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Terms and Conditions sBusiness package

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1. Definition & Package Eligibility

1.1 sBusiness account package (“sBusiness Package”) is a product applicable to micro-enterprise customers (“Customers”) who are using products at VIB at the same time, register to participate in and satisfy the following conditions at the time of registration for the sBusiness Package:

  • Current Account (CA): have ≥ 01 CA active; and
  • App VIB Checkout: user is active and has at least one time successful login; and
  • Pay package management fee according to item 4.

1.2 Method joining sBusiness Package

  • Customer could register for sBusiness Package on VIB Checkout or at VIB Branches.

2. sBusiness Package validity

  • The date VIB system records the sBusiness Package (recorded date of sBusiness Package) is the date:
    • Date customer successfully registers sBusiness Package at VIB branches; or
    • Date customer successfully registers sBusiness Package on VIB Checkout in case VIB announces successful receipt before 17:00 every day, or the after-date customer successfully registers in case VIB system announces successful receipt after 5:00 p.m. daily; or
  • Effective Date of sBusiness Package (effective Date): is the date VIB sends the notification by email to Customer who successfully registers the sBusiness Package and is the after-date the recorded date of sBusiness Package.
  • The validity period of sBusiness Package is (i) 06 months from the effective Date (including the effective Date) to the due Date (excluding the due Date); or (ii) from the effective Date to the Date of cancellation sBusiness Package (if the customer cancels the sBusiness Package).
  • All offers of sBusiness Package will terminate at the time the sBusiness Package is canceled or expired.
  • Due Date includes weekends and public holidays.
  • Example:
    • 25/04/2023 Customer receives notification for successful registration sBusiness Package from VIB
    • The validity period sBusiness Package is from 25/04/2023 to 25/10/2023 (but not including 25/10/2023).

3. sBusiness Package renewal conditions

  • Due Date is also sBusiness Package renewal Date (renewal Date). The extension period of sBusiness Package is equal to the validity period of the sBusiness Package in section 2.
  • At Renewal Date, VIB automatically renews sBusiness Package for customers who meet all the following criteria:
    • Current Account (CA): have ≥ 01 CA active; and
    • Mobile Banking App: user VIB Checkout is active; and
    • No debt in package management fee according to item 4
  • Renewal notice: VIB will send email to customer informing about successful renewal on Renewal Date.

(*) In case Customer does not satisfy sBusiness Package renewal conditions and wants to re-register the sBusiness Package, customer actively registers sBusiness Package on VIB Checkout or at VIB Branches.

4. sBusiness Account Package fee

4.1sBusiness Account Package fee

Currency Fee rate Waive condition Application condition
sBusiness account package management fee VND 60,000 As in item 4.2 Monthly
  • sBusiness Package management fee (Management fee) might be changed depending on VIB's fee policy, applied according to VIB's published fee schedule from time to time.
  • The collected fee will not be refunded in all cases, even if the customer cancels sBusiness Package before Due Date.
  • Management fee is collected automatically by VIB in the form of automatic deduction from customer's CA registered at VIB monthly periodically on the specific date below:
    • The corresponding monthly Date the recorded Date of sBusiness Package; or
    • The corresponding monthly Date of the sBusiness Package Renewal Date for the case customer is exempt Management fee for the previous period, but the Customer no longer satisfies the conditions for the free Management fee at the Renewal Date.

(Referred to as “Recurring Charge Date”)

  • In case there is no Recurring Charge Date in the month, Management fee will be collected on the last day of the calendar month

4.2 Free policy to sBusiness Package management fee

  • VIB is free of charge for 06 months to customers in the following cases:
    • The first time Customer joins sBusiness Package.
    • Customer meets conditions of VIB's free policy from time to time, apply at the time renewal sBusiness Package according to section 3.
  • Free policy below applies at the time of current publication (from 08/08/2023) and might be changed according to VIB's regulations from time to time:
Criteria Condition
Average balance of CA in the 6 months preceding the registration month /renewal month of sBusiness Package (1)   ≥ 30 million VND

5. Offers in sBusiness Package

Offer detail
 
Offers of sBusiness Package
  • Free account management fee; and
  • Free fast fund transfer fee on online; and
  • Free normal fund transfer fee on online; and
  • Free international fund transfer fee on online; and
  • Free cash deposit VND at counter; and
  • Free cash withdrawal VND at counter; and
  • Free tally fee VND at counter; and
  • Free domestic fund transfer at counter; and
  • Free international fund transfer at counter.

 

6. Rights and Responsibilities of Customers

  • Enjoy the offers specified in section 5 of the sBusiness Package validity 
  • Right to check offers information of sBusiness Package at website address: vib.com.vn
  • Obligation to monitor, check for changes, cancel regulations on (1) terms and conditions of sBusiness Package, (2) fee and policy for free management of sBusiness Package at website address: vib. com.vn.
  • Obligation to comply with the laws and regulations of the Bank on registration and use of products and services in the sBusiness Package.
     

7. Rights and Responsibilities of VIB

  • Notify customers by email when customers has successfully registered or renewed sBusiness Package
  • Notify customers by email when sBusiness Package is canceled or unsuccessfully renewed.
  • Have full discretion to change or cancel the provisions of (1) fee and policy Free management sBusiness Package, (2) terms and conditions as well as content of sBusiness Package without direct notice to customers. After changing or canceling regulations on sBusiness Package, fee and policy for free management of sBusiness Package, VIB is obliged to publish the latest change and cancellation information on website address: vib.com.vn and publicly listed at VIB's Branches

8. Applicable Law and Dispute Resolution

  • 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 from the date VIB notify on website: vib.com.vn.
  • This Terms & Conditions can be amended/ updated by VIB. All amendments/ updates in this Terms & Conditions will be published at VIB website: vib.com.vn
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Note:

(1) ) Total balance on CA (excluding foreign currency accounts and margin accounts) of customers who are active at VIB in the 6 months preceding the month of registration/month of renewal ÷ (divided by) the actual number of days the corresponding economic value of the 6 months preceding the month of registration/month of renewal.

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