THE STATE BANK OF VIETNAM
Circular No. 21/2012/TT-NHNN of June 18, 2012, stipulating lending and borrowing operations and termed purchase and sale of valuable papers among credit institutions and foreign bank branches
Pursuant to June 16, 2010 Law No. 46/2010/QH12 on the State Bank of Vietnam;
Pursuant to June 16, 2010 Law No. 47/2010/QH12 on Credit Institutions;
Pursuant to the Government’s Decree No. 96/2008/ND-CP of August 26, 2008, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
At the proposal of the Director of the Credit Department;
The Governor of the State Bank of Vietnam promulgates the Circular stipulating lending and borrowing operations and termed purchase and sale of valuable papers among credit institutions and foreign bank branches.
Chapter 1
GENERAL PROVISIONS
Article 1. Scope of regulation
This Circular stipulates lending and borrowing operations and termed purchase and sale of valuable papers among credit institutions and foreign bank branches on the monetary market.
Article 2. Subjects of application
1. Subjects eligible for performing lending and borrowing operations include credit institutions that are commercial banks, financial companies, financial leasing companies, cooperative banks, people’s credit funds and micro financial institutions; and foreign bank branches operating in Vietnam under the Law on Credit Institutions.
2. Subjects eligible for termed purchase and sale of valuable papers include credit institutions that are commercial banks, financial companies, financial leasing companies and cooperative banks; and foreign bank branches operating in Vietnam under the Law on Credit Institutions.
Article 3. Interpretation of terms
In this Circular, the terms below are construed as follows:
1. Lending and borrowing transaction means a transaction in which a credit institution or foreign bank branch (the lender) hands over to another credit institution or foreign bank branch (the borrower) a sum of money for use within a definite time on the principle of repayment of principal and interest.
2. Termed purchase and sale transaction means a transaction in which a credit institution or foreign bank branch purchases and receives the ownership of immature valuable papers (the purchaser) from another credit institution or foreign bank branch (seller), and at the same time the seller commits to re-purchase those valuable papers after a definite time.
3. Lending time limit is a period counted from the subsequent date of the borrowing date to the maturity date of the loan.
4. Time limit of termed purchase and sale of valuable papers is a period counted from the subsequent date of the purchasing date to the re-purchasing date, including days-off and holidays, and is calculated by date (below referred to as the time limit of purchase and sale).
5. Remaining term of valuable papers is the period counted from the date on which the valuable papers are purchased and sold to the maturity date of the whole principal of those papers.
6. Loan interest rate is the interest rate of lending and borrowing calculated as a percentage per year.
7. Interest rate of purchase is the interest rate of termed purchase and sale of valuable papers used to calculate the difference between the purchase and re-purchase prices, calculated as a percentage per year.
8. Borrowing date is the date on which the lender has to fulfill the obligation to transfer money to the borrower.
9. Maturity date is the date on which the borrower has to pay the whole principal and interest and related fees (if any) of the loan to the lender. In case the maturity date falls on a day-off or holiday, the maturity date will be the following working day.
10. Purchase date is the date on which the seller transfers the ownership of valuable papers to the purchaser and the purchaser completes the payment for valuable papers to the seller.
11. Re-purchase date is the date on which the purchaser transfers the ownership of valuable papers to the seller and the seller completes the payment for the re-purchase of valuable papers to the purchaser. In case the re-purchase date falls on a day-off or holiday, the re-purchase date will be the following working day.
12. Purchase price is the amount of money that the purchaser has to pay the seller upon purchase of valuable papers on the purchase date. The purchase price will be agreed upon by both parties as a basis for determining the re-purchase price.
13. Re-purchase price is the amount of money that the re-purchaser (the seller) has to pay to the purchaser upon re-purchase of valuable papers on the re-purchase date.
14. Transaction limit is the maximum balance maintained in a definite period (no more than 1 year) of credit institutions and foreign bank branches with regard to one another on the interbank market.
15. Customer means a credit institution or foreign bank branch partner with relations of lending, borrowing, termed purchase and sale of valuable papers with credit institutions and foreign bank branches.
Article 4. Conditions for participating in transactions of lending and borrowing; and termed purchase and sale of valuable papers (referred to as transaction)
1. A credit institution or foreign bank branch may perform transactions when fully meeting the following conditions:
a/ Having technical infrastructure (machinery, equipment, software programs, etc) to satisfy the requirements of transaction on the monetary market, ensuring complete, accurate and timely update of data on each transaction of the credit institution or foreign bank branch with customers;
b/ Having a staff with adequate qualifications and professional capacity to perform transactions;
c/ Having internal regulations on the professional process and risk management process for lending and borrowing operations (including regulations on customer credit rating, the process for determination of loan limits, process of performing lending and borrowing transactions applicable to each form of specific transaction), and termed purchase and sale of valuable papers among credit institutions and foreign bank branches in accordance with this Circular;
Credit institutions and foreign bank branches shall send their written internal regulations on the professional process and risk management process to the State Bank (the Credit Department) right after they are issued;
d/ Not being applied by the State Bank the measures to limit, terminate or suspend the lending, borrowing and termed purchase and sale of valuable papers on the interbank market at the time of transaction.
2. In addition to the conditions specified in Clause 1 of this Article, credit institutions and foreign bank branches, when performing borrowing transactions, may not have debts overdue for 10 days or more in interbank transactions at the time of the transaction.
Article 5. Forms of performance of transactions and payment
1. Credit institutions and foreign bank branches shall perform transactions through the electronic transaction network of the State Bank of Vietnam or of service provision institutions licensed by competent agencies or via telephone (with voice recording) or in other forms.
2. The selection of applicable forms of transaction shall be agreed upon by the parties in accordance with the conditions of each credit institution or foreign bank branch and to ensure the transaction is performed safely and efficiently in compliance with law.
3. Payment for transactions made in Vietnam dong by credit institutions and foreign bank branches that are members of the Interbank Electronic Payment System must be made via the Interbank Electronic Payment System by high-value payment order in accordance with regulations of the State Bank.
Article 6. Transaction information
1. All transactions must be updated and fully stored on the database of credit institutions and foreign bank branches. The basic information data includes:
- Names of transaction parties;
- Date of transaction;
- Content of the transaction;
- Value of the transaction;
- Interest rate of the transaction;
- Time limit of the transaction;
- Date of payment;
- Security measures (if any).
2. All agreements on transaction performance shall be certified in writing (referred to as transaction certificate) or other forms as agreed upon by the two parties in accordance with law. The certification will be a legal foundation for performance of transactions.
3. In case of a written certification, the transaction certificate may be printed from the electronic transaction network or via fax or in other forms. The certificate must bear the signature (handwritten or electronic signatures) or the transaction code of the employees of the parties participating in the transaction.
4. Certification of a transaction covers the following principal contents:
- Names of transaction parties;
- Date of transaction;
- Content of the transaction;
- Value of the transaction;
- Interest rate of the transaction;
- Time limit of the transaction;
- Form of transaction security (if any);
- Mode of payment.
Article 7. Risk provision for transactions
Credit institutions and foreign bank branches shall classify, set up and use risk provisions to handle the risks of loans and termed purchase of valuable papers for credit institutions and foreign bank branches under the regulations of the State Bank Governor.
Chapter 2
SPECIFIC PROVISIONS
Section 1
LENDING AND BORROWING TRANSACTIONS
Article 8. Principles of lending and borrowing
Upon performing a lending and borrowing transaction, a credit institution or foreign bank branch shall guarantee the following principles:
1. Fully satisfying the conditions specified in Article 4 of this Circular.
2. Only performing the transaction at the head office of the credit institution or Vietnam-based foreign bank branch.
3. Taking responsibility for their own decisions on lending and borrowing.
4. The borrower shall repay in full and on schedule the entire loan amount owed including the principal, interest and fees (if any).
Article 9. Purposes of lending and borrowing
1. Credit institutions and foreign bank branches may lend and borrow among themselves to cover a temporary shortage of compulsory reserves, liquidity and capital balance over a short term.
2. Credit institutions and foreign bank branches shall use loan capital sources on the interbank market flexibly and efficiently and in line with their business orientations and maintain the safety ratios prescribed by the State Bank Governor.
Article 10. Time limit of lending
The maximum time limit of lending among credit institutions and foreign bank branches is under 1 year.
Article 11. Loan interest rate
1. The loan interest rate will be agreed upon by credit institutions and foreign bank branches.
2. In case banking activities see abnormal changes, the State Bank will stipulate the applicable loan interest rate for credit institutions and foreign bank branches.
3. The parties may agree in the lending contract on the application of a fining interest rate for overdue payment for loan amounts not repaid on schedule and not renewed by the lender. The fining interest rate must not exceed 150% of the interest rate applicable to the loan in the lending contract or 150% of the interest rate that the lender is applying to other loans with the same term on the interbank market at the time of overdue loan transfer.
Article 12. Loan security
1. The parties may agree to apply or not to apply security for loans on a case-by-case basis. The application of security and disposal of loan security assets comply with the current law on secured transactions.
2. The lender must have specific regulations on the conditions and principles upon considering whether or not permitting the implementation of loan security to ensure safe and efficient lending operation in accordance with relevant current laws.
3. The deposit for the purpose of pledge of valuable papers for loan security shall be agreed upon by the parties and the depository institutions in accordance with the practical conditions and the provisions of law.
Article 13. Methods of lending and borrowing
The parties themselves may consider and agree to apply methods of lending and borrowing for each time, according to quotas or other methods, and ensure safe and efficient transactions in accordance with relevant current laws.
Article 14. Currency used in lending and borrowing
Credit institutions and foreign bank branches may carry out lending and borrowing in Vietnam dong and freely convertible foreign currencies. The lending and borrowing in foreign currency must be carried out on the basis of the scope of foreign exchange operation permitted by the State Bank for each credit institution and foreign bank branch.
Article 15. Lending contract
1. All lending and borrowing transactions must be made under lending contracts. The lender and borrower may sign a lending contract for each transaction or sign a master contract generally applicable to all lending and borrowing transactions between the two parties as agreed upon on the principle of conformity with international practice and non-violation of Vietnamese law.
2. A lending contract may be printed from the electronic transaction network, made on paper, via fax, or other means. A lending contract must bear all seals (except when it is made through the electronic transaction system) and signatures (handwritten or electronic signatures) or the transaction code of the transaction parties.
3. A lending contract must contain the following basic contents:
- The lender;
- The borrower;
- Date of contract performance;
- Contents of the contract;
- Method of contract performance;
- Value of the loan;
- Interest rate of the loan;
- Loan term;
- Form of loan security (if any);
- Method of payment;
- Rights and obligations of the parties;
- Provisions on modification of the contract during performance;
- Provisions on dispute settlement, penalty for overdue payment, disposal of security assets, extension of the contract term;
- Other agreements related to the loan of the parties.
Article 16. Rights and obligations of the lender
1. The lender has the rights:
a/ To request the borrower to provide necessary information and documents relating to the borrower upon receiving a request for loan/grant of credit limit; to reject the borrower’s request for loan if the borrower does not meet the borrowing conditions;
b/ To request the borrower to have security measures for the loan;
c/ To extend the loan; to adjust the repayment term; to adjust the lending interest rate; to transfer overdue debts;
d/ To request the borrower to repay the loan before due if the parties have agreement on the repayment before due or if detecting the borrower’s breach of the lending contract;
e/ To dispose of the loan security assets or initiate a lawsuit under law in case the borrower fails to properly and fully perform its obligations when the debt is due, unless otherwise agreed upon by the parties.
2. The lender has the obligations:
a/ To elaborate specific regulations on lending operations on the interbank market in accordance with the characteristics and model of its organization;
b/ Periodically at least once a year, to review and reassess customers in order to determine appropriate credit limits for each customer. The credit limit must be approved by the lender’s authorized person;
c/ To comply with all agreements in the lending contract;
d/ To immediately report in writing to the State Bank (the Credit Department) when the borrower fails to promptly and fully perform its obligations as committed when the debt is due.
Article 17. Rights and obligations of the borrower
1. The borrower has the rights:
a/ To pay debt before due if the parties have such agreement or upon the lender’s approval;
b/ To initiate a lawsuit against the lender under law if the lender violates the commitments agreed in the lending contract.
2. The borrower has the obligations:
a/ To elaborate specific regulations on borrowing operations on the interbank market in accordance with the characteristics and model of its organization;
b/ To repay in full and on schedule the loan principal, interest and fees (if any) as agreed upon in the lending contract;
c/ To provide truthful and accurate relevant information and documents and take responsibility for the provision of information to the lender on the liquidity, financial statement and overdue debts at other credit institutions and foreign bank branches and other relevant necessary information in order to serve the assessment of customers and determine appropriate transaction limit as requested by the lender;
d/ To use the loans on the interbank market for proper purposes as specified in Article 9 of this Circular;
e/ To fully and properly perform the obligations as agreed with the lender.
Section 2
TRANSACTIONS OF TERMED PURCHASE AND SALE OF VALUABLE PAPERS
Article 18. Principles of purchase and sale transaction
Upon performing transactions of termed purchase and sale of valuable papers, credit institutions and foreign bank branches shall guarantee the following principles:
1. Only performing transactions when fully satisfying the conditions specified in Clause 1, Article 4 of this Circular.
2. Taking responsibility before law for their decisions on termed purchase and sale of valuable papers; conducting termed purchase and sale of valuable papers with other credit institutions and foreign bank branches as agreed in accordance with this Circular, current relevant legal provisions and international practice.
3. Recovering in full and on schedule the amounts of money (principal and interest) upon performance of the termed purchase and sale of valuable papers with other credit institutions and foreign bank branches.
4. Re-purchasing valuable papers sold when they are due as agreed upon with the purchaser.
5. Agreeing in writing on interests arising in relation to valuable papers during the time of performing the termed purchase and sale of valuable papers in accordance with current law.
Article 19. Types of valuable papers
1. Commercial banks, financial companies, cooperative banks and foreign bank branches may purchase and sell for certain terms the following valuable papers:
a/ State Bank bills;
b/ Government bonds;
c/ Government-guaranteed bonds;
d/ Municipal bonds;
e/ Valuable papers issued by credit institutions and foreign bank branches (including those issued by the very credit institutions and foreign bank branches performing transactions of termed purchase and sale of valuable papers) under the regulations of the State Bank of Vietnam;
f/ Different types of bills, promissory notes and bonds issued by other organizations.
2. Financial leasing companies may purchase and sell for certain terms different types of valuable papers as prescribed at Points a and b, Clause 1 of this Article.
Article 20. Conditions of valuable papers
Valuable papers transacted must meet all the following conditions:
1. Being legally issued in accordance with Vietnamese law and permitted for transfer;
2. Being issued in Vietnam dong or a freely convertible foreign currency;
3. Legally owned by the seller;
4. The remaining term of valuable papers must be longer than the term of purchase and sale.
Article 21. Currency used in purchase and sale
1. For valuable papers issued in Vietnam dong, credit institutions and foreign bank branches may conduct transactions of purchase and sale in Vietnam dong.
2. For valuable papers issued in foreign currency, credit institutions and foreign bank branches may conduct transactions of purchase and sale in the foreign currency of those valuable papers. When the purchase and sale are in Vietnam dong, the parties may agree upon the applicable exchange rate in compliance with the regulations of the State Bank on the foreign exchange rate upon performance.
3. Credit institutions and foreign bank branches may only conduct transactions in foreign currency within the scope of foreign exchange operation permitted by the State Bank for each credit institution and foreign bank branch.
Article 22. Time limit for purchase and sale
The time limit for termed purchase and sale of valuable papers among credit institutions and foreign bank branches is at least 1 day and less than 1 year.
Article 23. Interest rate of purchase and method of determination of purchase and re-purchase prices
1. The interest rate of purchase applied in termed purchase and sale of valuable papers among credit institutions and foreign bank branches shall be determined by the method of self-agreement in accordance with current regulations of the State Bank on interest rate.
2. Credit institutions and foreign bank branches may determine purchase and re-purchase prices for each transaction on the basis of purchase interest rate, agreed term of purchase and sale, the remaining term of valuable papers and other relevant information.
The re-purchase price shall be calculated according to the following formula:
Re-purchase price = purchase price x (1 + interest rate of purchase x term of purchase and sale/365)
Article 24. Contract of re-purchase of valuable papers
1. A transaction of termed purchase and sale of valuable papers on the interbank market must be made under a contract of re-purchase. The purchaser and seller may sign a contract of re-purchase for each transaction or sign a contract of general re-purchase applicable to all transactions of termed purchase and sale of valuable papers. A re-purchase contract shall be made on the basis of agreement of the parties or on the basis of the standard contract of re-purchase issued by the State Bank or associations (Bond Traders Association, banking associations, etc.) in accordance with international practice and non-violation of this Circular and other provisions of Vietnamese law.
2. A re-purchase contract may be made in writing via the electronic transaction system, on paper, via fax or other means. This contract must have seals and signatures (handwritten or electronic signatures) of the contract performance parties.
3. A re-purchase contract contains the following principal contents:
a/ The seller;
b/ The purchaser;
c/ Valuable papers purchased and sold: form (certificate or book entry), serial number, par value or maturity value (the total amount paid when those valuable papers become due), issuer and maturity date;
d/ Purchase date;
e/ Purchase price;
f/ Interest rate of purchase ;
g/ Time limit for purchase;
h/ Re-purchase price;
i/ Re-purchase date;
j/ Method of payment and transfer of valuable papers;
k/ Settlement of disputes and breaches of contract;
l/ Rights and obligations of the parties;
m/ Valid date of the contract;
n/ Other relevant contents.
Article 25. The process of purchase and sale
1. When having a need to purchase and sell valuable papers for certain terms, a credit institution or foreign bank branch shall make an offer to purchase or sell valuable papers with other credit institutions and foreign bank branches on the interbank market. The seller shall take responsibility before law for the legality and validity of valuable papers on sale.
2. The purchaser shall check the information on valuable papers.
3. The transfer of valuable papers between the seller and purchaser shall be conducted as follows:
3.1. For listed valuable papers: complying with the regulations of the trading floor where the valuable papers are listed.
3.2. For unlisted valuable papers: complying with the professional process and agreement of both parties in accordance with law as follows:
a/ For valuable papers that are bearer certificates: the parties shall directly hand over and receive the valuable papers;
b/ For valuable papers that are registered certificates: the seller hands over them to the purchaser and simultaneously carries out the procedures for the transfer of ownership to the purchaser under relevant provisions of law and regulations of the issuer;
c/ For book-entry valuable papers: the seller hands over the ownership certificates of valuable papers to the purchaser and simultaneously carries out the procedures for transferring the ownership of valuable papers to the purchaser under relevant provisions of law and regulations of the issuer;
d/ For deposited valuable papers, the seller may authorize the depository organization to carry out the procedures for transferring valuable papers and the ownership of valuable papers from the seller to the purchaser.
4. The seller of valuable papers shall comply with its commitment to re-purchase valuable papers under the agreement. The transfer of re-purchase money from the seller and transfer of valuable papers and ownership of valuable papers from the purchaser must be performed under Clause 3 of this Article.
5. When a party needs to re-purchase or re-sell valuable papers before the date of re-purchase, the requesting party shall send a written proposal to its partner for consideration and processing. The party receiving the request may approve or disapprove the re-sale or re-purchase of valuable papers before the date of re-purchase with the number and re-purchase price agreed upon by the parties.
Chapter 3
ORGANIZATION OF IMPLEMENTATION
Article 26. Information and reporting regime
Credit institutions and foreign bank branches shall report on operations of lending and borrowing and termed purchase and sale of valuable papers according to the statistical and reporting regulations of the State Bank and the provisions of this Circular.
Article 27. Organization of implementation
1. Responsibilities of the Credit Department:
a/ To act as the focal point in monitoring and summarizing the performance of activities of lending and borrowing and termed purchase and sale of valuable papers among credit institutions and foreign bank branches; to receive documents regulating the professional process and risk management process of credit institutions and foreign bank branches;
b/ To assume the prime responsibility for, and coordinate with the Banking Supervisory Agency, the Monetary Policy Department, the Department of Monetary Forecast and Statistics, the Department of Banking Information Technology, the Payment Department and the Office in:
- Monitoring and surveying to grasp the implementation and compliance with the provisions of this Circular by credit institutions and foreign bank branches participating in the market.
- Monitoring and summarizing the implementation of the provisions of Point d, Clause 2, Article 16 and Article 26 of this Circular by credit institutions and foreign bank branches, and submitting handling measures to the Governor in each specific case.
- Publishing on the website of the State Bank information on interest rates of lending and interest rates of purchase of valuable papers among credit institutions and foreign bank branches.
- Dealing with problems arising in the implementation of this Circular.
c/ To assume the prime responsibility for, and coordinate with related units in, submitting to the Governor for issuance documents directing and administering activities of the interbank market when the currency market sees abnormal changes.
2. Responsibilities of the Banking Supervisory Agency:
a/ To guide credit institutions and foreign bank branches to classify loans, set up risk provisions and maintain safety ratios in their activities for loans and termed purchase and sale of valuable papers;
b/ To conduct regular and irregular inspection and examination and act as the focal point in proposing the handling of violations of this Circular committed by credit institutions and foreign bank branches according to its functions and tasks and the provisions of law;
c/ To provide the Credit Department and related units with information on credit institutions and foreign bank branches that are applied by State Bank the measures to limit, terminate or suspend the performance of operations of lending and borrowing and termed purchase and sale of valuable papers on the interbank market as soon as there is a decision to this effect.
3. Responsibilities of the Finance - Accounting Department:
To guide the accounting of activities related to transactions of mutual lending and borrowing and termed purchase and sale of valuable papers among credit institutions and foreign bank branches as stipulated in Circular.
4. Responsibilities of the Department of Monetary Forecast and Statistics:
a/ To coordinate with the Credit Department in improving the statistic reporting regulations concerning activities prescribed in this Circular;
b/ To assume the prime responsibility for, and coordinate with the Credit Department, the Banking Supervisory Agency and the Monetary Policy Department in, building a mechanism of coordination of the provision and exchange of relevant information of these Departments to serve the administration and management of professional operations specified in this Circular.
5. Responsibilities of State Bank branches of provinces and centrally run cities:
a/ To monitor, supervise and inspect credit institutions and foreign bank branches in the observance of this Circular according to their functions and tasks and report to the State Bank Governor on violations and handling of violations according to their competence;
b/ To monitor and summarize operations of lending and borrowing, termed purchase and sale of valuable papers among credit institutions and foreign bank branches in the localities and promptly report abnormal circumstances. To monthly submit a general report to the Credit Department before the 15th of the subsequent month.
Article 28. Effect
1. This Circular takes effect on September 1, 2012. The following documents and provisions cease to be effective on the effective date of this Circular:
a/ Decision No. 1310/2001/QD-NHNN of October 15, 2001, of the State Bank Governor promulgating the Regulation on capital borrowing among credit institutions;
b/ The provisions on termed purchase and sale of valuable papers among credit institutions that are commercial banks, finance companies, financial leasing companies, the Central People’s Credit Fund and foreign bank branches in Decision No. 1325/2004/QD-NHNN of October 15, 2004, of the State Bank Governor issuing the Regulation on the discount and rediscount of valuable papers of credit institutions for customers, Decision No. 17/2006/QD-NHNN of April 20, 2006, of the State Bank Governor, amending and supplementing Articles 10 and 12 of the Regulation on the discount and re-discount of valuable papers of credit institutions to customers issued together with Decision No. 1325/2004/QD-NHNN;
c/ Document No. 9756/NHNN-CSTT of December 10, 2009, of the State Bank, on the interest rate of the inter-bank market; Document No.7585/NHNN-CSTT of August 19, 2008, of the State Bank, on the application of the interest rate of loans in Vietnam dong among credit institutions on the interbank market;
d/ Other provisions on lending and borrowing and termed purchase and sale of valuable papers among credit institutions and foreign bank branches which are contrary to this Circular.
2. Pending the conversion of the People’s Credit Fund into a cooperative bank, transactions of lending and borrowing and termed purchase and sale of valuable papers of the Central People’s Credit Fund with credit institutions and foreign bank branches will be performed under the regulations applicable to cooperative banks in this Circular.
3. Credit institutions and foreign bank branches may not perform the deposit operation and receipt of deposits (excluding payment deposits) in other credit institutions and foreign bank branches from the date this Circular takes effect.
4. For transactions that are performed before this Circular takes effect on the basis of contracts of lending and borrowing and termed purchase and sale of valuable papers and contracts of deposit and receipt of deposits (other than payment deposits) that have been signed among credit institutions and foreign bank branches, credit institutions and foreign bank branches shall comply with the signed agreements.
5. The Chief of the Office, the Director of the Credit Department, heads of related units under the State Bank, directors of provincial-level State Bank branches, chairmen of the Boards of Directors, chairmen of Member Boards, and general directors (directors) of credit institutions and foreign bank branches shall implement this Circular.-
For the Governor of the State Bank
Deputy Governor
NGUYEN DONG TIEN
Vietnamese
Circular 21/2012/TT-NHNN DOC (Word)
Circular 21/2012/TT-NHNN PDF (Original)
Circular 21/2012/TT-NHNN ZIP (Word)
