Quyết định 386/2001/QD-NHNN

DECISION

ON THE AMENDMENT, SUPPLEMENT OF SOME ARTICLES OF THE REGULATION ON THE BANK GUARANTEE ISSUED IN CONJUNCTION WITH DECISION NO. 283/2000/QD-NHNN14 DATED 25 AUGUST, 2000 OF THE GOVERNOR OF THE STATE BANK

THE GOVERNOR OF THE STATE BANK

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated 12 December, 1997 and the Law on Credit Institutions No. 02/1997/QH10 dated 12 December, 1997;
Pursuant to the Decree No. 15/CP dated 02 March, 1993 of the Government on the assignment, authority and responsibility for the State management of the ministries and ministry-level agencies;
Upon the proposal of the Director of the Credit Department,

DECIDES

Article 1.

To amend some Articles of the Regulation on the Bank guarantee issued in conjunction with Decision No. 283/2000/QD-NHNN14 dated 25 August, 2000 of the Governor of the State Bank as follows:

1. Article 4 is amended as follows:

- to cancel the phrase "individual business household" in point i, paragraph 1.

- Paragraph 5 is added as follows:

"5. Individual business household."

2. Paragraph 2 Article 12 is amended as follows:

"In the event of the participation by a foreign party to the guarantee transaction, documents relating to the guarantee transaction shall be made in one commonly used foreign language which is agreed upon by the parties. These documents must be translated into Vietnamese which are used as attachments when submitted to State competent authorities."

3. Point c paragraph 1 Article 14 is amended as follows:

"In the event the co-ordinating credit institution fails to perform or fully perform the guarantee obligation to the guarantee accepting party, guarantee participating parties shall have to perform the guarantee obligation to the guarantee accepting party."

4. Point g paragraph 1 Article 16 is amended as follows:

"to debit against the customer or the counter-guarantee issuing party the amount paid on their behalf in order to perform the guarantee obligation."

5. Point g paragraph 1 Article 17 is amended as follows:

"to debit against the customer the amount paid on its behalf in order to perform the guarantee obligation."

6. Point e paragraph 1 Article 18 is amended as follows:

"to debit against the customer or the guaranteeing credit institution the amount paid on their behalf in order to perform the guarantee obligation."

7. Paragraph 1 and 6 Article 22 is amended as follows:

"1. Customers shall pay guarantee fee to the credit institution. The level of fee shall be agreed upon by the parties, but not in excess of 2%/annum calculated on the outstanding guarantee obligation. In addition, customers must pay to the credit institution other reasonable expenses arising in relation with the guaranteed transactions if and when agreed upon in writing by the parties.

The level of guarantee fee stipulated above does not include VAT."

"6. Customers and credit institutions shall agree on the settlement of a late payment of the guarantee fee to the credit institutions."

8. Second part of point a paragraph 2 Article 25 is amended as follows:

"Upon the performance of the guarantee obligation, credit institutions shall debit against the customers of the amount paid by credit institutions on their behalf. Customers shall be subject to an overdue interest rate agreed upon by the parties for the amount paid by credit institution on their behalf to perform the guarantee obligation which is not in excess of 150% of the interest rate in the contract between the customers and the guarantee accepting party (in the event of a borrowing guarantee) or a short-term lending interest rate applicable by respective credit institutions (for other guarantee), calculated from the date where credit institutions perform the guarantee obligation."

Article 2. This Decision shall be effective after 15 days from the date of signing.

Article 3. The Director of the Administrative Department, the Director of the Credit Department, Heads of the relevant units of the State Bank of Vietnam, General Managers of the State Bank branches in the provinces, cities under the central Government's management, Chairmen of the Board of Directors, General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.