CIRCULAR

On grant of special loans to credit institutions placed under special control

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Pursuant to the Law on Credit Institutions dated June 16, 2010;

Pursuant to the Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Government’s Decree No. 16/2017/ND-CP dated February 17, 2017, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Monetary Policy Department;

The Governor of the State Bank of Vietnam promulgates the Circular on grant of special loans to credit institutions placed under special control.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulations

This Circular provides regulations on special loans granted by the State Bank of Vietnam (hereinafter referred to as “SBV”), the Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam and other credit institutions to the credit institutions that are placed under special control.

Article 2. Subjects of application

1. Credit institutions.

2. Deposit Insurance of Vietnam.

3. Other organizations and individuals involved in the grant of special loans to the credit institutions placed under special control.

Article 3. Interpretation of terms

In this Circular, the terms below are construed as follows:

1. “Restructuring plan” refers to either one of the plans specified in Clause 35, Article 4 of the Law on Credit Institutions (as amended and supplemented).

2. “Transfer plan” refers to the plan specified in Clause 3, Article 3 of the Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions (hereinafter referred to as the Law No. 17/2017/QH14).

3. “Borrower” refers to a credit institution that is placed under special control and gets a special loan from the SBV, the Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam, or another credit institution.

4. “Lender” refers to the SBV, the Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam, or another credit institution that grants a special loan to a credit institution placed under special control.

5. “Preferential interest rate” refers to the interest rate which is lower than the refinancing rate announced by the SBV in each period at the time the relevant special loan is disbursed or extended.

6. “SBV’s provincial branch” refers to a branch of the SBV located in the province or centrally-run city where the credit institution placed under special control is headquartered.

Article 4. Cases eligible for special loans

1. The SBV shall consider granting special loans to credit institutions placed under special control with funding sources from the performance of the central bank’s function in terms of money issuance in the following cases:

a) Granting special loans to support the liquidity of credit institutions when such credit institutions are in danger of becoming insolvent or have become insolvent, threatening the stability of the banking system while the credit institutions are placed under special control, even if the credit institutions are implementing an approved restructuring plan or transfer plan;

b) Granting special loans at the lowest preferential interest rate of 0% to support the recovery of commercial banks, cooperative banks, finance companies or microfinance institutions under their approved recovery plan;

c) Granting special loans at the lowest preferential interest rate of 0% to support the recovery of commercial banks under an approved mandatory transfer plan;

d) Granting special loans at the lowest preferential interest rate of 0% to commercial banks that have been compulsorily purchased before the effective date of the Law No. 17/2017/QH14 under the Prime Minister’s decision as prescribed in Clause 2, Article 3 of the Law No. 17/2017/QH14 (hereinafter referred to as “the Prime Minister’s decision”);

dd) Granting special loans at the lowest preferential interest rate of 0% to commercial banks that have been compulsorily purchased before the effective date of the Law No. 17/2017/QH14 upon the completion of transfer under the approved transfer plan.

2. The Deposit Insurance of Vietnam shall consider granting special loans to credit institutions placed under special control in the following cases:

a) Granting special loans to support the liquidity of credit institutions when such credit institutions are in danger of becoming insolvent or have become insolvent, threatening the stability of the system while the credit institutions are placed under special control, even if the credit institutions are implementing an approved restructuring plan or transfer plan;

b) Granting special loans at the lowest preferential interest rate of 0% from the professional reserve fund under the SBV’s decision to support the liquidity of finance companies, people’s credit funds or microfinance institutions that are in danger of becoming insolvent or have become insolvent, threatening the stability of the system before the restructuring plan is approved;

c) Granting special loans at the lowest preferential interest rate of 0% from the professional reserve fund to support the recovery of finance companies, people’s credit fund or microfinance institutions under an approved recovery plan.

3. The Cooperative Bank of Vietnam shall consider granting special loans to credit institutions placed under special control in the following cases:

a) Granting special loans to support the liquidity of credit institutions when such credit institutions are in danger of becoming insolvent or have become insolvent, threatening the stability of the system while the credit institutions are placed under special control, even if the credit institutions are implementing an approved restructuring plan or transfer plan;

b) Granting special loans at the lowest preferential interest rate of 0% from the safety assurance fund for the system of people’s credit funds under the SBV’s decision to support the liquidity of people's credit funds that are in danger of becoming insolvent or have become insolvent, threatening the stability of the system before the restructuring plan is approved;

c) Granting special loans at the lowest preferential interest rate of 0% from the safety assurance fund for the system of people’s credit funds to support the recovery of people’s credit funds under an approved recovery plan.

4. Other credit institutions shall consider granting special loans to credit institutions placed under special control in the following cases:

a) Granting special loans to support the liquidity of credit institutions when such credit institutions are in danger of becoming insolvent or have become insolvent, threatening the stability of the system while the credit institutions are placed under special control, even if the credit institutions are implementing an approved restructuring plan or transfer plan;

b) Granting special loans to support the recovery of credit institutions under an approved recovery plan or mandatory transfer plan.

Article 5. Principles for granting and handling of special loans

1. With regard to the special loans as specified at Points b, c, d, dd Clause 1, Point c Clause 2, Point c Clause 3, Point b Clause 4, Article 4 of this Circular, the loan amount, loan purposes, collateral, lending interest rate, loan term, debt repayment, interest exemption or reduction, settlement of granted special loans (including extension of special loans and interest rates on overdue principal amount) shall comply with the Prime Minister’s decision, the approved restructuring plan or transfer plan.

2. The SBV’s granting of special loans at the lowest preferential interest rate of 0% shall be decided by the Prime Minister.

3. With regard to the special loans as specified at Point a Clause 1, Point b Clause 2, Point b Clause 3 Article 4, Article 6 of this Circular shall be granted in accordance with the provisions hereof; the contents of special loans decided by the Prime Minister or approved under the restructuring plan or transfer plan shall be performed in accordance with the Prime Minister’s decision or the approved plan or transfer plan.

4. With regard to the special loans as specified at Point a Clause 2, Point a Clause 3, Point a Clause 4 Article 4 of this Circular, the loan amount, loan purposes, collateral, lending interest rate, loan term, debt repayment, interest exemption or reduction, settlement of granted special loans (including extension of special loans and interest rates on overdue principal amount) shall be performed in accordance with the agreement between the lender and the borrower.

5. Currency unit used for special loans is Vietnamese dong (VND).

6. Acceptance and disposition of collateral shall comply with this Circular and law provisions on secured transactions.

Article 6. Conversion of refinancing loans into special loans

1. From the date on which a credit institution is placed under special control by the SBV, the refinancing loan granted to such credit institution shall be converted into a special loan as follows:

a) In cases where the refinancing loan is not yet due, the outstanding principal and interest of such refinancing loan shall be converted into those of the special loan, and the maturity date and interest rate of the special loan shall be those of the refinancing loan;

b) In cases where the special loan is extended, the interest rate on the extended special loan shall be equal to the refinancing rate announced by the SBV in each period at the time the special loan is extended;

c) In cases where the refinancing loan is overdue, the overdue principal and delayed outstanding interests of the refinancing loan (including outstanding interests on the refinancing loan that the credit institution must pay but fails to pay on schedule) shall be converted into those of the special loan, the interest rate for the overdue principal of the special loan shall be equal to that applicable to the overdue principal of the refinancing principal, and the interest rate on delayed interests of the special loan shall be charged in the same manner as that charged on delayed interests of the refinancing loan.

2. Within 15 working days from the date on which the refinancing loan is converted into the special loan, the credit institution must complete the implementation of the provisions at Point a, Clause 4, Article 12 of this Circular so that the total conversion value of the collateral meet the requirements specified in Article 13 of this Circular (hereinafter referred to as “the eligible collateral”) shall not be smaller than the outstanding principal of the refinancing loan which has been converted into the outstanding principal of the special loan as prescribed at Point a, Clause 1 of this Article.

3. The conversion of the refinancing loan into the special loan shall be specified in the SBV’s decision on placing the credit institution under special control.

Article 7. Competence to sign documents included in dossiers of application for special loans, dossiers of application for special loan extension, and special loan agreements

The competence to sign the documents included in the dossiers of application for special loans, dossiers of application for special loan extension, and special loan agreements shall be the legal representative of the borrower.

Chapter II

SPECIFIC PROVISIONS

Article 8. Purposes of special loans

1. The borrower shall only use the special loans specified at Point a Clause 1, Point b Clause 2, Point b Clause 3 Article 4 of this Circular to make payments to individuals who have made deposits to the borrower. The use of special loans to make payments to other depositors shall be decided by the SBV’s Governor on a case-by-case basis.

2. The persons eligible for payments specified in Clause 1 of this Article shall not include:

a) Related persons of the credit institution as prescribed in Clause 28 Article 4 of the Law on Credit Institutions (as amended and supplemented) and other relevant laws;

b) Executives of the credit institution;

c) Related persons of managers, executives, capital contributors or shareholders holding at least 5% of charter capital or voting shares of the credit institution as prescribed in Clause 28, Article 4 of the Law on Credit Institutions (as amended and supplemented) and other relevant laws.

Article 9. Special loan amount

The special loan amount in the cases specified at Point a Clause 1, Point b Clause 2, and Point b Clause 3, Article 4 of this Circular shall be considered and decided by the SBV based on the solvency of the credit institution placed under special control.

Article 10. Special loan term

The special loan term in the cases specified at Point a Clause 1, Point b Clause 2, and Point b Clause 3, Article 4 of this Circular shall be considered and decided by the SBV, but less than 12 months.

Article 11. Interest rate

1. With regard to the special loans specified at Point a, Clause 1, Article 4 of this Circular:

a) The lending interest rate and the interest rate charged on an extended special loan shall be equal to the refinancing rate announced by the SBV in each period at the time the relevant special loan is disbursed or extended;

b) The interest rate charged on the overdue principal of a special loan shall be equal to 130% of the interest rate charged on due repayment determined on the date when the debt becomes delinquent;

c) No interest will be charged on late payment of outstanding interests.

2. With regard to the special loans specified at Point b, Clause 2 or Point b, Clause 3, Article 4 of this Circular:

a) The lending interest rate and the interest rate on the extended special loan shall be the preferential interest rate as low as 0% according to the SBV’s decision;

b) The interest rate charged on the overdue principal of a special loan shall be equal to 130% of the interest rate charged on due repayment determined on the date when the debt becomes delinquent;

c) No interest will be charged on late payment of outstanding interests.

Article 12. Collateral for special loans considered and decided by the SBV

1. With regard to the special loans specified at Point a Clause 1, Point b Clause 2, Point b Clause 3 Article 4, Point a Clause 1 Article 6 of this Circular, the borrower must provide collateral in the following order of priority:

a) Pledge: Bills of State Bank, government bonds (including: treasury bills, treasury bonds, bonds for central-level works, national development bonds, government bonds issued by Vietnam Development Bank (formerly known as the Development Assistance Fund) according to the Prime Minister’s directive), government-guaranteed bonds of which principal and interest shall be fully paid when they are due, municipal bonds which are included in the list of financial instruments used in the SBV’s transactions;

b) Pledge of bonds issued by commercial banks which have more than 50% of charter capital held by the State (except for commercial banks which have been compulsorily purchased);

c) Pledge of bonds issued by credit institutions which are not placed under special control (except for commercial banks specified at Point b of this Clause) and other enterprises;

d) Mortgage of rights to claim debts of loans granted by the borrower to its clients (except for credit institutions).

2. Value of collateral:

a) The value of collateral specified in Clause 1 of this Article shall be determined in accordance with the provisions of Appendix IV enclosed herewith;

b) The conversion value of each type of collateral for a special loan shall be determined according to the following formula:

In which:

TS: The conversion value of each type of collateral;

GT: The value of each type of collateral determined according to the provisions of Appendix IV issued together with this Circular;

TL: The collateral conversion ratio corresponding to each type of collateral.

c) The collateral conversion ratio (TL) shall be determined as follows:

 (i) With regard to the valuable papers specified at Point a, Clause 1 of this Article, TL shall be equal to the minimum ratio of the value of valuable papers and the loan amount secured by the pledge of valuable papers granted by the SBV to the credit institution in accordance with the SBV’s regulations in each period;

 (ii) With regard to the types of collateral specified at Points b, c, d Clause 1 of this Article, TL shall be equal to 170%.

d) At the time of application for a special loan or extension of a special loan, the credit institution must ensure that the total conversion value of types of eligible collateral shall not be smaller than the amount of the special loan or extended special loan that it applies for.

3. In cases where any type of collateral specified at Points c, d Clause 1 of this Article does not meet the requirements specified in Clauses 2, 3 Article 13 of this Circular resulting in that the total conversion value of eligible collateral is smaller than the outstanding principal of the special loan, the borrower shall be required to implement the provisions of Point a Clause 4, Point a Clause 5 of this Article so that the total conversion value of eligible collateral shall not be smaller than the outstanding principal of the special loan within 10 working days from the date on which the total conversion value of eligible collateral shall not be smaller than the outstanding principal of the special loan.

4. With regard to the special loans specified at Point a Clause 1 Article 4, Point a Clause 1 Article 6 of this Circular, the addition or replacement of collateral specified in Clause 2 Article 6, Clause 3 of this Article shall be carried out as follows:

a) The borrower shall make a written request for addition or replacement of collateral (as approved by the special control board), in which the types of collateral to be additionally provided or to be replaced must be specified, and send it to the unit recording the special loan (the SBV’s provincial branch or SBV Operations Center);

b) Based on the borrower’s written request specified at Point a of this Clause, the unit recording the special loan shall directly perform or cooperate with relevant units to perform the procedures for addition or replacement of collateral. In cases of replacement of collateral, the ineligible collateral shall be withdrawn only after the eligible collateral is provided.

5. With regard to the special loans specified at Point b Clause 2, Point b Clause 3 Article 4 of this Circular, the addition or replacement of collateral specified in Clause 3 of this Article shall be carried out as follows:

a) The borrower shall send a written request for addition or replacement of collateral (as approved by the special control board), in which the types of collateral to be additionally provided or to be replaced must be specified, to the lender;

b) Based on the borrower’s written request specified at Point a of this Clause, the lender shall perform the addition or replacement of collateral. In cases of replacement of collateral, the ineligible collateral shall be withdrawn only after the eligible collateral is provided. The lender shall give written notification of the addition or replacement of collateral to the special control board and the SBV (The Banking Inspection and Supervision Agency, the SBV’s provincial branch and Monetary Policy Department).

Article 13. Requirements for collateral

1. The valuable papers specified at Points a and b, Clause 1, Article 12 of this Circular must satisfy the following requirements:

a) They are issued in VND;

b) They are deposited at SBV, either deposited directly at SBV or deposited on SBV’s client accounts opened at Vietnam Securities Depository and Clearing Corporation (VSDC);

c) They are not the valuable papers issued by the borrower;

d) The remaining term of valuable papers must be longer than the term of the special loan.

2. The bonds specified at Point c, Clause 1, Article 12 of this Circular must satisfy the following requirements:

a) They must meet the requirements specified in Clause 1 of this Article;

b) They are listed in accordance with the law provisions;

c) The collateral is available and its value, as determined according to internal regulations of the credit institution at the nearest time to the time of application for special loan or application for extension of special loan or at the time of conversion of the refinancing loan into the special loan or at the time of valuation of collateral according to internal regulations of the credit institution during the special loan term, is not lower than the face value of bonds.

3. The loans specified at Point d, Clause 1, Article 12 of this Circular must satisfy the following requirements:

a) The loan is granted in VND;

b) The loan debt is classified in group 1 (standard loans) in accordance with the SBV’s regulations on asset classification of credit institutions, excluding loans which are rescheduled in accordance with the SBV’s regulations;

c) The collateral has been provided for the entire loan amount as prescribed by law provisions, and its value, as determined according to internal regulations of the credit institution at the nearest time to the time of application for special loan or application for extension of special loan or at the time of conversion of the refinancing loan into the special loan or at the time of valuation of collateral according to internal regulations of the credit institution during the special loan term, is not lower than the outstanding debt of the loan.

Article 14. Extension of special loans

In cases where a credit institution applies for extension of a special loan specified at Point a Clause 1, Point b Clause 2, Point b Clause 3 Article 4, or Point a Clause 1 Article 6 of this Circular before obtaining approval for its restructuring plan or transfer plan or for changes to its restructuring plan or transfer plan, the following provisions shall be followed:

1. The SBV shall consider granting extension of the special loan based on the solvency of the credit institution or policies for restructuring of the credit institution in accordance with the Law No. 17/2017/QH14 (hereinafter referred to as “restructuring policies”) which have been submitted by the SBV to the Government or the Prime Minister or the restructuring policies decided by the Government, the Prime Minister or the SBV, or the restructuring plan or transfer plan which has been submitted by SBV to the Government or the Prime Minister.

2. Each extension shall not exceed 12 months.

Article 15. Repayment of special loan debts

1. When the special loan becomes due, the borrower shall fully repay both principal and interest on the special loan to the lender.

2. The borrower may also repay the special loan debts before the maturity date.

3. With regard to the special loans specified at Point a Clause 1, Point b Clause 2, Point b Clause 3 Article 4, Article 6 of this Circular, the borrower shall repay debts in the following cases:

a) In cases where the borrower earns money from exercising the rights to claim debts which are provided as collateral for the special loan (hereinafter referred to as “collected debts”), within the first 05 working days of the month, the borrower shall use the total collected debts in the previous month to repay the principal amount of the special loan in the chronological order of the signed indebtedness contracts;

b) In cases where the borrower fails to additionally provide or replace the collateral as prescribed in Clause 2 Article 6, Clause 3 Article 12 of this Circular, within 03 working days after the deadline for addition or replacement of collateral specified in Clause 2 Article 6, Clause 3 Article 12 of this Circular, the borrower shall make repayment of the principal amount of the special loan which is at least equal to the difference between the outstanding debts of the special loan and total conversion value of types of eligible collateral;

c) With regard to the special loans specified in Article 6 of this Circular, in addition to the repayment of debts as prescribed at Points a and b of this Clause, the credit institution shall also make repayments under the signed refinancing loan agreement.

4. With regard to the special loans specified at Point a Clause 1, Point b Clause 2, Point b Clause 3 Article 4 of this Circular, in cases where the special loan amount is not used for the loan purposes, within 07 working days from the date on which the SBV gives a written notice of violation as prescribed at Point d Clause 2, Point i Clause 4 Article 26 of this Circular (hereinafter referred to as “the date on which the SBV gives a written notice of violation”), the borrower shall make repayment of loan debts to the lender as follows:

a) The total principal and interest amount of the special loan;

b) The interest on the principal amount which has been improperly used shall be calculated at the interest rate equal to 130% of the refinancing rate announced by the SBV in each period at the date on which the SBV gives a written notice of violation for the period starting from the date on which the borrower receives the disbursement of the principal amount which has been improperly used and ending on the date on which the SBV gives a written notice of violation.

5. In cases of the special loans specified at Point a Clause 1 Article 4, Point a Clause 1 Article 6 of this Circular where the borrower fails to repay debts as prescribed in Clause 1 of this Article and is not granted extension or fails to repay debts as prescribed in Clause 4 of this Article and has the special loan debts as prescribed at Point c, Clause 1, Article 6 of this Circular, the SBV shall take the following measures:

a) Marking and monitoring the outstanding debt of the special loan as an overdue debt, and charging interest at the interest rate specified at Point b, Clause 1, Article 11 of this Circular on the principal amount of the special loan which is not repaid on schedule in accordance with the SBV’s regulations on methods for calculation and accounting of revenues and payment of interests in depositing and lending operations between the SBV and credit institutions (except for the special loan debts specified at Point c, Clause 1, Article 6 of this Circular);

b) Deducting the borrower’s account opened at the SBV for recovering the special loan debts (including principal and interest) after giving a written notice of such action to the credit institution;

c) Requesting the borrower to transfer the ownership of collateral which is the valuable papers specified at Point a, Clause 1, Article 12 of this Circular to the SBV;

d) Taking measures for disposition of the collateral specified at Points a, b and c, Clause 1, Article 12 of this Circular for recovering the special loan debts (including principal and interest);

dd) Collecting the special loan debts (including principal and interest) from the borrower’s proceeds from disposition of the collateral specified at Points b, c and d, Clause 1, Article 12 of this Circular;

e) Collecting the special loan debts (including principal and interest) from the borrower’s other funding sources (if any).

6. In cases where the borrower fails to repay the special loan debts as prescribed in Clause 3 of this Article, the SBV shall take the following measures:

a) Applying the interest rate equal to 130% of the interest rate on the special loan on the outstanding principal amount of the special loan as prescribed in Clause 3 of this Article (hereinafter referred to as “outstanding principal”) for the period starting from the date following the deadline for debt repayment specified in Clause 3 of this Article and ending on the date on which the borrower fully repays the outstanding principal;

b) Deducting the borrower’s account opened at the SBV for recovering debts (including outstanding principal and interest as prescribed at Point a of this Clause) within 05 working days from the receipt of the written notice from the special control board as prescribed in Clause 5, Article 25 of this Circular;

c) Collecting the special loan debts (including principal and interest) from the borrower’s other funding sources (if any).

7. In cases the borrower fails to repay the special loan debts as prescribed in Clause 1 of this Article and is not granted extension or fails to repay the special loan debts as prescribed in Clause 4 of this Article, the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam shall take the following measures:

a) Marking and monitoring the loan principal and interest which are not yet paid by the borrower when they become due as overdue debts, and charging interest at the interest rate prescribed at Point b, Clause 2, Article 11 of this Circular on the overdue principal amount;

b) With regard to the special loan specified at Point b, Clause 3, Article 4 of this Circular, the Cooperative Bank of Vietnam shall deduct the borrower’s account opened at the Cooperative Bank of Vietnam (if any) for recovering the special loan debts (including principal and interest);

c) Taking measures for disposition of collateral as prescribed by law provisions for recovering the special loan debts (including principal and interest);

d) Collecting the special loan debts (including principal and interest) from the borrower’s other funding sources (if any).

8. In cases where the borrower fails to repay the special loan debts as prescribed in Clause 3 of this Article, the Cooperative Bank of Vietnam shall take the following measures:

a) Applying the interest rate equal to 130% of the interest rate on the special loan on the outstanding principal for the period starting from the date following the deadline for debt repayment specified in Clause 3 of this Article and ending on the date on which the borrower fully repays the outstanding principal;

b) Deducting the borrower’s account opened at Cooperative Bank of Vietnam (if any) for recovering debts (including outstanding principal and interest as prescribed at Point a of this Clause) within 05 working days from the receipt of the written notice from the special control board as prescribed in Clause 5 Article 25 of this Circular;

c) Collecting the special loan debts (including principal and interest) from the borrower’s other funding sources (if any).

9. In cases where the borrower fails to repay the special loan debts as prescribed in Clause 3 of this Article, the Deposit Insurance of Vietnam shall take the following measures:

a) Applying the interest rate equal to 130% of the interest rate on the special loan on the outstanding principal for the period starting from the date following the deadline for debt repayment specified in Clause 3 of this Article and ending on the date on which the borrower fully repays the outstanding principal;

b) Collecting the special loan debts (including principal and interest) from the borrower’s other funding sources (if any).

10. The special loan must be repaid before every other debts of the credit institution, including those secured by collateral, in the following cases:

a) The loan debts become due, unless the restructuring plan or transfer plan of the credit institution is not yet approved or changes to its restructuring plan or transfer plan are not yet approved;

b) The credit institution is dissolved or goes bankrupt.

11. In cases where the borrower is not financially capable of paying debts to all lenders and the special loans fall in the cases specified in Clause 10 of this Article, payments shall be made to all lenders in proportion to the outstanding debts.

Article 16. SBV’s order to consider and decide on special loans to support liquidity

1. When a credit institution placed under special control is in danger of becoming insolvent or has become insolvent and wishes to apply for a special loan, it shall send 04 dossiers of application for a special loan granted by the SBV to the special control board.

A dossier shall include:

a) A written request for the special loan, which specifies the name of the credit institution, number of VND accounts opened at the SBV’s provincial branch (if any), reasons and amount of the special loan (which shall not exceed the total conversion value of types of collateral included in the list specified at Point dd of this Clause), special loan purposes, term and proposed interest rate, commitments to use the loan amount for stated purposes and comply with regulations of law on special lending, and whether or not the credit institution has an approved restructuring plan or transfer plan;

b) Report on insolvency risk or status, measures taken and to be taken, and explanations about amount, term and interest rate of the expected special loan;

c) Statement of deposit balances in VND which is made in accordance with Appendix I issued together with this Circular;

d) Statement of funding sources in VND and use of capital which is made in accordance with Appendix II issued together with this Circular;

dd) List of collateral types made in accordance with Appendix III issued together with this Circular. In cases where the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan includes contents about the collateral for the special loan for supporting liquidity, the list of collateral types must be conformable with such contents.

2. In cases where the credit institution’s application for special loan is approved, within 03 working days from the receipt of the adequate dossier as prescribed in Clause 1 of this Article, the special control board shall send 01 set of dossiers to the SBV’s provincial branch (if the applicant is subject to micro-prudential inspection and supervision of the SBV’s provincial branch), and 02 other sets of dossiers to the SBV (the Monetary Policy Department), accompanied by its opinions about the following contents:

a) The operating status and solvency of the credit institution;

b) Specific opinions about the fact the credit institution is in danger of becoming insolvent or has become insolvent, threatening the stability of the system;

c) Whether or not the credit institution has an approved restructuring plan or transfer plan; contents of the special loan for supporting liquidity specified in the Prime Minister’s decision or approved restructuring plan or transfer plan as prescribed in Clause 3, Article 5 of this Circular (if any);

d) Proposal for grant of special loan to the credit institution, which indicates specific amount, purpose, term and interest rate of the special loan.

3. Within a maximum duration of 02 working days from the receipt of an adequate dossier and written opinions specified in Clauses 1 and 2 of this Article, the SBV's provincial branch shall give its written opinions to the Monetary Policy Department about the following contents:

a) The operating status and solvency of the credit institution;

b) Specific opinions about whether or not the credit institution is in danger of becoming insolvent or has become insolvent and whether or not such insolvency threatens the stability of the system;

c) Whether or not the credit institution has an approved restructuring plan (if the credit institution’s restructuring plan is subject to the decision of SBV’s provincial branch); contents about the special loan for supporting liquidity included in the approved restructuring plan (if any);

d) Based on the list of collateral types specified at Point dd, Clause 1 of this Article, opinions about the satisfaction of eligibility requirements specified in Article 13 of this Circular by the listed collateral types. In cases where the credit institution’s restructuring plan approved by the SBV’s provincial branch includes contents about the collateral for the special loan granted for supporting liquidity, opinions about the conformity of the list of collateral types with such contents shall be given;

dd) Whether or not the special loan shall be granted to the credit institution. In cases where the special loan shall be granted, specific amount, purposes, term and interest rate of the special loan must be specified. In cases where the special loan shall not be granted, the reasons thereof must be given.

4. Within a maximum duration of 02 working days from the receipt of an adequate dossier and written opinions as specified in Clauses 1, 2 and 3 of this Article, the Monetary Policy Department shall send the application and such written opinions to the Banking Inspection and Supervision Agency for its opinions. In cases where the credit institution’s list of collateral types includes financial instruments, the Monetary Policy Department shall send the list to the SBV’s Operations Center for its opinions.

5. Within a maximum duration of 07 working days from the receipt of the written request for opinions from the Monetary Policy Department as prescribed in Clause 4 of this Article, Banking Inspection and Supervision Agency shall give its written opinions to the Monetary Policy Department about the following contents:

a) The operating status and solvency of the credit institution (if the applicant is subject to micro-prudential inspection and supervision by the Banking Inspection and Supervision Agency);

b) Specific opinions about whether or not the credit institution is in danger of becoming insolvent or has become insolvent and whether or not such insolvency threatens the stability of the system;

c) Whether or not the credit institution has an approved restructuring plan or transfer plan (unless the credit institution’s restructuring plan is subject to the decision of the SBV’s provincial branch); contents about the special loan for supporting liquidity included in the Prime Minister’s decision or approved restructuring plan or transfer plan as specified in Clause 3 Article 5 of this Circular (if any);

d) Based on the list of collateral types specified at Point dd, Clause 1 of this Article, opinions about the satisfaction of eligibility requirements specified in Article 13 of this Circular by the listed collateral types (unless the applicant is subject to micro-prudential inspection and supervision of the SBV’s provincial branch) or opinions about the conformity of the list of collateral types with the contents about the collateral included in the Prime Minister’s decision or the approved restructuring plan or transfer plan (if any) (unless the restructuring plan including such contents is subject to the approval of the SBV’s provincial branch);

dd) Whether or not the special loan shall be granted to the credit institution that is subject to micro-prudential inspection and supervision of the Banking Inspection and Supervision Agency. In cases where the special loan shall be granted, specific amount, purposes, term and interest rate of the special loan must be specified. In cases where the special loan shall not be granted, the reasons thereof must be given;

e) Specific opinions about the proposal of the SBV’s provincial branch specified at Point dd, Clause 3 of this Article (in cases where the applicant is subject to micro-prudential inspection and supervision of the SBV’s provincial branch);

g) Proposal for grant of special loan by the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam as prescribed at Point b Clause 2, Point b Clause 3 Article 4 of this Circular (if any).

6. Within a maximum duration of 07 working days from the receipt of the written request for opinions from the Monetary Policy Department as prescribed in Clause 4 of this Article, the SBV’s Operations Center shall give its written opinions to the Monetary Policy Department about the collateral types which are financial instruments included in the credit institution’s list of collateral types.

7. In cases where the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam is requested to grant special loan by the Banking Inspection and Supervision Agency, within a maximum duration of 02 working days from the receipt of written opinions from the Banking Inspection and Supervision Agency, the SBV (the Monetary Policy Department) shall send the documents as specified at Points a and dd Clause 1 of this Article to the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam for their opinions.

8. Within a maximum duration of 03 working days from the receipt of the written request for opinions from the SBV (the Monetary Policy Department), the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam shall give their written opinions to the SBV (the Monetary Policy Department) about the following contents:

a) Balances on the loan loss provision and the fund for assurance of safety of the network of people’s credit funds which shall be used for granting special loan to the credit institution;

b) Opinions about the credit institution’s list of collateral types.

9. If written opinions given by requested agencies are not adequate as prescribed in this Article, within a maximum duration of 02 working days from the receipt of written opinions, the Monetary Policy Department shall give written request to relevant agencies for additional opinions. Within a maximum duration of 03 working days from the receipt of written request from the Monetary Policy Department, the requested agencies must provide their additional opinions as requested.

10. Within a maximum duration of 05 working days from the receipt of adequate opinions from relevant agencies as prescribed in Clauses 5, 6, 8 and 9 of this Article, the Monetary Policy Department shall make and submit a consolidated report thereof to the SBV’s Governor for considering and issuing a decision on grant of special loan by the SBV or the Cooperative Bank of Vietnam or the Deposit Insurance of Vietnam, amount, purposes, term, interest rate and collateral of the special loan. In cases where the dossier of application for special loan is refused, the SBV shall provide written reasons for its refusal for the credit institution.

Article 17. SBV’s order to grant special loans according to the Prime Minister’s decision, approved recovery plan, mandatory transfer plan or transfer plan

1. In cases where a credit institution placed under special control wishes to apply for special loan as prescribed at Point b, c, d or dd, Clause 1, Article 4 of this Circular, the credit institution shall submit 04 sets of dossiers of application for special loan granted by the SBV to the special control board.

A dossier shall include:

a) A written request for the special loan, which specifies amount, purposes, interest rate and term of the special loan, repayment of debts according to the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan; contents about the collateral for the special loan included in the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan (if any); commitments to use the loan amount for stated purposes and comply with regulations of law on special lending;

b) List of collateral types bearing certification of the special control board (if the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan includes contents about the collateral for special loan). Such list of collateral types must be conformable with the contents about the collateral included in the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan;

c) Other relevant documents (if any).

2. In cases where the credit institution’s application for special loan is approved, within a maximum duration of 02 working days from the receipt of an adequate dossier as prescribed in Clause 1 of this Article, the special control board shall send 01 set of dossiers to the SBV’s provincial branch (if the applicant’s restructuring plan is subject to the approval of the SBV’s provincial branch), and 02 other sets of dossiers to the SBV (the Monetary Policy Department), accompanied by its written opinions about amount, purposes, interest rate and term of the special loan, and debt repayment.

3. Within a maximum duration of 03 working days from the receipt of an adequate dossier and written opinions specified in Clauses 1 and 2 of this Article, the SBV's provincial branch shall give its written opinions to the Monetary Policy Department about the following contents:

a) Contents about the special loan granted to the credit institution under the approved restructuring plan;

b) Based on the list of collateral types specified at Point b, Clause 1 of this Article, opinions about the conformity of the list of collateral types with contents about the collateral for special loan included in the approved restructuring plan;

c) Whether or not the special loan should be granted to the credit institution. In cases where the special loan shall be granted, specific amount, purposes, term and interest rate of the special loan, and debt repayment must be specified. In cases where the special loan shall not be granted, the reasons thereof must be given.

4. Within a maximum duration of 02 working days from the receipt of an adequate dossier and written opinions as specified in Clauses 1, 2 and 3 of this Article, the Monetary Policy Department shall send the application and such written opinions to the Banking Supervision and Inspection Agency for its opinions. If the credit institution’s list of collateral types includes valuable papers, the Monetary Policy Department shall send the application form for special loan and the list of collateral types to the SBV’s Operations Center for its opinions.

5. Within a maximum duration of 05 working days from the receipt of the written request for opinions from the Monetary Policy Department as prescribed in Clause 4 of this Article, the Banking Supervision and Inspection Agency shall give its written opinions to the Monetary Policy Department about the following contents:

a) Opinions about grant of special loan to the credit institution according to the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan;

b) Based on the list of collateral types specified at Point b, Clause 1 of this Article, opinions about the conformity of the list of collateral types with contents about the collateral for special loan included in the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan (unless the credit institution’s restructuring plan including such contents is subject to the approval of the SBV’s provincial branch);

c) Whether or not the special loan should be granted to the credit institution that is subject to micro-prudential inspection and supervision of the Banking Supervision and Inspection Agency. In cases where the special loan shall be granted, specific amount, purposes, term and interest rate of the special loan, and debt repayment must be specified. In cases where the special loan shall not be granted, the reasons thereof must be given;

d) Specific opinions about the proposal of the SBV’s provincial branch specified at Point c, Clause 3 of this Article in case the credit institution is subject to micro-prudential inspection and supervision of the SBV’s provincial branch.

6. Within a maximum duration of 05 working days from the receipt of the written request for opinions from the Monetary Policy Department as prescribed in Clause 4 of this Article, SBV’s Operations Center shall give its written opinions to the Monetary Policy Department about the collateral types which are valuable papers included in the credit institution’s list of collateral types.

7. In cases where written opinions given by requested agencies are not adequate as prescribed in this Article, within a maximum duration of 02 working days from the receipt of such written opinions, the Monetary Policy Department shall give written request to relevant agencies for additional opinions. Within a maximum duration of 05 working days from the receipt of the written request from the Monetary Policy Department, the requested agencies must provide their additional opinions as requested.

8. Within a maximum duration of 05 working days from the receipt of adequate opinions from relevant agencies as prescribed in Clauses 5, 6 and 7 of this Article, the Monetary Policy Department shall make and submit a consolidated report thereof to the SBV’s Governor for grant of special loan to the credit institution. In cases where the dossier of application for special loan is refused, the SBV shall provide written reasons for its refusal to the credit institution.

Article 18. SBV’s order to consider and decide on extension of special loans for supporting liquidity

1. In cases where a credit institution wishes to apply for an extension to the special loan prescribed at Point a Clause 1, Point b Clause 2, Point b Clause 3 Article 4, Point a Clause 1 Article 6 of this Circular but does not have a restructuring plan or transfer plan or changes to such restructuring plan or transfer plan approved, at least 40 working days before the due date, it shall send 04 sets of dossiers of application for the SBV’s grant of extension of special loan to the special control board.

A dossier shall include:

a) A written request for the special loan extension, which specifies the name of the credit institution, number of VND accounts opened at the lender, reasons, extended amount (which shall not exceed the total conversion value of collateral types included in the list of collateral types specified at Point d of this Clause), extended term and expected interest rate, and commitments on compliance with law provisions on special lending;

b) Report on the solvency of the credit institution; explanations about extended amount, term and expected interest rate of the special loan;

c) Statement of funding sources in VND and use of capital which is made in accordance with Appendix II issued together with this Circular;

d) List of collateral types which is made in accordance with Appendix III issued together with this Circular.

2. In cases where the credit institution’s application for special loan extension is approved, within a maximum duration of 03 working days from the receipt of an adequate dossier as prescribed in Clause 1 of this Article, the special control board shall send 01 set of dossiers to the SBV’s provincial branch (if the applicant is subject to the micro-prudential inspection and supervision of the SBV’s provincial branch), and 02 other sets of dossiers to the SBV (the Monetary Policy Department), accompanied by its opinions about the following contents:

a) The operating status and solvency of the credit institution;

b) Whether or not the credit institution has restructuring policies submitted by the SBV to the Government or the Prime Minister or has approved restructuring policies; contents about settlement of the special loan granted to the credit institution included in such restructuring policies (if any); the restructuring plan or transfer plan of the credit institution is not yet approved or changes to its restructuring plan or transfer plan are not yet approved;

c) Proposal for grant of extension of special loan to the credit institution, which specifies extended amount, interest rate and extension period.

3. Within a maximum duration of 03 working days from the receipt of an adequate dossier and written opinions specified in Clauses 1, 2 of this Article, the SBV’s provincial branch shall give its written opinions to the Monetary Policy Department about the following contents:

a) The operating status and solvency of the credit institution;

b) Whether or not policies for restructuring of the credit institution have been approved (if such restructuring policies are subject to the approval of the SBV’s provincial branch); contents about the settlement of the special loan included in such restructuring policies (if any);

c) Whether or not the credit institution has an approved restructuring plan (if the credit institution’s restructuring plan is subject to the decision of the SBV’s provincial branch);

d) Based on the credit institution’s list of collateral types as specified at Point d, Clause 1 of this Article, opinions about the collateral’s satisfaction of eligibility requirements specified in Article 13 of this Circular;

dd) Whether or not the extension of special loan shall be granted to the credit institution. In cases where the extension of special loan shall be granted, specific extended amount, extension period and interest rate must be specified. In cases where the extension of special loan shall not be granted, the reasons thereof must be given.

4. Within a maximum duration of 02 working days from the receipt of an adequate dossier and written opinions specified in Clauses 1, 2, 3 of this Article, the Monetary Policy Department shall send the dossier of application and such opinions to the Banking Supervision and Inspection Agency for its opinions; with regard to the special loans specified at Point b Clause 2, Point b Clause 3 Article 4 of this Circular, the list of collateral types specified at Point d, Clause 1 of this Article shall be sent to the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam for their opinions. In cases where the credit institution’s list of collateral types includes valuable papers, the Monetary Policy Department shall send the list to the SBV’s Operations Center for its opinions.

5. Within a maximum duration of 07 working days from the receipt of the written request for opinions from the Monetary Policy Department as prescribed in Clause 4 of this Article, the Banking Inspection and Supervision Agency shall give its written opinions to the Monetary Policy Department about the following contents:

a) The operating status and solvency of the credit institution (in cases where the applicant is subject to the micro-prudential inspection and supervision of the Banking Inspection and Supervision Agency);

b) Whether or not the credit institution has restructuring policies submitted by the SBV to the Government or the Prime Minister or has approved restructuring policies; contents about settlement of the special loan granted to the credit institution included in such restructuring policies (if any);

c) Whether or not the credit institution has an approved restructuring plan or transfer plan (unless the credit institution’s restructuring plan is subject to the approval of the SBV’s provincial branch);

d) Based on the credit institution’s list of collateral types as specified at Point d, Clause 1 of this Article, giving opinions about the collateral’s satisfaction of eligibility requirements specified in Article 13 of this Circular (unless the applicant is subject to the micro-prudential inspection and supervision of the SBV’s provincial branch);

dd) Whether or not the extension of special loan shall be granted to the credit institution that is subject to the micro-prudential inspection and supervision of the SBV’s provincial branch. In cases where the extension of special loan shall be granted, specific extended amount, extension period and interest rate must be specified. In cases where the extension of special loan shall not be granted, the reasons thereof must be given;

e) Opinions about the proposal of the SBV’s provincial branch specified at Point dd, Clause 3 of this Article in case the credit institution is subject to the micro-prudential inspection and supervision of the SBV’s provincial branch.

6. Within a maximum duration of 07 working days from the receipt of the written request for opinions from the SBV (the Monetary Policy Department) as prescribed in Clause 4 of this Article, the Deposit Insurance of Vietnam and the Cooperative Bank of Vietnam shall give their written opinions to the SBV (the Monetary Policy Department) about the credit institution’s list of collateral types for extended special loan.

7. Within a maximum duration of 07 working days from the receipt of the written request for opinions from the Monetary Policy Department as prescribed in Clause 4 of this Article, the SBV’s Operations Center shall give its written opinions to the Monetary Policy Department about the collateral types which are valuable papers included in the credit institution’s list of collateral types.

8. In cases where written opinions given by requested agencies are not adequate as prescribed in this Article, within a maximum duration of 03 working days from the receipt of such written opinions, the Monetary Policy Department shall send written request to relevant agencies for additional opinions. Within a maximum duration of 07 working days from the receipt of the written request from the Monetary Policy Department, requested agencies must provide their additional opinions as requested.

9. Within a maximum duration of 07 working days from the receipt of adequate opinions from relevant agencies as prescribed in Clauses 5, 6, 7 and 8 of this Article, the Monetary Policy Department shall make and submit a consolidated report thereof to the SBV’s Governor for grant of extension of special loan to the credit institution. In cases where the dossier of application for special loan extension is refused, the SBV shall provide written reasons for its refusal to the credit institution.

10. If a credit institution wishes to apply for extension of special loan specified at Point a Clause 1, Point b Clause 2, Point b Clause 3 Article 4, or Point a Clause 1 Article 6 of this Circular in cases where its approved restructuring plan or transfer plan includes contents about the extension of special loan, the extension of special loan shall conform to the approved restructuring plan or transfer plan; the procedures for special loan extension shall be performed in accordance with Article 19 of this Circular.

Article 19. Procedures for the State Bank to extend specicial loans in accordance with the Prime Minister’s decision, recovery plans, mandatory transfer plans or transfer plans having been approved

1. For special loans specified at Points b, c, d and dd, Clause 1, Article 4 of this Circular, based on the contents on the extension of special loans of the credit organization in the Prime Minister’s decision, or the approved restructuring plan or transfer plan, the credit organization shall prepare and submit 04 sets of application dossiers for extension of special loan to the Special control board.

An application dossier or extension of special loan shall include:

a) An written application for special loan extension, which specifies the amount, interest rate, extension period, and debt repayment in accordance with the Prime Minister’s decision, or the approved restructuring plan or transfer plan; contents about the collateral for the special loan in the Prime Minister’s decision, the approved recovery plan, mandatory transfer plan or transfer plan (if any); commitments to comply with law regulations on special loans;

b) List of collateral types with the certification of the Special control board (for cases that are in accordance with the Prime Minister’s decision, the approved recovery plan, mandatory transfer plan or transfer plan, the special loan with collateral). Such list of collateral types must comply with the contents about the collateral in the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan;

c) Other relevant documents (if any).

2. Within 02 working days from the date on which an application dossier as prescribed in Clause 1 of this Article is received, the Special control board shall send 01 set of application dossiers to the State bank’s provincial branch (if the restructuring plan of the financial organzation is subject to the approval of State bank’s provincial branch), and 02 sets of application dossiers to the State Bank (the Department of Financial Policy), attached with the written recommendation of the Special control board on the extended amount, interest rate, extension period, and debt repayment.

3. Within 03 working days from the date on which the application dossier and the written recommendations specified in Clauses 1, 2 of this Article are received, the State Bank’s provincial branch shall send its written opinions to the Financial Policy Department about the following contents:

a) Contents on the extension of special loan granted to the credit institution included in the approved restructuring plan;

b) Based on the list of collateral types specified at Point b, Clause 1 of this Article, opinions about the conformity of the list of collateral types with contents about the collateral for special loans included in the approved restructuring plan (for cases which are in accordance with the approved restructuring plan, cases which involve special loans with collateral);

c) Suggestion on whether or not the extension of special loan should be granted to the credit institution; if the extension of special loan should be granted, the specific opinions on the extended amount, interest rate, extension period and debt repayment must be specified; if the extension of special loan should not be granted, reasons must be clearly given.

4. Within 02 working days from the date on which an adequate application dossier and written opinions as specified in Clauses 1, 2, 3 of this Article are received, the Department of Financial Policy shall send such application dossier and written opinions to the Banking Supervision Agency to seek for opinions. If the credit institution’s list of collateral types includes financial instruments, the Department of Financial Policy shall send the written request and the list of collateral types to the State Bank’s Operations Center to seek for its opinion.

5. Within 05 working days from the date on which the written request for opinions from the Department of Financial Policy as prescribed in Clause 4 of this Article is received, the State Bank’s Banking Supervision Agency shall send its written opinions to the Financial Policy Department about the following contents:

a) Contents about the extension of special loan granted to the credit institution in the Prime Minister’s decision, or the approved restructuring plan or transfer plan (unless the credit institution’s restructuring plan including such contents is subject to the approval of State Bank’s provincial branch);

b) Based on the list of collateral types specified at Point b, Clause 1 of this Article, the Financial Policy Department shall give opinions about the conformity of the list of collateral types with contents about the collateral for special loan in the Prime Minister’s decision, or the approved recovery plan, mandatory transfer plan or transfer plan (unless the credit institution’s restructuring plan including such contents is subject to the approval of State Bank’s provincial branch);

c) Suggestions on whether or not the extension of special loan should be granted to the credit institution that is subject to the microprudential supervision of State Bank’s provincial branch. If the extension of special loan should be granted, specific extended amount, interest rate, extension period and debt repayment must be specified. If the extension of special loan should not be granted, reasons must be clearly stated;

d) Opinions about the proposal of State Bank’s provincial branch specified at Point c Clause 3 of this Article for the credit institution which is subject to the microprudential supervision of the State Bank’s provincial branch.

6. Within 05 working days from the date on which the written request for opinions from the Department of Financial Policy as prescribed in Clause 4 of this Article is received, the State Bank’s Operations Center shall send its written opinions to the Department of Financial Policy about the collateral types which are financial instruments included in the credit institution’s list of collateral types.

7. In cases where the written opinions of such agencies are not adequate as prescribed in this Article, within 03 working days from the date on which such written opinions are received, the Department of Financial Policy shall send a written request to relevant agencies for additional opinions. Within 07 working days from the date on which the written request from the Department of Financial Policy is received, the requested agencies must provide their additional opinions as requested.

8. Within 05 working days from the date on which adequate opinions from relevant agencies as prescribed in Clauses 5, 6, 7 of this Article are received, the Department of Financial Policy shall consolidate opinions and submit a report to the State Bank’s Governor for the grant of special loan extension to the credit institution. If an application for special loan extension is refused, the State Bank shall send written reasons for its refusal to the credit institution.

Article 20. Deposit Insurance of Vietnam, Cooperative Bank of Vietnam and other credit institutions to grant special loans, extend special loans to support liquidity

1. When wishing to apply for special loan as prescribed at Point a, Clause 2, Point a Clause 3 and Point a Clause 4 Article 4 of this Circular, the credit institution placed under special control shall prepare and send 04 sets of application dossiers to Deposit Insurance of Vietnam or Cooperative Bank of Vietnam or other credit institutions.

The application dossier for special loan shall include:

a) Documents specified by the Deposit Insurance of Vietnam or Cooperative Bank of Vietnam or the lending credit institution;

b) The special control board’s document requesting the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam or other credit institutions to consider granting special loan to the credit institution placed under special control, which specifies the following contents: The operating status or solvency of the credit institution; specific opinions about the fact the credit institution which is likely to become insolvent or has become insolvent and such insolvency threatens the stability of the system.

2. Within 05 working days from the date on which an adequate application dossier specified in Clause 1 of this Article is received, if the application dossier is approved, the Deposit Insurance of Vietnam, or Cooperative Bank of Vietnam or other credit institutions shall send the special control board’s document to the State Bank’s provincial branch (if such credit institution is subject to the microprudential supervision of the State Bank’s provincial branch) and the State Bank’s Banking Supervision Agency for their opinions about the following contents:

a) Whether or not the credit institution is likely to become insolvent or has become insolvent and whether or not such insolvency threatens the stability of the system;

b) Contents concerning the special loan granted by the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam or the lending credit institution specified in the approved restructuring plan (if any).

3. In cases of necessity, the State Bank’s Banking Supervision Agency may request opinions from State Bank’s provincial branch before giving its opinions to the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam or other credit institutions.

4. The Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam or other credit institutions shall consider and decide on granting special loan to the credit institution placed under special control.

5. In cases of extending the special loan specified at Point a, Clause 2, Point a, Clause 3, Point a, Clause 4, Article 4 of this Circular:

a) The borrower shall send an application dossier to the lender. Such application dossier shall include: the documents specified by the lender; the special control board’s document requesting the lender to consider granting extension of special loan to the borrower (which indicates the operating status and solvency of the borrower);

b) The lender shall consider and decide on granting special loan extension to the borrower.

Article 21. Procedures for the Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam and other credit institutions to grant of special loans or extend special loans in accordance with the approved recovery plans or mandatory transfer plans

The Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam and other credit institutions shall consider granting special loans or extending special loans specified at Point c, Clause 2, Point c, Clause 3 or Point b, Clause 4, Article 4 of this Circular in accordance with the approved recovery plans or mandatory transfer plans and their internal regulations.

Article 22. Signing of contracts of granting special loan, accepting pledged or mortgaged collateral, and disbursement of special loans

1. Signing of contracts of granting special loan, accepting pledged or mortgaged collateral, and disbursement of special loans specified in Clause 1 Article 4 of this Circular:

a) Within 03 working days from the date on which the State Bank’s document on grant of special loan to the credit institution is received, the Director of State Bank’s provincial branch shall, based on this document and relevant laws, sign the contract of granting special loans, which includes contents about the collateral (if any);

b) In cases where the collateral for the special loan includes financial instruments, within 01 working day from the date on which the special loan contract is signed, the State Bank’s provincial branch shall send the signed special loan agreement to the State Bank’s Operations Center;

c) Within 02 working days from the date on which the signed special loan contact from the State Bank’s provincial branch is received, State Bank’s Operations Center shall carry out accounting, pledge and blockade of the collateral which is the financial instruments included in the list of collateral types enclosed with the signed special loan agreement and give a written notification of such actions to State Bank’s provincial branch.

2. The sigining of the contract on granting special loan and accepting pledged or mortgaged collateral for the special loan specified at Point b, Clause 2, Point b, Clause 3, Article 4 of this Circular:

a) Within 03 working days from the date on which the State Bank’s document on granting special loan to the credit institution is received, the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam shall, based on this document and relevant laws, sign the contract on granting special loan;

b) After signing the contract on granting special loan, the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam shall receive the pledged or mortgaged collateral in accordance with the list of collateral types enclosed with the signed special loan contract.

3. The sigining of the contract on granting special loan and accepting pledged or mortgaged collateral for the special loan specified at Point c, Clause 2, Point c, Clause 3, Point b, Clause 4, Article 4 of this Circular:

Based on the approved recovery plan or mandatory transfer plan, the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam or other credit institutions shall sign the contract on granting special loan and receive the pledged or mortgaged collateral (if any).

4. The disbursement of the special loans prescribed in Clause 1, Points b, c, Clause 2, Points b, c Clause 3, Point b, Clause 4, Article 4 of this Circular:

a) When wishing to receive the disbursement of special loan, the borrower shall send a request for disbursement of special loan (hereinafter referred to as “disbursement request”), which indicates the amount, time and reasons for disbursement, to the special control board;

b) Based on the borrower’s demand for use of special loan, the special control board shall consider giving opinions about the borrower’s disbursement request. If the borrower’s disbursement request is approved, the special control board shall send its written opinions about the amount and time of disbursement and the disbursement request specified at Point a of this Clause to the State Bank’s provincial branch or the Deposit Insurance of Vietnam or the Cooperative Bank of Vietnam or other credit institutions;

c) The State Bank’s provincial branch or the Deposit Insurance of Vietnam or Cooperative Bank of Vietnam or other credit institutions shall disburse the special loan in accordance with the signed special loan agreement, the borrower’s disbursement request and the special control board’s opinions specified at Points a, b of this Clause;

d) The lender shall only disburse the special loan after completing procedures for receipt of collateral (if any).

5. For the special loans specified at Point a, Clause 2, Point a, Clause 3, Point a, Clause 4, Article 4 of this Circular, the signing of the contract on granting special loan, the receipt of collateral (if any), and the disbursement of the special loan shall comply with internal regulations of the Cooperative Bank of Vietnam or the Deposit Insurance of Vietnam or other credit institutions and special agreements made with the borrower.

Chapter III

IMPLEMENTATION PROVISIONS

Article 23. Responsibilities of borrowers

1. To provide documents concerning the special loan to the lender in an adequate, timely and accurate manner; to assume legal responsibility for the accuracy and legitimacy of provided documents.

2. To assume the responsibility for the collateral for special loan which must satisfy the eligibility requirements specified in Article 13 of this Circular or be conformable with contents about the collateral included in the Prime Minister’s decision or the approved restructuring plan or transfer plan (if any), or rights to claim debts used as collateral for the special loan which must comply with law regulations on lending.

3. To use the granted special loan for the right purposes and repay debts in accordance with regulations of this Circular, the Prime Minister’s decision or approved restructuring plan or transfer plan and the signed special loan contract.

4. During the special loan term, the borrower shall be responsible for:

a) Separately keeping and retaining documents relating to the loans on which rights to claim debts are used as the collateral for special loan;

b) Not using the rights to claim debts which are being used as the collateral for special loan for other purposes;

c) Monitoring and evaluating the satisfaction of eligibility requirements by the collateral for special loan; adding or replacing the collateral in accordance with regulations of this Circular;

d) Submitting reports on the collateral which does not meet eligibility requirements specified in Clause 3, Article 12 of this Circular to the special control board;

dd) Submitting reports to the special control board on total amounts of money collected from exercising the rights to claim debts used as collateral for the special loan within 03 working days from the date of collecting debts.

5. To handle collateral for repaying special loan debts to the lender in accordace with law regulations.

6. On a monthly basis, within the first 05 days of the month following the reporting month or where necessary, submit physical reports on use of the special loan, either in person or by post, to:

a) The State Bank’s provincial branch (if the special loan is granted by the State Bank);

b) The Deposit Insurance of Vietnam (if the special loan is granted by the Deposit Insurance of Vietnam);

c) The Cooperative Bank of Vietnam (if the special loan is granted by the Cooperative Bank of Vietnam);

d) Other credit institutions (if the special loan is granted by another credit institution).

7. To submit reports to the special control board on debt repayment within 02 working days from the repayment date.

8. To perform other responsibilities as prescribed in this Circular, relevant laws and the loan contract.

Article 24. Responsibilities of the Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam and other credit institutions

1. To consider issuing decisions on granting special loans or extending special loan to the credit institutions in accordance with this Circular; to submit reports to the State Bank’s Governor (via the State Bank’s Banking Supervision Agency) on approval or refusal of applications for special loans or extension of special loan.

2. To issue internal regulations on granting special loans to the credit institution placed under special control, which include contents about consideration and issuance of decisions on granting special loan, extending special loan, disbursement, collecting debt, collateral and disposing collateral.

3. To supervise the use of special loan by borrowers; expedite and request borrowers to repay special loan debts in accordance with regulations of this Circular, the Prime Minister’s decision, the approved restructuring plans or transfer plans, and the signed special loan contract.

4. To receive and dispose of collateral in accordance with regulations of this Circular and law regulations on secured transactions.

5. Within the first 07 working days of the month following the month in which outstanding debts occur or changes in the special loan occur at the Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam or other credit institution, prepare a report made in accordance with Appendix VI enclosed herewith and send it to the State Bank.

6. To comply with other regulations of this Circular and relevant law regulations.

Article 25. Responsibilities of the Special control board

1. To supervise the use of special loan by borrowers; if the special loan is not used for the right purposes, the special loan board shall give a written notice to the borrower.

2. To supervise revenues of the borrower (including proceeds from the collateral for the special loan) for recovering special loan debts; to expedite and request the borrower to dispose of the collateral and repay the special loan debts in accordance with this Circular.

3. To propose the State Bank’s Governor on debt collection and measures for collection of special loan debts as prescribed in Clause 1, Points b, c, Clause 2, Points b, c, Clause 3, Point b, Clause 4, Article 4 of this Circular.

4. Based on the borrower’s report as prescribed at Point d, Clause 4, Article 23 of this Circular, expedite the borrower’s review, addition and replacement of the collateral as prescribed in this Circular.

5. To give written notification to the State Bank’s unit recording the special loan (the State Bank’s provincial branch or State Bank’s Operations Center), the Cooperative Bank of Vietnam, or the Deposit Insurance of Vietnam of the borrower’s failure to repay the special loan debts as prescribed in Clause 3, Article 15 of this Circular.

6. To promptly submit reports to the State Bank’s Governor on any issues concerning the special loan and recommended solutions.

7. To perform other responsibilities as prescribed in this Circular and relevant laws.

Article 26. Responsibilities of the State Bank’s affiliated units

1. The Financial Policy Department

a) To act as the contact point in requesting the State Bank’s Governor to consider and make decisions on granting special loans or extending special loans in accordance with this Circular;

b) To consolidate data on the granted special loans in the cases specified in Clause 1, Point b Clause 2, Point b, Clause 3, Article 4 of this Circular in monthly reports submitted to the State Bank’s Governor;

c) To act as the contact point in requesting the State Bank’s Governor to respond to issues concerning the provisions of this Circular.

2. The State Bank’s Banking Supervision Agency

a) To give opinions on granting special loans or extending special loans as prescribed in this Circular;

b) To act as the contact point in requesting the State Bank’s Governor to make decisions or request competent authorities to make decisions on proposals of special control boards as prescribed in Clause 3, Article 25 of this Circular;

c) To, within its competence, supervise, inspect and handle violations committed by credit institutions that are subject to the microprudential supervision of the State Bank’s Banking Supervision Agency during the implementation of regulations in this Circular;

d) In cases where a credit institution is subject to the microprudential supervision of the State Bank’s Banking Supervision Agency as prescribed in Clause 4, Article 15 of this Circular as notified by a competent authority or detected through inspection, the State Bank’s Banking Supervision Agency shall give a written notification of violation to the borrower, the State Bank’s provincial branch, the Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam, the special control board and Financial Policy Department; such notification must indicate details about the credit institution’s failure to use the special loan for the right purposes.

3. The State Bank’s Operations Center shall:

a) To give its opinions about the collateral types which are financial instruments included in the credit institution’s list of collateral types as prescribed in this Circular;

b) Based on the decision to place the credit institution under special control, record the special loan which is converted from the refinancing loan at the State Bank’s Operations Center; send written notification to the credit institution about the withdrawal of money from its account for debt recovery and implementation of the provisions in Points a, b, dd, e Clause 5, Clause 6, Article 15 of this Circular for such loan;

c) For the collateral of the special loan which includes financial instruments, record, pledge or blockade of the collateral; terminate the pledge or blockade of collateral after receiving the written notification from the State Bank’s provincial branch as prescribed at Point k, Clause 4 of this Article; implement the provisions at Point c, Clause 5, Article 15 of this Circular;

d) To act as the contact point in implementing the provisions at Point b Clause 4, Article 12 of this Circular for the special loans recorded at the State Bank’s Operations Center;

dd) To cooperate with the State Bank’s provincial branch to implement the provisions at Point d, Clause 4 of this Article; send written notification to the State Bank’s provincial branch of recording, pledge or blockade of the collateral types which are financial instruments additionally provided by the borrower;

e) To perform other responsibilities as prescribed in this Circular.

4. The State Bank’s provincial branch

a) To give opinions about the grant of special loans or extension of special loans as prescribed in this Circular;

b) Based on the decision to place the credit institution under special control, record the special loan which is converted from the refinancing loan at the State Bank’s provincial branch;

c) To sign contracts on granting special loan in accordance with regulations in Appendix V issued together with this Circular, disburse loan amounts, extend loans and collect loan debts in accordance with this Circular, the State Bank’s decisions on granting special loans or extending special loans and relevant law regulations;

d) To act as the contact point in implementing the provisions at Point b Clause 4, Article 12 of this Circular for the special loans recorded at the State Bank’s provincial branch;

dd) To cooperate with the State Bank’s Operations Center to implement the provisions at Point d, Clause 3 of this Article; to send written notification to the State Bank’s Operations Center of receipt of pledge of collateral which is the right to claim debts and additionally provided by the borrower (unless the special loan is recorded at the State Bank’s provincial branch and the borrower does not replace the collateral which includes financial instruments); to send written notification to the credit institution of withdrawal of money from its account for debt recovery and implementation of the provisions at Points a, b, dd, e Clause 5, Clause 6 Article 15 of this Circular for the special loans recorded at the State Bank’s provincial branch;

e) To cooperate with the special control board as prescribed in Clauses 1, 2 Article 25 of this Circular;

g) Within the first 07 working days of the month following the month in which outstanding debts occur or in which changes arise in the special loan occur at the State Bank’s provincial branch, prepare a report made in accordance with Appendix VI issued together with this Circular and send it to the State Bank’s Banking Supervision Agency and the Department of Financial Policy;

h) To supervise, inspect and, within its competence, handle violations committed by credit institutions that are subject to the microprudential supervision of the State Bank’s provincial branch during the implementation of regulations of this Circular;

i) If a credit institution is subject to the microprudential supervision of the State Bank’s provincial branch as prescribed in Clause 4, Article 15 of this Circular as notified by a competent agency or the special control board or detected through inspection, the State Bank’s provincial branch shall send a written notification of such violation to the borrower, the Deposit Insurance of Vietnam, the Cooperative Bank of Vietnam, the special control board, the State Bank’s Banking Supervision Agency and Department of Financial Policy; such notification must specify details about the credit institution’s failure to use the special loan for the right purposes;

k) To send a written notification to the State Bank’s Operations Center on the full collection of principal and interest of the special loan;

l) To perform other responsibilities as prescribed in this Circular.

5. The Department of Finance and Accounting shall provide instructions on accounting relating special loans granted to credit institutions placed under special control, including conversion of principal and interest of refinancing loans to those of special loans, and receipt of collateral for special loans.

1. For a special loan granted in accordance with the State Bank’s decision and of which outstanding debts are not yet fully paid by date on which this Circular takes effect:

a) The special loan shall be treate

Article 27. Transitional provisions

d in accordance with the decision on granting special loan or extending special loan or the signed special loan contract;

b) In cases where the restructuring plan or transfer plan are not yet approved or in cases where there are changes in the restructuring plan or transfer plan, the extension of the special loan shall comply with regulations in Clauses 2, 3, 4 of this Article, Point a, Clause 1, Point a, Clause 2, Article 11, Article 14 of this Circular;

c) In case the approved restructuring plan or transfer plan includes contents about the extension of special loan, the extension of special loan shall comply with such approved restructuring plan or transfer plan; the procedures for extending special loan shall comply with regulations in Article 19 of this Circular.

2. For special loan granted to the credit institution before the date on which the Law on Credit Institutions No. 47/2010/QH12 takes effect and of which outstanding debts are not yet fully paid by the date this Circular takes effect, the procedures for granting special loan extension shall as follows:

a) When wishing to apply for extension of the special loan before obtaining approval for its restructuring plan or for changes to its restructuring plan, at least 50 days before the debt payment due date, the borrower shall be required to send to the special control board 04 written applications for the State Bank to grant extension of special loan, each of which must clearly indicates the name of the credit institution, number of VND accounts opened at the lender’s premises (if any), reasons, amounts, interest rate and period of extension, and actual operating status of the credit institution. In cases where the special control board is not yet established, the credit institution shall send 01 written application to the State Bank’s provincial branch and 02 written applications to the State Bank (the Department of Financial Policy);

b) In cases where the borrower’s application dossier for special loan extension is approved, within 05 working days from the date on which the written application specified at Point a of this Clause is received, the special control board shall send the written application and its written opinions in accordance with regulations in Clause 2, Article 18 of this Circular;

c) Within 05 working days from the date on which the adequate written application and written opinions as prescribed at Points a, b of this Clause or the written application as prescribed at Point a of this Clause (in case of absence of the special control board) are received, the State Bank’s provincial branch shall give its written opinions to the Department of Financial Policy about contents concerning the borrower’s special loan and whether or not the extension of special loan should be granted to the borrower; If the extension of special loan should be granted, special amounts, interest rate and period of extension must be specified. If the extension of special loan should not be granted, reasons for such refusal must be clearly stated;

d) Within 05 working days from the date on which an adequate written application and written opinions as specified at Points a, b, c of this Clause are received, the Department of Financial Policy shall send the written application and such written opinions to the State Bank’s Banking Supervision Agency for its opinions.

dd) Within 10 working days from the date on which the written request for opinions from the Department of Financial Policy as prescribed at Point d of this Clause is received, the State Bank’s Banking Supervision Agency shall give its written opinions to the Department of Financial Policy about the contents specified at Points a, b, c, dd, Clause 5, Article 18 of this Circular;

e) In cases where the written opinions given by such requested agencies are not adequate as prescribed in this Clause, within 05 working days from the date on which such written opinions are received, the Department of Financial Policy shall send written request to relevant agencies to seek for their additional opinions. Within 10 working days from the date on which the written request from the Department of Financial Policy is received, requested agencies must provide their additional opinions as requested;

g) Within 15 working days from the date on which adequate opinions from relevant agencies as prescribed at Points dd, e of this Clause are received, the Department of Financial Policy shall prepare and submit a consolidated report to the State Bank’s Governor for the extension of special loan to the borrower; if the application for special loan extension is refused, the State Bank shall provide written explanation for its refusal to the borrower.

3. For special loan granted to the credit institution after the date on which the Law No. 17/2017/QH14 takes effect and of which outstanding debts are not yet fully paid by the date on which this Circular takes effect, the following procedures for grant of special loan extension shall be followed:

a) When wishing to apply for extension of the special loan before obtaining approval for its restructuring plan or for changes to its restructuring plan, at least 50 working days before the debt payment due date, the borrower shall be required to send to the special control board 04 sets of application dossiers for the State Bank’s grant of extension of special loan.

Such an application dossier shall include:

 (i) The written application for extension of special loan, which specifies the name of the credit institution, number of VND accounts opened at the lender (if any), reasons, amount, interest rate and period of extension;

 (ii) Report on the solvency of the credit institution; explanations about extended amount, term and expected interest rate of the special loan;

 (iii) Statement of funding sources in VND and use of such funding which is made in accordance with Appendix II issued together with this Circular;

b) If the borrower’s application for special loan extension is approved, within 05 working days from the date on which the adequate application as specified at Point a of this Clause is received, the special control board shall send the application dossier and its written opinions to the special control board as prescribed in Clause 2, Article 18 of this Circular;

c) Within 05 working days from the date on which an adequate application dossier and written opinions specified at Points a, b of this Clause are received, the State Bank’s provincial branch shall give its written opinions to the Department of Financial Policy about the contents specified at Points a, b, c, dd Clause 3, Article 18 of this Circular;

d) Within 05 working days from the date on which an adequate application dossier and written opinions as specified at Points a, b, c of this Clause are received, the Department of Financial Policy shall send the application dossier and such written opinions to the State Bank’s Banking Supervision Agency for its opinions;

dd) Within 10 working days from the date on which the written request for opinions from the Department of Financial Policy is received, the State Bank’s Banking Supervision Agency shall give its written opinions to the Department of Financial Policy about the contents specified at Points b, c, e Clause 5, Article 18 of this Circular;

e) In cases where the written opinions given by requested agencies are not adequate as prescribed in this Clause, within 05 working days from the receipt of such written opinions, the Financial Policy Department shall send written request to relevant agencies for their additional opinions. Within a maximum duration of 10 working days from the receipt of the written request from the Financial Policy Department, requested agencies must provide their additional opinions as requested;

g) Within 15 working days from the date on which adequate opinions from relevant agencies as prescribed at Points dd, e of this Clause are received, the Department of Financial Policy shall prepare and submit a consolidated report to the State Bank’s Governor for extending special loan to the borrower, in cases where the application for special loan extension is refused, the State Bank shall send a document to the borrower which clearly states the reason.

4. For a special loan granted in accordance with the State Bank’s decision and of which outstanding debts are not yet fully paid by the date on which this Circular takes effect (except the special loans specified in Clauses 2, 3 of this Article), the procedures for grant of special loan extension shall be as follows:

a) If the borrower wishes to apply for extension of the special loan before obtaining approval for its restructuring plan or transfer plan or for changes to its restructuring plan, at least 50 working days before the debt payment due date, the borrower shall be required to send to the special control board 04 sets of application dossiers for the State Bank’s grant of extension of special loan.

Such an application dossier shall include:

 (i) The application form for extension of special loan, which specifies the name of the credit institution, number of VND accounts opened at the lender, reasons, amount, interest rate and period of extension, and commitments to comply with regulations of law on special lending;

 (ii) Report on the solvency of the credit institution; explanations about extended amount, term and expected interest rate of the special loan;

 (iii) Statement of funding sources in VND and use of such funding sources made in accordance with Appendix II issued together with this Circular;

 (iv) The list of collateral types meeting the requirements specified in Article 13 of this Circular made in accordance with Appendix VII issued together with this Circular, and of which total value shall not be lower than the special loan to be extended.

b) If the borrower’s application dossier for special loan extension is approved, within 05 working days from the date on which an adequate application dossier as specified at Point a of this Clause is received, the special control board shall send the application dossier and its written opinions to the special control board as prescribed in Clause 2, Article 18 of this Circular;

c) Within 05 working days from the date on which adequate application dossier and written opinions as prescribed at Points a, b of this Clause are received, the Department of Financial Policy shall send the application dossier and such written opinions to the special control board to seek for the opinions of the State Bank’s Banking Supervision Agency. If the credit institution’s list of collateral types includes the financial instruments, the Department of Financial Policy shall send the list to the State Bank’s Operations Center for its opinions;

d) Within 10 working days from the date on which the written request for opinions from the Department of Financial Policy as prescribed at Point c of this Clause is received, the State Bank’s Banking Supervision Agency shall give its written opinions about the contents specified in Clause 5, Article 18 of this Circular, the State Bank’s Operations Center shall give its opinions to the Department of Financial Policy about the collateral types which are financial instruments included in the credit institution’s list of collateral types;

dd) If written opinions given by requested agencies are not adequate as prescribed in this Clause, within a maximum duration of 05 working days from the receipt of such written opinions, the Financial Policy Department shall send written request to relevant agencies for their additional opinions. Within a maximum duration of 10 working days from the receipt of the written request from the Financial Policy Department, requested agencies must provide their additional opinions as requested;

e) Within 15 working days from the date on which adequate opinions from relevant agencies as prescribed at Points d, dd of this Clause are received, the Department of Financial Policy shall prepare and submit a consolidated report to the State Bank’s Governor for grant of extension of special loan to the borrower. If the application for special loan extension is refused, the State Bank shall send the borrower a document which clearly states the reasons.

Article 28. Effect

1. This Circular takes effect from October 27, 2021.

2. The Circular No. 01/2018/TT-NHNN dated January 26, 2018 of the State Bank’s Governor, prescribing regulations on granting special loans for credit organizations under special control and Clause, 8 Article 1 of the Circular No. 14/2019/TT-NHNN dated August 30, 2019 of the State Bank’s Governor, amending and supplementing a number of articles in Circulars with regulations on regular reporting mechanism shall cease to take effect from the date on which this Circular takes effect.

3. The Chief of Office, the Director of the Department of Financial Policy, heads of the State Bank’s affiliated units, the Deposit Insurance of Vietnam, and credit institutions shall organize the implementation of this Circular./.

The Governor

Nguyen Thi Hong

* All Appendices are not translated herein.