---
title: "SBV proposes allowing foreign banks to use local accounts for international payments"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285657393.md"
description: "The State Bank of Vietnam (SBV) has proposed allowing foreign credit institutions to use accounts at Vietnamese banks for international payments and money transfers. This proposal is part of a draft amendment to existing regulations, aiming to address gaps in current laws due to rapid changes in international trade and digital finance. The amendment seeks to clarify the use of foreign currency and Vietnamese đồng accounts by foreign banks and simplify the verification process for non-resident income sources. The draft is currently open for public comment."
datetime: "2026-05-08T03:20:29.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285657393.md)
  - [en](https://longbridge.com/en/news/285657393.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285657393.md)
---

# SBV proposes allowing foreign banks to use local accounts for international payments

HÀ NỘI — The State Bank of Vietnam (SBV) has proposed foreign credit institutions be allowed to use accounts opened at Vietnamese banks for international payment and money transfer services to facilitate international payment and promote financial integration.

The proposal is raised in a draft amendment to Circular 16/2014/TT-NHNN governing the use of foreign currency and Vietnamese _đồng_ accounts by residents and non-residents at authorised banks. The draft is currently available for public comment.

Rapid changes in international trade, foreign investment flows and digital finance have exposed gaps in the existing regulations, according to the SBV.

One of the most notable proposed amendments would introduce regulations governing the use of foreign currency and Vietnamese _đồng_ accounts opened by foreign credit institutions at authorised banks in Việt Nam.

The SBV said Vietnamese commercial banks must rely on correspondent banking networks with overseas lenders to process international payments for clients. Similarly, foreign financial institutions are increasingly seeking to open correspondent accounts at Vietnamese banks to support payment and transfer services for customers engaged in trade with Việt Nam.

However, existing regulations do not provide guidance on the use of correspondent accounts for payment and money transfer between commercial banks in different countries.

Under the draft, foreign credit institutions would be allowed to use such accounts both for international payment services on behalf of clients and for their own operational transactions.

The amendment aims to provide a clearer legal basis for cross-border settlement and better reflect current market practices, the SBV said.

Changes to regulations governing Vietnamese _đồng_ income sources for non-resident organisations, individuals and foreign residents are also proposed under the draft.

Instead of requiring banks to verify that funds come from lawful income sources in Việt Nam, the revised wording would define them more broadly as income received from organisations and individuals in Việt Nam.

The SBV said the change is necessary, as banks face difficulties verifying documents for the large volume of Vietnamese _đồng_ transactions conducted by foreigners, particularly through e-commerce platforms and online payment systems.

With the rapid growth of e-commerce, collection and payment services in Vietnamese _đồng_ for foreign sellers on digital platforms are becoming increasingly common, the SBV said, adding that requiring supporting documents for every transaction creates operational challenges for banks.

However, the central bank stressed that controls would remain in place for outward remittances.

Under the draft, non-residents and foreign individuals seeking to purchase foreign currency using funds in their Vietnamese _đồng_ accounts for transfer abroad would still need to provide documents proving the legality of the income source. — BZHUB/VNS

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