THE STATE BANK OF VIETNAM

Circular No.  40/2014/TT-NHNN dated December 11, 2014 of the State Bank of Vietnam guiding the payment and management of outsourcer’s deposits
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 of adjustment
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. Subject of application
1. Outsourcers.
2. Depositary banks.
3. Any organizations and individuals involved in payment of deposit for outsourcing services.
Chapter II
SPECIFIC PROVISIONS
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. Deposit management
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.