Amending and supplementing a number of regulations on bank guarantee

On October 25, 2024, the State Bank of Vietnam issues the Circular No. 49/2024/TT-NHNN on amending and supplementing a number of articles of Circular No. 11/2022/TT-NHNN dated September 30, 2022, of the Governor of the State Bank of Vietnam, on bank guarantee

Amend regulations on Guarantee in the sale or lease-purchase of an off-plan house are prescribed as follows:

A written commitment to issue a letter of guarantee is valid from the date of its signing to the date of competing the issuance of the letter of guarantee before the deadline for house handover as committed in the house purchase or lease-purchase contract, or when the guarantee provision agreement expires (whichever occurs earlier);

- Information about the guarantor and the project owner;

- Effect of the document;

-  Information about the guaranteed project or project part (if only one part of the project is guaranteed);

…

Amend and supplement regulations on competence to sign guarantee provision agreements, guarantee commitments and written commitments to issue letters of guarantee

-  Guarantee provision agreements, guarantee commitments and written commitments to issue letters of guarantee shall be signed by lawful representatives of credit institutions or foreign bank branches in accordance with law and internal regulations of such credit institutions or foreign bank branches.

-  The use of e-signatures and authorization for signing of guarantee provision agreements, guarantee commitments and written commitments to issue letters of guarantee must comply with relevant

This Circular takes effect on December 10, 2024.