Can foreigners get a credit card in Vietnam?

Can Foreigners Obtain a Credit Card in Vietnam: Requirements and Eligibility

Vietnam has experienced a surge in economic growth in recent years, leading to an expansion in the banking sector and the availability of financial services. Many foreigners residing in Vietnam may wonder if they are eligible to obtain a credit card in the country.

Eligibility Requirements

To qualify for a credit card in Vietnam, both Vietnamese citizens and foreign residents must adhere to specific requirements:

Vietnamese Citizens

• Aged 15 or older

Foreign Residents

• Remaining in Vietnam for at least 90 days
• Possessing a valid 12-month residency history
• Absence of outstanding debts classified as Group 2, bad debt, or sold to VAMC

Application Process

Foreign residents interested in obtaining a credit card in Vietnam should follow these steps:

1. Gather required documents: Passport, visa, proof of residency, and income verification.
2. Visit a bank: Select a reputable bank that offers credit cards for foreigners.
3. Submit an application: Complete an application form and provide supporting documentation.
4. Undergo credit assessment: The bank will review your credit history, income, and debt-to-income ratio.
5. Approval and issuance: If approved, the bank will issue a credit card with a specific credit limit.

Additional Considerations

• Foreign residents with shorter residency periods may face stricter requirements or higher interest rates.
• Some banks may offer credit cards specifically tailored to foreigners, with features and benefits that cater to their needs.
• It is important to compare different credit card options and choose one that offers competitive rates, rewards, and benefits that align with your financial goals.

By meeting the eligibility requirements and following the application process, foreign residents in Vietnam can access credit cards and enjoy the convenience and flexibility they provide for financial management.