Thông tư 10/2013/TT-NHNN

CIRCULAR

STIPULATING THE MAXIMUM INTEREST RATE OF THE SHORT-TERM LOAN IN VIETNAM DONG OF THE CREDIT INSTITUTIONS AND BRANCHES OF FOREIGN BANKS FOR LOAN CUSTOMERS TO MEET THE FUNDS DEMAND TO SERVE A NUMBER OF AREAS AND ECONOMIC SECTORS

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 June 16, 2010;

Pursuant to the Government’s Decree No. 96/2008/ND-CP of August 26, 2008 defining the functions, duties, powers and organizational structure of the State Bank of Vietnam;

At the proposal of Director of Department of Monetary Policy;

The Governor of the State Bank of Vietnam has issued the Circular on stipulating the maximum interest rate of the short-term loans in Vietnam dong of the credit institutions and foreign bank branches for loan customers to meet the funds demand to serve a number of areas and economic sectors,

Article 1. Short-term loaning interest rates in Vietnam dong of branches of foreign banks and credit institutions

1. The maximum short-term loaning interest rate in Vietnam dong is 10% per annum; people's credit funds and microfinance institutions may impose the maximum interest rate of 11% per annum on short-term loans in VND. 

2. The short-term loans in VND that are eligible for the maximum interest rate prescribed in Clause 1 this Article are the loans that satisfy the demands for fund that is used for:

a) Serving the development of agriculture and rural areas as prescribed in the Government's Decree No. 41/2010/ND-CP dated April 12, 2010 on the credit policies serving the development of agriculture and rural areas;

b) Executing the plans, projects of production and trading of exports as prescribed in the Commercial Law;

c) Serving the production and trading of medium and small enterprises as prescribed in the Government's Decree No. 56/2009/ND-CP dated June 30, 2009, on supporting the development of small-and medium- sized enterprises;

d) Developing the ancillary industries as prescribed in the Prime Minister’s Decision No. 12/2011/QD-TTg dated February 24, 2011 on the policies on the development of some ancillary industries;

e) Serving the production and trading of the high-tech enterprises as prescribed in the Law on High Technologies, and relevant laws.

Article 2. Responsibility of borrowers

1. The borrowers of credit institutions, branches of foreign banks eligible for the loan interest rates prescribed in Article 1 of this Circular are the borrowers that satisfy the loan conditions in accordance with the regulations of the State bank of Vietnam on the activities of loan provision by credit institutions and branches of foreign banks to their clients, and their financial conditions are considered transparent and healthy by the credit institution and branches of foreign banks.

2. The borrowers shall provide the information and documents proving the purposes of borrowing loans serving to the disciplines eligible for the loan interest rates prescribed in this Circular, and take responsibility before law for the truthfulness and accuracy of the information and documents provided.

Article 3. Responsibility of credit institutions and branches of foreign banks

1. Credit institutions and branches of foreign banks shall publicly post the loan interest rates, the criteria for identifying borrowers as prescribed in Clause 2 Article 1 and Clause 1 Article 2 of this Circular.

2. The credit institutions and branches of foreign banks that provide loans to the borrowers prescribed in this Circular in accordance with the laws on activities of loaning and the safety ratio in business in operation of credit institutions and branches of foreign banks, and other regulations of relevant laws; do not collect the fees related to the loans from clients, except for some fees prescribed in the Circular No. 05/2011/TT-NHNN dated March 10, 2011 of the Governor of the State bank of Vietnam, on the loaning fees collected by credit institutions applicable to borrowers.

Article 4. Implementation organization

1. This Circular takes effect on May 13, 2013, and supersedes the Circular No. 09/2013/TT-NHNN dated March 25, 2013 of the Governor of the State bank of Vietnam, on stipulating the maximum interest rate of the short-term loans in Vietnam dong of the credit institutions and foreign bank branches for loan customers to meet the funds demand to serve a number of areas and economic sectors

2. The loan interest rates in the credit contracts signed before this Circular takes effect shall remain unchanged in accordance with the signed credit contracts and law provision at the time of contract signing

3. For the loans not being prescribed in this Circular, credit institutions and branches of foreign banks shall comply with the Circular No. 12/2010/TT-NHNN dated April 14, 2010 of the Governor of the State bank of Vietnam, guiding on lending in Vietnamese dong at the agreement interest rate by credit institutions to their customers

4. The Chief Officer, the Director of the Monetary Policy Department, Heads of the units affiliated to the State bank of Vietnam, Directors of branches of the State bank at central-affiliated cities and provinces; Presidents of the Boards of Directors, the Member assembly, General Directors (Directors) of credit institutions and branches of foreign banks, and relevant organizations and individuals are responsible for the implementation of this Circular