Thông tư 16/2013/TT-NHNN

CIRCULAR

PROVIDING FOR THE MAXIMUM INTEREST RATES OF VND SHORT-TERM LOANS IMPOSED BY CREDIT INSTITUTIONS AND FOREIGN BANKS’ BRANCHES ON THEIR BORROWERS IN ORDER TO SATISFY THE DEMAND FOR CAPITAL SERVING SOME ECONOMIC SECTORS AND FIELDS

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

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

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

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

The Governor of the State bank of Vietnam promulgates the Circular providing for the maximum interest rates of VND short-term loans imposed by credit institutions and foreign banks’branches on their borrowers in order to satisfy the demand for capital serving some economic sectors and fields,

Article 1. The interest rates of VND short-term loans imposed by credit institutions and foreign banks’ branches

1. The maximum interest rate of VND short-term loans is 9% per annum; people's credit funds and microfinance institutions may fix the maximum interest rate of 10% per annum applicable to VND short-term loans.

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

c) Serving the production and trading of medium- and small-sized enterprises prescribed in the Government's Decree No. 56/2009/ND-CP dated June 30, 2009 on supporting the development of medium- and small-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 business of the high-tech application enterprises as prescribed in the Law on High Technologies, and relevant laws.

Article 2. Responsibilities of borrowers

1. The borrowers of credit institutions and foreign banks’ branches 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 provisions of the State bank of Vietnam on the loans given by credit institutions and foreign banks’ branches to their clients, and their financial conditions are transparent and healthy as assessed by the credit institution and branches of foreign banks.

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

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

1. Credit institutions and foreign banks’ branches 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 foreign banks’ branches shall supply loans to the borrowers prescribed in this Circular in accordance with the laws on loaning and the safety ratio in business operation of credit institutions and foreign banks’ branches, and other regulations of relevant laws; do not collect the charges related to the loans given to clients, except for some charges prescribed in the Circular No. 05/2011/TT-NHNN dated March 10, 2011 of the Governor of the State bank of Vietnam, on the collection of loaning charges of credit institutions to their clients.

Article 4. Organization for implementation

1. This Circular takes effect on June 28, 2013 and replaces the Circular No. 10/2013/TT-NHNN dated March 10, 2013 of the Governor of the State bank of Vietnam providing for maximum interest rate of the short-term loan in Vietnam dong of the credit institutions and foreign banks’ branches for loan clients 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 foreign banks' branches shall comply with the Circular No. 12/2010/TT-NHNN dated April 14^th 2010 of the Governor of the State bank of Vietnam, guiding the loans in VND given by credit institutions to their clients at agreed interest rate.

4. The Director of the Administrative Department, Director of the Monetary Policy Department and Heads of units of the State Bank of Vietnam, Directors of the State Bank’s branches in provinces and cities under the central Government’s management; Chairmans of Board of Directors and Members' Councils and General Directors (Directors) of credit institutions, foreign banks’ branches and related organizations, individuals shall be responsible for the implementation of this Circular.