Do the foreign investors need to have a bank account in a Vietnam bank when doing business in Vietnam? If yes, should that be VND account or foreign currency account?

According to the Law on Investment, foreign investors are allowed to open a bank account in a licensed bank in VND or foreign currency.

Foreign investors must open a capital account on a bank first. If the activities of the foreign investors related to capital transactions of foreign direct investment in VN, the foreign currency account is a need. If the activities of the foreign investors related to capital transactions of foreign indirect investment in VN, the VND account is a required. There are multi transactions that demand foreign investors opening of a foreign currency account or VND account.