How to vet a Vietnamese counterparty: 5 checks before you pay or sign

Updated: 2026-06-19 · KVBiz

Five checks Korean companies can run themselves before paying or signing with a Vietnamese counterparty — from a business-registration (MST) lookup to bank-account name matching and fraud-signal review.

Key takeaways

A Vietnamese company can be verified for free on the national portal and the tax authority by its business-registration number (MST) — company name, address and operating status.
Before you pay, verify at least four things: ① it exists, ② it is actively operating, ③ the legal representative, and ④ the deposit account name matches the company.
The higher the upfront-payment ratio, the more diligence you need; keep the first order small and phased.

Why due diligence matters

Vietnam is an emerging manufacturing and sourcing hub and Korean trade is growing fast — but wiring money to an unvetted new counterparty has led to undelivered goods, quality disputes and vanished contacts.

The good news: Vietnam publishes basic company data. The catch is that it is mostly in Vietnamese, so Korean companies struggle to check it directly. The five steps below already cut most of the basic risk.

Step 1 — Business-registration number (MST) and existence

A Vietnamese company has a 10-digit (13 for branches) business-registration number (MST, Mã số thuế). Start by confirming the company is actually registered.

National Business Registration Portal (dangkykinhdoanh.gov.vn): trade name, enterprise code, head-office address, business lines, legal representative, legal status
General Department of Taxation (tracuunnt.gdt.gov.vn): tax-registration status (whether it is actively operating)

Cross-check that the name, address and MST match the contract or quotation you received. If they do not, ask for clarification immediately.

Step 2 — Operating status, age and capital

Being registered is not enough — "actively operating" matters. Suspended, closed or tax-halted status is high risk.

Incorporation date (age): be careful making large advance payments to a very newly formed company
Registered capital: check whether capital is far too small for the deal size
Business lines: confirm the actual goods fall within the registered scope of business

Step 3 — Legal representative and deposit-account name

The most common loss is "wired to the wrong account." Always confirm the deposit account name matches the company (legal entity) name.

Be very suspicious if asked to pay a personal account rather than a company account
An email mid-deal saying "the account has changed" may be BEC fraud — always re-confirm by phone or video
Check the legal representative name matches the registration

Step 4 — Fraud-signal review

If several of the signals below overlap, stop and do more verification.

Unit price abnormally lower than market
Pressure to "pay upfront today"
Only a free email (gmail etc.), not a company domain
Vague business/factory address, or refusal to confirm it
Company details on the contract/invoice do not match the registration

Step 5 — Keep the first deal small and phased

No amount of checking makes the first deal zero-risk. Spread the risk.

Start with samples or a small order
Lower the upfront ratio (e.g. 30% deposit / 70% after shipment) and pay in stages
Where possible, confirm the contact, the goods and the factory by video — KVBiz Flash Meet enables real-time Korean–Vietnamese interpreted meetings.

Check a Vietnamese counterparty right now

Enter a company name or MST and get a due-diligence checklist for free.

Start counterparty check →Video meeting with a counterparty (Flash Meet)

FAQ

› Where do I look up a Vietnam business-registration number (MST)?

For free on the National Business Registration Portal (dangkykinhdoanh.gov.vn) and the General Department of Taxation (tracuunnt.gdt.gov.vn). They are in Vietnamese; the KVBiz counterparty due-diligence tool presents it in Korean.

› Is verifying a Vietnamese company free?

Basic data (name, address, operating status) is free on the public portals. Deeper data (capital, litigation, financials) may need a separate report.

› What if an advance payment is unavoidable?

Minimize the upfront ratio (deposit + balance split), use only company-name accounts, and keep the first order small. Use a video meeting to confirm the goods and factory.

Related guides

※ Reference based on public information, not legal advice. KVBiz · Transflash