Instructions for withdrawing employment service enterprises' deposit in Vietnam

Instructions for withdrawing employment service enterprises' deposit in Vietnam (Illustration)

1. Procedures

Step 1: Submit your application

Enterprises send 01 (one) set of application as prescribed to the Department of Labor, War Invalids, and Social Affairs where the enterprise's head office is located.

The Department of Labor, War Invalids, and Social Affairs of Vietnam receives the application, checks it, and issues a receipt clearly stating the date, month, and year of receipt of the complete application.

Step 2: Competent authorities check and verify the enterprise's profile.

Within 07 working days from the date of receipt of a complete application for withdrawal of the enterprise's deposit, the Department of Labor, War Invalids, and Social Affairs of Vietnam will:

Check and verify dossiers, as well as fulfilling the obligations of employment service enterprises whose licenses have been revoked or whose licenses have not been renewed or re-issued.

Submit to the competent state agency for promulgation a written consent on the withdrawal of the deposit, stating the plan to use the deposit (if any), and send it to the enterprise and the bank receiving the deposit.

If there is any disapproval on the withdrawal of the deposit, a written reply shall be sent to the enterprise, clearly stating the reason.

Step 3: After obtaining a written approval on the withdrawal of the deposit from a competent state agency, the enterprise submits the application file according to regulations at the deposit receiving bank.

Step 4: The deposit receiving bank receives and checks the deposit withdrawal file of the enterprise.

According to regulations, the bank receiving the deposit for the enterprise shall withdraw the deposit within a working day from the date of receiving the deposit withdrawal dossier.

It should be noted that if the enterprise withdraws the deposit due to the employee's difficulties and inability to compensate the employer due to a violation of regulations on employment services after 60 days from the deadlines for compensation as prescribed by law in Vietnam:

The payment and compensation to employees and employers shall be directly paid by the escrow bank according to the plan approved by the competent state agency after deducting the cost of banking services.

2. Profile 

- For the application for deposit withdrawal sent to the Department of Labor, War Invalids and Social Affairs, it should include:

• A written request for the withdrawal of the enterprise's deposit
• Certificate of deposit for employment service activities at another depository bank (for the case of deposit withdrawal when the enterprise has made a deposit at another depository bank).
• Report on fulfillment of obligations and documents proving the fulfillment of obligations (in the case of withdrawal of deposit when the enterprise has its license revoked or its license is not renewed or re-issued).
• The plan for using the withdrawal amount from the escrow account (including the reason and purpose of withdrawing the deposit; the list of employees and the employer; the amount, time, and method of payment in the case of withdrawing the deposit when the enterprise encounters difficulties and cannot afford to compensate the employee or the employer due to the violation of regulations on employment services after 60 days from the date of arrival of the compensation time limit according to regulations of the Law).

- For application for deposit withdrawal sent to the deposit receiving bank, it should include:

• A written request for the withdrawal of the enterprise's deposit according to regulations
• Written consent on deposit withdrawal from a competent state agency, made according to Form No. 07, Appendix II, issued together with Decree 23/2021/ND-CP.
• Deposit withdrawal documents according to the regulations of the deposit receiving bank (if any).

Number of record: 1 set

3. Form of application

Businesses can choose one of the following three forms:

• Through the online public service portal of the Department of Labor-Invalids and Social Affairs of Vietnam(if any).
• Directly to the Department of Labor—Invalids and Social Affairs of Vietnam.
• By post to the Department of Labor-Invalids and Social Affairs of Vietnam.

Bao Ngoc

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