Vietnam has become one of Asia’s fastest-growing export-driven economies, and with that growth comes a rapidly expanding volume of cross-border payments. As manufacturing, logistics, and digital services sectors attract foreign partners, the country’s financial system is adapting to meet global standards. While still maintaining currency controls, Vietnam is progressively improving its regulatory transparency, making international transactions more predictable for companies operating there.
The State Bank of Vietnam (SBV) serves as the central authority responsible for regulating all foreign exchange and international payment operations. Under the Ordinance on Foreign Exchange Management, all cross-border payments must be conducted through licensed credit institutions. This rule applies to both inflows and outflows of foreign currency. The system is designed to preserve monetary stability while ensuring that trade and investment activities can function smoothly.
For businesses engaged in import and export, the process begins with documentation. All international transfers must be supported by legally binding contracts, commercial invoices, and customs declarations. Banks are required to verify these documents before executing payments. Export proceeds must be received through the Vietnamese banking system, and the funds are subject to reporting to the SBV. Importers, on the other hand, must show proof of delivery or shipping to validate the transaction.
Vietnam maintains a managed floating exchange rate regime, meaning that the Vietnamese dong (VND) moves within a band set by the SBV. The central bank actively intervenes to prevent sharp fluctuations against major currencies like the USD or CNY. This approach creates a stable environment for businesses but requires them to plan carefully for conversion timing, as the official exchange rate can differ slightly from market offers.
Foreign investors face specific procedures for capital transfers and profit repatriation. Investments must be registered with the SBV and accompanied by a designated capital account in a local bank. This account is used exclusively for investment-related transactions — capital injections, dividend payments, or repatriation of profits. Any outbound transfer from this account requires prior approval, including tax clearance documentation. These measures help ensure transparency but can extend processing time.
In recent years, Vietnam has encouraged the adoption of digital payment infrastructure to support cross-border business. Banks are increasingly partnering with global payment systems such as SWIFT, Visa B2B Connect, and regional platforms to accelerate international transactions. The SBV’s “Digital Banking Development Strategy 2025” also supports fintech participation in remittance and cross-border transfers, allowing faster and cheaper settlements for SMEs and freelancers.
For exporters, opportunities are particularly strong. Vietnam’s extensive trade agreements — including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) — have simplified financial documentation and created more transparent payment processes for cross-border trade. These agreements also help foreign buyers and suppliers access preferential banking channels and reduce administrative barriers.
Remittances represent another significant component of Vietnam’s international payment flow. The country is one of the top ten global recipients of remittances, with funds mainly coming from the United States, Japan, and South Korea. The SBV has streamlined inbound transfers through licensed remittance companies and banks, ensuring quick distribution in both foreign currency and VND.
However, some challenges persist. Cross-border payments can still be delayed due to manual compliance checks, varying documentation standards among banks, and limited interoperability between local systems and global payment networks. For service-based companies, sending payments abroad may require additional steps such as obtaining a service contract registration certificate or demonstrating tax settlement for the relevant transaction.
To optimize international payments in Vietnam, businesses should:
– Work with local banks that have strong international correspondent networks.
– Keep detailed and consistent records for every transaction to satisfy compliance requirements.
– Use SBV-approved fintech or remittance services for smaller and faster transfers.
– Track exchange rate updates published by the SBV to plan conversions strategically.
– Ensure that all investment-related payments flow through registered capital accounts.
Vietnam’s approach to cross-border payments reflects a gradual but clear transition toward openness. The authorities continue to strengthen supervision while promoting modernization through fintech and digital banking innovation. As integration with regional payment systems deepens, businesses will benefit from faster, more transparent, and lower-cost international transfers.
For foreign investors and exporters, Vietnam offers a balance between regulatory order and growing efficiency. Those who learn to align with SBV’s procedures and take advantage of new digital tools will find a favorable environment for sustained international operations.