Banking, SIM cards and e-invoices in Vietnam: the admin every FDI engineer needs
Vietnam is close to cashless in the cities — QR codes on every coffee cart — but the system runs on three things a newcomer does not have: a Vietnamese phone number, a Vietnamese bank account and, for anything the company pays, a VAT e-invoice with the company’s tax code. Do them in that order.
1. SIM and eSIM
- Registration is mandatory for everyone; unregistered numbers are cut off. Buy at an official Viettel, Vinaphone or MobiFone store with your passport; the clerk photographs you and the passport (eKYC). Five minutes.
- Viettel has the best coverage inside industrial parks and on the expressways; Vinaphone and MobiFone are fine in the city. Tourist packages 100,000–300,000 VND for 15–30 days; postpaid plans 150,000–300,000 VND a month with 4–8 GB a day of 4G/5G.
- eSIM: all three carriers issue local eSIMs in store, and Viettel’s tourist eSIM online — still passport-registered. Travel eSIMs (Airalo, Holafly) give data only: no Vietnamese number, so no bank OTPs, no Grab verification, no Zalo. Use them as a back-up, not the main line.
- Keep the number alive — it is your identity for banking, e-wallets, the e-invoice portal and the immigration app. Set auto-top-up before your first trip home.
2. Bank account
| You need | Detail |
|---|---|
| Passport | Original; some banks also want the entry stamp page |
| Valid visa, TRC or visa-exemption proof | Circular 17/2024 (as amended by Circular 25/2025) lets resident foreigners open payment accounts with passport plus visa or equivalent; a TRC or work permit makes approval routine and unlocks a full-function account |
| Vietnamese phone number | OTP for everything |
| Employment contract or work permit | Asked for by most banks for salary accounts |
| Biometric check | Face scan at the branch since 2024; mandatory for online transfers over 10 million VND per transaction |
| Initial deposit | Usually 50,000–500,000 VND in VND |
Banks FDI staff use: HSBC and Standard Chartered (English apps, cross-border transfers, stricter eligibility), UOB (Singapore-linked companies), Shinhan and Woori (Korean plants, branches in Phú Mỹ Hưng and Bình Dương), Vietcombank and Techcombank (best domestic reach, English apps, easiest VietQR). Ask your employer which bank pays salaries — same-bank transfers are instant and free. Account-opening rules vary by branch; call ahead and ask for an English-speaking officer. Salary can be paid in VND only; remittance abroad of salary after tax is allowed with the contract and tax documents.
3. Paying: cash, card, VietQR, MoMo and ZaloPay
- VietQR — every bank app scans the QR at the counter and transfers instantly. Works at markets, cafés, mechanics, Grab drivers. This is the default now.
- Cards — Visa/Mastercard accepted at hotels, malls, supermarkets, chain restaurants and Grab; contactless is common. Foreign cards get a 2–3% FX fee; a local debit card avoids it.
- MoMo / ZaloPay — the big domestic e-wallets. Since 2026 e-wallet registration requires biometric verification. Foreigners can register with a passport, a Vietnamese SIM and a linked Vietnamese bank account, but limits are lower than for citizens with the CCCD ID card. Useful for bills, parking, and paying colleagues; not essential once you have VietQR.
- Cash — still needed for street food, small repairs, temple donations and rural trips. ATMs give a maximum of 2–5 million VND per withdrawal; foreign-card fees 20,000–50,000 VND.
4. VAT e-invoices and the tax code
This is the part that surprises every new arrival. Vietnamese companies can only book an expense against a hóa đơn điện tử (e-invoice, Decree 123/2020 as amended by Decree 70/2025) issued to the company’s mã số thuế (tax code, 10 digits, 13 for branches) with its exact legal name and registered address. A card slip or a handwritten receipt will be rejected by finance.
- Keep the company’s tax code, legal name and address in Vietnamese on your phone; show it to the cashier and say “xuất hóa đơn”.
- Most hotels, restaurants, supermarkets and Grab for Business issue the e-invoice automatically to the email or tax code on file; since June 2025 retailers using cash registers must also issue e-invoices per transaction.
- The invoice arrives as a PDF/XML by email or via the seller’s portal within a day; forward it to finance. Some sellers only issue on the day of purchase — do not wait.
- Personal purchases do not need one. Your own tax number for personal income tax is issued through the employer; from July 2025 Vietnamese citizens’ tax codes merged with their ID numbers and foreigners’ with the electronic identification (e-ID) system — HR handles it.
The same rule governs equipment: our rentals, purchases and loaner instruments are invoiced to your entity’s tax code, or quoted in USD to the parent company until the Vietnamese entity is registered. Procurement and import guide · How rental works.
5. Other admin worth doing in month one
- Personal income tax: residents (183+ days) are taxed progressively 5–35%; non-residents flat 20% on Vietnam-sourced income. Tax-equalisation is usual on expat packages — check yours.
- Utilities: electricity (EVN), water and internet (Viettel, FPT, VNPT — fibre 200,000–350,000 VND a month, installed in 1–3 days) are paid via bank app or MoMo.
- Driving licence conversion and TRC — see transport and visas and work permits.
FAQ — banking, SIM and invoices
Can a foreigner open a bank account in Vietnam on a business visa?
Often yes with passport, visa and a Vietnamese number, but some banks limit the account until you show a TRC or work permit. Vietcombank, Techcombank, HSBC and Shinhan branches in District 1, Thảo Điền and Phú Mỹ Hưng are used to expat applications.
Why does the restaurant ask for my company tax code?
Because Vietnamese finance teams only reimburse expenses backed by a VAT e-invoice issued to the company’s tax code and legal name. Give it before you pay.
Which SIM works best in industrial parks?
Viettel has the strongest coverage in VSIP, Amata, the Hi-Tech Park and on the expressways. Register with your passport at an official store; unregistered SIMs are cut off.
Do I need MoMo or ZaloPay?
Not really. VietQR bank transfer from any bank app covers almost every payment. E-wallets need biometric registration and a linked Vietnamese account; they help for bills and parking.
Can I send my salary home?
Yes. After personal income tax, banks remit salary abroad against your contract, payslips and tax documents; HSBC, Standard Chartered and Vietcombank do it routinely.
Landing in Ho Chi Minh City with a factory or lab to equip?
Lost in HCM rents calibrated test equipment, supplies tools and instruments with VAT e-invoices, and helps FDI teams get a site running. Send your equipment list or your start-up date.
Request rental quote Talk to an FDI advisor · Phone / Zalo 0902 327 669
