Fresh policies take effect from May


New policies include regulations on cash withdrawal from central bank, compulsory deposit for Vietnamese guest workers in the Republic of Korea, and forbidden jobs for Vietnamese workers abroad.

Cash withdrawal at SBV

The Governor of the State Bank of Viet Nam (SBV) issued Circular No. 27/2019/TT-NHNN amending and supplementing a number of articles of Circular No.35/2014/TT-NHNN dated November 20, 2014 stipulating the fees for withdrawing cash via payment accounts at the SBV.

The issuance of the new Circular is aimed at helping to ensure the quality of money in circulation, promoting non-cash payments, enhancing the application of IT in the reporting within the SBV, and stipulating the methods of collecting fees for withdrawing cash via payment accounts at the SBV.

Under the Circular, credit organizations and branches of foreign banks have to bear a fee of 0.005% on the positive difference in the month between the value of cash withdrawn through payment accounts minus the value of cash not qualified for circulation and submitted to the SBV at the same place where accounts are opened.

Compulsory deposit for workers under Korea ESP

On March 31, PM Nguyen Xuan Phuc signed Decision 12/2020/QD-TTg on piloting the deposit for workers to be working in the Republic of Korea under the Korean Employment Permit System (EPS).

Under the Decision scheduled to take effect from May 15, 2020, before departing for the RoK to work under the EPS program, workers shall be required to make deposit for ensuring their performance of employment contracts and return to Viet Nam once their employment contracts terminate.

The deposit amount is 100 million VND (US$4252). Deposit term is 05 years 06 months.

A worker who is eligible to get loans from the Viet Nam Bank for Social Policies (VBSP) for working abroad may apply for a loan up to VND 100,000,000 (one hundred million) at VBSP for making deposit as prescribed without providing collateral.

Dangerous jobs Vietnamese workers not allowed abroad

On April 3, 2020, the Government issued Decree No. 38/2020/ND-CP on detailed implementation of a number of Articles of the Law on Vietnamese Guest Workers under Contract.

Accordingly, recruiters will not be allowed to send Vietnamese citizens abroad for seven dangerous and hazardous jobs, including masseuse/masseur at hotels, restaurants and entertainment facilities abroad.

Vietnamese guest workers shall not be allowed to undertake jobs that expose them to nitric acid, sodium sulfate, pesticides, herbicides, mice, antisepsis, and termites with strong toxicity.

They shall also be forbidden to undertake jobs with frequent contact with explosives and toxic substances in the metallurgy of non-ferrous metals.

Decree 38/2020/ND-CP takes effect on 20 May 2020, replacing Decree 126/2007/ND-CP dated 01 August 2007./.

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