| THE MINISTRY OF LABOR, WAR INVALIDS AND SOCIAL AFFAIRS - THE STATE BANK OF VIETNAM --------------- | SOCIALIST REPUBLIC OF VIETNAM Independence Freedom Happiness --------------- |
| No. 17/2007/TTLT-BLDTBXH-NHNNVN | Hanoi, September 4, 2007 |
INTER-MINISTERIAL CIRCULAR
PROVIDING FOR THE MANAGEMENT AND USE OF DEPOSIT OF ENTERPRISES AND LABORERS GOING ABROAD FOR WORKING UNDER LABOUR CONTRACT
Pursuant to the Law on Vietnamese laborers going abroad for working under the labour contract, dated November 29th, 2006;
Pursuant to the Decree No. 126/2007/ND-CP dated August 1st, 2007 of the Government providing in details for and guiding the implementation of several articles of the Law on Vietnamese laborers going abroad for working under the labour contract;
Inter-ministries of Labor, War Invalids and Social Affairs and State Bank of Vietnam provide in details for the management and use of deposit of enterprises and laborers going abroad for working under the labour contract as follows:
I. GENERAL PROVISIONS
1. Governing scope
This Circular provides for the depositing, management and use of deposit of enterprises and laborers going abroad for working under the labour contract.
2. Subjects of application
a. Enterprises engaging in the service activity of sending laborers to foreign countries for working in accordance with provisions of Article 8 and enterprises which send laborers to foreign countries for working in the form of practising for skill improvement as provided for in Article 34 of the Law on Vietnamese laborers going abroad for working under the labour contract (herein after referred to as enterprise);
b. Laborers going abroad for working under the contract of sending laborers to foreign countries for working entered into with the service enterprise (herein after referred to as laborer);
c. Commercial bank accepts deposit.
3. Enterprise performs the depositing in Vietnam dong in accordance with the level regulated by the Government from time to time; laborer agrees with service Enterprise on performing the depositing in Vietnam dong according to provisions of Article 23 of the Law on Vietnamese laborers going abroad for working under the labour contracts and guidance of the Ministry of Labor, War Invalids and Social Affairs. The depositing of enterprise and laborer shall be performed at commercial bank authorized to operate in Vietnam where enterprises head office is located.
4. Interest rate of deposit
a. Depositing enterprise shall be entitled to receive deposit interests from commercial bank accepting the deposit by the interest rate agreed upon by the two parties, corresponding with interest rate level of the deposit with the term correlative with depositing term; where the enterprise withdraws the deposit and settles account of deposit prior to its maturity, the applicable interest rate shall be the interest rate for deposit with the term correlative with factual depositing term;
b. Laborer who directly or through service enterprise pays money as deposit to a private account opened by the enterprise in a commercial bank in order to keep deposit of laborer, shall be entitled to receive deposit interests from the commercial bank which accepts the deposit according to the interest rate level applicable to the deposit with term correlative with the depositing term; where the laborer withdraws deposit and settles account of deposit prior to its maturity, the applicable interest rate shall be the interest rate for deposit with term correlative with factual depositing term;
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