Terms and Conditions Payroll package

Individual customers who are EEs must meet the following conditions:

• Must be at least 15 years old for Vietnamese citizens and at least 18 years old for foreign citizens; and
• Must have legal capacity according to the laws of Vietnam at the time of opening account; and
• Must be employed under a labor contract signed with PO.

• EEs register through VIB's SmartSales application in the case of opening a new current account via the SmartSales application; or
• EEs register to participate in the Payroll Package at VIB’s branches; or
• EEs register through other forms depending on VIB's actual implementation.

At VIB, the Payroll Account Package is classified into three specific groups as follows:

5.1 Applicable to EEs of PO belong to the top 500 largest companies in Vietnam¹ 

5.2 Applicable to EEs of other PO

The preferential policies for employees undergoing changes will be announced and publicly posted by VIB periodically on the website vib.com.vn and/or at VIB's Branches.
When changing preferential policies for employees, VIB will announce and post them publicly on the website vib.com.vn and/or at VIB's Branches.

• At the first month EEs participation in the Payroll Package:
  • For EEs who register a salary: The Payroll Package corresponding to the registered salary level will be applied. 
  • For EEs who do not register a salary: The Essential payroll will be applied.
• At the second month EEs participation in the Payroll Package:
  • For EEs of PO sign a PSA with VIB: The Essential/Sapphire/Diamond payroll will be updated based on the total salary transactions of the previous month. 
  • For EEs of PO does note sign a PSA with VIB: The Essential/Sapphire/Diamond payroll will remain as registered in the initial month mentioned above.
• From the third month EEs participation in the Payroll Package:
  • For EEs of PO sign a PSA with VIB: The Essential/Sapphire/Diamond payroll will be updated based on the total salary transactions of the previous month. If the EEs does not receive any salary transactions for any 9 consecutive months, VIB will automatically terminate the benefits of the payroll package.
  • For EEs of PO does note sign a PSA with VIB and have registered a salary level in the first month of participation:
    VIB will compare the total salary transactions of the previous month with the registered salary level:
    • If the total salary transactions of the previous month are greater than or equal to the salary level provided at the time of registration: the Payroll Package (Essential/Sapphire/Diamond) remains unchanged.
    • If the total salary transactions of the previous month are less than the salary level provided at the time of registration: VIB will automatically terminate the Payroll Package benefits.
  • For EEs of PO does note sign a PSA with VIB and have not provided a salary level at the time of registering for the Payroll Package:
    • If the total salary transactions of the previous month are greater than 7 million VND, the Essential payroll remains unchanged.
    • If the total salary transactions of the previous month are less than or equal to 7 million VND, VIB will automatically terminate the Payroll Package benefits.
• In all months, the Diamond Payroll based on job title will be maintained and remain unchanged.

• EEs have the responsibility to comply with the provisions of the Law and Bank's regulations on the registration and usage of products/services following this Payroll Package.
• EEs are entitled to the benefits and other exclusive policies of the Payroll Package in accordance with VIB's regulations.
• EEs are entitled to request for Payroll Package information inquiries at all VIB's branches, MyVIB applications and website: vib.com.vn.
• EEs are responsible for monitoring, update checking, cancellation regarding Payroll Package Terms & Conditions at all VIB's branches, MyVIB applications and website: vib.com.vn

• Provide the benefits of the Payroll Package according to the valid information provided by the EEs and in compliance with VIB's product regulations applicable at each period.
• VIB reserves the full right to independently change or cancel the terms and conditions of the Salary Account Package without directly notifying the employee. The latest details about the Salary Account Package will be publicly listed by VIB at all of its business units, on the MyVIB e-banking application, on the official VIB website vib.com.vn, and/or through other communication channels depending on VIB's conditions.
• Other rights and responsibilities in these terms and relevant provisions of Law.

• These Terms & Conditions is interpreted and adjusted by the laws of the Socialist Republic of Vietnam.
• If there is any dispute occurred or related to this Terms & Conditions, all Parties will settle disputes by negotiation and conciliation. In case of unsuccessful negotiation or conciliation, each party has the right to bring the dispute to People’s Court for settlement.
• This Terms and Conditions will be valid during the implementation of the Payroll Package and terminate when (i) EEs stop using the Payroll Package or (ii) EEs no longer meet the criterial for the Payroll Package registration or (iii) VIB notify on Payroll Package termination/ cancellation at all VIB's branches and website: vib.com.vn.
• This Terms & Conditions can be amended/ updated by VIB. All amendments/ updates in this Terms & Conditions will be published by VIB at all VIB's branches and website: vib.com.vn
• This Terms & Conditions is drawn up in English and Vietnamese languages. In case of any discrepancies or inconsistencies between the English and Vietnamese versions, the Vietnamese version shall prevail.