On December 10, 2021, the Government issued Decree 112/2021/ND-CP detailing several articles and measures to implement the Law on Vietnamese workers going to work abroad under contracts. In this Decree, there are regulations on increasing the deposit level of enterprises providing the service of sending workers to work abroad, specifically:

– The enterprise deposits of VND 2,000,000,000 (Two billion VND) at a bank, a foreign bank branch legally established and operating in Vietnam (the deposit receiving bank).
(According to current regulations, the deposit level is 1,000,000,000 (One billion VND) and service enterprises can only deposit at commercial banks licensed to operate in Vietnam).
– A service enterprise that assigns a branch to perform service activities of sending Vietnamese workers to work abroad under a contract must make an additional deposit of 500,000,000 VND (Five hundred million VND) for each branch that is assigned to do the work. This is a new regulation that is supplemented with the current one.

This Decree takes effect from January 1, 2022.