Escrow deposit to increase for labor export enterprises from January 1, 2022 in Vietnam

The Government of Vietnam promulgated Decree 112/2021/ND-CP on guidelines forLaw on Vietnamese guest workers. From January 1, 2022, the Escrow deposit level will be increased for abor export enterprises

 

Escrow deposit to increase for labor export enterprises from January 1, 2022 in Vietnam

Specifically, in Article 23 of Decree 112/2021/ND-CP stipulating the escrow deposit level of labor export enterprises as follows:

- The enterprise makes a deposit of VND 2,000,000,000 (Two billion VND) at a bank, foreign bank branch lawfully established and operating in Vietnam (hereinafter referred to as the escrow bank) .

- The enterprises that assign tasks to branches to provide service of labor export  must deposit an additional 500,000,000 VND (Five hundred million VND) for each assigned branch.

(Currently, Decree 38/2020/ND-CP stipulates a deposit of 1,000,000,000 VND at commercial banks licensed to operate in Vietnam).

In which case can the enterprise receive the deposit back?
The enterprise may receive the deposit back in the following cases:

(1) The enterprise fails to submit an application for a license to provide the service of dispatching Vietnamese guest workers:

Enterprises shall return 02 originals of deposit confirmation to the receiving bank to receive the deposit back.

(2) The enterprise is not granted a license to operate the service of dispatching Vietnamese guest workers or the enterprise has deposited a deposit in another account and requested to settle the deposited account first or the enterprise has already been dissolved according to regulations.

(3) The enterprise has fully performed its obligations in the service of dispatching Vietnamese guest workers after the license to operate the service of dispatching Vietnamese guest workers is returned or revoked:

Enterprises shall send a report to the Ministry of Labour, Invalids and Social Affairs, enclosed with documents proving the fulfillment of the obligations specified in Clause 1, Article 27 of the Law on Vietnamese guest workers and contribution to the Fund for Overseas Employment Support.

(4) The enterprise stop assigning tasks to branches  to provide service of dispatching Vietnamese guest workers or that branch stop its operation:

The enterprise shall send a report to the Ministry of Labour, Invalids and Social Affairs of Vietnam the termination of assignment of tasks to the branch or branch that stop its operation.

Decree 112/2021/ND-CP takes effect from January 1, 2022.

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