From the Circulars 48 and 49/2018/TT-NHNN of Sate bank of Vietnam, effective from 5th of July 2019, Foreigners won’t be able to open any Saving Account anymore.
It signs the end of the easy money up to 8.6% per year with a minimum investment of 100.000.000 VND (~4.300 USD / 3.800 EUR).
For the past years, foreigners with a Vietnamese local bank account, VND currency, could enjoy a ROI of up to 8.6%. This was not even including the possible flip you could make betting against the EUR. Indeed through the years 2010 – 2019 we could have made some tremendous % growth on our EUR capital.
Selling your EUR when the pair was almost 29.000 VND/EUR and getting 8.6% from saving account to finally buy EUR back a year later. At a sensitive smaller price: 26.000 VND/EUR. In other words an additional easy +10% on your EUR capital.
Time Saving Account
Time Saving Account will be applied to Vietnamese only, not applied to foreigners. Your existing Time Saving Account(s) opened before the Effective Date will be remained until its/their maturity date and then all outstanding amounts thereof will be paid to you in cash without any interest from its/their maturity date. Please visit any our Branch/ Transaction Office for further advice.
Time Deposit/ Installment Account
Only foreigners granted valid visa or resident card to reside in Vietnam for at least 6 months are eligible to open Time Deposit/ Installment Accounts. You will have to provide your valid visa or resident card to open or renew your Time Deposit/Installment Account at any our Branch/ Transaction Office.
What are the Vietnamese Banks still allowing Term Deposits for Foreigners?
Don’t worry, it’s not totally the end yet. As mentioned above, foreigners can still open some Term Deposit but a little less freedom on how to open, minimum amount and when you can take receive the interests.
As for now, almost all banks will allow you to do so if you stop by their branches. It seems some like SCB could allow you to do it online.
We are going to try out the banks and keep you update with a full table containing all details/ offers from Vietnamese Bank!
Edit – September 2019: we have opted for higher interest rate with the Vietnamese banks Certificate of Deposit.