DURATION OF THE LICENSE FOR LABOR LEASE DOES NOT EXCEED 60 MONTHS
APPLICATION OF THE COUNCIL OF JUSTICES OF THE SUPREME PEOPLE’S COURT ON REGULATIONS OF INTERESTS, INTEREST RATES AND PENALTIES
03/04/2019
ADDING SOME OF ENTITIES ALLOWED TO USE FOREIGN EXCHANGE IN VIETNAM’S TERRITORY
02/05/2019DURATION OF THE LICENSE FOR LABOR LEASE DOES NOT EXCEED 60 MONTHS
Pursuant to Decree No. 29/2019/ND-CP enters into force from May 05, 2019:
– Conditions to obtain a license for labor lease are:
(i) The legal representative of the company:
- Being a manager of the enterprise;
- Having no criminal records;
- Having worked in the field of labor lease or labor supply from 03 years (36 months) or more within 05 consecutive years before applying for a license.
(ii) The payment of deposit: 2.000.000.000 VND (two billion Vietnam dong) at commercial banks or Foreign Bank branches established and operating legally in Vietnam. (Note: Having conducted payment of deposit before being granted a labor lease license)
– Duration of License for labor lease:
(i) Duration: maximum 60 months (increasing 24 months compared to previous regulations);
(ii) Renewal of license: may be extension multiple times (each extension is a maximum of 60 months). The license term is re-issued with the remaining term of the previously granted license.
– Repealing 02 conditions to obtain a license for labor lease including:
(i) Condition of the legal capital for the business line of labor lease;
(ii) Conditions of the locations of head offices, branches and representative offices of the enterprise.
Best regards,
