Bank Statement for Express Entry: Proof of Funds from Vietnamese Banks

Proving settlement funds for Canadian Express Entry sounds straightforward until you sit down with a Vietnamese bank employee and ask them to produce what IRCC actually requires. The standard printout that Vietcombank or Techcombank generates at the counter is not enough. Here is what you actually need, and what to do if your money is not currently in a form IRCC will accept.

The Minimum Settlement Funds Required

Vietnamese applicants under the Federal Skilled Worker Program (FSWP) must show they have unencumbered, liquid funds available to support themselves and their family after landing in Canada. The 2025-2026 thresholds are:

Note that this exemption applies to FSWP applicants only. If you are applying through the Canadian Experience Class (CEC) or hold a valid job offer, you are exempt from the proof of funds requirement — though you should still understand it in case your circumstances change.

What Vietnamese Banks Need to Produce (And Why the Teller Version Fails)

IRCC does not specify a single format for bank documents, but they are explicit about what the documents must contain:

• Your full name and account number
• The current balance as of the date of the letter
• The average balance over the past six months
• A list of all outstanding debts on the account (credit facilities, overdraft limits, loans)
• The bank's letterhead, branch stamp, and an authorised signature

The critical item is the six-month average balance. A standard account printout (sao kê tài khoản) from the counter shows transaction history but does not typically include the six-month average figure or the debt declaration IRCC expects. What you need is a formal Giấy xác nhận số dư tài khoản — a Balance Confirmation Letter — issued on bank letterhead.

Most Vietnamese banks familiar with immigration requirements — Vietcombank, Techcombank, BIDV, VPBank — can produce this on request. Bring a written specification of what the letter must include; bank staff are often more willing to produce a document that meets requirements if you give them the exact content list in writing rather than asking them to know IRCC's standards from memory. Fees for this service are typically 50,000 to 200,000 VND depending on the bank and branch.

The Gold and Real Estate Problem

This is the most common financial planning issue for Vietnamese Express Entry applicants. Traditional Vietnamese wealth is concentrated in gold (chỉ vàng and lượng vàng) and real estate rather than in bank savings accounts. IRCC does not accept gold holdings or property valuations as proof of settlement funds. The funds must be liquid, meaning they must be in a bank account you can access and transfer.

If your settlement funds are currently in gold or property, you need to liquidate those assets and hold the proceeds in a bank account for a meaningful period before applying. IRCC officers scrutinise large, recent deposits. A single transfer of 290,000,000 VND into your account two weeks before you take your bank letter will raise questions about whether the money is actually yours or was borrowed for the purpose of the application.

The safest approach is to hold the target amount in your account for at least three to six months before the bank letter date. If you receive a lump sum from a property sale or gold liquidation, be prepared to provide a supporting document — a property sale contract (hợp đồng mua bán nhà đất) or gold dealer receipt — demonstrating where the money came from. This is the equivalent of the Gift Deed process used by Indian applicants who receive family transfers.

Borrowed Funds Are Not Acceptable

IRCC is specific on this point: settlement funds must be "unencumbered," meaning they cannot be repayable to another person. Money borrowed from family members, a personal loan from a bank, or a credit line does not qualify even if it is sitting in your account. If you have outstanding loans, the bank letter must declare them, and IRCC will assess your net liquidity.

A common scenario in Vietnam: an applicant has 200,000,000 VND in their account but also carries a home loan (vay mua nhà) of 500,000,000 VND outstanding with the same bank. The bank letter will show both the balance and the outstanding loan. IRCC views the net position and the fact that the savings could be offset by the debt obligation. This does not automatically disqualify you, but it may prompt additional scrutiny.

If you are carrying significant debt, consider whether the timing of your application can allow you to reduce those obligations first, or whether your savings genuinely exceed the settlement threshold by a comfortable margin even accounting for stated debts.

Foreign Currency Holdings and Forex Transfers

If your settlement funds are in USD, AUD, or another foreign currency rather than VND, this is generally not a problem — IRCC is interested in the CAD equivalent value, and the bank letter should state the balance in its held currency with a date and exchange rate. Banks in Vietnam that hold USD or EUR accounts (common for professionals working with international companies) can issue the balance confirmation in that currency.

One practical issue for Vietnamese applicants: paying the IRCC government fees (processing fee plus Right of Permanent Residence Fee, totalling approximately $1,525 CAD per principal applicant) via international credit card from Vietnam can hit bank limits on international transactions. Some Vietnamese bank cards cap international transactions at $1,000 USD per transaction. Verify your card's international transaction limit well in advance of your submission deadline and request a temporary increase from your bank if needed.

Putting It Together

The settlement funds document package for a Vietnamese Express Entry application typically includes:

1. The formal Giấy xác nhận số dư tài khoản from your bank with all IRCC-required fields
2. Six months of transaction history (sao kê) to corroborate the average balance figure
3. If applicable: a supporting document explaining the source of any large recent deposits (property sale contract, gold sale receipt, salary bonus letter)
4. If applicable: documentation of outstanding debts for transparency

Prepare these documents in parallel with your employment reference letters and police certificates — not as an afterthought after your other documents are ready. The time pressure inside the 60-day post-ITA window is real, and bank document requests have their own processing timelines.

For a complete walkthrough of all documents required from Vietnam — including WES credential evaluation, BHXH employment proof, and police certificate logistics — see the Vietnam to Canada Express Entry Guide.

See more Canada guides →