On January 24, 2017, the Ministry of Finance issued the Circular No. 08/2017/TT-BTC dated January 24, 2017 of the Ministry of Finance guiding the management and use of environmental remediation deposits paid by mining organizations, promulgates the deposit payer shall send withdrawal plan of deposits to the deposit receiver three months before the date of return of deposits by deposit receivers.
Also in accordance with this Circular, each deposit receiver shall open a separate bank account to monitor deposits. Deposits shall be kept at commercial banks with good operational quality based on credit ratings by State Bank of Viet Nam, on the principle that the principal is reserved and deposit interest payable to deposit payers and management cost incurred by deposit receivers are covered.
The deposit interest rate shall be adjusted to the lending interest rate imposed by the deposit receiver and shall be applicable to the total deposit balance. If the deposit receiver does not lend the deposit, the interest rate shall be set according to the lending interest rate imposed by Viet Nam Environmental Protection Fund at the time of depositing. n the event of varied application of interest rates to different organizations by the deposit receiver, interest paid to the deposit payer shall be the arithmetic mean of those interest rates. A deposit payer shall make one-time withdrawal of the interest after receipt of a document certifying the completion of all terms provided for in environmental restoration and remediation plan or other supplemental environmental restoration and remediation plans.
This Circular takes effect on March 10, 2017.
Source: http://english.luatvietnam.vn/default.aspx?tabid=720
