On December 11, 2014, the State Bank of Vietnam issued the Circular No. 40/2014/TT-NHNN guiding the payment and management of outsourcer’s deposits.
In accordance with regulations prescribed in this Circular, 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 and shall contain names, addresses, representatives of the outsourcer and the depositary bank; amount of the deposit; deposit interest rate; payment of the deposit interest; use of the deposit; withdrawal of the deposit; refund of the deposit and liability of related entities.
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 Within 30 days from the day on which the deposit account is withdrawn, if the outsourcer fails to pay additional deposit, the depositary bank shall promptly notify the Ministry of Labor, War Invalids and Social Affairs.
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. The deposit interest rate and payment of deposit interest rate 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.
This Circular takes effect on February 01, 2015.
