Financial Contributions to the Vietnam Public Utility Telecommunications Service Fund: Penalties for Late Payment

Pursuant to Clause 5, Article 26 of Decree No. 15/2020/ND-CP (effective April 15, 2020) stipulating violations of regulations on public telecommunications services as follows:

- A fine ranging from VND 140,000,000 to VND 170,000,000 shall be imposed for one of the following acts:

+ Late financial contribution to the Vietnam Public Telecommunications Service Fund as stipulated;

+ Insufficient financial contribution to the Vietnam Public Telecommunications Service Fund;

+ Failure to finalize the amount of financial contribution with the Vietnam Public Telecommunications Service Fund.

- A fine ranging from VND 170,000,000 to VND 200,000,000 shall be imposed for one of the following acts:

+ Misuse of the funds allocated by the Public Telecommunications Service Provision Program until 2020;

+ Failure to contribute financially to the Vietnam Public Telecommunications Service Fund.

Additionally, at Point b, Clause 8 of this Decree also stipulates remedial measures as follows:

- To pay the delayed financial contributions to the Vietnam Public Telecommunications Service Fund and to collect the interest on the delayed amount calculated at the maximum interest rate applied to demand deposits as announced by the State Bank of Vietnam at the time of the penalty for the violation stipulated in Clause 3, Points d and dd of Clause 4; Clause 5 and Point b of Clause 6 of this Article.

=> Therefore, the aforementioned act will be fined from VND 140,000,000 to VND 170,000,000. Additionally, the delayed financial contributions to the Vietnam Public Telecommunications Service Fund must be paid, and the interest on the delayed amount will be collected at the maximum interest rate applied to demand deposits as announced by the State Bank of Vietnam at the time of the penalty for the violation.

Sincerely!