To extend the refinancing disbursement time limit to support people facing difficulties due to COVID-19
On November 11, 2020, the State Bank of Vietnam issues the Circular No. 12/2020/TT-NHNN on amending and supplementing a number of articles of the Circular No. 05/2020/TT-NHNN dated May 07, 2020, on refinancing for the Vietnam Bank for Social Policies according to the Prime Minister’s Decision No. 15/2020/QD-TTg dated April 24, 2020, on providing regulations on the implementation of policies to support people facing difficulties due to the COVID-19 pandemic.
Accordingly, to extend the duration of refinancing disbursement, which starts from the date of signing in the first debt agreement until the end of January 31, 2021 instead of July 31, 2020 as in previous regulations. In addition, at the due time of the refinancing loan, the Vietnam Bank for Social Policies must pay all principal debt for the refinancing loan which is disbursed under Clause 4, Article 6 of this Circular from the payment of the employers borrowing capitals according to the Decision No. 15/2020/QD-TTg and the Decision No. 32/2020/QD-TTg to the State Bank.
Until the end of January 31, 2021 (July 31, 2020 according to the previous regulations), if the Vietnam Bank for Social Policies fails to disburse all amounts received to disburse according to Clause 4, Article 6 of this Circular, before February 10, 2021 (instead of August 15, 2020 as in the previous regulations), the Vietnam Bank for Social Policies must pay the remaining amounts that has not been fully disbursed in the order from the debt agreement with outstanding loan signed at the earliest time to the State Bank.
Besides, the State Bank also decides to extend the reporting time to before February 20, 2021 (06 months later than the time limit specified in the previous regulations), the Vietnam Bank for Social Policies shall send a paper report on the disbursed refinancing loan data to the State Bank Governor.
This Circular takes effect on November 11, 2020.