Regulations on management of deposits in mining organizations in Vietnam

Regulations on management of deposits in mining organizations in Vietnam

To be specific, Article 5 Circular 57/2024/TT-BTC regulates the management of deposits in mining organizations in Vietnam as follows:

- The depository must deposit all the funds into a separate deposit account opened at a commercial bank. This deposit account is independent of other accounts at the commercial bank of the depository and follows detailed tracking of the deposit funds and interest generated from the deposits of each project, organization, or individual.

- Funds from the deposit account can only be disbursed when meeting the conditions stipulated in Article 37, Article 76 Decree No. 08/2022/ND-CP, and any documents that replace, amend, or supplement Decree No. 08/2022/ND-CP (if any), along with the internal regulations on the management and use of deposit funds by the depository.

- The depository must track in detail the deposit funds and the interest generated from the deposits for each project, organization, or individual on the accounting system.

- The deposit funds and the interest generated from the deposits are deposited by the depository at commercial banks. The depository is responsible for selecting commercial banks with good quality and safe operations as per legal regulations to deposit funds; ensuring the principle of preserving the original capital, covering interest payment costs to the depositor, and managing costs related to deposit fund activities.

- The interest rates and deposit terms for items 1 and 4, Article 5 Circular 57/2024/TT-BTC are agreed upon between the depository and the commercial bank under legal regulations and the regulations of the commercial bank during each period.

- Interest rates on deposit funds that the depository must pay to the depositor:

+ The interest rates on deposit funds must be paid to the depositor for mining organizations as per the regulations in point d, clause 5, Article 37 Decree No. 08/2022/ND-CP and any documents that replace, amend, or supplement (if any).

In case the depository applies different lending rates to different subjects, the interest rate on the deposit funds that the depository must pay to the depositor is calculated as the arithmetic average loan interest rate of these lending rates.

In case the depository is the Provincial Environmental Protection Fund and does not engage in lending activities, the interest rate on deposit funds that the depository must pay to the depositor is determined according to the deposit interest rates of the Vietnam Environmental Protection Fund at the deposit time;

+ The interest rates on deposit funds must be paid to the depositor for waste burial activities as per the regulations in point e, clause 2, Article 76 Decree No. 08/2022/ND-CP and any documents that replace, amend, or supplement (if any).

More details can be found in Circular 57/2024/TT-BTC, which comes into force in Vietnam from September 14, 2025.

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