Vietnam’s State Bank has floated a draft circular that would see the process of opening a bank account simplified for foreign stock traders in Vietnam, the Government Electronic Newspaper has reported.
The publication suggests these new regulation would simplify the procedures and documentation required for opening indirect investment accounts, removing the need for consular legalisation for foreign-language documents. It would also introduce the option for foreign investors to open accounts electronically. Additionally, the circular would permit foreign investors to open multiple indirect investment accounts, providing greater flexibility for their investment activities.
This comes as part of a raft of reforms designed to facilitate an upgrade of Vietnam’s stock market from a frontier to an emerging market.
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