According to a new regulation issued by the State Bank Governor, savings organizations include credit institutions and other organizations engaged in banking activities that are licensed to accept savings. Commercial banks, development banks, investment banks, policy banks, cooperative banks and people’s credit funds may receive savings with different terms from all individuals. Non-bank credit institutions may receive savings with a term of 1 year or more from all individuals. Foreign banks’ branches, joint-venture banks and credit institutions with 100% foreign-owned capital may receive savings according to the State Bank Governor’s regulations on depositors, terms and maximum mobilized amounts. Other organizations engaged in banking activities may receive savings according to their operation permits. Only savings organizations licensed to conduct foreign exchange transactions may accept foreign-currency deposits.
Vietnam-dong savings depositors include Vietnamese and foreign individuals lawfully living and working in Vietnam. Foreign-currency savings depositors are individual residents.
Foreign individuals who lawfully live and work in Vietnam, are aged full 18 years or older and have full civil act capacity under Vietnamese law may conduct savings-related transactions. Foreign individuals who are aged between full 15 years and under full 18 years but have private property sufficient for guaranteeing the exercise of their civil obligations under the Vietnamese Civil Code may also conduct these transactions.
Depositors must conduct transactions in person at savings organizations. Foreigners must produce their passports with the remaining validity duration longer than the deposit term if they are exempt from visa upon their entry/exit; or produce their passports enclosed with visas with the remaining validity duration longer than the deposit term if they are on entry/exit with visas.
Depositors may withdraw their deposits ahead of time if they reach such agreement with the savings organizations when depositing their savings and must notify in advance their demand for savings withdrawal ahead of time. Otherwise, depositors must pay fees. Savings organizations shall prescribe the minimum duration for the depositors to give advance notices of their demand for early withdrawal of savings as well as interest rates and fees thereon.