VietnameseCircular No. 27/2009/TT-NHNN dated December 313, 2009 of the State Bank detailing the interest rate support for organizations and individuals borrowing medium- and long-term bank loans in 2010 for investment in production and business development
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Circular No. 27/2009/TT-NHNN dated December 313, 2009 of the State Bank detailing the interest rate support for organizations and individuals borrowing medium- and long-term bank loans in 2010 for investment in production and business development
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 27/2009/TT-NHNN | Signer: | Nguyen Van Giau |
| Type: | Circular | Expiry date: | Updating |
| Issuing date: | 31/12/2009 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking , Investment |
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Effect status: Known
THE STATE BANK OF VIETNAM No. 27/2009/TT-NHNN | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------- Hanoi, December 18, 2009 |
CIRCULAR
DETAILING THE INTEREST RATE SUPPORT FOR ORGANIZATIONS AND INDIVIDUALS BORROWING MEDIUM- AND LONG-TERM BANK LOANS IN 2010 FOR INVESTMENT IN PRODUCTION AND BUSINESS DEVELOPMENT
THE STATE BANK OF VIETNAM
Pursuant to the Government's Resolution No. 54/NQ-CP of November 11, 2009, on the Government's October 2009 regular meeting;
Pursuant to the Prime Minister's Decision No. 2072/QD-TTg of December 11, 2009, on the interest rate support for Vietnam-dong medium-and long-term bank loans borrowed by organizations and individuals;
Pursuant to the Prime Minister's Decision No. 443/QD-TTg of April 4, 2009, on the interest rate support for organizations and individuals borrowing medium- and long-term bank loans for investment in production and business development;
The State Bank of Vietnam details the interest rate support for organizations and individuals borrowing medium- and long-term bank loans in 2010 for investment in production and business development (below referred to as interest rate support) as follows:
Article 1. Purposes of interest rate support
In 2010, the State will provide interest rate supports for organizations and individuals borrowing Vietnam-dong medium- and long-term loans according to the method defined in Decision No. 443/QD-TTg of April 4, 2009, in order to support economic growth recovery, economic restructuring and stabilization of the macro economy.
Article 2. Subjects and scope of application
1. Credit institutions providing loans to organizations and individuals, including:
a/ State commercial banks, joint-stock commercial banks, joint-venture banks, Vietnam-based branches of foreign banks, wholly foreign-owned banks and the Central People's Credit Fund (below collectively referred to as commercial banks).
b/ Finance companies (except specialized finance companies operating in the domain of consumer credit and credit card under law) which properly observe regulations of the State Bank of Vietnam on safety ratios in operations of credit institutions and appropriation and use of provisions for credit risks in banking operations and have a proportion of bad debts to the total outstanding loans of below 5%.
2. Borrowers eligible for interest rate support, including organizations and individuals that borrow loans from commercial banks or finance companies to invest in production and business development in the country under Article 1 of the State Bank Governor's Decision No. 127/ 2005/QD-NHNN of February 3,2005, amending and supplementing a number of articles of the Regulation on the provision of loans by credit institutions to customers, issued together with Decision No. 1627/2001/QD-NHNN of December 31, 2001.
3. Loans eligible for interest rate support are Vietnam-dong medium- and long-term loans granted for investment in production and business development under credit contracts signed before or after January 1, 2010, but actually disbursed (in lump sum or installments) in the period from January 1, 2010, to December 31, 2010, and inventoried under the Regulation on statistical reports applicable to units under the State Bank of Vietnam and credit institutions issued together with the State Bank Governor's Decision No. 477/2004/QD-NHNN of April 28, 2004, and Decision No. 143 TCTK/PPCD of December 22, 1993, of the General Director of the General Statistics Office of Vietnam, promulgating the system of grade-II, grade-Ill and grade-IV economic branches and the list national economic branches, including:
a/ Agriculture and forestry;
b/ Fisheries;
c/ Processing industries;
d/ Scientific and technological activities;
e/ Purchase of and trading in farm produce, forest and fisheries products and salt."
Article 3. Principles on interest rate support, loan term and level and method of interest rate support
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