Non-compliance with latest government regulations can cause businesses heavy fines.
On 13 August 2010, the Government issued Decree No. 86/2010/ND-CP replacing Decree No. 135/2007/ND-CP dated 16 August 2007 on sanctioning administrative violations in social insurance sector. Accordingly, employers who did not pay social insurance for eligible employees and unemployment insurance shall be fined from 1 to 30 million VND, subject to the level of violation. In addition, they are forced to pay such unpaid amount plus interest therefrom at the rate applied to investment activities of Social Insurance Fund within 30 days from the date of receiving the sanction decision. Decree 86 shall take effect from 01 October 2010 and shall not applied to social health insurance, credit insurance and insurance of business nature. For the detailed official decree, click here.
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