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
• The EE registers via the MyVIB 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:

Applicable to EEs of other PO

Any changes to the information regarding the above-mentioned Payroll Account Packages for EEs shall be publicly announced and posted by VIB from time to time on the vib.com.vn website and/or at VIB's business units.

6.1 Eligibility Criteria EEs of PO must simultaneously meet the following conditions:

• Register for and maintain an active status of one of the Payroll Account Packages under this program; and
• Be the primary cardholder of a VIB Credit Card issued after the effective date of the registered Payroll Account Package;
• Not violate any terms of this promotional program or any Terms and Conditions of Use of the VIB Credit Card product currently in use by the EE; and
• Not engage in any fraudulent or abusive behavior to claim the offer (fraudulent or abusive behavior is indicated by the EE's inability to provide a valid financial invoice as prescribed by Law  detailing the purchase of goods  under the EE's name ("Transaction Proof Document") upon VIB's suspicion and request).

6.2 Details of the Annual Fee (AF) Refund Offer

6.2.1. First-year AF Refund Offer

• First-year AF: The Annual Fee incurred in the first year (365 days) calculated from the issuance date of the VIB Credit Card.
• EEs meeting the conditions in Section 6.1 above shall be eligible for the first-year AF refund offer.

6.2.2. AF Refund Offer from the 2nd year onwards

• AF from the 2nd year onwards: The Annual Fee incurred from the 2nd year onwards (after the first year) from the VIB Credit Card issuance date until the VIB Credit Card is cancelled/invalidated or the Payroll Account Package expires, whichever comes first.
• EEs meeting the conditions in Section 6.1 above and registering for the Payroll Account Package and/or meeting the minimum spending transaction conditions in Article 5 above shall be eligible for the AF refund offer from the 2nd year onwards. Whereby:
  • Spending transactions: Transactions made using the VIB Credit Card to pay for legal personal consumer goods and services of the EE  online and/or via POS terminals at Accepting Merchants. Transactions must be recorded as successful on the VIB card system  during the promotional period and posted to VIB no later than 10 days from the transaction date. VIB shall not be held responsible if the transaction is not posted to the system within this timeframe for offer evaluation.
  • Spending transaction calculation period: The full-year period immediately preceding the evaluated year for AF refund, calculated from the VIB Credit Card issuance date.
    Example: VIB Credit Card issued on August 31, 2023.
    • Spending transaction calculation period for the 1st year AF refund evaluation: From August 31, 2023, to the end of August 30, 2024;
    • Spending transaction calculation period for the 2nd year AF refund evaluation: From August 31, 2024, to the end of August 31, 2025.
  • In case the EE is the primary cardholder of multiple VIB Credit Cards, the spending transaction amount is calculated per primary VIB Credit Card (based on the card account) currently used by the EE.

6.2.3. Result determination and reward payout timeline

• Result determination timeline: VIB will base on the system's recorded data to determine the result for each offer and each EE as follows:
  • For the first-year AF: From the 1st to the 5th of the month following the month the first-year AF is incurred.
  • For the AF from the 2nd year onwards: On the 10th of the month following the month the AF of that year is incurred.
• AF Refund timeline: VIB will process the AF refund within a maximum of 15 days from the result determination date.

6.2.4. Other Terms and Conditions

• The first-year AF and AF from the 2nd year onwards that the EE is entitled to under this program are determined at the time of reward payout according to the Credit Card Fee and Interest Rate Schedule issued by VIB.
• If a VIB Credit Card meets the conditions for the AF refund under this program but has already been exempted/refunded for the AF of that year under any other programs, including cases where the EE has redeemed reward points for AF under VIB's Credit Card Reward Points Program; and:
  • If the exempted/refunded amount covers the entire AF of that year: Such VIB Credit Card shall not be eligible for the AF refund of that year under this program (The Card has already received an AF refund under another program).
  • If the exempted/refunded amount covers a portion of the AF of that year: Such VIB Credit Card shall be eligible for the offer corresponding to the remaining AF amount of that year under this program.
• If the EE possesses more than one VIB Credit Card product that meets the offer conditions, the EE shall only receive the offer for one (01) VIB Credit Card product based on the following descending priority: (1) The VIB Credit Card has not received an AF refund under another program; (2) The VIB Credit Card meets the offer conditions earlier; (3) The VIB Credit Card has a higher AF.
• At any time prior to the reward payout, the EE's offer result shall be cancelled in the following events:
  • The EE cancels, has their VIB Credit Card cancelled, or the credit card expires;
  • The EE incurs overdue debts on Credit Cards or loans at VIB;
  • The EE violates any Terms and Conditions of Use of the Card product currently in use;
  • The EE's Payroll Account Package is cancelled/terminated for any reason;
    VIB suspects the EE of fraudulent or abusive behavior to claim the refund, and the EE fails to provide the Transaction Proof Documents as requested by VIB.

• 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/Priority 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/Priority 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/Priority 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/Priority) 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 Priority 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.
• VIB shall be exempt from liability for any force majeure events occurring during the program period. Force majeure events include, but are not limited to: acts of war, foreign invasion, rebellion, riots, civil war, civil unrest, requisition, acts of civil or military authorities, laws, regulations, or orders of any governmental, regulatory, intermediary, or official body, embargoes, natural disasters, fires, severe weather conditions, floods, strikes, epidemics (from any cause), any delay, default, or computer processing failure—including functional errors or equipment malfunction—in the provision of any equipment, facility, or banking service to the Customer, provided that such delay, default, or computer processing failure is beyond VIB's reasonable control, or any other events or force majeure circumstances that are unforeseeable and insurmountable by the parties
• 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.
• All data and information maintained by VIB regarding this Program shall be binding on all Customers. VIB reserves the right to correct any errors in the event of inaccurate Reward Point calculations, even if the Card has been terminated.
• In the event of a dispute or complaint, the Customer must lodge the complaint via hotline 1800 8195 of VIB's 24/7 Customer Service Department for resolution. The EE shall not disclose any information regarding the complaint to any third party, nor initiate any complaints, denunciations, or legal proceedings against VIB before any third party during the period the EE is filing the complaint with VIB, as well as while VIB is processing the EE's complaint.
• 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. The EE shall not disclose any information regarding the dispute to any third party, nor initiate any complaints, denunciations, or legal proceedings against VIB before any third party while the EE and VIB are resolving the dispute.
• 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.
• The EE confirms that by participating in this program, the EE has accepted these Terms and Conditions in their entirety, and commits to strictly complying with the provisions set forth herein