Vietnam: Employment service enterprises shall pay a deposit of VND 300,000,000

Deposit money shall be used to deal with risks and pay damages which may occur to enterprises in the course of providing employment services.

Specifically, according to Decree No. 52/2014/NĐ-CP of Vietnam’s Government:

- Each enterprise shall pay a deposit of VND 300,000,000 (three hundred million dong) to the commercial bank where it has opened its main transaction account.

+ Enterprises shall comply with deposit payment procedures according to banks’ regulations and law.

+ Banks shall certify the payment of deposits for employment service provision for enterprises.

- Enterprises are entitled to interests on deposit money as agreed with banks.

- After enterprises fulfill all financial obligations related to the provision of employment services, deposit money shall be refunded to them in the following cases:

+ Competent licensing state agencies have issued documents refusing to grant, re-grant or extend licenses for enterprises;

+ Competent licensing state agencies have issued documents compelling enterprises to return their licenses or revoking their licenses.

- Deposit money may be withdrawn in case competent licensing state agencies have issued a written certification of settlement of risks or payment of compensations occurring to enterprises in the course of providing employment services.

+ Banks may not allow enterprises to withdraw deposit money without written opinions of competent licensing state agencies.

View more details at Decree No. 52/2014/NĐ-CP of Vietnam’s Government, effective from July 15, 2014.

Thu Ba

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