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VietinBank review: services, fees, pros and cons
Is VietinBank a good choice for foreign buyers in Hanoi?
VietinBank at a glance
State-owned · Big Four- Full name
- Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)
- Founded
- 1988
- Spun off from the State Bank of Vietnam
- Head office
- Hoàn Kiếm district, central Hanoi
- Listing
- Ho Chi Minh Stock Exchange, ticker CTG
- Listed since 2009
- Ownership
- Majority state-owned
- MUFG Bank (Japan) strategic partner, ~19.73% since 2013
- Category
- One of Vietnam's "Big Four" state-owned commercial banks
- SWIFT / BIC
- ICBVVNVX
- Last reviewed
- July 2026
Our editorial rating
- Foreigner accessibility
- 2.5 / 5
- English support
- 2.0 / 5
- Track record & reliability
- 4.5 / 5
- Mortgage access for foreigners
- 1.0 / 5
- Fees & transparency
- 3.0 / 5
- Documentation & process
- 2.5 / 5
Accounts require a valid visa or TRC and an in-branch visit; no dedicated foreigner desk.
A Vietnamese-first bank; English service is concentrated in a handful of flagship Hanoi branches.
Majority state-owned, systemically important Big Four bank supervised by the State Bank of Vietnam.
Local mortgage lending to non-resident foreign individuals is essentially unavailable, in line with market-wide practice.
A published tariff schedule exists but is mainly in Vietnamese, typical of state-owned peers.
Standard documentation requirements, but processing can be slower than at newer joint-stock banks.
VietinBank for foreign property buyers in Hanoi
VietinBank — formally the Vietnam Joint Stock Commercial Bank for Industry and Trade — is one of Vietnam's four state-owned commercial banks, alongside Agribank, BIDV and Vietcombank. It was carved out of the State Bank of Vietnam in 1988 as one of the country's first specialised commercial banks, and has been listed on the Ho Chi Minh Stock Exchange (ticker CTG) since 2009. The State retains majority ownership, while Japan's MUFG Bank has held a strategic stake of roughly 19.73% since 2013 — one of the largest foreign investments in Vietnamese banking history, and a link that strengthens VietinBank's correspondent-banking and trade-finance network for cross-border clients.
For a foreign buyer purchasing property in Hanoi, VietinBank is best understood as a large, safe custodian rather than a foreigner-focused retail bank. To open a personal account, you will generally need a valid long-term visa or a Temporary Residence Card, your passport, and, depending on the branch, supporting proof of income or recent bank statements from your home country. There is no dedicated expat desk comparable to HSBC or Standard Chartered's Vietnam operations, and day-to-day banking runs largely in Vietnamese. VietinBank also does not fill the mortgage gap: like other domestic lenders, its home-loan products are built around resident borrowers with local income and collateral, so non-resident foreign buyers should plan on financing a purchase from abroad — see our guide to mortgages for foreigners in Vietnam and to transferring funds to Vietnam.
Where VietinBank does earn its place in a buyer's toolkit is after completion: its extensive nationwide branch network makes it a practical account for settling recurring, VND-denominated costs such as the building's maintenance fund and monthly service charges, and its scale means very low counterparty risk for money you keep on deposit in-country.
Typical VietinBank fees for foreign clients
Indicative ranges for a standard personal account, based on the fee structures typical of Vietnam's state-owned banks. VietinBank's own tariff schedule is published mainly in Vietnamese and revised periodically — confirm exact current fees with the branch before transacting.
| — | Min | Max | Base |
|---|---|---|---|
| Account opening (foreign individual) | Free | Free | one-offNew client, in branch |
| Minimum balanceVaries by account type | None | ~VND 1,000,000 | ongoing |
| Outbound SWIFT transferTypical floor/cap applies | 0.15% | 0.2% | % of amountSender, per transfer |
| Inbound SWIFT transfer | Free | ~VND 50,000 | per transfer |
| FX conversion spreadApplied when converting EUR/USD to VND | ~1% | ~2% | vs. interbank rate |
Example: receiving a €50,000 transfer to fund a deposit
- Inbound SWIFT fee
- ≈VND 50,000 (≈€2)
- FX conversion spread (~1.5%, illustrative)
- ≈€750
- Σ
- ≈€752 (illustrative — confirm the live rate and fee before transferring)
Indicative only — VietinBank's published tariff schedule (Vietnamese) is the authoritative reference
+ Pros and cons
- +Majority state-owned and systemically important — one of Vietnam's four largest banks by balance sheet, among the safest custodians for VND held in-country
- +Strategic partnership with MUFG Bank (Japan, ~19.73% stake since 2013) strengthens international correspondent banking and trade-finance links
- +One of the widest domestic branch networks in Vietnam, convenient for paying local service charges, the maintenance fund and utilities
- +Listed on the Ho Chi Minh Stock Exchange (HOSE: CTG) with public financial disclosure and State Bank of Vietnam supervision
−
- −No dedicated foreigner or expat retail desk comparable to HSBC or Standard Chartered's Vietnam operations
- −English-language service is inconsistent outside flagship branches; most day-to-day account operations run in Vietnamese
- −Local mortgage financing is not realistically available to non-resident foreign buyers — VietinBank is not a workaround for this market-wide constraint
- −Retail account-opening and documentation processes tend to be slower and more paperwork-heavy than at newer private joint-stock banks
✓ Who should choose VietinBank
- ✓Foreign buyers who already hold a Vietnamese TRC or work permit and need a reliable VND account for utilities, service charges and the maintenance fund
- ✓Buyers or investors connected to Japanese corporates or joint ventures who can leverage the MUFG partnership for trade-linked transfers
- ✓Risk-averse buyers who prioritise counterparty stability and state backing over English-language convenience
- ⚠Foreign buyers seeking an English-first, expat-oriented banking experience
- ⚠Buyers hoping to secure a local mortgage as a non-resident
- ⚠Buyers who want fast, fully digital account opening without an in-person branch visit
Other banks working with foreign buyers in Hanoi
Standard Chartered Bank (Vietnam) Ltd
★Banque internationale; Priority Banking & wealth management (The Good Life), Priority Private; comptes, cartes, prêts/hypothèques, FX; clientèle expatriée/HNW.
Hanoi · EN, VN
Woori Bank Vietnam Ltd
★Filiale coréenne (Woori Bank); détail, dépôts, cartes, prêts non garantis et hypothécaires, assurance, remises; offres dédiées aux expatriés coréens (dont garantie études en Corée).
Hanoi · EN, VN
HSBC Bank (Vietnam) Ltd
★1re banque étrangère incorporée au Vietnam; banque internationale pour expatriés; HSBC Premier (wealth), comptes, prêts immobiliers/home equity, cartes, remises & Global Transfers, investissement/assurance.
Ho Chi Minh City · EN, VN
Shinhan Bank Vietnam Ltd
★1re banque étrangère de détail au Vietnam (groupe coréen Shinhan); comptes, prêts (dont hypothécaires), cartes, remises; forte clientèle expatriée coréenne.
Ho Chi Minh City · EN, VN
Frequently asked questions
Is VietinBank reliable?
Yes. VietinBank is majority state-owned and one of Vietnam's four largest banks by balance sheet, supervised by the State Bank of Vietnam as a systemically important institution. For a foreign buyer, that means very low counterparty risk for holding Vietnamese đồng — reliability, not foreigner-friendliness, is VietinBank's strength.
What is VietinBank's credit rating from Moody's?
VietinBank is rated by international agencies including Moody's, broadly in line with Vietnam's sovereign credit profile and its Big Four peers, as is typical for Vietnam's state-owned banks. Agency ratings are reviewed periodically, so buyers relying on the current exact notch for a transaction should confirm it directly with the bank.
How do I transfer money to VietinBank?
International transfers reach a VietinBank account via SWIFT, using its BIC code, the recipient's VND or foreign-currency account number, and full beneficiary details. Expect a small inbound handling fee and a foreign-exchange spread when the funds are converted to đồng.
What is the SWIFT code for VietinBank?
VietinBank's SWIFT/BIC code is ICBVVNVX. Use it together with the beneficiary's full name, VND or foreign-currency account number, and the receiving branch address when instructing an international transfer from a European bank.
Can a foreigner open an account at VietinBank?
Yes, in principle. Foreign individuals with a valid entry visa, work permit or Temporary Residence Card can generally open a basic VND account in person at a branch, with a passport and supporting documents. Expect a Vietnamese-language process and, outside flagship branches, limited English support.
Does VietinBank offer mortgages to foreign buyers?
Not in practice for non-resident foreign individuals. Like other Vietnamese banks, VietinBank's mortgage products are built around resident borrowers with local income and collateral; foreign buyers financing a Hanoi purchase overwhelmingly rely on funds transferred from abroad rather than a local VietinBank loan.
What documents does VietinBank ask for when opening an account?
Typically a valid passport, current visa or residence card, proof of address, and sometimes proof of income or employment. Requirements vary by branch and account type, and documents issued abroad may need certified translation — confirm the exact list with the branch before your appointment.
Our verdict
2.7 / 5VietinBank is exactly what its ownership structure suggests: a large, state-backed pillar of the Vietnamese banking system, not a foreigner-friendly retail brand. For safety and scale, it is hard to fault — Big Four status, HOSE-listed transparency and a strategic MUFG partnership all point to a bank that will still be standing in fifty years, which matters when you are holding funds against a decades-long property tenure. But for the specific mechanics of a foreign purchase — English-language service, a smooth non-resident account opening, or any prospect of a local mortgage — it is not the bank to lead with. Our take: open a VietinBank account once you already hold Vietnamese residency and want a rock-solid place to route recurring payments, and compare it against Hanoi's directory of banks working with foreign buyers before you commit to your primary transaction account.
Need an independent second opinion on banking in Hanoi?
We help foreign buyers open the right account, move funds compliantly and time transfers sensibly — before they commit to a developer or a bank. Tell us about your project and a Maison Hanoi advisor will reply within one business day.