Managing Finances And Payments While Working In Vietnam - Answers & Video

Managing Finances And Payments While Working In Vietnam

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Vietnam is a vibrant and rapidly developing country in Southeast Asia, attracting a growing number of expatriates who come here to work and live. Managing finances and payments effectively is crucial for anyone working in Vietnam to ensure a smooth and hassle-free experience. This article will provide detailed information and insights on various aspects of managing finances and payments in Vietnam, including banking services, currency exchange, cost of living, taxes, and more.

Banking Services

When working in Vietnam, setting up a local bank account is highly recommended to facilitate salary deposits, bill payments, and other financial transactions. The major banks in Vietnam include Vietcombank, BIDV, Techcombank, and VietinBank. These banks offer a range of services such as online banking, ATM withdrawals, and international money transfers. It is advisable to visit the bank in person with the necessary documents, including a valid passport, work permit, and proof of address, to open an account.

  • Online Banking: Most banks in Vietnam provide online banking services, allowing account holders to manage their finances conveniently from anywhere with an internet connection.
  • Online banking enables users to check account balances, transfer funds, pay bills, and set up automatic payments. It also provides access to transaction history and e-statements, making it easier to track expenses and monitor financial activities.

  • ATM Withdrawals: ATMs are widely available in Vietnam, accepting both local and international bank cards. However, it is important to be aware of any transaction fees and withdrawal limits imposed by the respective banks.
  • It is advisable to inform your home bank about your travel plans and inquire about any partnerships or fee waivers for international withdrawals to minimize costs.

  • International Money Transfers: If you need to send money internationally or receive funds from abroad, Vietnamese banks offer international money transfer services. These transfers may incur fees and require specific information, such as the recipient’s bank account details and SWIFT code.

Currency Exchange

The official currency of Vietnam is the Vietnamese Dong (VND). It is important to familiarize yourself with the current exchange rates and find reputable places to exchange your currency. Banks, authorized exchange offices, and some hotels offer currency exchange services.

  • Banks: Banks in Vietnam provide currency exchange services. It is recommended to use banks rather than street vendors or unauthorized exchange offices to ensure fair rates and avoid counterfeit currency.
  • Authorized Exchange Offices: Authorized exchange offices, often found in tourist areas or commercial centers, offer currency exchange services. These offices usually display the exchange rates prominently and provide a safe and reliable option for exchanging money.
  • Hotels: Some hotels may offer currency exchange services for their guests. However, it is important to compare rates and fees with other options to ensure you are getting a competitive exchange rate.

Cost of Living

The cost of living in Vietnam varies depending on the city or region. Generally, Vietnam offers a relatively affordable standard of living compared to many other countries. However, major cities like Hanoi and Ho Chi Minh City can be more expensive than smaller towns and rural areas.

  • Accommodation: Rent prices in Vietnam can vary significantly depending on the location, size, and quality of the property. In major cities, apartments in desirable areas tend to be more expensive, while rural areas offer more affordable options.
  • Transportation: Public transportation in Vietnam, such as buses and trains, is relatively inexpensive. Motorbike taxis and ride-hailing services like Grab are popular options for getting around cities, with fares varying based on distance.
  • Food: Vietnamese cuisine is known for its delicious and affordable street food. Eating at local markets and street vendors can be very budget-friendly, while dining at restaurants or international food chains may be more expensive.
  • Utilities: The cost of utilities, including electricity, water, and internet, is generally reasonable in Vietnam. However, usage patterns and the size of the property can affect the overall expenses.


Understanding the tax system in Vietnam is essential for anyone working in the country. The tax rates and regulations can vary depending on the individual’s residency status and the type of income earned.

  • Personal Income Tax: In Vietnam, personal income tax is progressive, with different tax rates applied to different income brackets. As of 2021, the tax rates range from 5% to 35%, depending on the income level.
  • Corporate Income Tax: Companies operating in Vietnam are subject to corporate income tax, which is currently set at a flat rate of 20%. However, certain industries and regions may be eligible for tax incentives or exemptions.
  • Value Added Tax (VAT): VAT is a consumption tax imposed on the sale of goods and services in Vietnam. The standard VAT rate is 10%, with reduced rates of 5% and 0% applicable to specific goods and services.
  • Social Insurance and Health Insurance: Both employees and employers are required to contribute to social insurance and health insurance funds in Vietnam. The contribution rates depend on the salary and are subject to periodic adjustments.

Managing Expenses

Effectively managing expenses is crucial for maintaining financial stability while working in Vietnam. Here are some tips to help you manage your expenses:

  • Create a Budget: Establish a monthly budget to track your income and expenses. This will help you prioritize your spending and ensure you are not overspending.
  • Track Your Expenses: Keep a record of your daily expenses to identify areas where you can cut back or make adjustments. There are various mobile apps available that can help you track your expenses conveniently.
  • Avoid Impulsive Purchases: Think twice before making impulsive purchases. Consider if the item or service is essential and aligns with your budget and financial goals.
  • Save Regularly: Set aside a portion of your income for savings each month. This will help build an emergency fund and contribute to long-term financial stability.


Having insurance coverage is important to protect yourself and your belongings while working in Vietnam. Consider the following types of insurance:

  • Health Insurance: Ensure you have comprehensive health insurance coverage that includes medical emergencies, hospitalization, and outpatient services. Familiarize yourself with the coverage limits, exclusions, and reimbursement procedures.
  • Property Insurance: If you have valuable belongings or rent a property in Vietnam, consider getting property insurance to protect against theft, damage, or natural disasters.
  • Liability Insurance: Liability insurance can provide coverage in case you unintentionally cause harm to others or damage someone else’s property. This type of insurance can help protect you from potential legal and financial liabilities.

Investment Opportunities

Vietnam’s growing economy and business-friendly environment present various investment opportunities. Here are some investment options to consider:

  • Stock Market: Invest in Vietnam’s stock market through brokerage firms or online trading platforms. It is important to conduct thorough research and seek professional advice before investing.
  • Real Estate: Vietnam’s real estate market has shown significant growth in recent years. Investing in properties, such as residential or commercial units, can provide long-term returns.
  • Business Ventures: Consider starting a business or investing in existing businesses in Vietnam. The country’s favorable economic conditions and expanding consumer market offer opportunities across various industries.

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Tourist Attractions

Vietnam is known for its rich history, stunning landscapes, and vibrant culture. While working in Vietnam, take the opportunity to explore the country’s diverse tourist attractions:

  • Ha Long Bay: Visit the UNESCO World Heritage Site of Ha Long Bay, famous for its limestone islands and emerald waters. Take a cruise or kayak through the breathtaking scenery.
  • Hoi An Ancient Town: Explore the charming streets of Hoi An Ancient Town, known for its well-preserved architecture, lantern-lit alleys, and vibrant markets.
  • Ho Chi Minh City: Discover the bustling metropolis of Ho Chi Minh City, formerly known as Saigon. Visit historical sites, enjoy delicious street food, and experience the energetic nightlife.
  • Hue Imperial City: Step back in time at the Hue Imperial City, the former capital of Vietnam. Explore the royal palaces, temples, and gardens that showcase the country’s rich cultural heritage.

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Managing finances and payments while working in Vietnam requires careful planning and understanding of the local banking system, currency exchange, cost of living, taxes, and other financial aspects. By following the tips and recommendations provided in this article, you can ensure a smooth and financially secure experience during your time in Vietnam.


  • Vietcombank:
  • BIDV:
  • Techcombank:
  • VietinBank:
  • (Currency Exchange Rates):
  • Vietnam Ministry of Finance:
  • General Statistics Office of Vietnam:

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