Tiếng Việt
中文Short answer: No. The policy allowing travel enterprises to temporarily withdraw (reduce) their escrow deposits expired on 01/01/2024. Currently, travel service enterprises must maintain the full deposit levels under Decree 168/2017/ND-CP: VND 100 million (domestic travel), VND 250 million (international travel for inbound tourists to Vietnam), and VND 500 million (international travel for outbound tourists).
The 80% deposit reduction was only temporary
Decree 94/2021/ND-CP reduced the travel service business deposit by 80% (to VND 20/50/100 million) to support enterprises through COVID-19 difficulties. However, this policy applied only until 31/12/2023.
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From 01/01/2024, deposit levels under Decree 168/2017/ND-CP apply again. Therefore, any claim that the “current” deposit levels are VND 20/50/100 million is outdated.
Currently applicable deposit levels (Decree 168/2017/ND-CP)
- VND 100,000,000 — domestic travel service business;
- VND 250,000,000 — international travel service business for inbound tourists to Vietnam;
- VND 500,000,000 — international travel service business for outbound tourists.
May an enterprise withdraw its escrow deposit?
The deposit is placed with a bank and may only be used to settle obligations related to travel business operations as prescribed. Apart from the temporary reduction period under Decree 94/2021 (which has ended), current law does not provide for a right to temporarily withdraw the escrow deposit while the enterprise is still operating travel services. Enterprises must maintain the full deposit throughout their operations; failure to do so may lead to revocation of the travel service business license.
Key notes
- When changing the scope of business (e.g., from domestic to international travel), the enterprise must top up the deposit to the corresponding level before the license can be re-issued.
- Where the enterprise terminates its travel service business, the deposit will be refunded after all related financial obligations have been settled.
How can ANT Legal help?
ANT Legal advises on the conditions and dossiers for the issuance/renewal of travel service business licenses, deposit obligations, and compliance with tourism law for enterprises. For advice on your specific case, please contact our lawyers at 0966.475.966.
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