Moving to Vietnam: Visas, Work Permits, Banking & Practical Essentials

Vietnam is not a difficult country to move to. But it is a country where the gap between "what the law says" and "how things work in practice" can catch newcomers off guard. The good news: the VIFC framework, enacted through Resolution 222 and eight implementing decrees in December 2025, has created a parallel immigration and employment track that is materially better than anything Vietnam has offered foreign professionals before.

This guide walks through the practical logistics — visas, work permits, bank accounts, housing, driving, healthcare, schools, and cost of living — with specific attention to what changes if you are joining an IFC-member organisation.

Visas: The Standard Track vs. the VIFC Track#

Standard Vietnam Visas#

Vietnam's visa regime has loosened considerably since 2023. The headline options for most foreigners:

• E-visa — available to all nationalities, valid up to 90 days (single or multiple entry), costs $25 on the official portal. Processing takes three to five working days. This is how most people first enter Vietnam.
• Visa exemptions — nationals of 39 countries (including the UK, France, Germany, Japan, South Korea, and most of the EU) can enter visa-free for up to 45 days. The 30-day gap between visa-free entries has been removed; you can re-enter immediately.
• Business visas (DN1/DN2) — issued for up to one year, single or multiple entry, but require a sponsoring entity in Vietnam. These are the standard route for professionals who have a job offer but have not yet obtained a work permit.
• Temporary Residence Cards (TRCs) — issued once you hold a valid work permit, investment licence, or other qualifying status. TRCs allow re-entry without a separate visa and are valid for one to five years.

The standard visa regime is adequate for exploratory visits and short-term assignments. But for anyone planning to work at an IFC-member firm, the VIFC-specific track is substantially better.

The VIFC Track: Decree 327#

Decree 327/2025/ND-CP, issued 18 December 2025, creates a dedicated immigration channel for foreign nationals working at organisations headquartered in the IFC. The key provisions:

• UD1 temporary residence card — issued to key investors, experts, managers, and highly skilled workers at IFC-member entities. Validity of up to 10 years. Processing time: three working days from receipt of a complete dossier.
• UD2 temporary residence card — issued to spouses and children (under 18) of UD1 holders, with matching validity.
• Permanent residency — available to critical investors, experts, scientists, individuals with special talents, and senior managers who have worked continuously at an IFC-headquartered organisation for at least three years. Requires a recommendation from a relevant minister or the chairman of the HCMC or Da Nang People's Committee. The Ministry of Public Security must decide within two months; the permanent residence card is renewed every 10 years.
• Proposal authority — the IFC Executive Authority handles the paperwork. You do not navigate the general immigration bureaucracy yourself.

This is a meaningful upgrade. Under the standard system, a TRC tops out at five years, requires a work permit first, and involves considerably more paperwork. Under Decree 327, the IFC Executive Authority acts as a one-stop intermediary between you and the immigration department.

"The 10-year residence card alone puts Vietnam's IFC ahead of what DIFC offered in its first five years of operation." — Regional immigration adviser, Baker McKenzie (Ho Chi Minh City)

What you need to qualify: The criteria for "key investor" status are set by the IFC Executive Authority's rules on strategic investors (still being finalised as of February 2026). For managers, senior managers, experts, and highly skilled workers, the definitions follow Decree 219/2025/ND-CP — Vietnam's national framework for foreign workers, issued in August 2025. In practice, this means holding a relevant degree and one to two years of professional experience (reduced from three years under the old rules), or meeting the IFC Executive Authority's own criteria once published.

Work Permits: The Standard Track vs. the VIFC Track#

Standard Work Permits (Decree 219)#

Vietnam requires virtually all foreign employees to hold a work permit (Giấy phép lao động). The employer applies on the worker's behalf. Under Decree 219/2025/ND-CP (effective August 2025), the key rules are:

• Maximum validity: two years, extendable once for another two years. After that, a fresh application is required.
• Processing time: 10 working days (down from longer periods under the old regime).
• Employer obligation: the employer must advertise the position publicly for at least five days before applying for a foreign worker's permit. The old 15-day portal posting requirement has been scrapped.
• Expert qualifications: a university degree plus two years' relevant experience (one year if the field is finance, science, technology, innovation, or digital transformation).
• Exemptions: foreign workers in Vietnam for fewer than 90 cumulative days per calendar year are exempt but still require employer notification at least three days before the start date.

Work permits are issued by Provincial People's Committees (or their delegates). The employer compiles the dossier, which typically includes: a criminal record certificate, health check, notarised degree, passport copies, and the application form. Since August 2025, the criminal record certificate and work permit can be applied for simultaneously via the National Public Service Portal.

The VIFC Track: Decree 325#

Decree 325/2025/ND-CP creates a liberalised labour regime for IFC-member organisations:

• No domestic recruitment obligation — IFC employers do not need to advertise positions to Vietnamese workers before hiring a foreign professional.
• Processing time: three working days (versus 10 under the standard track).
• Working term: extendable for up to 10 years, dramatically reducing the relicensing cycle.
• Issuing authority: the IFC Management Authority handles work-permit issuance and exemption confirmations directly — not the provincial labour department.
• Social security flexibility: foreign employees at IFC entities can choose between compulsory and voluntary social insurance. If you already participate in an equivalent scheme abroad, exemptions or reductions may apply.

The practical effect: if you are joining an IFC-member firm, your employer's HR and compliance team deals with a single, dedicated authority that is incentivised to process quickly. The standard Vietnamese work-permit process — while improved — still involves multiple agencies and can take four to six weeks in practice once document preparation is included.

Banking and Money#

Opening a Personal Bank Account#

Vietnam's banking system is modern, mobile-first, and increasingly QR-code driven. Opening an account, however, requires documentation that many newcomers do not yet have on arrival.

Standard requirements: a valid passport, a visa or TRC with at least 12 months' validity (some banks accept six months), proof of residential address, and — at certain banks — a tax code or employment contract. Tourist visas are generally not accepted by mainstream banks, though a handful (VPBank, MB Bank) have been more flexible.

The practical path for IFC arrivals: your UD1 residence card (up to 10 years' validity) will satisfy the documentation threshold at any Vietnamese bank. Pair it with a rental contract and you are set. The IFC's FX liberalisation framework (Decree 329 and Circular 72) means that IFC-member entities transact in foreign currency with other members and offshore counterparties, but your personal salary account will still typically be in VND.

Recommended banks for English-speaking expats:

• HSBC Vietnam — strongest international network and English support; requires VND 1 billion average balance or VND 100 million monthly salary for Premier status.
• Techcombank — solid app, wide branch network, growing English-language capability.
• TPBank — good digital experience, English interface, has accepted shorter-term visa holders.
• MB Bank — IFC founding member, English app, likely to develop IFC-specific products.

Day-to-day payments: Vietnam runs on QR codes. Once you have a bank account linked to a Vietnamese phone number, you pay for almost everything — from street food to rent — by scanning. MoMo, ZaloPay, and bank-native QR systems are ubiquitous. Cash is still used but increasingly optional in HCMC and Da Nang.

International transfers: bank-to-bank international transfers from Vietnamese banks are expensive and slow. Most expats use Wise (formerly TransferWise) or Revolut for incoming transfers at the mid-market rate, then top up their Vietnamese account locally. Note: rent must legally be paid in VND for transactions between Vietnam-based parties.

Biometrics Requirement#

Since 1 January 2025, all bank account holders in Vietnam must have an updated biometrics report linked to their account. This is typically handled during your first branch visit. Carry your passport and be prepared for a facial scan.

Housing and Real Estate#

Renting#

Vietnam's rental market is landlord-friendly and cash-deposit-heavy, but offers outstanding value by regional standards.

Ho Chi Minh City — typical monthly rents (2025–26):

• Studio/1-bed in District 1 (city centre): $500–$900
• Modern 1-bed in Thao Dien (Thu Duc, the main expat hub): $600–$1,000
• 2-bed in Binh Thanh (Vinhomes Central Park area): $700–$1,200
• Serviced apartment (furnished, utilities included): $800–$1,500

Da Nang — typical monthly rents:

• 1-bed apartment near the beach (Son Tra, My An): $400–$700
• Modern 2-bed in Hai Chau (central): $500–$900
• Villa in a residential compound: $800–$1,200

Practical tips:

• Budget for one to two months in a serviced apartment while you search. Inspecting properties in person avoids the most common pitfalls (mould, construction noise, misleading photos).
• Deposits are typically two months' rent. Always insist on a bilingual contract.
• Verify the landlord's ownership papers (Giấy chứng nhận quyền sử dụng đất). "Ghost landlord" scams exist, particularly in high-demand districts.
• Utilities run roughly $80–$150/month (electricity is the main variable, driven by air conditioning). Electricity is billed on a tiered government rate; some serviced apartments use submeters with a markup.

Buying Property#

Foreigners can purchase apartments (not land) in Vietnam, with restrictions: ownership is capped at 30% of units in any condominium project and 10% of landed housing in any subdivision. Leasehold tenure is 50 years, renewable. Inside the IFC zones, Decree 326 allows land-use tenure of up to 70 years for IFC-related projects.

For most arriving professionals, renting is the correct first move. The purchase market is opaque, contract-intensive, and currency-restricted (VND only). Buying makes sense only after you have been in-country long enough to understand the market.

Driving#

The Law#

Vietnam only recognises the 1968 Vienna Convention International Driving Permit (IDP). If your home country signed the 1949 Geneva Convention instead — as the US, Australia, Canada, and the UK did — your IDP is not valid in Vietnam. This surprises nearly every arriving expat.

Your options:

1. 1968 Vienna Convention IDP + valid home licence — you can drive legally, but technically only for the first three months. You should then convert to a Vietnamese licence.
2. Vietnamese licence conversion — available to anyone holding a long-term visa or TRC with at least three months' validity. You submit your foreign licence (notarised translation), passport, and a health certificate to the local Department of Transportation. Processing takes seven to 10 working days. No driving test is required for conversion; the test (conducted in Vietnamese) is only for those without an existing licence.
3. Grab/ride-hailing — the default for most expats, especially in the first few months. Grab cars and motorbike taxis are cheap, ubiquitous, and eliminate all licence questions.

Motorbike-specific rules: from 1 January 2025, all riders of motorbikes over 50cc need at least an A1 licence (newly issued A1 licences now cap at 125cc; older ones cover up to 175cc). Riding without a valid licence voids all travel and health insurance, and fines have increased sharply — expect VND 2–5 million ($80–$200) plus a seven-day vehicle impound.

Our advice: convert your licence in the first month if you plan to drive. Use Grab for everything else. Riding a motorbike without proper documentation is one of the few ways to turn a minor accident into a financial catastrophe.

Healthcare and Insurance#

Vietnam's healthcare system splits cleanly into two tiers: public hospitals (affordable, crowded, Vietnamese-language only) and private/international facilities (English-speaking staff, modern equipment, significantly more expensive).

Top private hospitals and clinics for expats:

• FV Hospital (HCMC) — the gold standard; JCI-accredited, multilingual.
• Vinmec International Hospital (HCMC, Da Nang, Hanoi) — modern chain with English-speaking specialists.
• Family Medical Practice (HCMC, Da Nang, Hanoi) — expatriate-focused clinics; good for primary care and referrals.
• Columbia Asia (HCMC) — reliable mid-range international option.
• International SOS (HCMC, Hanoi) — 24/7 emergency services, evacuation capability.

Insurance: most expats carry a private international health insurance plan ($600–$1,500/year for regional coverage). Direct billing at major hospitals saves the hassle of pay-and-claim. Popular providers include Cigna, Allianz, Pacific Cross, Liberty Vietnam, and April.

Compulsory social insurance: all foreign workers with work permits and TRCs must contribute to Vietnam's Social Health Insurance programme. This gives you access to the public system at discounted rates. Most expats treat it as a statutory obligation and rely on their private plan for actual care.

Under Decree 325, IFC-member employees can opt for voluntary rather than compulsory social insurance if they already participate in an equivalent scheme overseas — a useful flexibility for those with existing global coverage.

Cost of Living#

Vietnam remains one of the most affordable countries in Asia for a high quality of life. The numbers, however, depend heavily on whether you adopt local habits or replicate a Western lifestyle.

Indicative monthly budgets (single professional):

For a family of four, add $800–$1,500/month for housing (you will want a 2–3 bedroom), $400–$700 for food, and — if using international schools — $15,000–$38,000 per child per year in tuition.

The key variable is food. A bowl of phở from a street stall costs $1.50. A hamburger at a Western restaurant costs $8–$11. A full local meal for two with beer: under $5. Imported wine or craft beer at an expat bar: $6–$12 per drink. The expats who live well on modest budgets are the ones who eat like locals most of the time.

Schools and Children#

International Schools#

Vietnam hosts over 120 international schools, concentrated in HCMC and Hanoi. Da Nang's international school market is smaller but growing, with fees 20–40% lower than the two major cities.

HCMC — leading international schools (2025–26 annual tuition):

• ISHCMC (IB curriculum, est. 1993) — VND 682–959 million ($26,000–$37,000) for grades 1–12
• Saigon South International School (American/IB, not-for-profit) — comparable range
• British International School HCMC (British curriculum) — VND 238–956 million depending on year group
• Australian International School (IB) — mid-range; strong bilingual diploma rate
• Canadian International School (Canadian/IB) — VND 532–804 million

Da Nang options: Singapore International School Da Nang, APU American School (VND 223–430 million), Odyssey International School. Smaller class sizes (12–18 students) and a more relaxed environment, but fewer extracurricular resources and university counselling depth.

Key considerations: application fees (VND 3.4–28.6 million), registration/development fees (VND 24–73 million one-time), plus annual extras (transport, uniforms, technology, exam fees) adding VND 52–117 million. Budget for first-year total costs 15–25% above the headline tuition figure.

Since September 2025, public school tuition in Vietnam is free — including for foreign children with valid visas. However, instruction is entirely in Vietnamese, class sizes often exceed 40, and the pedagogical approach is heavily exam-focused. This is realistic only for families planning very long-term stays with children who are fluent in Vietnamese.

Childcare and Early Years#

Quality bilingual nurseries and kindergartens are abundant in HCMC's expat districts (Thao Dien, District 7, District 2) and increasingly available in Da Nang. Expect $200–$600/month for full-time early-years programmes at international-standard facilities.

Expat Communities and Networks#

Vietnam has a large and well-organised expat community, particularly in HCMC. Facebook remains the dominant platform for expat groups — search for "Expats in Ho Chi Minh City," "Da Nang Expats," and sector-specific groups. LinkedIn is the professional networking channel of choice.

Useful community anchors:

• British Business Group Vietnam (BBGV) and AmCham Vietnam — regular events, policy briefings, networking.
• European Chamber of Commerce (EuroCham) — strong financial services working group.
• FinTech Vietnam and Vietnam Blockchain Association — if you are in the digital assets or fintech space.
• InterNations — social and professional events for expats in both HCMC and Da Nang.

As the VIFC ecosystem develops through 2026 and beyond, expect dedicated IFC networking events, co-working spaces, and professional associations to emerge rapidly — particularly around the Thu Thiem hub in HCMC and the innovation district in Da Nang.

The Bottom Line#

The administrative burden of relocating to Vietnam is real but manageable — and markedly lighter if you are joining an IFC-member organisation. The VIFC decrees have created an immigration and employment framework that is competitive with DIFC, GIFT City, and other established financial centres. The wider Vietnamese system is modernising fast but still requires patience, good documentation, and — ideally — a local HR team or relocation adviser who knows which branch of which office to visit on which day.

Get the paperwork right, and you will find that the daily reality of living in Vietnam is one of the great bargains in international finance: a dynamic, affordable, culturally rich environment with direct flights to every major Asian capital and an increasingly sophisticated professional ecosystem.

This guide is updated quarterly. Last reviewed: February 2026. For regulatory provisions, always verify against the latest official texts — Vietnamese regulations move fast, and circulars can amend decrees with little advance notice.