Vietnam: Guidelines for management, use and return of deposit paid by enterprises

According to Circular No. 11/2017/TT-BCT of the Ministry of Industry and Trade of Vietnam, the management, use and return of deposit paid by enterprises shall be carried out as follows:

- The credit institution to which an enterprise pays the deposit is responsible for management of such deposit.

- If the enterprise fails to pay for the costs as prescribed, the relevant People’s Committee of the province, according to the request and decision on penalty imposition issued by a competent authority (hereinafter referred to as “penalizing authority”), will request the credit institution in writing to deduct such costs from the enterprise’s deposit. 

- The penalizing authority and the relevant People’s Committee of the province shall send a notification to the Ministry of Industry and Trade of the imposed penalties and the above-mentioned use of deposit. The notification will be used as the basis for the Ministry of Industry and Trade to request the enterprise to pay additional deposit as prescribed before it is permitted to resume temporary import of goods.

- The enterprise shall have its entire deposit or its remaining of deposit returned after the costs as prescribed (if any) are paid in the following cases:

+ The application is rejected by the Ministry of Industry and Trade. The deposit shall be returned to the enterprise according to the written explanation issued by the Ministry of Industry and Trade.

+ The Ministry of Industry and Trade revokes the certificate of eligibility for temporary import at the request of the enterprise.

+ The enterprise has its certificate of eligibility for temporary import revoked.

- The return of the enterprise’s deposit in the cases prescribed in Points b and c Clause 3 Article 16 of this Circular is subject to the written consent issued by the Ministry of Industry and Trade after the enterprise has fully paid the costs specified in Clause 4 Article 12 of this Circular.

View more details at Circular No. 11/2017/TT-BCT of the Ministry of Industry and Trade of Vietnam, effective from September 11, 2017.

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE