THE STATE BANK OF 

VIETNAM 

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SOCIALIST REPUBLIC OF VIETNAM 

Independence - Freedom - Happiness  

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No. 40/2014/TT-NHNN

Hanoi, December 11, 2014

CIRCULAR

ON PROVIDING GUIDANCE ON PAYMENT AND MANAGEMENT OF DEPOSITS MADE BY OUTSOURCERS

Pursuant to the Civil Code dated in 2005;

Pursuant to the Labor Code dated in 2012;

Pursuant to the Law on the State bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to Decree No. 55/2013/ND-CP dated May 22, 2013 of the Government on providing guidance on Clause 3 Article 54 of the Labor Code on License for the outsourcing services, payment of deposit and List of jobs entitled to provide outsourcing services (hereinafter referred to as Decree No. 55/2013/ND-CP);

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013 of the Government on functions, tasks, entitlements and structural organization of the State bank of Vietnam (hereinafter referred to as the State bank);

At the request of  Director of Department of payment;

The Governor of the State bank issues the Circular on providing guidance on payment and management of deposit made by outsourcers

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Circular shall provide guidance on payment and management of deposit made by outsourcers at commercial banks where their main transactional accounts are opened (hereinafter referred to as the depositary bank).

Article 2. Regulated entities

1. Outsourcers.

2. Depositary banks.

3. Any organizations and individuals involved in payment of deposit for outsourcing services.

Chapter II

SPECIFIC REGULATIONS

Article 3. Payment of deposit and issuance of Certificate of deposit       

1. When an outsourcer wishes to pay a deposit into its account at a bank, the depositary bank and the outsourcer shall conclude an agreement on deposit payment in accordance with regulations of this Circular and corresponding regulations of law.

2. An agreement on deposit payment shall contain:

a) Names, addresses, representatives of the outsourcer and the depositary bank;

b) Amount of the deposit;

c) Deposit interest rate;

d) Payment of the deposit interest ;

dd) Use of the deposit;

e) Withdrawal of the deposit;

g) Refund of the deposit;

h) Liability of related entities.

3. After receiving the deposit in full as prescribed in Clause 1 Article 16 of Decree No. 55/2013/ND-CP the depositary bank shall grant the outsourcer a Certificate of deposit used for outsourcing services (using form as prescribed in Appendix III issued together with Decree 55/2013/ND-CP).

Article 4. Management of deposit

1. The depositary must  freeze the deposit and manage it in accordance with regulations of Decree No. 55/2013/ND-CP and regulations of law on deposit.

2. The depositary bank shall  deduct payments and damages from the deposit in the cases prescribed in Clause 4 Article 22 of Decree 55/2013/ND-CP.

3. The depositary bank shall monitor the use of the deposit made by the outsourcer in accordance with regulations of law. In case the balance of deposit account is lower than regulated rate, the depositary bank shall request the outsourcer to make additional payment of deposit as prescribed. Within 30 days from the day on which the deposit account is withdrawn, if the outsourcer fails to pay additional deposit, the depositary bank shall promptly notify the Ministry of Labor, War Invalids and Social Affairs.

4. Every quarter, not later than the 15th of the first month of next quarter, the depositary bank shall send a report to the Ministry of Labor, War Invalids and Social Affairs and the State bank on receipt of deposit from outsourcers within their banking system using the form in Appendix IV issued together with Decree No. 55/2013/ND-CP.

Article 5. Deposit interest rate and payment of deposit interest rate

1.The outsourcer shall be paid a deposit interest by the depositary bank according to interest rate agreed by both parties in accordance with regulations on deposit interest rate in VND provided by the State bank during each period.

2. According to the agreement on deposit interest rate stated in the agreement signed between the outsourcer and the depositary bank, the bank shall determine and pay the interest on the deposit account balance to the outsourcer as agreed.

Article 6. Procedures for deposit withdrawal

1. An outsourcer which requests to withdraw a deposit in the cases prescribed in Article 20 of Decree No. 55/2013/ND-CP shall follow the procedures below:

a) Send an application for deposit withdrawal using forms provided by the depositary bank together with documentary evidence;

b) Present permission to withdraw the deposit issued by the Minister of Labor, War Invalids and Social Affairs ;

c) Present identification documents (ID number or valid passport) of the lawful representative appointed by the outsourcer who makes the deposit withdrawal. In case th