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:
(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.