VietnameseOn June 18, 2023, the State Bank of Vietnam hereby promulgates the Circular No. 06/2024/TT-NHNN on amending and supplementing a number of articles of Circular No. 02/2023/TT-NHNN on credit institutions and foreign bank branches carrying out debt rescheduling and maintaining loan categories in order to help their clients facing difficulties.
Accordingly, the obligation to repay loan principals and/or interests arises in the period to December 31, 2024, 06 months are added.
In particulars, a credit institution or foreign bank branch may consider deciding on debt rescheduling for the balance of principals and/or interests of a loan (including also loans regulated by the Government’s Decree No. 55/2015/ND-CP of June 9, 2015, on credit policies to serve agricultural and rural development (which was revised)), based on requests of clients and its financial capacity, provided that the following conditions are satisfied:
- Giving rise to obligations to repay loan principals and/or interests from April 24, 2023 to the end of December 31, 2024.
- Loan principals arise before April 24, 2023 and from lending and financial leasing activities.
- The debit balance rescheduled is not due or falls overdue for up to 10 (ten) days from April 24, 2023 under a contract or an agreement.
Being of clients that are unable to make due payment of their loan principals and/or interests under contracts or agreements due to loss of their revenues or incomes compared to that in the plan for payment of loan principals and/or interests under contracts or agreements, as evaluated by credit institutions or foreign bank branches.
Clients are evaluated by credit institutions or foreign bank branches of capability to pay off loan principals and/or interests on the rescheduled due date.
Credit institutions and foreign bank branches refuse to reschedule debts in violation of law.
The rescheduled period (also in case of extension of debt payment deadlines) shall be determined according to the clients’ difficulties, and must not exceed 12 months from the due date of the debit balance eligible for rescheduling.
The obligation to repay loan principals and/or interests arises in the period from April 24, 2024 through December 31, 2024.
The Circular No. 06/2024/TT-NHNN takes effect on June 18, 2024.
