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Vietnam Mulls New Law Allowing Bank Deposits for Foreign Individuals, Organizations

Vietnam's central bank has drafted a new circular that would allow non-residents to make bank deposits without requiring proof of residency.

Tuoi Tre reports that the State Bank of Vietnam is gathering feedback on the proposed regulation, which would help foreign individuals and organizations working in Vietnam without permanent resident status.

Currently, non-residents must meet stringent requirements in order to deposit money at a local bank. For example, documents such as work permits, labor contracts, and salary statements are needed in order to make deposits in VND, while foreign currency deposits are only accepted for non-residents who have lived in Vietnam for at least 12 months.

Under the proposed new law, according to the news source, non-residents would be able to depost into savings accounts at local banks from their payments accounts.

Experts have come out in support of the proposal, arguing that it would allow local banks to mobilize idle funds from the country's expat community.

Non-residential organizations include branches, representative offices, diplomatic agencies and consulates, while non-resident individuals include anyone who works for the above bodies, or those who are in Vietnam for business, healthcare, or travel for fewer than 12 months.

[Photo via Bao Moi]

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