food tour created a feeling of excitement alongside a slight fear for my life. However I began to relax and really enjoy being a part of Ho Chi Minh’s constant rush hour. To be honest, speeding round on the mopeds was probably my favourite part of the food tour.  By the time we had visited a few restaurants I started to feel safer on the death trap moped than in some of the restaurants. 

Banh Xêo

The first restaurant we visited was luxurious compared to the to the others. It had nice food and was relatively clean compared to Vietnamese standards. The only downside was that the staff kept trying to touch the food on our plates. Although they were trying to be helpful by showing us the best way to eat it, once the food is on my plate I don't appreciate anyone trying to touch it with their hands. This can be put down to a difference in culture and is something that after spending a bit of time in Vietnam seems less significant. At the second restaurant, the fun began to decrease. We had high expectations for our Banh Xêo after being told it was the best in Ho Chi Minh but a certain experience at the restaurant led me to walk out without sampling one bite of food. A cockroach appeared on my arm,  leading me to scream in shock. Once it had been removed I ran out of the restaurant and refused to go back in to sample the food. A few of the others on the tour also did not feel comfortable eating in a restaurant infested in cockroaches so joined me outside. To somebody who is used to embracing cultures or travelling this may seem melodramatic. But, I was still extremely tired and jet lagged at this point and it was only the third Vietnamese restaurant I had ever been to. I am now used to seeing harmless cockroaches on Ho Chi Minh’s streets, but still would not eat in a restaurant which had them present, nor recommend doing so to anyone else.

Vietnamese Pudding

By this point I had decided that the bottled beer was the only safe thing to consume on this tour, which was not good for my bladder. After seeing the hygiene in the areas you were supposed to eat in the restaurants, the toilet seemed like another daunting experience. I was assured by our tour guide that the toilets at the next restaurant would be similar to a western standard so I foolishly believed him. I don’t know what western toilets he had previously experienced but the biggest rat I have ever seen ran out from behind the toilet. By this point I was past just screaming as the shock sent me into tears. I was genuinely overwhelmed by Vietnam at this point and could not see myself being able to adjust to coping with living here for a further eight weeks. I was not the only person feeling weary of Ho Chi Minh by this point, everyone was exhausted and eager to return to the comfort of our accommodation. This led to a rather gloomy experience at our penultimate restaurant with only 2 out of 6 people feeling brave enough to try the food. I was not one of these brave souls. We then happily escaped on the mopeds to the final restaurant which specialised in desserts. Due to the experience of the food point up till this point, I did not have high hopes. However, the dessert restaurant was  the best one of the whole tour and worth waiting for. I had a beautifully presented ice cream that  was really yummy but best of all the restaurant was cockroach free and the toilets were hygienic. 

To some people, this blog probably seems very over dramatic. But I had never experienced anything like this food tour before and as I have never been to Vietnam, I had no way of preparing myself. I was also extremely tired because of my flight which contributed largely to me finding the experience overwhelming. Despite my experience of a food tour not being the best, I would still recommend doing one, but perhaps not on your first day in Vietnam. If I had been given sometime to adjust to the culture and get some rest, I may not have found the experience so negative and overwhelming. Also, speeding around on the mopeds was great fun.