Quyết định 373/2003/QD-NHNN

DECISION

ON THE AMENDMENT, SUPPLEMENT OF SEVERAL ARTICLES OF THE DECISION No. 440/2001/QD-NHNN DATED 17 APRIL, 2001 ON THE LENDING TO WORKERS WHO GO AND WORK ABROAD FOR A CERTAIN PERIOD OF TIME

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam and Law on the Credit Institutions dated 12 December, 1997;
- Pursuant to the Decree No. 86/2002/ND-CP dated 05 November, 2002 of the Government on the functions, assignment, authority and organizational structure of the ministries and ministrial level agencies;
- Pursuant to the Decree No. 152/1999/ND-CP dated 20 September, 1999 of the Government provides for Vietnamese workers and experts who go and work abroad for a certain period of time;
- Based on the instruction of the Prime Minister stated in the Dispatch No. 827/VPCP-KTTH dated 25 February, 2003 on the lending without asset security to workers who go and work abroad for a certain period of time;
- Upon the proposal of the Director of the Monetary Policy Department,

DECIDES

Article 1. To amend, supplement several Articles of the Decision No. 440/2001/QD-NHNN dated 17 April, 2001 on the lending to workers who go and work abroad for a certain period of time as follows:

1. To amend, supplement Article 6 as follows:

"Article 6. Loan security

1. State owned commercial banks shall lend without asset security to workers of priority under current policy.

2.For workers other than those of priority under current policy, the loan security shall be performed as follows:

a. Commercial banks shall consider, decide on the lending without asset security to workers who satisfy conditions provided for in paragraph 18 Article 1 of the Decree No. 85/2002/ND-CP dated 25 October, 2002;

a. Commercial banks shall consider, decide on loans of up to VND 20 millions without applying the assets security measure to workers who satisfy conditions provided for in paragraph 18 Article 1 of the Decree No. 85/2002/ND-CP dated 25 October, 2002;

c. In case where workers must provide assets as loan security, the execution and performance of a loan security contract shall be as follows:

- For loans made through the family household of a worker, the loan security contract shall be signed between the representative of the family household and the commercial bank;

- For loans directly made to a single worker, the loan security contract shall be entered into between the commercial bank and the worker or the party authorized by the worker in accordance with applicable laws.

2. To amend, supplement Article 7 as follows:

Article 7. Lending Procedures

1.Commercial banks shall lend on the basis of contracts which are entered into by workers and Vietnamese enterprises which are authorised to send workers abroad for a certain period of time or foreign employers in accordance with the provisions of the Decree No. 152/1999/ND-CP dated 20 September, 2000 and credit files provided for in paragraph 2 of this Article.

2. Credit file for the workers shall include:

a. Documents evidencing that the borrower is the Head of the family of the worker who goes and works abroad for a certain period of time in accordance with provisions of the applicable laws. Workers of priority under current policy must have documents issued by the State competent agency proving that they are those of priority under current policy;

b. Loan application of the Head of the family or the worker (in case of a single worker);

c. A notice or written confirmation made by Vietnamese enterprises which are authorised to send workers abroad for the certain period of time, by foreign employers of the recruitment of workers for the certain period of time abroad.

d. Other necessary documents proving that conditions for borrowing are satisfied.

Article 2. The State owned commercial banks shall continue to lend to workers of priority under current policy until the completion of transfer to the Social Policy Bank. After the time of this transfer, if workers of priority under current policy require borrowing from State owned commercial banks, they shall be considered for lending accordance with provisions of this Decision and treated as normal workers.

Article 3.

1. This Decision shall be effective after 15 days from the date of publication in the official gazette.

2. Heads of units of the State Bank, General Managers of State Bank branches in provinces and cities under the central government's management, the Board of Directors, General Directors of the Social Policy Bank and commercial banks shall be responsible for the implementation of this Decision.