Decree No. 88/2016/ND-CP on the voluntary supplementary pension program

DECREE

Regarding the supplementary pension program voluntary voluntarily

Pursuant to the Law on Government Organization dated June 19, 2015;

Pursuant to the Social Insurance Law dated November 20, 2014;

Pursuant to the Investment Law dated November 26, 2014;

Pursuant to the Enterprise Law dated November 26, 2014;

Pursuant to the Securities Law dated June 29, 2006 and the Law Amending and Supplementing Certain Articles of the Securities Law dated November 24, 2010;

At the proposal of the Minister of Finance;

The Government issues this Decree on the supplementary pension program voluntary.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Decree stipulates the supplementary pension program voluntary through the formation of a pension fund from voluntary contributions of participants and employers in the form of individual pension accounts; management, investment, payment, and supervision of the pension fund.

2. This Decree does not regulate the following activities:

a) Activities of funds under the management of the Vietnam Social Security;

b) Activities of insurance enterprises providing pension insurance products in accordance with the Insurance Business Law and related guiding documents.

Article 2. Applicability

1. Workers and employers as prescribed by the Labor Code.

2. Individuals aged 15 years or older who do not work under labor contracts as prescribed by the Labor Code.

3. Enterprises managing voluntary supplementary pension funds.

4. Organizations and individuals providing services related to establishing, operating, managing, and supervising voluntary supplementary pension funds as prescribed in this Decree.

5. Organizations and individuals related to the voluntary supplementary pension program.

Article 3. Explanation of Terms

In this Decree, the following terms shall be understood as follows:

1. A participant in the fund is a worker or individual as prescribed in Clause 2 and Clause 3 of Article 6 of this Decree, having an individual pension account at the pension fund.

2. Pension program is the abbreviated name for the voluntary supplementary pension program, which is a social insurance policy aimed at supplementing income for participants when they reach retirement age in the form of an individual pension account, invested and accumulated in accordance with the law.

3. Pension fund is the abbreviated name for the voluntary supplementary pension fund, which is a financial fund to implement the pension program, formed from the contributions of participants and employers.

4. Individual pension account is an account issued to participants, managed by enterprises managing pension funds as prescribed in Article 18 of this Decree.

5. Pension fund assets are the aggregate balances of individual pension accounts of workers participating in the same voluntary supplementary pension program, formed from the contributions of workers and employers.

6. Pension fund management enterprise is an enterprise granted a Certificate of Eligibility for Operating Pension Fund Management Services.

7. Certificate of Eligibility for Operation is the abbreviated name for the Certificate of Eligibility for Operating Pension Fund Management Services as prescribed in Article 37 of this Decree.

8. Pension fund management service is the service of managing individual pension accounts upon authorization of participants and employers.

9. Depository organization is an organization selected by the pension fund management enterprise to perform custody of pension fund assets as prescribed in Article 15 of this Decree.

10. Supervisory bank is an organization selected by the pension fund management enterprise to supervise the operation of the pension fund as prescribed in Article 16 of this Decree.

11. Retirement age is the retirement age of workers as prescribed in the Labor Code.

Article 4. Principles of the Voluntary Supplementary Pension Program

1. Participation in the Voluntary Supplementary Pension Program by workers and individuals, employers (contributing for workers), shall be based on complete voluntariness.

2. The contributions of participants in the fund include those of the employer (if any) and shall be managed on an individual pension account basis.

3. Participants in the fund have ownership rights over their individual pension accounts as stipulated in Clause 3, Article 18 of this Decree. Pension fund management enterprises entrusted with investment of pension fund assets must manage such assets separately from the assets of the pension fund management enterprise, depositary organizations, employers, and other pension funds managed by the same pension fund management enterprise.

4. Pension fund management activities shall be carried out according to principles of transparency and openness.

5. The pension fund must ensure investments in accordance with the provisions of this Decree and the charter of the pension fund.

6. The level of pension payments is determined based on the balance of the individual pension account at the time of payment as stipulated in Article 18 of this Decree.

Article 5. State Policy towards the Voluntary Supplementary Pension Program

1. The State encourages the development of the Voluntary Supplementary Pension Program through preferential policies prescribed in tax laws.

2. The State manages and supervises the implementation of the Voluntary Supplementary Pension Program, oversees the operations of pension funds through the issuance of policies and systems ensuring that pension funds operate transparently and protect the rights and interests of contributors.

3. The State does not guarantee the investment results or the level of pension payments of the pension fund.

Chapter II

PARTICIPATION IN THE VOLUNTARY SUPPLEMENTARY PENSION PROGRAM, ESTABLISHMENT AND OPERATION OF PENSION FUNDS

Section 1

CONTRIBUTION TO THE PENSION PROGRAM

Article 6. Participants in Contributions

1. Employers contribute to workers in accordance with the Labor Code.

2. Workers as stipulated by the Labor Code.

3. Individuals aged 15 years or older who do not work under labor contracts as stipulated by the Labor Code.

Article 7. Methods of Participation in Contributions

1. Participating in the pension program through employers, including:

a) Employers contribute to the pension fund for their workers based on labor management requirements and financial capacity without worker contributions;

b) Employers and workers jointly contribute to the pension fund pursuant to a written agreement between the worker and the employer.

2. Direct participation in the pension contribution program, including:

a) Workers contribute entirely to the pension fund without employer contributions;

b) Individuals as stipulated in Clause 3, Article 6 of this Decree contribute to the pension fund.

Article 8. Participation in Contributions Through Employers

1. Based on labor management requirements and financial capacity, employers may establish a pension program and make contributions to the pension fund for their workers according to the method prescribed in Clause 1, Article 7 of this Decree.

2. The process of participating in the pension contribution program through employers is as follows:

a) Employers notify workers about the pension program;

b) Employers sign a written agreement with workers regarding participation in the pension program following the guidelines of the Ministry of Labor, Invalids, and Social Affairs. The written agreement on participation in the pension program includes the following basic contents:

- Name of the pension program chosen by the worker to participate in;

- Basic content of the pension program; Start date of participation in the pension program;

- Contribution amount, frequency, and duration of the employer's contribution;

- Contribution amount, frequency, duration, and method of the worker's contribution (in cases where the worker contributes together with the employer);

- Rights and obligations of the worker when participating in the pension fund, including conditions for receiving the employer's contribution and investment results from this contribution;

- Rights and obligations of the employer when contributing to the worker, including conditions for the employer to reclaim its contribution to the worker and investment results from this contribution;

- Procedures for changing contents in the agreement (if applicable);

- Cases of suspension and temporary suspension of participation in the pension program.

c) Employers sign a participation contract in the pension program with the pension fund management enterprise. The content of the participation contract in the pension fund is implemented in accordance with Article 19 of this Decree;

d) Based on the participation contract in the pension program and the written agreement with the worker, the employer implements the transfer of contribution amounts to the pension fund for their own responsibility portion and the portion entrusted by the worker to the employer to pay on behalf (if any) while notifying the pension fund management enterprise, depositary organization, and supervisory bank about the contribution amount to each individual pension account.

3. The contribution amount to each participant's individual pension account includes:

a) The contribution amount of the employer to the worker as stipulated in the written agreement signed between the employer and the worker;

b) The contribution amount of the worker (if any) as stipulated in the written agreement signed between the employer and the worker.

4. Suspension or temporary suspension of participation in the pension program by workers and employers is carried out according to the written agreement signed between the employer and the worker as stipulated in point b, Clause 2 of this Article and the participation contract in the pension fund as stipulated in Article 19 of this Decree.

Article 9. Participation in Direct Contributions to the Pension Program

1. Workers and individuals participate in direct contributions to the pension program according to the method prescribed in Clause 2, Article 7 of this Decree.

2. Workers and individuals choose their own pension program and contribution method, and execute contracts with pension fund management enterprises according to the contract model stipulated in Article 19 of this Decree.

3. Workers and individuals transfer their contribution funds into the pension fund according to the terms of the participation program contract.

4. Workers and individuals verify information updated periodically by the pension fund management enterprise, depositary organization, and supervisory bank regarding the value of their individual pension account as prescribed in Articles 28 and 29 of this Decree.

5. Workers and individuals cease or temporarily suspend participation in the pension program according to the participation fund contract stipulated in Article 19 of this Decree.

Article 10. Rights and Responsibilities of Employers Participating in the Pension Program

1. Rights of employers participating in the pension program:

a) To be included in deductible expenses when determining corporate income tax for employer contributions to the pension fund for workers as prescribed by tax laws;

b) To decide on the level and timing of contributions, adjustments to increase, decrease, cease, or temporarily suspend contributions according to the provisions of the agreement signed between the employer and worker regarding participation in the pension program and the participation program contract;

c) To select and change pension fund management enterprises according to the provisions stipulated in the agreement signed between the employer and worker regarding participation in the pension program;

d) To reclaim their own contributions for workers and investment results from these contributions after deducting related costs in cases where workers do not meet the conditions stipulated in the agreement signed between the employer and worker regarding participation in the pension program as prescribed in Article 26 of this Decree.

2. Responsibilities of employers participating in the pension program:

a) To contribute to the pension fund their share of contributions according to the provisions stipulated in the agreement signed between the employer and worker regarding participation in the pension program and the participation program contract;

b) To contribute to the pension fund the portion entrusted by workers to the employer for payment according to the term stipulated in the agreement signed between the employer and worker regarding participation in the pension program and the participation program contract (if applicable);

c) To ensure separation of the employer's contribution responsibility and the portion entrusted by workers to the employer for payment (if applicable);

d) To implement procedures for changing pension fund management enterprises according to the provisions stipulated in the agreement signed between the employer and worker regarding participation in the pension program;

đ) To fulfill obligations as prescribed in the agreement signed between the employer and worker regarding participation in the pension program, the fund charter, and the participation program contract as stipulated in this Decree.

Article 11. Rights and responsibilities of employees participating in the pension program

1. Rights of employees participating in the pension program:

a) To participate in and enjoy all benefits from the pension program in accordance with the provisions of this Decree;

b) To deduct contributions to the pension fund from taxable income before calculating personal income tax in accordance with the limits set forth in the law on personal income tax;

c) To decide the level and timing of contributions, adjustments to increase, decrease, stop, or temporarily suspend contributions in accordance with the terms of the pension program participation contract;

d) To choose and change the pension program managed by the same enterprise managing the pension fund for employees participating in the pension program through employers, or to choose and change the enterprise managing the pension fund for employees directly participating in the pension program;

đ) To be issued a personal pension account, to have access to information about their personal pension account; to transfer their personal pension account to another enterprise managing the pension fund when changing the enterprise managing the fund;

e) To receive payments from their personal pension account in accordance with the provisions of this Decree;

g) To have personal pension information and information about their personal pension account kept confidential;

h) To switch from participating in the pension fund through employers to direct participation in the pension fund;

i) In case of job change:

- To continue maintaining their personal pension account at the pension fund management enterprise where they previously worked under the form of direct participation in the pension program; or

- To transfer their personal pension account to the pension fund management enterprise at their new workplace.

2. Responsibilities of employees participating in the pension program:

a) To fulfill obligations as stipulated in the fund charter and the pension program participation contract;

b) To comply with the provisions of this Decree and related laws.

Article 12. Rights and responsibilities of individuals participating in the pension program

1. Rights of individuals participating in the pension program:

a) The rights as those of employees participating in the pension program specified in points a, c, d, đ, e, and g of Clause 1, Article 11 of this Decree;

b) To deduct contributions to the pension fund from taxable income before calculating personal income tax if they have participated in mandatory social insurance or voluntary social insurance (including cases of suspending social insurance contributions) in accordance with the Social Insurance Law;

c) To switch from direct participation in the pension program to participation through employers.

2. Individuals participating in the pension program shall have responsibilities as those of employees participating in the pension program as stipulated in Clause 2, Article 11 of this Decree.

Section 2

ESTABLISHMENT AND OPERATION OF THE PENSION FUND

Article 13. Establishment of the Pension Fund

1. An enterprise managing the pension fund that has a Certificate of Eligibility for Operating Pension Fund Management Services in accordance with this Decree may establish a pension fund in accordance with the provisions of this Decree.

2. Based on the needs of participants in the fund and the management requirements of the enterprise managing the pension fund, the enterprise managing the pension fund shall independently determine the number of pension funds and investment objectives of the pension fund in compliance with the provisions of Article 20 of this Decree.

3. For each fund established, the enterprise managing the pension fund must:

a) Develop and promulgate the charter of the pension fund. The charter of the pension fund is decided by the enterprise managing the pension fund based on ensuring the basic contents prescribed in Article 14 of this Decree;

b) Select and enter into a contract with one depositary organization to perform securities depository services for the pension fund assets and fulfill the obligations prescribed in Article 15 of this Decree;

c) Select and enter into a contract with one supervisory bank to perform supervision over the management activities of the pension fund and fulfill the obligations prescribed in Article 16 of this Decree.

Article 14. Rules of the Pension Fund

1. The enterprise managing the pension fund must promulgate rules to establish the pension fund, including the following basic contents:

a) Name of the pension fund;

b) Enterprise managing the pension fund;

c) Depository organization;

d) Supervisory bank;

đ) Related service-providing organizations (if any);

e) Objectives and investment policies of the pension fund as stipulated in Article 20 of this Decree and procedures for changing investment policies (if any);

g) Rights and obligations of participants in the pension fund, employers, enterprises managing the pension fund, depository organizations, supervisory banks, and related service-providing organizations (if any);

h) Provisions on transferring individual pension accounts between pension funds managed by the same enterprise managing the pension fund;

i) Provisions on changing the enterprise managing the pension fund;

k) Selection and change of depository organizations, supervisory banks, and related service-providing organizations (if any);

l) Principles for allocating operational costs of the pension fund to each individual pension account;

m) Method for determining the net asset value of the pension fund and each individual pension account;

n) Regulations for dispute resolution;

o) Circumstances for compensating losses to participants in the pension fund;

p) Information reporting system;

q) Dissolution of the pension fund;

r) Commitments of the enterprise managing the pension fund, depository organizations, supervisory banks, and related service-providing organizations (if any) to fulfill their obligations as prescribed in the pension fund rules;

s) Procedures for amending and supplementing the pension fund rules.

2. The rules of the pension fund must be clearly presented, easily understandable, and published on the website of the enterprise managing the pension fund.

Article 15. Depository Organization

1. The depository organization of the pension fund assets must meet the following conditions:

a) It is a securities depository bank as provided for in the Securities Law or the Vietnam Securities Depository Center;

b) It is not a related party with the enterprise managing the pension fund as stipulated in Clause 17, Article 4 of the Enterprise Law.

2. The enterprise managing the pension fund must enter into a deposit agreement for each pension fund with one depository organization that meets the conditions specified in Clause 1 of this Article. The agreement between the enterprise managing the pension fund and the depository organization must include the following basic contents:

a) Rights and responsibilities of the depository organization and the enterprise managing the pension fund;

b) Deposit fees;

c) Circumstances under which the depository organization must compensate losses to participants in the pension fund as stipulated in Clause 4, Article 23 of this Decree.

3. The depository organization receives deposit fees according to the agreement signed between the enterprise managing the pension fund and the depository organization.

4. The depository organization has obligations as stipulated in the deposit agreement for the pension fund but must ensure the following basic obligations:

a) To perform deposit of pension fund assets according to the agreement signed with the enterprise managing the pension fund;

b) To carry out collection, payment, settlement, and transfer of money and securities at the request of the enterprise managing the pension fund;

c) To fully exercise rights and fulfill obligations related to ownership of the fund's assets, and to complete tax clearance and settlement procedures for the fund;

d) To ensure separation of the pension fund's assets from those of employers, the enterprise managing the pension fund, depository organizations, supervisory banks, and other pension funds managed by the same enterprise managing the pension fund;

đ) To provide timely, complete, and accurate information necessary for the enterprise managing the pension fund, supervisory banks, and related service-providing organizations (if any) to fully exercise their rights and fulfill their obligations as prescribed in this Decree and the pension fund rules.

5. Assets of the pension fund deposited with the depository organization belong to the participants and employers. The depository organization may not use the pension fund's assets to settle its own debts or third-party debts.

Article 16. Supervising Bank

1. A supervising bank for pension funds must meet the following conditions:

a) It shall be a commercial bank or a foreign bank branch established and operating in Vietnam;

b) It shall have an information technology infrastructure that meets the obligations of a supervising bank as stipulated in Clause 4 of this Article;

c) It shall not be related to the enterprise managing the pension fund as provided for in Clause 17, Article 4 of the Enterprise Law.

2. The enterprise managing the pension fund shall enter into a supervisory agreement with one supervising bank meeting the conditions specified in Clause 1 of this Article. The agreement between the enterprise managing the pension fund and the supervising bank shall include the following main contents:

a) Rights and responsibilities of the supervising bank, the enterprise managing the pension fund, participants in the fund, and employers;

b) Fees for supervising the pension fund charged by the supervising bank;

c) Situations where the supervising bank must compensate losses to participants in the fund as prescribed in Clause 4, Article 23 of this Decree.

3. The supervising bank shall have the rights as stipulated in the supervisory agreement on the management of the pension fund but must ensure the following basic rights:

a) To receive supervisory fees according to the supervisory agreement signed between the enterprise managing the pension fund and the supervising bank;

b) To request organizations providing services for securities custody of the pension fund, accounting for the pension fund, and personal retirement account management to provide information and documents for the supervising bank to fulfill its supervisory obligations as stipulated in Clause 4 of this Article;

c) To inspect the enterprise managing the pension fund, organizations providing accounting services for the pension fund, and personal retirement account management regarding compliance with obligations as prescribed in this Decree, the charter of the fund, participation contracts in the pension fund, and service provision contracts concerning accounting for the pension fund and personal retirement account management.

4. The supervising bank shall have the obligations as stipulated in the supervisory agreement on the management of the pension fund but must ensure the following basic obligations:

a) To inspect and supervise the enterprise managing the pension fund and organizations providing services regarding compliance with obligations as prescribed in this Decree, the charter of the fund, participation contracts in the pension fund, and service provision contracts related to these services;

b) To inspect and supervise the investment activities and transactions of the pension fund and personal retirement accounts as prescribed in this Decree and the charter of the pension fund;

c) To review periodically every six months the procedures and methods for determining the net asset value of the pension fund; to inspect and supervise the determination of the net asset value of the pension fund;

d) To review periodically every six months the procedures and methods for allocating investment results and determining the value of personal retirement accounts; to inspect and supervise the determination of the value of personal retirement accounts;

đ) To establish and retain for ten years files and vouchers in both paper and electronic data formats to confirm compliance in the operations of the supervising bank in relation to management activities;

e) Not to provide securities custody services for the pension fund, accounting for the pension fund, and personal retirement account management for the pension fund with which it has entered into a supervisory agreement;

g) To implement reporting requirements as stipulated in Article 33 of this Decree.

Article 17. Pension Agency

1. A pension agency is an organization authorized by a pension fund management enterprise to carry out the following activities:

a) Introducing the pension fund;

b) Signing pension fund participation contracts with fund participants and employers.

2. A pension agency must be a business permitted to operate in one of the following fields: banking, insurance agency, securities investment fund management.

Article 18. Individual Pension Account

1. Each individual may have one or more individual pension accounts at any given time managed by different pension fund management enterprises.

2. The individual pension account is used for:

a) Receiving contributions from fund participants and employers (if applicable);

b) Receiving investment results after deducting the operating costs of the pension fund and allocating them to each individual pension account according to the fund's charter;

c) Paying state budget contributions as prescribed;

d) Paying out to fund participants and employers as stipulated in this Decree.

3. Ownership rights of individual pension accounts:

a) Fund participants own their contributions and investment results after deducting the operating costs of the pension fund allocated to each individual pension account according to the pension fund's charter;

b) Workers participating in the fund own the employer's contributions and investment results after deducting related costs if they meet the conditions set forth in the agreement between workers and employers regarding participation in the pension fund.

4. Individual pension accounts shall not be used for:

a) Transfer;

b) Pledge;

c) Resolving bankruptcy procedures of pension fund management enterprises, supervisory banks, and depositary organizations.

5. The process of transferring individual pension accounts between pension funds is carried out by liquidating the individual pension account into cash and transferring the entire amount to an individual pension account at the new pension fund.

Article 19. Pension Fund Participation Contract

1. Pension fund management enterprises establish two model contracts to manage individual pension accounts upon authorization from employers and fund participants, including one model contract signed directly with fund participants and another model contract signed with employers.

2. The model participation contract must include the following contents:

a) Name, objectives, and investment policies of the pension funds;

b) Rights and responsibilities of fund participants, employers, and pension fund management enterprises;

c) Procedures for registering changes in contribution information, selecting pension funds, and pension fund management enterprises;

d) Procedures for registering withdrawals from individual pension accounts;

đ) Provisions on the confidentiality of individual pension account information; Principles for allocating pension fund operating costs to each individual pension account;

g) Procedures and conditions for ceasing and temporarily ceasing participation in the pension fund.

Article 20. Pension Fund Investment

1. Pension fund management enterprises must specify the investment policy (including asset structure and investment standards) in the fund's charter as prescribed in Article 14 of this Decree.

2. Pension fund management enterprises decide on the fund's investments according to the fund's charter, investment policy, and provisions in Clauses 3, 4, and 5 of this Article.

3. Types of assets that the pension fund can invest in include:

a) Deposits in commercial banks meeting the conditions specified in the fund's investment policy in the pension fund charter;

b) Government bonds; government-guaranteed bonds; local government bonds;

c) Securities investment fund certificates under the conditions specified in the fund's investment policy in the pension fund charter.

4. The proportion of government bond investments (including government bond investments through securities investment fund certificates) must be at least 50% of the total value of pension fund assets.

5. The pension fund shall not deposit money with the pension fund management enterprise or persons related to the pension fund management enterprise as prescribed in Clause 17, Article 4 of the Enterprise Law.

Article 21. Accounting for Pension Funds

1. Enterprises managing pension funds must implement accounting for pension funds including:

a) Recording all income and expenditure activities of the pension fund;

b) Establishing and updating procedures and methods to determine the net asset value of the pension fund;

c) Determining the net asset value of the pension fund;

d) Preparing financial reports of the pension fund.

2. Enterprises managing pension funds shall be responsible to participants regarding the accuracy of the recording and accounting of the pension fund as stipulated in Clause 1 of this Article.

3. Enterprises managing pension funds may perform services themselves or enter into contracts with service providers to carry out accounting for pension funds as prescribed in Clause 1 of this Article.

4. The operating costs of the pension fund include the following basic expenses:

a) Asset management fees paid to enterprises managing the pension fund;

b) Securities deposit fees paid to securities depository organizations;

c) Fund supervision fees paid to supervising banks;

d) Outsourcing service fees (if applicable);

đ) Drafting, printing, and mailing prospectuses, summary prospectuses, financial reports, transaction confirmations, account statements, and other documents to participants; information disclosure costs of the pension fund;

e) Costs related to executing asset transactions of the fund.

Article 22. Management of Individual Pension Accounts

1. Enterprises managing pension funds must implement management of individual pension accounts including:

a) Recording all income and expenditure activities of individual pension accounts, including contributions, investment results allocation, fund operating costs; pension payments;

b) Establishing and updating procedures and methods for allocating investment results and fund operating costs; determining the value of individual pension accounts;

c) Determining the value of individual pension accounts monthly;

d) Preparing and sending monthly individual pension account value reports to participants as prescribed in Article 28 of this Decree.

2. Enterprises managing pension funds shall be responsible to participants regarding the accuracy of the provision of individual pension account management services as stipulated in Clause 1 of this Article.

3. Enterprises managing pension funds may enter into contracts with service providers meeting the conditions prescribed in Clause 4 of this Article to carry out individual pension account management as prescribed in Clause 1 of this Article.

4. Service providers managing individual pension accounts as prescribed in Clause 1 of this Article must be one of the following organizations:

a) Vietnam Securities Depository Center;

b) An enterprise permitted to operate in banking, securities investment fund management, accounting, or auditing.

Article 23. Compensation for Participants' Losses

1. Enterprises managing pension funds have the responsibility to compensate participants for losses in the following cases:

a) Implementing investments not in accordance with this Decree or the pension fund's investment policy as stipulated in the fund charter;

b) Incorrectly determining the net asset value of the pension fund;

c) Incorrectly allocating investment results and determining the value of individual pension accounts.

2. The level of compensation for participants is determined based on the losses incurred by participants.

3. The compensation process for pension fund participants:

a) Enterprises managing pension funds determine the losses incurred by participants;

b) Enterprises managing pension funds notify supervising banks about the level of losses incurred by participants;

c) Supervising banks review and confirm the value of losses incurred based on the calculations of enterprises managing pension funds;

d) Supervising banks and enterprises managing pension funds agree on the value of losses incurred by pension fund participants;

đ) Enterprises managing pension funds pay compensation for losses to pension fund participants.

4. Supervising banks, securities depositories, service providers for fund accounting, and service providers for individual pension account management bear joint liability with enterprises managing pension funds and must compensate participants for losses when such losses occur due to errors of each organization. The extent of compensation is carried out according to civil agreements between enterprises managing pension funds and supervising banks, securities depositories, service providers for fund accounting, and service providers for individual pension account management.

5. The compensation for participants' losses must be specifically explained in financial reports and pension fund management activity reports, detailing the causes, reasons, impact levels, number of affected participants who have been compensated, compensation levels for participants, compensation forms, payment methods, and other remedial actions (if any).

Section 3

PAYMENTS FROM PENSION FUNDS

Article 24. Principles for Payment from Pension Fund

1. The subjects eligible to receive payments from individual pension accounts include:

a) Participants in the fund;

b) Employers who contribute on behalf of employees.

2. The amount of payment from individual pension accounts depends on the value of the individual pension account and the payment plan stipulated in the pension fund participation contract and the agreement between the employee and employer regarding participation in the pension fund.

3. During the payment period, the individual pension account continues to be invested in the pension fund according to the participant's choice.

4. Pension fund participants may choose to receive payments monthly or in one lump sum. The State encourages monthly payments (pension) through tax policies set forth in this Decree and guidelines issued by the Minister of Finance.

5. The minimum duration for receiving monthly payments when the participant reaches retirement age is ten years. The monthly payment amount at retirement is chosen by the recipient but cannot exceed the total value of the individual pension account at the time of retirement divided by 120 months. After ten years, the participant can opt for a lump-sum payment.

6. If the monthly payment determined according to Clause 5 of this Article is lower than the current basic salary level, the maximum monthly payment shall not exceed the basic salary until the individual pension account is fully settled.

Article 25. Payment to Pension Fund Participants

1. Pension fund participants register their payment plans from individual pension accounts with the pension fund management company in the pension fund participation contract and the agreement between the employee and employer regarding participation in the pension fund as stipulated in the pension fund charter.

2. The pension fund management company requests the depositary organization to make payments to pension fund participants.

3. Before making payments to pension fund participants, the depositary organization is responsible for withholding personal income tax according to tax laws.

4. The lawful heirs of pension fund participants inherit all rights and obligations in cases where the participant dies or goes missing according to inheritance provisions of the Civil Code.

Article 26. Payment to Employers

1. Employers are entitled to reclaim their contributions for employees and investment results from these contributions, minus the operating costs of the pension fund, when employees fail to meet the conditions specified in the agreement signed between the employer and employee regarding participation in the retirement program as provided in Point b, Clause 2, Article 8 of this Decree.

2. The pension fund management company requests the depositary organization to make payments to employers according to the pension fund charter and the agreement between the employee and employer regarding participation in the pension fund.

Section 4

ANNOUNCEMENT OF INFORMATION, ACCOUNTING, BOOKKEEPING, COSTS AND REPORTING REGIMES FOR PENSION FUND MANAGEMENT COMPANIES

Article 27. Information on Pension Funds

1. Prior to signing the contract to participate in a pension fund, the enterprise managing the pension fund must provide information about the pension fund to the participants as stipulated in Article 6 of this Decree.

2. The information on pension funds must include the following contents:

a) The charter of the fund as prescribed in Article 14 of this Decree;

b) Clearly stating that participants join the pension fund voluntarily and accept investment risks according to the objectives and investment policies set out in the fund's charter. The pension payment regime depends on the accumulated contribution value and the investment results of the pension fund after deducting related costs allocated to each pension account;

c) Clearly explaining to participants their rights and responsibilities under the pension fund;

d) Related costs allocated to each participant's pension account;

đ) Investment results of the fund for the three most recent consecutive years (if available);

e) The information on pension funds must be accurate, objective, complete, truthful, consistent with the pension program, and presented clearly and easily understood.

Article 28. Report on Individual Pension Account Value

1. Monthly, the enterprise managing the pension fund must prepare a report on the individual pension account value including the following contents:

a) The amount contributed to the individual pension account in the month and cumulatively up to the reporting date;

b) Investment allocation results to the individual pension account in the month and cumulatively up to the reporting date;

c) Transaction fees paid from the individual pension account in the month and cumulatively up to the reporting date;

d) Accumulated value of the individual pension account at the beginning of the reporting period and at the time of preparing the report.

2. Within ten working days from the end of the month, the enterprise managing the pension fund must send the report on the individual pension account to the fund participants.

Article 29. Provision of Documents and Information to Fund Participants

1. The enterprise managing the pension fund must maintain and regularly update its website with basic information about each pension fund it manages, specifically including:

a) The charter of the pension fund as prescribed in Article 14 of this Decree;

b) Prospectus; semi-annual financial reports, audited annual financial reports;

c) Summary reports on the management activities of the pension fund, semi-annually and annually;

d) Statistical reports on transaction fees in the fund's investment activities, semi-annually and annually;

đ) Reports on the activities of the pension fund, semi-annually and annually;

e) Summary of investment results for the five most recent consecutive years (if available).

2. Participants have the right to access information about their individual pension accounts on the website of the organization providing personal pension account management services as stipulated in Article 22 of this Decree.

Article 30. Accounting and Auditing

1. The enterprise managing the pension fund must implement accounting and financial reporting systems in accordance with current laws on accounting.

2. Annual financial reports of the enterprise managing the pension fund must be independently audited.

Article 31. Types of expenses to be paid from individual retirement accounts

1. Individual retirement accounts must pay the following types of expenses:

a) Management fees for individual retirement accounts;

b) Custody, monitoring, and auditing fees;

c) Fund management fees;

d) Fees for transferring individual retirement accounts between pension funds managed by the same fund management enterprise and transferring individual retirement accounts to another fund management enterprise;

đ) Other types of expenses as stipulated in the fund charter and the pension fund participation contract.

2. The principles for determining the expenses mentioned in Clause 1 of this Article must be specified in the fund charter and the pension fund participation contract.

Article 32. Reporting System of Pension Fund Management Enterprises

1. Annually, pension fund management enterprises are responsible for implementing the reporting system on the results of their operations, specifically as follows:

a) Time of submission: Not later than three months after the end of the reporting period;

b) Reporting period: Report on the results of the operations of the pension fund management enterprise from January 1 to December 31 each year;

c) Content of the report:

- Financial statements audited by an independent auditing organization;

- Report on pension fund management activities, risk management report, and internal control system according to specific guidelines issued by the Minister of Finance;

d) Recipient of the report: Ministry of Finance; Ministry of Labor, Invalids, and Social Affairs

2. Pension fund management enterprises are responsible for submitting extraordinary reports as provided for in Article 40 of this Decree or upon request by the Ministry of Finance.

Article 33. Reporting System of Supervisory Banks

1. Annually, supervisory banks are responsible for implementing the reporting system on the results of inspections and supervision, specifically as follows:

a) Time of submission: Not later than three months after the end of the reporting period;

b) Reporting period: Report on the supervision of pension funds from January 1 to December 31 each year;

c) Content of the report:

- Evaluation of the implementation of inspections and supervision as prescribed in points a, b, c, and d of Clause 4 of Article 16 of this Decree;

- Violations (if any) by pension fund management enterprises and related service providers, along with recommendations for solutions and remediation.

đ) Recipient of the report: Ministry of Finance; Ministry of Labor, Invalids, and Social Affairs

2. In case of discovering violations of laws or regulations or the pension fund charter, supervisory banks must immediately report to the Ministry of Finance and notify the pension fund management enterprise within two working days from the date of discovery of the violation, while requesting the correction of errors or the implementation of remedial actions within the prescribed time limit.

3. In addition to the cases of reporting stipulated in Clauses 1 and 2 of this Article and when necessary, the Ministry of Finance has the right to require supervisory banks to submit extraordinary reports on the supervision of pension funds. Supervisory banks must report to the Ministry of Finance and the Ministry of Labor, Invalids, and Social Affairs within two working days from the receipt of such reporting requests.

Chapter III

VOLUNTARY PENSION FUND MANAGEMENT ENTERPRISES

Article 34. Conditions for Issuing a Certificate of Eligibility for Business

1. It is a legally established enterprise in Vietnam permitted to operate in the following fields: Life insurance, fund management, in accordance with specialized laws and meeting the following conditions:

a) For life insurance companies, they must meet the conditions to launch retirement insurance products as stipulated by laws on retirement insurance business;

b) For fund management companies, they must have at least five years of experience in the fund management field; the total value of assets under management must be at least 1 trillion VND, currently managing open-end funds or bond funds.

2. They are not organizations that are undergoing restructuring or being subject to special supervision according to decisions by competent state authorities.

3. They have draft fund charters for each proposed pension fund establishment that meets the conditions stipulated in Article 14 of this Decree.

4. They have signed framework contracts with the following service providers:

a) Asset custodian organizations for pension funds as stipulated in Article 15 of this Decree;

b) Supervisory banks for pension fund management activities and individual retirement account management as stipulated in Article 16 of this Decree.

5. They have a business plan for pension fund management services including the following basic contents:

a) Plan and strategy for pension fund management operations over the next five years;

b) Projected revenue and expenses over the next five years;

c) Plan for information technology infrastructure to manage individual retirement accounts ensuring the execution of contribution, investment, expense payment, tax, fine, and payment to relevant parties;

d) Model framework contract for participating in pension funds that meets the conditions stipulated in Article 19 of this Decree.

6. They have a minimum of five employees who have worked directly in the pension fund management, securities fund management, or insurance contract fund management field for at least five years. Among them, there must be a minimum of three staff members with qualifications in fund management certified by the State Securities Commission or members of the Chartered Financial Analyst (CFA) Association.

7. They have a risk management process and internal control system.

Article 35. Documents for Application to Obtain a Business Condition Compliance Certificate

1. An application form for obtaining a Business Condition Compliance Certificate (including enterprise code information).

2. A copy of the license for operating in the specialized field (a copy extracted from the original book, a certified copy issued by a competent state agency, or an un-certified copy presented together with the original for verification).

3. A copy of the basic agreement with the securities depository organization and supervisory bank.

4. Business plan for fund management services:

a) Plan and strategy for pension fund management operations;

b) Projected revenue and expenses over the next five years;

c) Scheme for the technological infrastructure to manage individual pension accounts ensuring the implementation of contribution, investment, cost payment, benefit distribution to participants and employers, and personal income tax payments;

d) Model framework agreement on joining the pension fund meeting the conditions stipulated in Article 19 of this Decree.

5. Documentation proving that there are at least five employees meeting the conditions specified in Article 34 of this Decree, including the following basic documents:

a) A copy of the labor contract (a certified copy issued by a competent state agency or an un-certified copy presented together with the original for verification);

b) A brief resume of the employee confirmed by the competent authority (detailing work history and any certificates or diplomas);

c) Copies of certificates as prescribed in Clause 6 of Article 34 of this Decree.

6. Risk management procedures and internal control systems.

Article 36. Procedure for Issuing a Business Condition Compliance Certificate

1. The enterprise submits one set of documents for applying for a Business Condition Compliance Certificate as prescribed in Article 35 of this Decree to the Ministry of Finance for checking completeness and validity of the documents.

2. Within five working days from the date of receipt of the documents, the Ministry of Finance will notify the enterprise about the completeness and validity of the documents and request additional documentation if necessary, and submit two sets of formal documents for review.

3. Within thirty working days from the date of receiving complete and valid documents, the Ministry of Finance will lead the coordination with the Ministry of Labor, Invalids and Social Affairs, the Ministry of Planning and Investment, and related units to review and examine the documents to issue a Business Condition Compliance Certificate. In case of rejection, the Ministry of Finance will notify the enterprise in writing and specify the reasons.

4. The review of the documents will be based on the conditions stipulated in Article 34 of this Decree.

Article 37. Business Condition Compliance Certificate

1. The Business Condition Compliance Certificate shall include the following basic contents:

a) Name of the enterprise managing the pension fund;

b) Main office address and electronic website address of the enterprise managing the pension fund;

c) Registration number and date of issuance of the Enterprise Registration Certificate;

d) Compliance certificate number and date of issuance;

đ) Legal representative of the enterprise managing the pension fund;

e) Content and scope of activities.

2. In cases of reissuance or amendment of the Business Condition Compliance Certificate, the number of reissues or amendments should be clearly stated, and the compliance certificate number issued for the first time should be used for the enterprise.

Article 38. Reissuing the Certificate of Eligibility for Business Operations

1. The Certificate of Eligibility for Business Operations shall be reissued in the following cases:

a) The Certificate of Eligibility for Business Operations is lost or damaged;

b) A pension fund management enterprise implements business restructuring (splitting, separating, merging, consolidating, or changing its business form) and continues to meet all conditions prescribed in Article 34 of this Decree.

2. Procedures and formalities for reissuing the Certificate of Eligibility for Business Operations in the case specified in point a, Clause 1 of this Article:

a) The application dossier for reissuing the Certificate of Eligibility for Business Operations includes:

- Original Certificate of Eligibility for Business Operations (except in the case of loss);

- Application for reissuing the Certificate of Eligibility for Business Operations.

b) Within five working days from the date of receipt of the Application for reissuing the Certificate of Eligibility for Business Operations, the Ministry of Finance will review and reissue the Certificate of Eligibility for Business Operations.

3. Procedures and formalities for reissuing the Certificate of Eligibility for Business Operations in the case specified in point b, Clause 1 of this Article:

a) The documents include:

- Application for reissuing the Certificate of Eligibility for Business Operations;

- Dossier proving that the enterprise continues to meet the conditions for issuing the Certificate of Eligibility for Business Operations as stipulated in Article 34 of this Decree, including the documents and materials prescribed in Clauses 2, 3, 4, 5, and 6 of Article 35 of this Decree.

b) Within fifteen working days from the date of receiving complete valid dossiers, the Ministry of Finance will take the lead in coordinating with the Ministry of Labor, Invalids, and Social Affairs to examine and review the dossiers to reissue the Certificate of Eligibility for Business Operations. In case of refusal, the Ministry of Finance will notify the enterprise in writing and specify the reasons.

Article 39. Amending the Certificate of Eligibility for Business Operations

1. Pension fund management enterprises must submit an application to amend the Certificate of Eligibility for Business Operations within ten working days from the date of changes in the Certificate of Eligibility for Business Operations as prescribed in Article 37 of this Decree.

2. The application dossier for amending the Certificate of Eligibility for Business Operations includes:

a) An application for amending the Certificate of Eligibility for Business Operations, clearly stating the reasons for amendment;

b) The original Certificate of Eligibility for Business Operations issued most recently;

c) Documents proving the content of the proposed amendment.

3. Within fifteen working days from the date of receiving complete valid dossiers, the Ministry of Finance will take the lead in coordinating with the Ministry of Labor, Invalids, and Social Affairs to examine and review the dossiers to amend the Certificate of Eligibility for Business Operations. In case of refusal, the Ministry of Finance will notify the enterprise in writing and specify the reasons.

Article 40. Changes to be Notified to the Ministry of Finance

Within ten working days from the date of changes in the following contents, pension fund management enterprises must notify the Ministry of Finance in writing:

1. Being subject to restructuring or special supervision and control.

2. Being dissolved, declared bankrupt, or voluntarily ceasing pension fund management services.

3. Having their Enterprise Registration Certificate, Insurance Operation License, or Securities Investment Fund Management License revoked.

4. Changes in depositary organization.

5. Changes in supervisory bank.

Article 41. Revocation of Business Registration Certificate for Meeting Conditions for Operating

1. A pension fund management enterprise shall have its Business Registration Certificate for Meeting Conditions for Operating revoked in the following cases:

a) Being dissolved, declared bankrupt, or voluntarily ceasing to operate pension fund management services;

b) Having its Enterprise Registration Certificate, Insurance Operation License, or Securities Investment Fund Management License revoked.

2. Procedure for revoking the Business Registration Certificate for Meeting Conditions for Operating:

a) The Business Registration Certificate for Meeting Conditions for Operating automatically becomes invalid in the cases stipulated in Clause 1 of this Article;

b) The Ministry of Finance issues a decision to revoke the Business Registration Certificate for Meeting Conditions for Operating and publishes it on the Ministry of Finance's electronic information website regarding the decision to revoke the Business Registration Certificate for Meeting Conditions for Operating of the enterprise.

3. The enterprise must immediately cease all pension fund management activities from the moment the Business Registration Certificate for Meeting Conditions for Operating automatically becomes invalid.

4. In the case where a pension fund management enterprise has its Business Registration Certificate for Meeting Conditions for Operating revoked, the Ministry of Finance designates another pension fund management enterprise to take over the management of the pension funds currently managed by the enterprise whose Business Registration Certificate for Meeting Conditions for Operating was revoked. The designated enterprise must hold a Business Registration Certificate for Meeting Conditions for Operating for pension fund management services and be managing at least one pension fund.

5. Participants in the fund may choose to continue participating in the pension fund managed by the pension fund management enterprise designated by the Ministry of Finance or request to transfer their individual retirement account to a pension fund managed by another pension fund management enterprise.

Article 42. Rights and Obligations of Pension Fund Management Enterprises

1. Rights of pension fund management enterprises:

a) Decide on the number of pension funds and pension fund investment policies;

b) Enter into pension fund management contracts;

c) Select and enter into contracts with depositary organizations, supervisory banks, and other service-providing organizations;

d) Decide on the investments of pension funds according to the fund charter and regulations set forth in this Decree.

2. Obligations of pension fund management enterprises:

a) Establish, invest in, and manage pension funds according to the provisions of this Decree;

b) Develop and promulgate the charter of each pension fund established;

c) Select and enter into contracts with depositary organizations and supervisory banks;

d) Decide on the investments of pension funds according to the fund charter and regulations set forth in this Decree;

đ) Conduct accounting for pension funds or enter into contracts with organizations providing individual pension fund accounting services according to the provisions of this Decree;

e) Manage individual pension accounts or enter into contracts with organizations providing individual pension account management services according to the provisions of this Decree;

g) Transfer individual pension accounts between pension funds managed by the pension fund management enterprise and transfer them to another pension fund management enterprise according to the provisions of this Decree;

h) Implement information disclosure, accounting, and reporting according to the provisions of this Decree;

i) Compensate participants in the fund for losses (if any) according to the provisions of Article 23 of this Decree.

Chapter IV

INSPECTION, AUDITING, AND RESPONSIBILITIES OF THE STATE MANAGEMENT ORGANIZATION

Article 43. Inspection and Audit

1. The work of inspection and audit by state management agencies shall be carried out on a regular or ad hoc basis. Ad hoc inspections may only be conducted when there are signs that a pension fund management enterprise is violating the law, in response to complaints or denunciations, for anti-corruption purposes, or upon assignment by the head of the state management agency with authority. Regular inspections shall not exceed one time per year for each enterprise.

2. The Ministry of Finance shall take the lead and coordinate with the Ministry of Labor, Invalids and Social Affairs, the Ministry of Planning and Investment, and related agencies to inspect compliance with regulations on providing pension fund management services every five years as stipulated in this Decree.

3. The content of inspection and audit includes reviewing the ability to continue maintaining or revoking the Certificate of Eligibility for Business Operations of pension fund management enterprises and compliance with all regulations on providing pension fund management services as stipulated in this Decree.

4. The inspection and audit of tax obligations of pension fund management enterprises shall be carried out in accordance with the provisions of the tax laws.

Article 44. Responsibilities of the Ministry of Finance

1. Guide tax policies for voluntary pension programs as provided in Clause 4, Article 24 of this Decree and reporting requirements for pension fund management enterprises as provided in Article 32 of this Decree.

2. Take the lead and coordinate with the Ministry of Labor, Invalids and Social Affairs to aggregate, monitor, and evaluate the implementation of this Decree.

3. Take the lead and coordinate with the Ministry of Labor, Invalids and Social Affairs, the Ministry of Planning and Investment, and relevant units to issue, reissue, adjust, and revoke Certificates of Eligibility for Business Operations in accordance with the provisions of this Decree.

4. Monitor and assess the operations of pension fund management enterprises through reporting systems as stipulated in this Decree.

5. Take the lead and coordinate with the Ministry of Labor, Invalids and Social Affairs to inspect and audit compliance with the activities of pension fund management enterprises as stipulated in this Decree every five years or ad hoc as required by management work as provided in Article 43 of this Decree.

Article 45. Responsibilities of the Ministry of Labor, Invalids and Social Affairs

1. Guide enterprises in drafting agreements for participation in pension programs as provided in Point b, Clause 1, Article 8 of this Decree.

2. Take the lead and coordinate with the Ministry of Finance to aggregate, monitor, and evaluate the participation of contributors and employers in pension funds as stipulated in this Decree.

3. Coordinate with the Ministry of Finance to aggregate, monitor, and evaluate the implementation of this Decree.

4. Coordinate with the Ministry of Finance to review and provide opinions on the issuance, reissuance, adjustment, and revocation of Certificates of Eligibility for Business Operations as stipulated in this Decree.

5. Coordinate with the Ministry of Finance to inspect and audit compliance with the activities of pension fund management enterprises as stipulated in this Decree every five years or ad hoc as required by management work as provided in Article 43 of this Decree.

Article 46. Responsibilities of the Ministry of Planning and Investment

1. Participate in coordinating with the Ministry of Finance to examine and provide opinions on issuing, reissuing, adjusting, and revoking the Certificate of Business Conditions for operating pension fund management services as prescribed in this Decree.

2. Coordinate with the Ministry of Finance to inspect and audit the compliance of pension fund management enterprises' operations according to this Decree every five years or at any time as required by management work as stipulated in Article 43 of this Decree.

Chapter V

IMPLEMENTING PROVISIONS

Article 47. Effective Date

This Decree takes effect from July 1, 2016.

Article 48. Responsibility for Implementation

The Ministers, Heads of Ministries equivalent to ministries, Heads of government agencies, Chairpersons of provincial People's Committees under the central city, pension fund management enterprises, and related organizations and individuals are responsible for implementing this Decree.

PRIME MINISTER
PRIME MINISTER

Nguyen Xuan Phuc

ANNEX

(Attached to Decree No. 88/2016/NĐ-CP
dated October 7, 2016of the Government)

Form No. 01

NAME CORPORATIONSOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

Number:

PETITION FOR APPLICATION

Issuing the Certificate of Business Conditions
for Operating Pension Fund Management Services
or,
Reissuing the Certificate of Business Conditions
for Operating Pension Fund Management Services

(for cases where the pension fund management enterprise is divided,
split, merged, consolidated, or converted into another form of ownership and continues to meet all conditions prescribed in the Decree / /NĐ-CP dated / / of
the Government regulating pension funds)

Part I. Information about the EnterpriseEnterprise name in Vietnamese (written in capital letters): Abbreviated enterprise name (if any):

Respectfully submitted to: Ministry of Finance

Enterprise name in foreign language (if any):

1. Enterprise code:

Business Registration Certificate number issued by (name of issuing authority)

issued on date month year at

1. Main office address:

2. Registered business fields:

3. Registered charter capital:

Website:

Legal representative of the enterprise:

1. Full name: Gender:

2. Some key indicators

3. Employment contract number:

4. Telephone: Fax:

5. Nationality Date of birth: / /

6. Email:

7. ID card/passport number: issued on: / /

Qualifications:

Position:

Professional qualifications and work experience:

Telephone: Email:

Five employees meeting the condition of having at least five years of direct work experience in pension fund management, securities investment fund management, or insurance contract management fund

in

Part II. Content of the Application and Attached Documents

(Enterprise name) requests the Ministry of Finance to issue/reissue the Certificate of Business Conditions for Operating Pension Fund Management Services according to Decree No. / /NĐ-CP dated / / of the Government regulating

voluntary supplementary pension funds

1. Part III. Commitment of the Enterprise

1. Qualifications:

Position:

Professional qualifications and work experience:

Telephone: Email:

Five employees meeting the condition of having at least five years of direct work experience in pension fund management, securities investment fund management, or insurance contract management fund

in

Part II. Content of the Application and Attached Documents

(Enterprise name) requests the Ministry of Finance to issue/reissue the Certificate of Business Conditions for Operating Pension Fund Management Services according to Decree No. / /NĐ-CP dated / / of the Government regulating

Email:

(Enterprise name) hereby commits:

1. To be responsible before the law for the accuracy and legality of the contents declared herein and the documents and materials attached to this application.

If granted/reissued the Certificate of Business Conditions for Operating Pension Fund Management Services, (enterprise name) will strictly comply with the laws governing pension fund management services.

1. The accompanying documents include:

(Signature, full name, stamp)

ENTERPRISE NAME SOCIALIST REPUBLIC OF VIETNAM

1. Reissuing the Certificate of Business Conditions

2. for Operating Pension Fund Management Services

LEGAL REPRESENTATIVE

(in case the certificate is lost or damaged)

Form No. 02

Enterprise name in foreign language (if any):

Independence - Freedom - Happiness

Number:

PETITION FOR APPLICATION

Main office address: Phone number:
Fax number:
Business Registration Certificate number issued by (name of issuing authority) issued on date month year Certificate of Business Conditions for Operating Pension Fund Management Services number issued first on date month year (adjustedthe second time on date month year).

Respectfully submitted to: Ministry of Finance

1. Name of the enterprise:

• Business Registration Certificate number issued by (name of issuing authority)

• Request the Ministry of Finance to reissue the Certificate of Business Conditions for Operating Pension Fund Management Services for (enterprise name)

• to replace the Certificate of Business Conditions for Operating Pension Fund Management Services number issued on date month year

Reason for requesting reissuance:

• The enterprise takes responsibility before the law for the contents in this application and the documents and materials attached to this application./.

ENTERPRISE NAME

• ..., day... month... year 20...

on the (date month year).

Request the Ministry of Finance to reissue the Certificate of Eligibility for Operating Supplementary Voluntary Pension Fund Services for (company name)

to replace the Certificate of Eligibility for Operating Supplementary Voluntary Pension Fund Services number issued on (date month year)

1. Reason for requesting reissuance:

2. The accompanying documents include:

3. The enterprise hereby accepts full responsibility under the law for the contents in this application and all documents and materials submitted with it.

Implementation Report of Production Projects of Supporting Industry Products Confirmed with Incentives

DNGOAN NGSOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

Number: ..., day... month... year 20...

PETITION FOR APPLICATION

Adjust the Certificate

to meet the conditions for operating the management serviceof voluntary supplementary pension funds The Business Registration Certificate number issued by (issuing authority)...

Respectfully submitted to: Ministry of Finance

1. Name of the enterprise:

• Business Registration Certificate number issued by (name of issuing authority)

• Request the Ministry of Finance to reissue the Certificate of Business Conditions for Operating Pension Fund Management Services for (enterprise name)

• to replace the Certificate of Business Conditions for Operating Pension Fund Management Services number issued on date month year

Reason for requesting reissuance:

• dated... month... year...

The Certificate meeting the conditions for operating the management service of voluntary supplementary pension funds, first issued on... month... year...

• The Certificate meeting the conditions for operating the management service of voluntary supplementary pension funds, adjusted on... day... month... year (adjusted for the... time).

Request the Ministry of Finance to adjust the Certificate meeting the conditions for operating the management service of voluntary supplementary pension funds for (company name) in the Certificate meeting the conditions for operating the management service of voluntary supplementary pension funds, issued on... month... year...

Content of the adjustment request

(Company name) requests to adjust the Certificate meeting the conditions for operating the management service of voluntary supplementary pension funds as follows:

1. Reasons for the adjustment request:

VICE-PREMIER'S OFFICE PUBLISHES

No. 1, Hoang Hoa Tham Street, Ba Dinh, Hanoi

1. The accompanying documents include:

2. The enterprise hereby accepts full responsibility under the law for the contents in this application and all documents and materials submitted with it.

Price: 10,000 VND