Thông tư 14/2012/TT-NHNN

CIRCULAR

ON PRESCRIBING THE MAXIMUM SHORT-TERM LOANING INTEREST RATES IN VIETNAM DONG OF BRANCHES OF FOREIGN BANKS AND CREDIT INSTITUTIONS REGARDING CUSTOMERS TAKING LOANS TO SATISFY THE CAPITAL DEMANDS SERVING A NUMBER OF ECONOMIC FIELDS AND DOMAINS

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

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

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

At the proposal of the Director of the Financial policy department;

The Governor of the State bank of Vietnam promulgates the Circular on prescribing the maximum short-term loaning interest rates in Vietnam dong of branches of foreign banks and credit institutions regarding customers taking loans to satisfy the capital demands serving a number of economic fields and domains as follows:

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 equals (=) the maximum deposit interest rate in Vietnam dong with term of 1 month or more as prescribed by the State bank of Vietnam plus (+) 3%/year.

2. The short-term loans in Vietnam dong being applied the maximum loaning interest rates as prescribed in clause 1 this Article are loans that satisfy the capital demands for:

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

b) Implementing projects and schemes of producing – trading export goods as prescribed in the Commerce Law;

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

d) Developing the ancillary industries under the provisions in the Prime Minister’s Decision No. 12/2011/QD-TTg of February 24, 2011 on the policy on developing a number of ancillary industries.

Article 2. Responsibilities of loan customers

1. Customers taking loans from branches of foreign banks and credit institutions being applied the loaning interest rates prescribed in Article 1 of this Circular are customers that satisfy the conditions for taking loans as prescribed by the State bank of Vietnam on loaning activities of credit institutions, and assessed that they have clear and healthy financial status by branches of foreign banks and credit institutions.

2. Loan customers are responsible to provide information, documents proving the loan purpose within the fields and domains being applied the loaning interest rates prescribed in this Circular and shall be responsible before law for the fidelity and accuracy of the provided information and documents.

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

1. Branches of foreign banks and credit institutions shall publicly post the loaning interest rates; the criteria for determining borrowers as prescribed in clause 2 Article 1 and clause 1 Article 2 of this Circular.

2. Branches of foreign banks and credit institutions shall conduct lending to the customers prescribed in this Circular as prescribed by law provisions on loaning activities, prudential ratios in the business activities of credit institutions and other relevant law provisions; not to collect the fees relating to the loans with respect to customers, except for a number of charges prescribed in the Circular No. 05/2011/TT-NHNN of March 10, 2011 of the Governor of the State bank of Vietnam, prescribing the charge collection of credit institutions’ loans to customers.

Article 4. Organizing the implementation

1. This Circular takes effect on May 08, 2012.

2. The loaning interest rates applying to credit contracts signed before this Circular takes effect shall continue to be performed under the signed credit contract consistently with the law provisions at the time of the contract signing.

3. For loans not being prescribed in this Circular, branches of foreign banks and credit institutions shall implement as prescribed in the Circular No. 12/2010/TT-NHNN of April 13, 2010 of the Governor of the State bank of Vietnam on guiding credit institutions on loan in Vietnam dong to customers at the agreed interest rates.

4. The Chief of the Offices, Director of the Financial policy department and Heads of units belonging to the State bank of Vietnam, the Directors of branches’ State banks of Vietnam in central-affiliated cities and provinces; the chairmen of the board, the Member council presidents and General Directors (Directors) of branches of foreign banks, credit institutions and other relevant organizations and individuals are responsible to implement this Circular./.