How to Open a Direct Investment Capital Account (DICA) for Vietnam Business Setup

You have your Investment Registration Certificate (IRC) and Enterprise Registration Certificate (ERC) in hand. You are ready to inject your charter capital, pay for your office lease, and begin operations. Then your bank asks for something you have never heard of: a Direct Investment Capital Account (DICA). The forms are in Vietnamese, the terminology is unfamiliar, and every guide you find seems written for a Vietnamese accountant rather than a foreign investor. This guide walks you through the legal framework, the exact documents required, a field-by-field breakdown of the application form, and the common mistakes that cause DICA applications to be rejected. By the end, you will know exactly how to open this account and why it is the single most important banking step in your Vietnam setup.

What Is a DICA and Why Is It Mandatory for Foreign Investors?

A Direct Investment Capital Account (DICA) is a specialized payment account opened at a licensed bank in Vietnam for the sole purpose of conducting capital transactions related to foreign direct investment activities. Unlike a regular corporate checking account, which handles day-to-day operating expenses, a DICA is the only legal channel through which foreign investors can contribute charter capital, transfer investment capital, and repatriate profits or lawful income.

The legal requirement is straightforward: after receiving your Investment Registration Certificate (IRC) or Enterprise Registration Certificate (ERC), your foreign-invested enterprise (FIE) must open a DICA to conduct capital-related transactions. You cannot contribute charter capital through a regular payment account. You cannot receive investment capital from overseas into a standard corporate account. Every capital inflow and outflow must flow through the DICA.

The governing regulation is Circular No. 06/2019/TT-NHNN, issued by the State Bank of Vietnam (SBV) on June 26, 2019, which provides guidance on foreign exchange management for foreign direct investment activities in Vietnam. This circular has been amended by Circular No. 03/2025/TT-NHNN and, most recently, replaced by Circular No. 38/2026/TT-NHNN, which took effect on August 18, 2026.

Under Circular 38/2026, the concept of the "Direct Investment Capital Account" has been broadened to a "foreign investment capital account in Vietnam" (also referred to as an Investment Capital Account, or ICA), reflecting a wider scope that now covers all inflow and outflow transactions related to foreign investment activities in Vietnam. For practical purposes, however, most banks and investors continue to refer to this account as the DICA.

Pro Tip: Circular 38/2026 introduces a significant change: enterprises can now open an ICA before obtaining an Investment Registration Certificate (IRC). During this pre-licensing stage, the account may only be used for receiving capital contributions, paying investment preparation expenses, receiving interest, and refunding capital if the project is not approved. Once the IRC is issued, the same account can continue to be used, and additional ICAs in other foreign currencies may be opened as needed.

Who Is Required to Open a DICA?

The list of entities required to open a DICA is broader than many foreign investors realize. Under Circular 06/2019 and its amendments, the following categories must open and use a DICA:

Foreign-invested enterprises (FIEs): This includes companies established through investment in the form of establishing an economic organization where a foreign investor is a member or shareholder and an IRC is required; companies where foreign investors own 51% or more of charter capital (this threshold is lowered to over 50% under Circular 38/2026); companies formed through division, merger, or consolidation resulting in foreign ownership of 51% or more; and new companies established under specialized legislation.
Foreign investors participating in a Business Cooperation Contract (BCC).
Foreign investors directly implementing a PPP project where a project enterprise is not established.
Foreign contractors in petroleum activities under petroleum contracts and agreements.
Foreign investors who contribute capital, purchase shares, or acquire capital contributions in Vietnamese enterprises (whether in conditional or non-conditional business sectors), resulting in foreign ownership of 51% or more.

Critical Threshold Change: Under Circular 06/2019, the threshold for mandatory DICA opening was 51% foreign ownership. Circular 38/2026 lowers this threshold to more than 50%. This means companies with exactly 50% foreign ownership may now fall within the mandatory DICA regime. If your enterprise is near this threshold, confirm your status with your bank before proceeding.

Required Documents Checklist for DICA Opening

The exact document set varies slightly by bank, but the core requirements are consistent across licensed commercial banks in Vietnam. Prepare the following documents for your DICA application:

Application for opening a DICA (Đơn đề nghị mở tài khoản vốn đầu tư trực tiếp): Completed in the form provided by your chosen bank.
Investment Registration Certificate (IRC): A certified true copy or a copy presented with the original for verification. If the IRC has been amended, include the amended version.
Enterprise Registration Certificate (ERC): A certified true copy or a copy presented with the original for verification.
Tax code certificate (Giấy chứng nhận mã số thuế): If already issued.
Seal registration certificate (Đăng ký mẫu dấu): If applicable.
Company charter (Điều lệ công ty): The latest version.
Documents identifying the legal representative: Passport copy and a document confirming the legal representative's appointment.
Documents identifying the Chief Accountant or person in charge of accounting: Including their identification documents and appointment decision.
Board resolution or member resolution authorizing the account opening and naming the authorized signatory.
UBO (Ultimate Beneficial Owner) identification documents and a UBO list, as required by the bank's KYC process.
Business description with expected transaction volume, main counterparties, and currency requirements.
Anti-money laundering (AML) questionnaire and a sanctions/blacklist self-declaration, as required by the bank.

Pro Tip: All foreign-language documents (such as passports and certificates from your home country) must be translated into Vietnamese and notarized or consular-legalized. Your bank will typically provide a list of accepted translation and notarization providers. Confirm this with your bank before preparing your file.

Form Field-by-Field Breakdown of the DICA Application

The DICA application form is not a government-issued form with a fixed national format. Each bank provides its own template, but the core information required is consistent. Below is a translated breakdown of the key fields you will encounter.

APPLICATION FOR OPENING A DIRECT INVESTMENT CAPITAL ACCOUNT
(Đơn đề nghị mở tài khoản vốn đầu tư trực tiếp) To: [Bank Name] – [Branch Name] SECTION 1 – ACCOUNT HOLDER INFORMATION [01] Account holder name (company name as in ERC): ............................................................
[02] Enterprise Registration Certificate (ERC) number: ............
[03] Investment Registration Certificate (IRC) number: ............
[04] Tax code: ....................................................
[05] Registered address: ..........................................
[06] Legal representative name: ..................................
[07] Legal representative passport/ID number: ....................
[08] Contact phone: ..............................................
[09] Contact email: .............................................. SECTION 2 – AUTHORIZED SIGNATORY (IF DIFFERENT FROM LEGAL REP) [10] Authorized signatory name: ..................................
[11] Passport/ID number: ........................................
[12] Title: ......................................................
[13] Authority document reference (Board Resolution No.): ......... SECTION 3 – ACCOUNT DETAILS [14] Currency of account: [ ] USD [ ] EUR [ ] VND [ ] Other: ...............
[15] Purpose of account: [ ] Capital contribution (charter capital) [ ] Capital transfer / share purchase [ ] Profit repatriation [ ] Loan repayment (foreign loan) [ ] Other: ..................................................
[16] Expected initial deposit amount: ............................
[17] Source of funds: ............................................ SECTION 4 – SUPPORTING DOCUMENTS ATTACHED [18] Documents submitted with this application: [ ] Certified copy of ERC [ ] Certified copy of IRC [ ] Tax code certificate (if issued) [ ] Seal registration certificate [ ] Company charter [ ] Board/Member Resolution authorizing account opening [ ] Legal representative identification [ ] Chief Accountant identification and appointment [ ] UBO list and identification documents [ ] AML questionnaire [ ] Other: .................................................. SECTION 5 – DECLARATION I hereby declare that the information provided in this application is
true and correct. I agree to comply with the bank's terms and conditions
and all applicable regulations of the State Bank of Vietnam regarding
the opening and use of a Direct Investment Capital Account. Date: ....../....../.......... Signature and Seal:
[Authorized Signatory]
[Company Name]

Key filling notes:

The account holder name must match the name on your Enterprise Registration Certificate exactly. Any discrepancy will result in rejection.
In Section 3, the currency selection is important. Under Circular 06/2019, an FIE may open a DICA in foreign currency and, if investing in Vietnamese dong, a separate VND-denominated DICA. Each customer is generally permitted to open one DICA in foreign currency and one DICA in VND at one licensed bank. Confirm with your bank whether multiple foreign currency accounts in different currencies are permitted under Circular 38/2026.
In Section 3, the "Purpose of account" should reflect the actual transactions you intend to conduct. If you are contributing charter capital, select "Capital contribution." If you will also receive capital transfers or repatriate profits, note those as well.
The declaration in Section 5 must be signed by the legal representative or an authorized signatory whose authority is documented by a board or member resolution.

Step-by-Step DICA Opening Procedure

The process involves coordination between your company, your bank, and sometimes the State Bank of Vietnam. The general sequence is as follows:

Select a licensed bank and confirm requirements. Not all banks have the same documentation requirements for foreign investors. Contact your intended bank and ask for their specific DICA checklist for FIEs. Major banks that offer DICA services include ACB, Woori Bank Vietnam, Shinhan Bank Vietnam, and others.
Prepare your document set. Assemble the documents listed above. Ensure all foreign-language documents are translated into Vietnamese and notarized or consular-legalized.
Complete the bank's application form. Fill out the DICA application form provided by your bank. Use the field-by-field breakdown above as a reference for the information required.
Submit the application and undergo KYC/EDD. Submit your application and documents to the bank. The bank will conduct Know Your Customer (KYC) and, if your business is high-risk, Enhanced Due Diligence (EDD). This includes reviewing your ownership structure, source of funds, and transaction purpose.
Sign the account opening agreement. The bank will prepare the account opening agreement and deposit terms. The legal representative or authorized signatory must sign these documents, typically in person at the bank branch.
Receive account approval and activation. Once the bank approves your application, the DICA is opened and activated. You will receive the account number and internet banking credentials.
Complete initial funding. Transfer the initial capital contribution into the DICA from your overseas account. Retain the bank receipt and fund transfer documentation, as these will be required for future transactions and regulatory reporting.
Register foreign exchange transactions with the SBV (if applicable). Some transactions, such as capital contributions for certain project types, may require registration with the State Bank of Vietnam. Your bank will advise whether this step applies to your specific investment.

Pro Tip: If you are applying under the "ERC-first, IRC-later" mechanism introduced by the Investment Law 2025, confirm with your bank whether they will allow you to open a DICA before the IRC is issued. While Circular 38/2026 permits pre-IRC account opening, some commercial banks may still require an IRC before allowing DICA opening. Confirm this specifically with your intended bank before you register your business establishment.

Common Mistakes That Cause DICA Applications to Be Rejected

Confusing a DICA with a regular corporate account. A DICA is not a general operating account. It is used exclusively for capital-related transactions: charter capital contributions, capital transfers, profit repatriation, and foreign loan repayments. Attempting to use it for day-to-day operating expenses will trigger a compliance issue.
Opening the DICA at multiple banks. Under Circular 06/2019, each customer may open only one foreign-currency DICA and one VND DICA at one licensed bank. Opening accounts at multiple banks for the same currency violates the regulation and will result in the bank freezing or closing the excess accounts.
Using the wrong ownership threshold. Many investors believe the mandatory DICA threshold is 51% foreign ownership. Circular 38/2026 lowers the threshold to more than 50%. Companies at exactly 50% foreign ownership may now be required to open a DICA. Confirm your status with your bank.
Submitting uncertified or untranslated documents. All foreign-language documents must be translated into Vietnamese and notarized or consular-legalized. A passport copy without a certified Vietnamese translation will be rejected.
Missing the IRC when required. Under the old framework, a DICA could not be opened without an IRC. Circular 38/2026 allows pre-IRC opening, but not all banks have updated their internal procedures. Confirm with your bank before assuming you can open without an IRC.
Failing to document the source of funds. Banks are required to verify the source of funds for capital contributions under anti-money laundering regulations. Provide clear documentation showing the origin of the funds transferred into the DICA.
Not retaining proof of capital inflow. The bank receipt and fund transfer documentation for your charter capital contribution are essential for future transactions, including profit repatriation and capital reduction. Without them, you may face difficulty proving the legal inflow of capital.
Assuming your foreign bank account can be used directly. Capital contributions must be transferred from overseas into the DICA. You cannot use a personal foreign account or a foreign corporate account to contribute capital directly to the company without going through the DICA.

Disclaimer: Administrative regulations are subject to official policy updates. Always cross-check with the official immigration/government authority before final submission.

Frequently Asked Questions

Q1: What is a DICA and why do I need one?
A Direct Investment Capital Account (DICA) is a specialized bank account required for foreign-invested enterprises in Vietnam. It is the only legal channel for contributing charter capital, transferring investment capital, repatriating profits, and conducting other capital-related transactions. You cannot use a regular corporate account for these purposes.

Q2: What documents do I need to open a DICA as a foreign investor?
You need the bank's DICA application form, a certified copy of your Investment Registration Certificate (IRC), a certified copy of your Enterprise Registration Certificate (ERC), your tax code certificate, company charter, documents identifying the legal representative and chief accountant, a board resolution authorizing the account opening, UBO identification documents, and a completed AML questionnaire. All foreign-language documents must be translated into Vietnamese and notarized.

Q3: How many DICA accounts can a foreign-invested enterprise open?
Under Circular 06/2019, each enterprise may open one foreign-currency DICA and one VND-denominated DICA at one licensed bank. Circular 38/2026 relaxes some account limits, potentially allowing multiple foreign currency accounts of different currencies at the same bank. Confirm the current rules with your chosen bank.

Q4: Can I open a DICA before receiving my Investment Registration Certificate (IRC)?
Circular 38/2026, effective August 18, 2026, allows enterprises to open an Investment Capital Account (ICA) before obtaining the IRC for the purpose of receiving capital contributions and paying investment preparation expenses. However, some commercial banks may still require an IRC before allowing account opening. Confirm this specifically with your intended bank.

Q5: What is the difference between a DICA and a regular corporate bank account?
A DICA is used exclusively for capital-related transactions: charter capital contributions, capital transfers, profit repatriation, and foreign loan repayments. A regular corporate account is used for day-to-day operating expenses such as payroll, supplier payments, and tax payments. The two account types serve different purposes and must not be mixed.