Historical source material on guarantee agreements for Vietnamese workers employed overseas under contract.
The source page is labelled “Circular 02/2024”, while its reproduced text identifies Joint Circular No. 08/TTLT–BLDTBXH–BTC dated 11 July 2007. The original source should be consulted to resolve this difference.
The reproduced text provides guidance on certain provisions of guarantee agreements and the liquidation of guarantee agreements for Vietnamese workers employed overseas under contract.
The text cites the Civil Code dated 14 June 2005; the Law on Vietnamese Workers Working Abroad under Contract dated 29 November 2006; Decree 29/2003/ND-CP dated 31 March 2003 on the functions and structure of the Ministry of Labour, Invalids and Social Affairs; Decree 62/2003/ND-CP dated 6 June 2003 on the Ministry of Justice; and Decree 163/2006/ND-CP dated 29 December 2006 on secured transactions.
The reproduced guidance concerns guarantee agreements for workers contracted through service enterprises or public-service organisations, including the scope of the guarantee and the liquidation of the agreement.
The scope of the guarantee covers the worker’s obligations, unless the guarantor and the beneficiary agree otherwise.
The source contains headings for the rights and obligations of the guarantor and of the beneficiary, subject to any agreement between the parties and applicable legal provisions.
The beneficiary must notify the guarantor when the grounds for fulfilling the guarantee arise under Article 41 of Decree 163/2006/ND-CP. Where a worker’s breach causes an obligation to fall due early and the worker fails to fulfil it properly, the notification must state the reason for early performance.
The guarantor and beneficiary must agree on the period for fulfilling the guarantee. If no period is agreed, the guarantor must perform within a reasonable period set by the beneficiary, calculated from receipt of the notification.
Where the guarantee is secured by a pledge, mortgage or deposit under Article 58 of the Law on Vietnamese Workers Working Abroad under Contract, the beneficiary may realise the security in accordance with the signed security agreement.
Any balance remaining after the guaranteed obligation has been paid is returned to the guarantor. If the proceeds are insufficient, the guarantor must provide additional assets to cover the shortfall.
The beneficiary may agree with the guarantor on a pledge, mortgage or deposit to secure performance. Unless otherwise agreed, the security covers the entire guaranteed obligation.
The reproduced text also addresses termination and liquidation of guarantee agreements. For the termination cases referred to in points c and d of clause 7, Section II, liquidation may be recorded separately or in the document cancelling or terminating the guarantee.
The reproduced historical text states a two-year limitation period for bringing guarantee-agreement disputes to court, starting from infringement of the parties’ lawful rights and interests.
The source ends with ministerial signature information, including Nguyen Thanh Hoa. This archive is presented for reference and is not a statement of current legal requirements.
Please contact SOVILACO to confirm the current requirements and applicable information.
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