On October 28, 2021, the Government issued Decree 94/2021/ND-CP (hereinafter referred to as “Decree 94”), amending and supplementing Article 14 of Decree No. 168/2017/ND-CP (hereinafter referred to as “Decree 168”), elaborating of some articles of the Law on Tourism regarding the deposit for travel service business. Accordingly, 80% of the deposit for the travel service business will be reduced by the end of December 31, 2023.
The adjusted deposit for travel service business according to Decree 94 is as follows:
1. The domestic travel service deposit is VND 20,000,000 (the previous provision is VND 100,000,000);
2. International travel service deposit:
a) Provision of travel services for inbound tourists: VND 50,000,000 (the previous provision is VND 250,000,000);
b) Provision of travel services for outbound tourists: VND 100,000,000 (the previous provision is VND 500,000,000);
c) Provision of travel services for inbound and outbound tourists: VND 100,000,000 (the previous provision is VND 500,000,000);
The Government assigns the Ministry of Culture, Sports and Tourism to assume the prime responsibility for and coordinate with relevant ministries and branches to guide and organize this Decree’s implementation.
Thus, the enterprise that has been issued a Certificate of deposit for a travel service business as prescribed in Decree 168 can exchange the Certificate as prescribed under Decree 94 and apply to the competent authority within 30 days from the date of the change.
The bank receiving deposit for a travel service business is responsible for revoking the issued Certificate to the enterprise and issuing a new one according to the above-mentioned deposit, and refunding the difference between the provisions prescribed under Decree 168 and Decree 94. Simultaneously, the depository bank is obliged to send the list and information about the enterprise that has conducted the deposit certificate exchange procedure to the licensing authority in accordance with the laws within 30 days from the date of exchange.
The reduction of the deposit for a travel service business is a measure to support enterprises to overcome difficulties affected by the Covid-19 pandemic and provide favorable conditions for enterprises to resume operations and encourage the new ones to enter the travel industry.
Decree 94 comes into force from the date of signing (October 28, 2021). The deposit for travel service business as prescribed in Article 1 of this Decree shall be implemented until the end of December 31, 2023.
