WHAT HAPPENED: Potential Closure of Inactive Bank Accounts in Vietnam
In early June 2026, Vietnamese news outlet Vietnam.vn reported a possible initiative that would allow banks to close demand deposit accounts that have not been used for more than three years. This news, published on June 5, 2026, signals impending changes in the country's banking regulations, aimed at improving the efficiency and security of the financial system.
Such measures are not unique to Vietnam and are often implemented by regulators worldwide to address a range of objectives. Key reasons include combating money laundering and terrorist financing by eliminating “dormant” accounts that could be used in illicit schemes. Furthermore, closing inactive accounts helps banks optimize their operational costs, reducing expenses associated with servicing and administering a large number of unused assets. This also contributes to enhancing the transparency and integrity of the financial sector as a whole.
While the exact details and effective date of the initiative have not yet been disclosed, the very discussion of such a possibility is an important signal for everyone conducting financial activities in Vietnam, including foreign investors and entrepreneurs. For Russian companies actively operating or planning to enter the Vietnamese e-commerce market, this requirement could lead to significant changes in their established financial management practices.
WHAT THIS MEANS for Russian E-commerce in the Vietnamese Market
The proposed changes have a direct and significant impact on Russian e-commerce entrepreneurs doing business in Vietnam. The Vietnamese market is becoming increasingly attractive for Russian e-commerce due to the dynamic growth of the digital economy and relatively low barriers to entry. However, like any developing market, it comes with certain regulatory nuances that require preparedness.
For many companies, especially in early development stages or during scaling, having multiple bank accounts is standard practice. These may include accounts for operational activities, for receiving customer payments, for vendor payments, as well as reserve accounts or accounts for specific projects. In some cases, for example, when entering a new market segment or testing hypotheses, certain accounts may temporarily remain inactive. It is precisely these “dormant” accounts that fall into the risk zone with the introduction of the new rule.
The main risks include not only the direct closure of an account but also the associated administrative and financial burdens. If an account is closed, the funds in it will likely be transferred to a special government account or frozen pending investigation. The process of recovering these funds can be long, complex, and require significant time and legal resources, which is a critical factor for a fast-growing e-commerce business. Unexpected account closure can disrupt supply chains, block employee payroll or supplier payments, causing operational disruptions and eroding partner trust.
Beyond the direct impact on cash flows, there is a risk of lost opportunities. If an account designated for receiving payments is closed without warning, the company may lose sales and customers, which will negatively impact its reputation and financial performance. For Russian businesses operating in a foreign market, where establishing banking relationships is already a complex task, losing an active account is not just an inconvenience but a significant obstacle to sustainable growth.
VIETSMART EXPERT COMMENTARY
As experts, we at VietSmart always emphasize the importance of a proactive approach to managing all aspects of international business, and banking operations are no exception. Changes in Vietnam's regulatory environment, such as the initiative being discussed, require Russian e-commerce entrepreneurs to immediately review their current practices. You cannot rely on things “just working out” or that notifications will somehow reach you via outdated contact information.
We recommend immediately conducting an audit of all open bank accounts in Vietnam, assessing their activity over the past three years, and developing a clear action plan for each account. This is not just a matter of compliance; it's a matter of financial security and business continuity. In conditions where cross-border payments and financial operations can be complex, losing control over an account can have cascading negative consequences for the entire operational model. The current year, 2026, is an ideal time to integrate these changes into your strategy.
KEY TAKEAWAYS AND WHAT TO DO: Actionable Steps to Protect Your Business
To minimize the risks associated with the potential closure of inactive bank accounts in Vietnam, Russian e-commerce entrepreneurs need to take a series of concrete steps:
- Conduct an Audit of All Bank Accounts: Compile a complete list of all corporate and, if applicable, personal bank accounts opened in Vietnam. For each account, determine the opening date, last activity, current balance, and its strategic importance for the business. Ensure that the contact information associated with the accounts is up-to-date and ensures reliable communication with the bank.
- Ensure Minimum Activity: If you have accounts that are rarely used, consider making regular, even small, transactions (e.g., transferring a minimal amount between your own accounts, paying a small service fee or commission). This will demonstrate to the bank that the account is active. Familiarize yourself with your bank's policy regarding the definition of an “active” account, as criteria may vary.
- Consolidate Accounts When Necessary: If you have several inactive or underutilized accounts, consider consolidating them. Consolidating funds into fewer, actively managed accounts will reduce the risk of loss and simplify administration.
- Establish Internal Controls and Monitoring: Implement a system for regular monitoring of bank account activity. This could be a quarterly reconciliation or a monthly review. Appoint a responsible employee or team that will ensure compliance with these procedures and respond promptly to any notifications from the banks.
- Consult with Local Experts: Reach out to Vietnamese lawyers or financial consultants for up-to-date information on local regulatory requirements and assistance in interpreting banking regulations. They can help develop individual account management strategies tailored to your business's specifics and the current 2026 legislation.
Taking these measures will not only help avoid potential problems with account closures but also strengthen the overall financial stability of your e-commerce business in Vietnam. Proactive management is key to successful and sustainable operations in any foreign market.
Source: Vietnam.vn on June 5, 2026