Is it permissible for 12-year-old persons to open bank accounts in Vietnam?

Is it permissible for 12-year-old persons to open bank accounts in Vietnam?

Pursuant to Article 11 of the Circular 23/2014/TT-NHNN (amende by Clause 6 Article 1 of the Circular 02/2019/TT-NHNN) stipulating subjects to open payment accounts in Vietnam as follows:

1. The following individuals are eligible to open current accounts at banks or branches of foreign banks:

a) A person who is aged exactly 18 years or older and has full capacity for civil acts as regulated by the Law of Vietnam;

b) A person who is aged between exactly 15 and nearly 18 years and does not have his/her incapacity or restricted capacity for civil acts;

c) A person who is under the age of 15, has restricted capacity for civil acts or is incapable of civil acts as defined by the Law of Vietnam is entitled to open a current account via his/her legal representative;

d) A person who has limited cognition and behavioral control as defined by the Law of Vietnam may open a current account via his/her guardian.

2. The organizations that are duly established and operate under the Law of Vietnam, including: legal entities, private enterprises, household businesses and other organizations, are allowed to open current accounts at banks or branches of foreign banks in accordance with laws.

As regulations above, your son is eligible to open a bank account via his/her legal representative, which is you.

What documents are included in the application for opening a payment account for 12-year-old persons in Vietnam?

Pursuant to Clause 1 Article 12 of the Circular 23/2014/TT-NHNN (amende by Clause 7 Article 1 of the Circular 02/2019/TT-NHNN) stipulating the application for opening a payment account for 12-year-old persons in Vietnam as follows:

1. An application for opening of personal current account includes:

a) The application form for current account opening which is made using the form provided by the bank/ foreign bank’s branch where the current account is opened and in conformity with Clause 1 Article 13 of this Circular;

b) The citizen identity card or ID card or unexpired passport, birth certificate (for a Vietnamese citizen aged under 14 years), entry visa or certificate of visa exemption (for a foreigner) of the account holder;

c) If a current account is opened through a person’s guardian or legal representative, in addition to the documents mentioned in Point a and Point b Clause 1 of this Article, the application for current account opening must also include the citizen identity card or ID card or unexpired passport of the guardian or legal representative, and documents proving his/her capacity for representing the account holder.

As regulations above, the application for opening a bank for your son shall includes the application form for current account opening, birth certificate, citizen identity card or ID card or unexpired passport

What are regulations on use of payment account applied to 12-year-old persons in Vietnam?

Pursuant to Clause 2 Article 15 of the Circular 23/2014/TT-NHNN (amende by Clause 10 Article 1 of the Circular 02/2019/TT-NHNN) stipulating use of payment account applied to 12-year-old persons in Vietnam as follows:

2. The personal current account of an individual, who is under the age of 15, has restricted capacity for civil acts, is incapable of civil acts, or has limited cognition and behavioral control must be used via his/her guardian or legal representative. The guardian/ legal representative shall conduct payment transactions via the current account of the ward/ the represented in accordance with civil regulations on guardianship and representation.

Above are regulations on use of payment account applied to 12-year-old persons in Vietnam.

Best regards!