Vietnam: Guidance on handling the deposits for employees working in Korea

In particular, regulations on handling the deposits for employees working in Korea are as follows:

-In case the deposit was made before January 1, 2022 but the employee voluntarily stayed abroad after terminating the labor contract, the deposit will be transferred to the state budget of the province where the employee registered for permanent residence in Vietnam before going to work in Korea.

If the employee borrows the VBSP to make a deposit, the deposit will be handled in the following order:

-Repayment of VBSP's loan;

The remaining amount will be transferred to the state budget of the province where the employee registers for permanent residence before going to work in Korea.

-In the case of depositing from January 1, 2022, but voluntarily staying in Korea after terminating the labor contract, having been administratively sanctioned but do not voluntarily comply:

They were forced to execute decisions on sanctioning administrative violations according to Articles 86 and 87 of Vietnam's Law on Handling of Administrative Violations and Article 44 of Vietnam's Law on Amendments and Supplements to the Law on Handling of Administrative Violations.

If the employee borrows the VBSP to make a deposit, the deposit will be handled in the following order:

+ Bank loan repayment for Social Policies;

Plus, follow the decision on enforcement of the decision on sanctioning of administrative violations with the remaining amount after repaying the loan from VBSP.

For details, see Resolution 83/NQ-CP, effective from the date of signing in Vietnam

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