Paying a Supplier in Vietnam: Currency, Banks, and Documents in 2026

Over the past two to three years, Vietnam has become one of the key import directions for Russian business — alongside China and Turkey. Through Vietnamese suppliers, they purchase textiles, electronics, components, furniture, and products for marketplaces. However, along with increasing volumes come questions: which currency to pay in, which banking route works in 2026, and what documents the bank will require before approving the payment. We will break it down step by step.

🇻🇳 Why Payments to Vietnam Are a Separate Task

Many companies mistakenly apply to Vietnam the same settlement model they use for China. In practice, banking infrastructure, counterparty currency preferences, and document requirements differ. Vietnamese banks are less willing to work directly with Russian correspondent accounts, so the settlement model almost always requires individual selection — taking into account the recipient bank, amount, and nature of the transaction.

💱 In which currency to conduct payments

In practice, there are three main scenarios:

Currency selection is not a formality but part of the settlement model: it determines which correspondent banks the payment will pass through and what document package is needed. This is one of the tasks ONLY resolves at the initial application analysis stage.

🏦 What Banking Routes Work in 2026

Taking into account the restrictions on direct correspondent connections, payments to Vietnam most often proceed via one of the following methods:

• Through a third-country bank — when the Vietnamese supplier has an account in a bank that supports settlements with Russian counterparties.
• Through an agency or intermediary model — if the counterparty lacks suitable banking infrastructure and a direct payment is blocked.
• Through alternative payment channels, selected for the specific recipient bank and transaction amount.

There is no universal route that works equally well for any company — the recipient bank, the sender’s compliance policy, and the nature of the goods change the picture. Therefore, at ONLY, the settlement model is selected individually: first, the task is analyzed, and then one or several route options are proposed.

📄 Documents that the bank will require

If documents are insufficient or contradictory—for example, if the invoice amount does not match the payment amount—the bank typically suspends the operation and requests explanations. ONLY handles the analysis and preparation of such a package even before the payment is sent to reduce the risk of requests or returns.

⚠️ Typical reasons for payment refusal or delay

1. Mismatch between payment amount and contract or invoice terms;
2. Lack of explanation for the economic purpose of the operation, especially for the first transaction with a new counterparty;
3. Discrepancies in recipient data between the invoice and payment order;
4. The correspondent bank does not support the selected route for a specific country pair.

🤝 How it is organized in ONLY

ONLY supports international settlements for legal entities and sole proprietors, including payments to Vietnamese suppliers. We clearly communicate upfront if an operation cannot be conducted—for example, due to missing documents or unclear business purpose—reducing risks for both the client and the bank.

❓ Frequently asked questions