1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/02/2020

1.1. Circular No. 32/2019/TT-NHNN amending and supplementing a number of articles of Circular No. 19/2013/TT-NHNN dated September 6th, 2013 of the Governor of the State Bank of Vietnam state on the purchase, sale and settlement of bad debts of Vietnam Asset Management Company

• Name of legal document: Circular No. 30/2019/TT-NHNN issued on 31/12/2019 by the State Bank of Viet Nam amending and supplementing a number of articles of Circular No. 19/2013/TT-NHNN dated September 6th, 2013 of the Governor of the State Bank of Vietnam state on the purchase, sale and settlement of bad debts of Vietnam Asset Management Company (referred to as the “Circular No. 32/2019/TT-NHNN”).

• Effective date: 14/02/2020.

The content should be noted: amending and stipualting on restructure bad debts, adjustment of repayment term and debt rescheduling.

Specifically, Clause 1 Article 1 of Circular No. 30/2019/TT-NHNN stipualtes: “Article 1. amending and supplementing a number of articles of Circular No. 19/2013/TT-NHNN dated September 6th, 2013 of the Governor of the State Bank of Vietnam state on the purchase, sale and settlement of bad debts of Vietnam Asset Management Company (referred to as the “Circular No. 19/2013/TT-NHNN”)

1. Clauses 2, 3 and 4 of Article 3 are amended and supplemented as follows:

“2. Restructure bad debts is the adjustment of repayment term, debt rescheduling; reduction of a part or total of interest amounts which are overdue for payment, violation fees and fines; adjustment of interest rate of bad debt.

3. Adjustment of repayment term means the approval to extend a period of repayment of part or all of the principal and/or interest of an agreed repayment term (including the case of no change in number of debt repayment term agreed upon) within the previous debt repayment term agreed in the credit agreement or loan agreement, agreement of offer of the trusteeship of credit extension, agreement of purchase, offer of the trusteeship purchasing corporate bonds with the repayment deadline remains unchanged.

4. Debt rescheduling means the approval to extend an additional period of repayment of principal and/or interest in excess of the previous debt payment term agreed in the credit agreement or loan agreement, agreement of offer of the trusteeship of credit extension, agreement of purchase, offer of the trusteeship purchasing corporate bonds.””

1.2. Circular No. 33/2019/TT-NHNN amendments to the Circular No. 34/2013/TT-NHNN dated December 31, 2013 by the Governor of the State bank of Vietnam on domestic issuance of promissory notes, treasury bills, deposit certificates and bonds by credit institutions and foreign bank branches

• Name of legal document: Circular No. 33/2019/TT-NHNN issued on 31/12/2019 by the State Bank of Viet Nam amendments to the Circular No. 34/2013/TT-NHNNdated December 31, 2013 by the Governor of the State bank of Vietnam on domestic issuance of promissory notes, treasury bills, deposit certificates and bonds by credit institutions and foreign bank branches (referred to as the “Circular No. 33/2019/TT-NHNN”).

• Effective date: 14/02/2020.

Some contents should be noted:

• Firstly, amending and stipualting on interest rates of valuable papers.

Specifically, Clause 1 Article 1 of Circular No. 33/2019/TT-NHNN stipulates: “Article 1. Amendments to the Circular No. 34/2013/TT-NHNN:

1. Article 11 is amended as follows:

“Article 11. Interest rates

1. The interest rates of valuable papers issued by credit institutions or foreign bank branches shall be conformable with regulations on interest rates adopted by the State Bank of Viet Nam in each period. The interest rates of bonds must be also comply with regulations of the Law on Securities, Decree No. 163/2018/ND-CP, and legal documents elaborating the Law on Securities.

2. Methods of calculation of interests on valuable papers shall comply with the State Bank of Viet Nam’s regulations.”.”

• Secondly, amending and stipualting on application for the State Bank of Viet Nam’s approval of plan for public offering of bonds.

Specifically, Clause 7 Article 1 of Circular No. 33/2019/TT-NHNN stipulates: “Article 1. Amendments to the Circular No. 34/2013/TT-NHNN:

…

7. Article 22 is amended as follows:

“Article 22. Application for the State Bank of Viet Nam’s approval of plan for public offering of bonds

1. The application for approval of the plan for public offering of bonds by a credit institution which must bear the signature of the legal representative of that credit institution and specify the assessment of its fulfillment of conditions for public offering of bonds, including financial performance (after-tax profit) in the year preceding the year of issuance, paid-in charter capital at the date of issuance, profits or losses accumulated until the year of issuance, accounts payable more than one year overdue, the funding plan and use of funds in the year of issuance.

2. The plan for public offering of bonds approved by a competent authority of the credit institution shall include, inter alia, the following contents:

a) Total face value of bonds issued;

b) Name, term and interest rate of the bond and eligible buyers;

c) Location, form and method of bond issuance;

d) The plan for public offering of convertible bonds or warrant-linked bonds must also include the contents specified in Clause 1 Article 24 of this Circular (Circular No. 34/2013/TT-NHNN).

3. The plan for use of funds obtained from the public offering of bonds and debt repayment approved by a competent authority of the credit institution. The competent authority of the credit institution that gives approval of the plan for use of funds obtained from the public offering of bonds and debt repayment is also the one giving approval of the plan for public offering of bonds.

4. The written undertaking by the credit institution to perform duties towards bond buyers regarding issuance conditions, payment and assurance of rights and legitimate interests of bond buyers as well as other conditions.

5. Decisions made by the competent authority of the credit institution giving approval of the plan for public offering of bonds and the plan for use of funds obtained from the public offering of bonds and debt repayment”.””

• Thirdly, amending and stipualting on organization of issuance of valuable papers.

Specifically, Clause 7 Article 1 of Circular No. 33/2019/TT-NHNN stipulates: “Article 1. Amendments to the Circular No. 34/2013/TT-NHNN:

…

10. Article 25 is amended as follows:

“Article 25. Organization of issuance of financial instruments

1. Credit institutions and foreign bank branches shall take initiative in organizing their issuance of promissory notes, treasury bills and deposit certificates in accordance with Article 19 hereof (Circular No. 34/2013/TT-NHNN).

2. Credit institutions shall make private placement of bonds according to their plans for private placement of bonds approved by competent authorities and in conformity with Decree No. 163/2018/ND-CP.

3. Credit institutions shall make public offering of bonds according to their approved plans for public offering of bonds and in conformity with the Law on Securities”.””

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/01/2020

1.1.  Decree No. 86/2019/NĐ-CP dated on 14/11/2019 prescribing legal capital of credit institutions and foreign bank branches

• Name of legal document: Decree No. 86/2019/NĐ-CP issued on 14/11/2019 by the Gorverment prescribing legal capital of credit institutions and foreign bank branches (referred to as the “Decree No. 86/2019/NĐ-CP”).
• Effective date: 15/01/2020.

Some content should be noted:

• Firstly, regulating levels of legal capital.

Specifically, Clause 1, Clause 2, Clause 3, Clause 4 Article 2 stipulates: “Article 2. Levels of legal capital

1. Commercial banks: 3,000 billion dong.
2. Policy banks: 5,000 billion dong.
3. Cooperative banks: 3,000 billion dong.
4. Foreign bank branches: 15 million U.S. dollars (USD).”

• Secondly, regulating on transitional provisions for credit institutions (except people’s credit funds) or foreign bank branches licensed regarding to legal capital before the entry into force of this Decree.

Specifically, Clause 1 Article 3 stipulates: “Article 3. Transitional provisions

1. Credit institutions (except people’s credit funds) or foreign bank branches licensed before the entry into force of this Decree must ensure that the minimum amount of their actually contributed or allocated charter capital is at least equal to legal capital levels stated in Article 2 herein from the effective date of this Decree.”  

1.2. Circular No. 22/2019/TT-NHNN regulations on limitations and ratio of security assurance in operations of banks and branches of foreign banks

• Name of legal document: Circular No. 22/2019/TT-NHNN issued on 15/11/2019 by the State Bank of Viet Nam regulations on limitations and ratio of security assurance in operations of banks and branches of foreign banks (referred to as the “Circular No. 22/2019/TT-NHNN”).
• Effective date: 01/01/2020.

Some content should be noted:

• Firstly, regulating restrictions and limits on credit extension.

Specifically, Article 10 of Circular No. 22/2019/TT-NHNN stipulates: “Article 10. Restrictions and limits on credit extension

1. Banks, branches of foreign banks comply with the regulations on cases which are not granted credit extension, which are credit restriction and credit limit according to Article 126, Article 127 and Article 128 of the Law on Credit Institutions (amended and supplemented).

2. Banks, branches of foreign banks shall base themselves on the own capital to be determined according to the provisions of Clause 3 of this Article at the end of the latest working day to determine credit extension restrictions and limits according to the provisions of Clause 1 this.

3. The own capital is determined as follows:

a) For banks and/or branches of foreign banks that implement the minimum capital adequacy ratio in accordance with this Circular, banks using separate equity capital, branches of foreign banks shall use their own capital in accordance with regulations at Article 9 of this Circular.

b) For banks, branches of foreign banks implement capital adequacy ratio according to Circular 41/2016/TT-NHNN, banks, branches of foreign banks use own capital as prescribed in Circular No. 41/2016/TT-NHNN.”

• Secondly, providing on management of credit extension.

Specifically, Article 13 of Circular No. 22/2019/TT-NHNN stipulates: “Article 13. Management of credit extension

1. Banks and branches of foreign banks shall manage credit extension activities according to the provisions of law and the internal regulations on credit extension and loan management to ensure the use of loan capital for the right purposes provided at Clause 1, Article 4 of this Circular.
2. Banks and branches of foreign banks must prepare and update immediately upon any change of the list of founding shareholders, major shareholders, capital contributing members, members of the Board of Directors and members of the Board of members, members of the Supervisory Board, executives and other management titles in accordance with the laws, the organization and operation charter of the bank and related persons of these people. This list must be made public throughout the system of banks, branches of foreign banks and sent directly or via postal service to the State Bank as prescribed at Points a and b, Clause 6, Article 4 of this Circular.
3. Banks and branches of foreign banks must report to:
4. a) The General Meeting of Shareholders, the Members’ General Meeting of credit extensions to the subjects specified in Clause 1, Article 127 of the Law on Credit Institutions (amended and supplemented) arising until the time of taking the number whether to convene a General Meeting of Shareholders, a General Meeting of Members;
5. b) Owners, capital contributors, managers, executives when giving credit to subjects defined in Clause 1, Article 127 of the Law on Credit Institutions (amended and supplemented) );
6. c) The State Bank shall comply with the State Bank’s regulations on the regime of statistical reporting of credit extension to subjects defined in Clause 1, Article 127 of the Law on Credit Institutions (amended and supplemented).
7. Credit extension to subsidiaries, associated companies and entities listed in Clause 2 of this Article (except for cases where credit is not provided for in Article 126 of the Law on Credit Institutions (already amended, supplemented)) must be approved by the Board of Directors, Board of Members (for banks), General Director/Director (for branches of foreign banks), except for credit extension under the authority of the General Meeting of Shareholders. The Supervisory Board must supervise credit approval for these subjects.”

1.3. Circular No. 24/2019/TT-NHNN provisions on refinanced loanS in the form of re-lending according to credit dossier for credit institutions

• Name of legal document: Circular No. 24/2019/TT-NHNN issued on 18/11/2019 by the State Bank of Viet Nam provisions on refinanced loans in the form of -re-lending according to credit dossier for credit institutions (referred to as the “Circular No. 24/2019/TT-NHNN”).
• Effective date: 18/01/2020.

Some content should be noted:

• Firstly, proving interest rate.

Specifically, Article 6 of Circular No. 24/2019/TT-NHNN stipulates: “Article 6. Interest rate

1. The interest rate of refinanced loan, extension of refinanced loan in the form of re-lending according to credit dossier is the interest rate of refinanced loan announced by the State Bank in each period at the time when the refinanced loan amount is disbursed, extended.
2. Overdue interest on the refinanced loan principal equals 150% of the interest rate applicable to refinanced loan.”

• Secondly, providing terms of refinanced loan and extension of refinanced loan.

Specifically, Article 7 of Circular No. 24/2019/TT-NHNN stipulates: “Article 7. Term of refinanced loan, extension of refinanced loan

1. The term of refinanced loan in the form of re-lending according to the credit dossier shall be considered and decided by the State Bank and must be less than 12 months.
2. Each extension period must not exceed the term of refinanced loan; total refinanced loan time and refinanced loan extension must not exceed 12 months.”

1.4. Circular No. 25/2019/TT-NHNN amendments to the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam providing for licensing and organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam

• Name of legal document: Circular No. 25/2019/TT-NHNN issued on 02/12/2019 by the State Bank of Viet Nam amendments to the Circular No. 40/2011/TT-NHNNdated December 15, 2011 of the Governor of the State bank of Vietnam providing for licensing and organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam (referred to as the “Circular No. 25/2019/TT-NHNN”)

Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State bank of Vietnam providing for licensing and organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam (referred to as the “Circular No. 40/2019/TT-NHNN”)

• Effective date: 17/01/2019.

The content should be noted: Adding the provision on modification of license of representative offices[1].

Specifically, Clause 4 Article 1 of Circular No. 25/2019/TT-NHNN stipulates: “Article 1. Amendments to Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the Governor of the State Bank of Vietnam providing for the licensing and organization and operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam (hereinafter referred to as “Circular No. 40/2011/TT-NHNN”)

…

4. Section 5 is added to Chapter II as follows:

“Section 5

MODIFICATION OF LICENSE OF REPRESENTATIVE OFFICES

Article 18d. General provisions on changes in a representative office

1. A representative office shall prepare an application for modification of its license and then submit it directly or by post to the SBV’s provincial branch as prescribed in Point a Clause 2 Article 18dd of this Circular (Circular No. 40/2011/TT-NHNN) if it has the following changes;

a) Change of its name;

b) Relocation to another province or city;

c) Extension of operation duration.

2. A representative office shall send a written notification directly or by post to the SBV’s branch in province or city where it is located within 07 business days from the occurrence of one of the following changes:

a) Change of its chief representative;

b) Relocation within the same province or city;

c) Change of address without change of its location.

3. Representative offices shall prepare application for modification of license in the case prescribed in Clause 1 of this Article according to provisions in Article 13 of this Circular (Circular No. 40/2011/TT-NHNN).

4. After obtaining an approval from the SBV’s provincial branch for its modification of license with respect to the changes specified in Clause 1 of this Article (Circular No. 40/2011/TT-NHNN), the representative office shall:

a) carry out procedures for registration of changes with a relevant competent authority;

b) start operation at the new location and terminate operation at the previous location within 06 months after obtaining an approval from the SBV’s provincial branch for its modification of license with respect to the change specified in Point b Clause 1 of this Article (Circular No. 40/2011/TT-NHNN);

c) publish the changes on SBV’s mass media and 03 consecutive issues of a daily printed newspaper or an online newspaper of Vietnam within 07 working days after obtaining an approval from the SBV’s provincial branch for its modification of license.

Article 18dd. Application and procedures for modification of license of representative offices

1. An application for modification of license with respect to the changes specified in Clause 1 Article 18d of this Circular (Circular No. 40/2011/TT-NHNN)include:

a) An application form for modification of license which bears the signature of the legal representative of the foreign credit institution, or other foreign organization performing banking activities, and includes the following contents:

(i) Current contents;

(ii) Contents to be changed.  In case of change of name, the new name must comply with provisions in Clause 1 Article 23 of this Circular (Circular No. 40/2011/TT-NHNN);

(iii) Reasons for such changes;

b) Documents explaining the change (in case of change of name); or documents proving that the representative office has or will have the right to use the new location (in case of relocation of a representative office);

c) Financial statements of the foreign credit institution or other foreign organization performing banking activities of the year preceding the year of application, which have been audited by an independent audit firm, and general report on operations of the representative office in case of extension of operation duration (which must specify the operations of the representative office within 03 years preceding the year of application and operation plan for the following year).

2. Procedures for modification of license:

a) The representative office shall submit an application to the SBV’s branch in the province or city where it is located in case of change of name or extension of operation duration, or where it is relocated to in case of relocation of the representative office.  In case of extension of operation duration, the application must be submitted at least 60 days before the expiry date of the license;

b) If an application is insufficient or invalid, within 05 business days from the receipt of the application, the SBV’s provincial branch shall request the representative office in writing to complete it;

c) Within 30 days from the receipt of sufficient and valid application, the SBV’s provincial branch shall issue a decision on modification of the license of the representative office.  If an application is refused, the SBV’s provincial branch shall give a written response indicating reasons for such refusal to the applicant.””

1.5. Circular No. 07/2019/TT-BTP guiding a number of contents of the registration of the mortgage of land use right and land-attached assets

• Name of legal document: Circular No. 07/2019/TT-BTPN issued on 25/11/2019 by the judicial providing guiding a number of contents of the registration of the mortgage of land use right and land-attached assets (referred to as the “Circular No. 07/2019/TT-BTP”).
• Effective date: 10/01/2020.

Some contents should be noted:

• Firstly, regulating on registration of mortgage of land use rights and land-attached assets.

Specifically, Article 4 of Circular No. 07/2019/TT-BTP stipulates: “Cases of registration of the mortgaging of land use rights and properties on land

Article 4. Cases of registration of the mortgaging of land use rights and properties on land

1. Cases of registration of the mortgaging of land use rights and properties on land:

a) Registration of mortgaging of land use rights;

b) Registration of mortgaging of properties on land;

c) Registration of mortgaging of land use right and properties on land;

d) Registration of mortgaging of future acquired properties on land;

dd) Registration of mortgaging of land use rights and future acquired properties on land;

e) Registration of mortgage of construction investment projects of construction works being housing, investment projects of construction works not being housing, other construction investment projects according to the provisions of law;

g) Registration of changes to registered mortgaging;

h) Registration of written notification of settlement of collaterals in case mortgaging has been registered;

i) Removal of mortgage registration.

2. In case of registration of mortgages as prescribed at Point e, Clause 1 of this Article is perform like the registration of mortgage of land use rights, future acquired properties on land being housing, construction works.

3. The mortgage registration prescribed in Clause 1 of this Article is carried out in cases of mortgages to guarantee the performance of civil obligations of the mortgagor, to guarantee the performance of civil obligations of others or guarantee the performance of civil obligations for both the mortgagor and the others.”

• Secondly, regulating forms of registration of mortgage of land use rights and land-attached assets.

Specifically, Article 21 of Circular No. 07/2019/TT-BTP stipulates: “Article 21. Registration form of registration of mortgage of land use rights and land-attached assets

Composition of a dossier of registration of registration of mortgage of land use rights and land-attached assets made according to forms promulgated together with this Circular, comprises:

1. Form No. 01/DKK: Mortgage registration request form;
2. Form No. 02/ĐKTĐ-SCSS: The written request of registration of changes, corrections of errors;
3. Form No. 03/DKKB: The written request of registration of a written notice of mortgage asset handling;
4. Form No. 04/XĐK: The written request of deletion of registration;
5. Form No. 05/CTĐK: The written request of forwarding mortgage registration;
6. Form No. 06/BSCB: Additional pages on mortgage contracting parties;
7. Form No. 07/BSTS: Additional page on mortgage assets;
8. Form No. 08/DMHĐTC: List of registered mortgage contracts;
9. Form No. 09/SĐKTL: The book of registration of mortgage of future acquired properties on land;
10. Form No. 10/VBTB: The written notice of temporary suspension or stop of mortgage registration; notify the distraint and clearance of land use right and land-attached assets.”

• Thirdly, regulating the implementation effect of Circular No. 07/2019/TT-BTP.

Specifically, Article 22 of Circular No. 07/2019/TT-BTP stipulates: “Article 22. Effect

1. This Circular takes effect from January 10, 2020.
2. This Circular replaces Joint Circular No. 09/2016/TTLT-BTP-BTNMT of June 23, 2016 of the Minister of Justice and the Minister of Natural Resources and Environment instructions on registration of mortgaging of land use rights, properties on land.”

• Fourthly, detail of Mortgage registration request form.

“Mẫu số 01/ĐKTC

CỘNG HÒA XÃ HỘI CHỦ NGHĨA VIỆT NAM Độc lập – Tự do – Hạnh phúc ————— ………., ngày … tháng … năm …… PHIẾU YÊU CẦU ĐĂNG KÝ THẾ CHẤP QUYỀN SỬ DỤNG ĐẤT, TÀI SẢN GẮN LIỀN VỚI ĐẤT (Ban hành kèm theo Thông tư số 07 ngày 25 tháng 11 năm 2019 của Bộ Tư pháp) Kính gửi: ……………………………………………… …………………………………………………………..	PHẦN GHI CỦA CÁN BỘ TIẾP NHẬN
	Vào Sổ tiếp nhận hồ sơ: Quyển số ……………. Số thứ tự ……………..
		Cán bộ tiếp nhận (ký và ghi rõ họ, tên)

PHẦN KÊ KHAI CỦA CÁC BÊN KÝ KẾT HỢP ĐỒNG THẾ CHẤP
Người yêu cầu đăng ký:	□ Bên thế chấp		□ Bên nhận thế chấp
	□ Người đại diện của bên thế chấp, bên nhận thế chấp		□ Quản tài viên
1. Bên thế chấp 1.1. Tên đầy đủ của tổ chức, cá nhân: (viết chữ IN HOA) …………………………………………… ………………………………………………………………………………………………………………. 1.2. Địa chỉ liên hệ: ……………………………………………………………………………………….. ………………………………………………………………………………………………………………. 1.3. Số điện thoại (nếu có): …………… Fax (nếu có): ………….. Thư điện tử (nếu có): ………… 1.4. □ Chứng minh nhân dân/Căn cước công dân/Chứng minh QĐND □ Hộ chiếu □ GCN đăng ký doanh nghiệp/GCN đăng ký hoạt động chi nhánh, văn phòng đại diện/GP thành lập và hoạt động □ QĐ thành lập □ GP đầu tư/GCN đầu tư/GCN đăng ký đầu tư □ Giấy tờ xác định tư cách pháp lý khác: ……………………………………………………………… Số: …………………………………………………………………………………………………………. Cơ quan cấp …………………………… cấp ngày ………… tháng …………… năm ………………
2. Bên nhận thế chấp 2.1. Tên đầy đủ của tổ chức, cá nhân: (viết chữ IN HOA) …………………………………………… ………………………………………………………………………………………………………………. 2.2. Địa chỉ liên hệ: ……………………………………………………………………………………….. ………………………………………………………………………………………………………………. 2.3. Số điện thoại (nếu có): …………… Fax (nếu có): ………….. Thư điện tử (nếu có): ………… 2.4. □ Chứng minh nhân dân/Căn cước công dân/Chứng minh QĐND □ Hộ chiếu □ GCN đăng ký doanh nghiệp/GCN đăng ký hoạt động chi nhánh, văn phòng đại diện/GP thành lập và hoạt động □ QĐ thành lập □ GP đầu tư/GCN đầu tư/GCN đăng ký đầu tư □ Giấy tờ xác định tư cách pháp lý khác: ……………………………………………………………… Số: …………………………………………………………………………………………………………. Cơ quan cấp …………………………… cấp ngày ………… tháng …………… năm ………………
3. Mô tả tài sản thế chấp 3.1. Quyền sử dụng đất 3.1.1. Thửa đất số: ……………………….; Tờ bản đồ số (nếu có): ……………………………….. Mục đích sử dụng đất: …………………………………………………………………………………… Thời hạn sử dụng đất: …………………………………………………………………………………… 3.1.2. Địa chỉ thửa đất: ………………………………………………………………………………….. ……………………………………………………………………………………………………………… 3.1.3. Diện tích đất thế chấp: ……………………………………………………………………… m2 (ghi bằng chữ: ……………………………………………………………………………………) 3.1.4. Giấy chứng nhận quyền sử dụng đất, quyền sở hữu nhà ở và tài sản khác gắn liền với đất: Số phát hành: ……………………………, số vào sổ cấp giấy: ……………………………………… Cơ quan cấp: ……………………………., cấp ngày …….. tháng ……. năm …………………… 3.2. Tài sản gắn liền với đất; tài sản gắn liền với đất hình thành trong tương lai không phải là nhà ở 3.2.1. Giấy chứng nhận quyền sử dụng đất, quyền sở hữu nhà ở và tài sản khác gắn liền với đất: Số phát hành: …………………… , số vào sổ cấp giấy: Cơ quan cấp: ………………………………… , cấp ngày ….. tháng …. năm …………………… 3.2.2. Số của thửa đất nơi có tài sản: ……………….; Tờ bản đồ số (nếu có): ……………………. 3.2.3. Mô tả tài sản gắn liền với đất/tài sản gắn liền với đất hình thành trong tương lai: ………… ……………………………………………………………………………………………………………….. 3.3. Nhà ở hình thành trong tương lai thuộc dự án xây dựng nhà ở 3.3.1. Tên và địa chỉ dự án có nhà ở hình thành trong tương lai: ………………………………….. ………………………………………………………………………………………………………………. 3.3.2. Loại nhà ở: □ Căn hộ chung cư; □ Nhà biệt thự; □ Nhà liền kề. 3.3.3. Vị trí căn hộ chung cư/ nhà biệt thự/ nhà liền kề: …………………………………………….. (đối với căn hộ chung cư: Vị trí tầng: ………………….. ; Số của căn hộ: …………………………; Tòa nhà ………………………………….…………………………………………………………………) 3.3.4. Diện tích sử dụng: ……………………………….m2 (ghi bằng chữ: ……………..………………………………………………………………………………) 3.3.5. Hợp đồng mua bán nhà ở hình thành trong tương lai (nếu có): Số hợp đồng (nếu có): ……………………………………, ký kết ngày ….. tháng …… năm ……… 3.4. Dự án xây dựng nhà ở 3.4.1. Giấy chứng nhận quyền sử dụng đất, quyền sở hữu nhà ở và tài sản khác gắn liền với đất (nếu có): Số phát hành: …………………, số vào sổ cấp giấy: ……………………………………………….. Cơ quan cấp: …………………………………………., cấp ngày ……. tháng ……. năm ……….. 3.4.2. Quyết định giao đất, cho thuê đất của cơ quan có thẩm quyền Số: ……………………………………………………………………………………………………….. Cơ quan cấp: …………………………………………., cấp ngày ……. tháng ……. năm ……….. 3.4.3. Số của thửa đất nơi có dự án xây dựng nhà ở: …………. ; Tờ bản đồ số (nếu có): ……. 3.4.4. Tên dự án xây dựng nhà ở: ……………………………………………………………………. 3.4.5. Mô tả dự án xây dựng nhà ở: …………………………………………………………………. …………………………………………………………………………………………………………….. 3.5. Nhà ở hình thành trong tương lai không thuộc dự án xây dựng nhà ở 3.5.1. Giấy chứng nhận quyền sử dụng đất, quyền sở hữu nhà ở và tài sản khác gắn liền với đất: Số phát hành: …………………, số vào sổ cấp giấy: …………………………………………………. Cơ quan cấp: …………………………………………., cấp ngày ….. tháng …… năm …………. 3.5.2. Số của thửa đất nơi có nhà ở hình thành trong tương lai: ….; Tờ bản đồ số (nếu có): …. 3.5.3. Mô tả nhà ở hình thành trong tương lai: …………………………………………………………
4. Hợp đồng thế chấp: số (nếu có) …………………………, ký kết ngày ….. tháng ….. năm …….
5. Thuộc đối tượng không phải nộp phí đăng ký □
6. Tài liệu kèm theo: …………………………………………………………………………………….. ……………………………………………………………………………………………………………….. ……………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………..
7. Phương thức nhận kết quả đăng ký:		□ Nhận trực tiếp □ Nhận qua đường bưu điện (ghi rõ địa chỉ) …………………………………………………………………………… ……………………………………………………………………………
Các bên cam đoan những thông tin được kê khai trên Phiếu yêu cầu này là trung thực, đầy đủ, phù hợp với thỏa thuận của các bên và hoàn toàn chịu trách nhiệm trước pháp luật về các thông tin đã kê khai.

BÊN THẾ CHẤP (HOẶC NGƯỜI ĐẠI DIỆN CỦA BÊN THẾ CHẤP) (Ký, ghi rõ họ tên và đóng dấu, nếu là tổ chức)

BÊN NHẬN THẾ CHẤP (HOẶC NGƯỜI ĐẠI DIỆN CỦA BÊN NHẬN THẾ CHẤP/QUẢN TÀI VIÊN)
(Ký, ghi rõ họ tên và đóng dấu, nếu là tổ chức)

PHẦN CHỨNG NHẬN CỦA CƠ QUAN ĐĂNG KÝ

Văn phòng đăng ký đất đai: …………………

………………………………………………………………………………………………………………

Chứng nhận việc thế chấp ……………………………………………………………………………… đã được đăng ký theo những nội dung kê khai tại Phiếu yêu cầu này tại thời điểm …. giờ…. phút, ngày…. tháng…. năm…….

…………, ngày …. tháng …… năm ……
THỦ TRƯỞNG CƠ QUAN ĐĂNG KÝ
(Ghi rõ chức danh, họ tên, ký và đóng dấu)

 

HƯỚNG DẪN KÊ KHAI

1. Hướng dẫn chung

1.1. Nội dung kê khai rõ ràng, không tẩy xóa.

1.2. Đối với phần kê khai mà có nhiều lựa chọn khác nhau thì đánh dấu (X) vào ô vuông tương ứng với nội dung lựa chọn

2. Kê khai về bên thế chấp, bên nhận thế chấp:

2.1. Tại điểm 1.4 và điểm 2.4: Nếu bên thế chấp, bên nhận thế chấp là cá nhân trong nước thì kê khai về chứng minh nhân dân, căn cước công dân, chứng minh được cấp theo Luật sỹ quan Quân đội nhân dân Việt Nam, Luật quân nhân chuyên nghiệp, công nhân và viên chức quốc phòng hoặc giấy tờ xác định tư cách pháp lý khác theo quy định của pháp luật; người Việt Nam định cư ở nước ngoài, cá nhân nước ngoài thì kê khai về hộ chiếu; nếu là tổ chức thì kê khai về Giấy chứng nhận (GCN) đăng ký thành lập (nếu có), GCN đăng ký doanh nghiệp, GCN đăng ký hoạt động chi nhánh, văn phòng đại diện/Giấy phép(GP) thành lập và hoạt động hoặc Quyết định thành lập hoặc GP đầu tư, GCN đầu tư, GCN đăng ký đầu tư.

2.2. Khi cần kê khai thêm về bên thế chấp, bên nhận thế chấp mà không còn chỗ ghi tại Mẫu số 01/ĐKTC thì ghi tiếp vào Mẫu số 06/BSCB.

3. Mô tả về tài sản thế chấp:

3.1. Trường hợp tài sản thế chấp không bao gồm quyền sử dụng đất thì không kê khai nội dung về quyền sử dụng đất tại điểm 3.1.

3.2. Tại điểm 3.2.3: Kê khai như sau:

a) Nếu tài sản thế chấp là nhà thì phải kê khai loại nhà (nhà ở, nhà xưởng, nhà kho, …), số tầng, diện tích xây dựng (diện tích chiếm đất), diện tích sử dụng, địa chỉ nhà đó.

b) Trường hợp tài sản thế chấp là nhà chung cư thì ghi tên của nhà chung cư, số tầng, diện tích xây dựng (diện tích chiếm đất), tổng số căn hộ, địa chỉ nhà chung cư đó.

c) Trường hợp tài sản thế chấp là căn hộ trong nhà chung cư thì ghi “căn hộ chung cư” và ghi số của căn hộ, tầng số, diện tích sử dụng của căn hộ, địa chỉ nhà chung cư đó.

d) Trường hợp tài sản thế chấp là công trình hạ tầng kỹ thuật thì ghi loại công trình hạ tầng, tên từng hạng mục công trình và diện tích chiếm đất của hạng mục công trình đó. Đối với công trình kiến trúc khác thì ghi tên công trình và diện tích chiếm đất của công trình, địa chỉ nơi có công trình.

đ) Trường hợp tài sản thế chấp là cây rừng, cây lâu năm thì ghi loại cây rừng, loại cây lâu năm, diện tích, địa chỉ nơi có cây rừng, cây lâu năm.

3.2. Tại điểm 3.4.1: Kê khai thông tin về số Giấy chứng nhận quyền sử dụng đất, quyền sở hữu nhà ở và tài sản khác gắn liền với đất của nơi có dự án xây dựng nhà ở; trường hợp không có Giấy chứng nhận về quyền sử dụng đất, quyền sở hữu nhà ở và tài sản khác gắn liền với đất thì kê khai thông tin về Quyết định giao đất, cho thuê đất tại điểm 3.4.2.

3.3. Khi cần kê khai thêm về tài sản thế chấp mà không còn chỗ ghi tại Mẫu số 01/ĐKTC thì ghi tiếp vào Mẫu số 07/BSTS.

Mục bên thế chấp, bên nhận thế chấp ký tên:

4.1. Trường hợp người đại diện của bên thế chấp, bên nhận thế chấp là cá nhân thì ký, ghi rõ họ tên của người đại diện:

Trường hợp người đại diện của bên thế chấp, bên nhận thế chấp là pháp nhân thì ký, ghi rõ họ tên, chức vụ của người đại diện hợp pháp của pháp nhân và đóng dấu của pháp nhân là đại diện.

4.2. Trường hợp người yêu cầu đăng ký thế chấp là Quản tài viên thì Quản tài viên phải ký, ghi rõ họ tên, chức danh và đóng dấu vào Phiếu yêu cầu tại phần chữ ký, con dấu bên nhận thế chấp, đồng thời bên thế chấp và bên nhận thế chấp không phải ký và đóng dấu vào Phiếu yêu cầu.

2. LEGAL DOCUMENTS ISSUED IN 12/2019

2.1. Circular No. 32/2019/TT-NHNN amending and supplementing a number of articles of Circular no. 19/2013/TT-NHNN dated September 6th, 2013 of the Governor of the State Bank of Vietnam state on the purchase, sale and settlement of bad debts of Vietnam Asset Management Company

• Name of legal document: Circular No. 30/2019/TT-NHNN issued on 31/12/2019 by the State Bank of Viet Nam amending and supplementing a number of articles of Circular No. 19/2013/TT-NHNN dated September 6th, 2013 of the Governor of the State Bank of Vietnam state on the purchase, sale and settlement of bad debts of Vietnam Asset Management Company (referred to as the “Circular No. 32/2019/TT-NHNN”).
• Effective date: 14/02/2020.

Some contents should be noted: amending and stipualting on restructure bad debts, Adjustment of repayment term and debt rescheduling.

Specifically, Clause 1 Article 1 of Circular No. 30/2019/TT-NHNN stipualtes: “Article 1. amending and supplementing a number of articles of Circular No. 19/2013/TT-NHNN dated September 6th, 2013 of the Governor of the State Bank of Vietnam state on the purchase, sale and settlement of bad debts of Vietnam Asset Management Company (referred to as the “Circular No. 19/2013/TT-NHNN”)

1. Clauses 2, 3 and 4 of Article 3 are amended and supplemented as follows:

“2. Restructure bad debts is the adjustment of repayment term, debt rescheduling; reduction of a part or total of interest amounts which are overdue for payment, violation fees and fines; adjustment of interest rate of bad debt.

3. Adjustment of repayment term means the approval to extend a period of repayment of part or all of the principal and/or interest of an agreed repayment term (including the case of no change in number of debt repayment term agreed upon) within the previous debt repayment term agreed in the credit agreement or loan agreement, agreement of offer of the trusteeship of credit extension, agreement of purchase, offer of the trusteeship purchasing corporate bonds with the repayment deadline remains unchanged.

4. Debt rescheduling means the approval to extend an additional period of repayment of principal and/or interest in excess of the previous debt payment term agreed in the credit agreement or loan agreement, agreement of offer of the trusteeship of credit extension, agreement of purchase, offer of the trusteeship purchasing corporate bonds.””

2.2. Circular No. 26/2019/TT-NHNN amending and supplementing a number of articles of the Regulation on the grant, use and management of the code bank card issuers code issued together with Decision No. 38/2007/QD-NHNN dated October 30th, 2007 of the Governor of the State Bank of Vietnam

• Name of legal document: Circular No. 26/2019/TT-NHNN issued on 23/12/2019 by the State Bank of Viet Nam amending and supplementing a number of articles of the Regulation on the grant, use and management of the code bank card issuers code issued together with Decision No. 38/2007/QD-NHNN dated October 30th, 2007 of the Governor of the State Bank of Viet Nam (referred to as the “Circular No. 26/12/2019/TT-NHNN”).
• Effective date: 01/03/2020.

Some contents should be noted:

• Firstly, amending and supplementing the regulation on subjects to be granted PIN code[2].

Specifically, Clause 1 Article 15 of Circular No. 26/2019/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of the Regulation on the grant, use and management of the code bank card issuers code issued together with Decision No. 38/2007/QD-NHNN dated October 30th, 2007 of the Governor of the State Bank of Vietnam

1. Article 4 is amended and supplemented as follows:

“Article 4. Subjects to be granted PIN code

Subjects to be granted with PIN code are organizations that issue card in accordance with provisions of laws on banking card activities.””

• Secondly, amending and supplementing the regulation on procedures for grant of PIN code.

Specifically, Clause 2 Article 15 of Circular No. 26/2019/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of the Regulation on the grant, use and management of the code bank card issuers code issued together with Decision No. 38/2007/QD-NHNN dated October 30th, 2007 of the Governor of the State Bank of Vietnam

…

“2. Article 6 is amended and supplemented as follows:

Article 6. Procedures to grant PIN code

1. In case of having demand for grant of PIN code, the card issuer has to send directly or via postal service to the State Bank of Vietnam (Payment Department) or via the State Bank of Vietnam Portal requests for a BIN according to Form No. 01 issued together with this Regulation.
2. Within 5 working days after receiving a valid PIN application, the State Bank of Vietnam shall issue a decision to perform the grant of PIN code to the card issuer and notify in writing or via the State Bank of Vietnam Portal for card issuers.
3. The State Bank of Vietnam shall grant 01 unique PIN code to each card issuer that is subject to be granted PIN code.””

2.3. Circular No. 30/2019/TT-NHNN providing on performing the reserve requirement of credit institutions and foreign bank branches

• Name of legal document: Circular No. 30/2019/TT-NHNN issued on 27/12/2019 by the State Bank of Viet Nam providing on performing the reserve requirement of credit institutions and foreign bank branches (referred to as the “Circular No. 30/2019/TT-NHNN”).
• Effective date: 01/03/2020.

Some contents should be noted:

• Firstly, providing on credit institutions which do not perform the reserve requirement.

Specifically, Article 3 of Circular No. 30/2019/TT-NHNN stipulates:“Article 3. Credit institutions do not perform the reserve requirement

1. Credit institutions subject to special control: The time for failing to perform the reserve requirement shall be from the month following the month when credit institutions are decided by the State Bank of Vietnam (hereinafter called the State Bank) under the state of special control, by the end of the month, the credit institution shall be decided by the State Bank to terminate the special control.
2. Credit institutions have not yet opened their operations: The time for not performing the reserve requirement till the end of the month when the credit institutions commence their operation; Credit institutions shall notify in writing to the State Bank (Operation Center) of the operation opening date within 3 working days after the operation opening.
3. The credit institution is approved to dissolve or has a decision to open bankruptcy procedures or has a decision to revoke its license of a competent agency: The time for failing to perform the reserve requirement from the month following the month of the credit institution is approved to dissolve or the decided to open bankruptcy procedures, revoke the valid License; credit institutions that have decision on opening bankruptcy procedures shall send them to the State Bank (Operation Center) for deciding to open bankruptcy procedures within 3 working days after receiving this decision.”

• Secondly, providing on reserve requirement ratios, interest rates on reserve requirement deposits and deposits in excess of reserve requirement

Specifically, Article 6 of Circular No. 30/2019/TT-NHNN stipulates: “Article 6. reserve requirement ratios, interest rates on reserve requirement and deposits in excess of reserve requirement

1. Reserve requirement ratios for credit institutions

a) The Governor of the State Bank shall decide the reserve requirement ratio applicable to each type of credit institution and each type of deposit in accordance with the national monetary policy objectives in each period, except for reserve requirement ratio for Vietnam dong deposit to credit institutions prescribed at Point b of this Clause;

b) For credit institutions lending for agricultural and rural development supported by reserve requirement tool, the reserve requirement ratio for Vietnam dong deposits shall comply with the State Bank’s regulations. The State Bank guides the implementation of measures to manage monetary policy instruments to support credit institutions lending for agricultural and rural development.

2. Interest rates of reserve requirement deposits and deposits exceeding the reserve requirement of each type of credit institution and each type of deposit shall be decided by the Governor of the State Bank in accordance with the objectives of national monetary policy in each period.”

2.4. Circular No. 28/2019/TT-NHNN amending and supplementing a number of articles of Circular No. 19/2016/tt-nhnn dated on June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations

• Name of legal document: Circular No. 28/2019/TT-NHNN issued on 25/12/2019 by the State Bank of Viet Nam amending and supplementing a number of articles of Circular No. 19/2016/tt-nhnn dated on June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations (referred to as the “Circular No. 28/2019/TT-NHNN”).
• Effective date: 01/04/2020.

Some contents should be noted:

·        Firstly, amending the provison on non-physical card and supplement the provisions on domestic transactions which present the card and make non-payment transactions at merchants.

Specifically, Clause 1 Article 1 of Circular No. 28/2019/TT-NHNN stipulates: “Article 1. amending and supplementing a number of articles of Circular No. 19/2016/tt-nhnn dated on June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations

1. Amending Clauses 7, 19, 23 and 25 and adding Clauses 8a and 8b to Article 3 as follows:

“7. Non-physical card is a card that does not exist in physical form, exists in electronic form and contains information on the card as prescribed in Article 12 of this Circular (Circular No. 19/2016/TT-NHNN) and is issued by the card issuer to the cardholder for transaction on internet environment, application program on mobile devices; excluding cases that physical card registered functions for transactions on the internet environment, application programs on mobile devices. Non-physical cards may be printed by physical card issuers upon the request of cardholders.”.

“8a. Domestic transaction which presents the card is a card transaction in which the card is issued by a card issuer in Vietnam and is used to make card transactions at Automated Teller Machine and point of sale terminals in Vietnam.”

“8b. A non-payment transaction at a merchant is the use of card and card information to pay for goods or services but in fact does not generate or sell goods and services.”

…. ”

• Sencondly, Amending and supplementing the regulation on subjects entitled to use cards.

Specifically, Clause 5 Article 1 of Circular No. 28/2019/TT-NHNN stipulates: “Article 1. Article 1. amending and supplementing a number of articles of Circular No. 19/2016/tt-nhnn dated on June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations

5. Amend Point b, Clause 3, Article 16 as follows:

“b) Persons aged between full 15 and under 18 who do not lose or have limited civil act capacity may use debit cards, credit cards and prepaid cards;”.”

2.5. Circular No. 27/2019/TT-NHNN amending and supplementing a number of articles of Circular No. 35/2014/TT-NHNN dated on November 20, 2014 of the Governor of the State Bank of Vietnam prescribing the fee for cash withdrawal via payment accounts at the State Bank Vietnam

• Name of legal document: Circular No. 27/2019/TT-NHNN issued on 25/12/2019 by the State Bank of Viet Nam amending and supplementing a number of articles of Circular No. 35/2014/TT-NHNN dated on November 20, 2014 of the Governor of the State Bank of Vietnam prescribing the fee for cash withdrawal via payment accounts at the State Bank Vietnam (referred to as the “Circular No. 27/2019/TT-NHNN”).
• Effective date: 01/05/2020.

Some contents should be noted:

• Firstly, amending and supplementing the regulation on cash withdrawal fee at the State Bank.

Specifically, Clause 1 Article 1 stipulates: “Article 1. Amending and supplementing a number of articles of the Regulation on the grant, use and management of the code bank card issuers code issued together with Decision No. 38/2007/QD-NHNN dated October 30th, 2007 of the Governor of the State Bank of Vietnam

1. Article 3 is amended and supplemented as follows:

“Article 3. Cash withdrawal fee at the State Bank

1. Credit institutions, branches of foreign banks are exempted from cash withdrawal in the month when the value of cash withdrawn via payment accounts is less than or equal to cash value which is not eligible for circulation are submitted to the State Bank where the account is opened.
2. Credit institutions, branches of foreign bank shall pay a fee of 0.005% of the positive difference in the month between the value of cash withdrawn via payment accounts minus the value of cash value which is not eligible for circulation are submitted to the State Bank where the account is opened.””

• Secondly, amending and supplementing the regulation on cash withdrawal fee at the State Bank.

Specifically, Clause 2 Article 1 stipulates: “Article 1. Amending and supplementing a number of articles of the Regulation on the grant, use and management of the code bank card issuers code issued together with Decision No. 38/2007/QD-NHNN dated October 30th, 2007 of the Governor of the State Bank of Vietnam

…

“2. To add Article 3a as follows:

Article 3a. Methods of collecting cash withdrawal fee

Every month, after calculating and collecting the cash withdrawal fee of credit institutions, foreign bank branches, Operation Centers, State Bank branches in centrally-affiliated cities and provinces, based on based on the receipts under the charge list is in the Appendix to this Circular, the accounting of cash withdrawal fee is in accordance with the provisions of the accounting account system issued in Circular No. 19/2015/TT-NHNN of October, 22nd, 2015 regulating the accounting system of the State Bank of Vietnam and the Operating Manual of the core banking system, budget accounting and system integration”.”

[1] “Representative office shall be an underlying unit of a foreign credit institution, other foreign organization having banking activities. A representative office shall not be permitted to conduct business activities in Vietnam.” (Clause 7 Article Circular No. 40/2011/TT-NHNN)

[2] Bank card issuers code

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/12/2019

1.1. Circular No. 16/2019/TT-NHNN regulations on the issuance of Sate Bank bills

• Name of legal document: Circular No. 16/2019/TT-NHNN issued on 22/10/2019 by the State Bank of Viet Nam regulations on the issuance of Sate Bank bills (referred to as the “Circular No. 16/2019/TT-NHNN”).

• Effective date: 09/12/2019.

Some content should be noted:

• Firstly, providing basic terms and conditions of the State Bank bills.

Specifically, Article 4 Circular No. 16/2019/TT-NHNN stipulates: “Article 4. Basic terms and conditions of the State Bank bills

1. Subjects: State Bank bills shall be issued to credit institutions having Vietnamese dong payment accounts at the State Bank.

2. Issuing currency: The State Bank bills are issued, accounted and paid in Vietnam dong.

3. Term: The term of the State Bank bills shall be decided by the State Bank and must not exceed 364 days.

4. Par value: The State Bank bills have par value of 100,000 dong (one hundred thousand dong) or multiple of 100,000 dong.

5. Form: State Bank bills shall be issued in book form.

6. Interest rate: The interest rate of the State Bank bills is decided by the State Bank, suitable to the movements of the monetary market and the objectives of operating monetary policy in each period.

7. The State Bank bills are issued at a price lower than the par value and shall be repaid in a lump sum equal to the par value on the date when the State Bank bills are due.”

• Secondly, providing on payment of State Bank bills

Specifically, Article 7 Circular No. 16/2019/TT-NHNN stipulates: “Article 7. Payment of the State Bank bills

1. Credit institutions shall pay for the purchase amount of bills issued by the State Bank in the mode of bidding in accordance with the State Bank’s regulations on open market operations.

2. Credit institutions shall pay for the purchase amount of bills issued by the State Bank issued in the following obligatory manner: Credit institutions must transfer money to buy State Bank bills into their accounts as designated by the State Bank on the date of payment of the State Bank bills. Credit institutions must ensure to fully write information on the money transfer order at the request of the State Bank.

3. On the date when the State Bank bills are due, the State Bank shall make payment of the amount equal to the par value of the State Bank bills to the credit institutions. In case the due date of a State Bank bills is a weekend or public holiday, the payment of the State Bank bills shall be made on the business day immediately following that holiday.”

1.2. Decree No. 88/2019/ND-CP penalties for administrative violations against regulations in the field of currency and banking

• Name of legal document: Decree No. 88/2019/ND-CP issued on 14/11/2019 by the Government penalties for administrative violations against regulations in the field of currency and banking (referred to as the “Decree No. 88/2019/ND-CP”).

• Effective date: 31/12/2019.

Some contents should be noted:

• Firstly, penalties for violations against regulations on offer and acceptance of the trusteeship.

Specifically, Article 15 of Decree No. 88/2019/ND-CP stipulates: “Article 15. Violation against regulations on offer and acceptance of the trusteeship

1. A fine of between VND 80,000,000 and VND 100,000,000 shall be imposed for one of the following violations:

2. a) Offering and accepting of the trusteeship improperly with subjects or scope as prescribed by law;

3. b) Making trusteeship contracts in contravention of law provisions.

4. A fine of between VND 100,000,000 and VND 150,000,000 shall be imposed for acts of offering and accepting of the trusteeship failing to comply with the principles of trusteeship in accordance with law.

5. Additional sanctioning forms:

Suspension of trusteeship operations of credit institutions and branches of foreign banks for a period from 01 month to 03 months for acts of violations specified in this Article.

4. Remedies:

5. a) Forcible return/withdrawal of consigned assets to the trusteeship or, for violations specified in this Article;

6. b) Proposing or requesting the competent authority to consider and apply the suspension measure for between 01 month and 03 months or dismissing the post of management, administration or control; It is forbidden to hold administrative, executive or controlling posts at credit institutions or branches of foreign banks for violating individuals and / or individuals responsible for the violations specified in this Article.

Requesting credit institutions and branches of foreign banks to dismiss and implement other handling measures in accordance with the provisions of law on violating individuals under the jurisdiction of credit institutions and / or branches of foreign banks.”

• Secondly, penalties for violations against internal regulations on money laundering prevention.

Specifically, Article 40 of Decree No. 88/2019/ND-CP stipulates: “Article 40. Violation of regulations on internal regulations on prevention of money laundering

A fine of from VND 60,000,000 to VND 100,000,000 shall be imposed for any of the following violations:

1. Failing to promulgate a process to manage risks of transactions related to new technologies as prescribed in Article 15 of the Law on prevention of money laundering;

2. Failing to formulate regulations on customer classification based on risks as prescribed in Clause 1, Article 12 of the Law on prevention of money laundering;

3. Failure to promulgate internal regulations or promulgating internal regulations which lack one or some contents specified in Article 20 of the Law on prevention of money laundering.”

2.       LEGAL DOCUMENTS ISSUED IN 11/2019

2.1. Decision No. 2307/QĐ-NHNN dated on 05/11/2019 regarding the announcement of administrative procedures for amendments and supplements to the field of foreign exchange activities at the one-door department under the management function of the State bank of Viet Nam

• Name of legal document: Decision No. 2307/QĐ-NHNN issued on 05/11/2019 by the Governor of the State Bank of Viet Nam regarding the announcement of administrative procedures for amendments and supplements to the field of foreign exchange activities at the one-door department under the management function of the State bank of Viet Nam (referred to as the “Decision No. 2052/QD-NHNN”).

• Effective date: 25/11/2019.

The content should be noted: Proving procedures for approval of registration of foreign currency payment agent of credit institutions and economic organizations.

Specifically, subsection 3, Section 3, Part B of Decision No. 2307/QD-NHNN stipulates: “B. Administrative procedures at the State Bank branch in provincial government

…

1. Administrative procedures at the State Bank branches in the provincial government

2. Procedures for approving the direct reception and payment of foreign currencies by economic organizations

– The order of execution:

+ Step 1: Economic organizations send 01 (one) set of dossier to the State Bank branch in the provincial government where the economic organization’s headquarters is located.

+ Step 2: In case the dossier is incomplete and invalid, within 10 (ten) working days from the date of receiving the dossier, the State Bank branch in the provincial government shall issue a document request additional dossier.

+ Step 3: Within 30 (thirty) working days from the date of receipt of a complete and valid dossier, the State Bank branches in the provincial government where the economic organization’s headquarters is located considers, issuing written approval of direct reception and payment of foreign currencies. In case of refusal, the State Bank branch in the provincial government where the economic organization is headquartered shall notify in writing the reason.

– How to perform:

+ Headquarters of administrative agencies (directly at the One-stop Section);

+ or postal service.

– Dossier components:

+ Application for approval of direct foreign currency receipt and payment foreign currencies (according to the form in Appendix 01 of Circular No. 34/2015/TT-NHNN);

+ A copy of documents proving the organization is legally established and operated: Certificate of enterprise registration, certificate of investment registration or other equivalent documents as prescribed by law;

+ A copy and a Vietnamese translation copy of the foreign currency receipt and payment contract signed with a foreign partner, including the following main contents:

(i) Names, addresses, representatives and legal status of the parties;

(ii) The account number, the bank where the specialized foreign currency account is opened of the head quarter of the economic organization;

(iii) Rights and obligations of contracting parties;

(iv) Principles of applying exchange rates in case the beneficiary wishes to receive Vietnam dong (if any);

(v) Commission fees;

(vi) Other agreements (regarding liability due to breach of contract, term of contract, termination of contract ahead of time, settlement of disputes arising and other agreements in accordance with law);

+ Plan to perform foreign currency receipt and payment of foreign currencies, including the following main contents:

(i) Operating area and expected human resources;

(ii) Content, method, process of receiving and paying foreign currencies;

(iii) Estimated turnover, income from foreign currency receipt and payment activities;

+ A copy and a the Vietnamese translation copy of a written document issued by a foreign competent authority determining the legal status of the foreign partner.

+ Plan to perform foreign currency receipt and payment of foreign currencies, including the following main contents:

(i) Operating area and expected human resources;

(ii) Content, method, process of receiving and paying foreign currencies;

(iii) Estimated turnover, income from foreign currency receipt and payment activities;

+ A copy and a the Vietnamese translation copy of a written document issued by a foreign competent authority determining the legal status of the foreign partner.

– Number of dosser: 01 set

– Handling time: 30 days from the day State Bank branches in provinces, cities receive complete and valid dossier.

– Subjects implementing administrative procedures: Economic organizations.

– Implementing agency: State Bank branch in province, city.

– Results of the implementation of administrative procedures: Written approval of direct receipt and payment of foreign currencies.

– Fees: None

– Name of the application form, declaration form: Application for approval of direct receipt and payment of foreign currencies (Appendix 01 of Circular No. 34/2015/TT-NHNN).

– Requirements and conditions for implementation of administrative procedures:

+ Having contracts with foreign partners on services of receiving and paying foreign currencies;

+ There is a plan to provide foreign currency receipt and payment service signed by a legal representative.

Legal grounds of administrative procedures:

+ Decree No. 89/2016/ND-CP dated July 1st, 2016 of the Government on requirements applicable to business entities acting as currency exchange agents or providing foreign currency receipt and payment services;

+ Decree No. 16/2019/ND-CP dated February 1st, 2019 amending and supplementing decrees on business conditions under the state management of the State bank of Vietnam;

+ Decision No. 170/1999/QD-TTg of August 19th, 1999 of the Prime Minister on encouraging money transfer of overseas Vietnamese;

+ Circular No. 15/2019/TT-NHNN dated October 11th, 2019 of the State Bank of Vietnam amending and supplementing a number of legislative documents on dossiers and administrative procedures in the field of foreign exchange management;

+ Circular No. 34/2015/TT-NHNN dated December 31st, 2015 of the State Bank of Vietnam guidelines for the provision of foreign currency receipt and payment services;

+ Circular No. 11/2016/TT-NHNN dated June 29th, 2016 of the State Bank of Vietnam amendments to a number of legislative documents on provision of foreign currency payment services, and activities of foreign exchange agents and foreign exchange desks.”

2.2. Decree No. 86/2019/NĐ-CP dated on 14/11/2019 prescribing legal capital of credit institutions and foreign bank branches

• Name of legal document: Decree No. 86/2019/NĐ-CP issued on 14/11/2019 by the Gorverment prescribing legal capital of credit institutions and foreign bank branches (referred to as the “Decree No. 86/2019/NĐ-CP”).

• Effective date: 15/01/2020.

Some content should be noted:

• Firstly, regulating levels of legal capital.

Specifically, Clause 1, Clause 2, Clause 3, Clause 4 Article 2 stipulates: “Article 2. Levels of legal capital

1. Commercial banks: 3,000 billion dong.

2. Policy banks: 5,000 billion dong.

3. Cooperative banks: 3,000 billion dong.

4. Foreign bank branches: 15 million U.S. dollars (USD).”

• Secondly, regulating on transitional provisions for credit institutions (except people’s credit funds) or foreign bank branches licensed regarding to legal capital.

Specifically, Clause 1 Article 3 stipulates: “Article 3. Transitional provisions

1. Credit institutions (except people’s credit funds) or foreign bank branches licensed before the entry into force of this Decree must ensure that the minimum amount of their actually contributed or allocated charter capital is at least equal to legal capital levels stated in Article 2 herein from the effective date of this Decree.”  

2.3. Circular No. 24/2019/TT-NHNN provisions on refinanced loanS in the form of re-lending according to credit dossier for credit institutions

• Name of legal document: Circular No. 24/2019/TT-NHNN issued on 18/11/2019 by the State Bank of Viet Nam provisions on refinanced loans in the form of -re-lending according to credit dossier for credit institutions (referred to as the “Circular No. 24/2019/TT-NHNN”).

• Effective date: 18/01/2020.

Some content should be noted:

• Firstly, proving interest rate.

Specifically, Article 6 of Circular No. 24/2019/TT-NHNN stipulates: “Article 6. Interest rate

1. The interest rate of refinanced loan, extension of refinanced loan in the form of re-lending according to credit dossier is the interest rate of refinanced loan announced by the State Bank in each period at the time when the refinanced loan amount is disbursed, extended.

2. Overdue interest on the refinanced loan principal equals 150% of the interest rate applicable to refinanced loan.”

• Secondly, providing terms of refinanced loan and extension of refinanced loan.

Specifically, Article 7 of Circular No. 24/2019/TT-NHNN stipulates: “Article 7. Term of refinanced loan, extension of refinanced loan

1. The term of refinanced loan in the form of re-lending according to the credit dossier shall be considered and decided by the State Bank and must be less than 12 months.

2. Each extension period must not exceed the term of refinanced loan; total refinanced loan time and refinanced loan extension must not exceed 12 months.”

2.4. Decision No. 2415/QĐ-NHNN dated on 18/11/2019 regarding the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions and branches of foreign banks under the provisions of Circular 07/2014/TT-NHNN March 17, 2014

• Name of legal document: Decision No. 2415/QĐ-NHNN issued on 18/11/2019 by the Governor of the State Bank of Viet Nam regarding the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions and branches of foreign banks under the provisions of Circular 07/2014/TT-NHNN March 17, 2014 (referred to as the “Decision No. 2052/QD-NHNN”).

• Effective date: 19/11/2019.

Some content should be noted:

• Firstly, regulating the maximum interest rate applicable to VND deposits of entities (except for credit institutions, branches of foreign banks) and individuals at credit institutions and foreign bank branches as prescribed at Circular No. 07/2014/TT-NHNN of March 17, 2014.

Specifically, Article 1 Decision No. 2052/QD-NHNN stipulates: “Article 1. The maximum interest rate applicable to VND deposits of entities (except for credit institutions, branches of foreign banks) and individuals at credit institutions and foreign bank branches as prescribed at Circular No. 07/2014/TT-NHNN of March 17, 2014, as follows:

1. The maximum interest rate applicable to demand deposits and deposits with terms of less than 1 month is 0.8%/year.

2. The maximum interest rate applicable to deposits with terms from 1 month to less than 6 months is 5.0%/year; particularly for People’s Credit Funds and Microfinance Institutions, the maximum interest rate applicable to deposits with a term of between 1 month and under 6 months shall be 5.5%/year.”

• Secondly, the transitional provisions for interest rate applicable to vnd deposits with term of entities and individuals at credit institutions and branches of foreign banks arising before the Decision No. 2415/QD-NHNN takes effect.

Specifically, Clause 2, Article 2 of Decision No. 2415/QD-NHNN stipulates:“Article 2

….

2. For interest rate applicable to VND deposits with term of entities and individuals at credit institutions and branches of foreign banks arising before the effective date of this Decision, implemented for until the expiry date; if upon the expiry of the agreed time limit, entities or individuals fail to come to deposit, the credit institutions or branches of foreign banks shall apply the interest rates applicable to deposits according to the provisions of this Decision.”

2.5. Decision No. 2416/QĐ-NHNN dated on 18/11/2019 regarding the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions and branches of foreign banks under the provisions of Circular 07/2014/TT-NHNN March 17, 2014

• Name of legal document: Decision No. 2415/QĐ-NHNN issued on 18/11/2019 by the Governor of the State Bank of Viet Nam regarding the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions and branches of foreign banks under the provisions of Circular 07/2014/TT-NHNN March 17, 2014 (referred to as the “Decision No. 2052/QD-NHNN”).

• Effective date: 19/11/2019.

The content should be noted: Providing the interest rate on short-term loan denominated in Vietnamese dong prescribed in Clause 2, Article 13 of Circular No. 39/2016/TT-NHNN dated December 30, 2016.

Specifically, Article 1 of Decision No. 2052/QD-NHNN stipulates: “Article 1. Maximum interest rate on short-term loans in Vietnam Dong as prescribed in Clause 2, Article 13 of Circular No. 39/2016 / TT -NHNN dated December 30, 2016 as follows:

1. Credit institutions and branches of foreign banks (except for People’s credit funds and microfinance institutions), which apply the maximum interest rate on short-term loan in Vietnam dong, shall be 6.0%/year.

2. People’s credit funds and microfinance institutions shall apply the maximum interest rate on short-term loan in Vietnam dong at 7.0%/year.”

2.6. Circular No. 22/2019/TT-NHNN regulations on limitations and ratio of security assurance in operations of banks and branches of foreign banks

• Name of legal document: Circular No. 22/2019/TT-NHNN issued on 15/11/2019 by the State Bank of Viet Nam regulations on limitations and ratio of security assurance in operations of banks and branches of foreign banks (referred to as the “Circular No. 22/2019/TT-NHNN”).

• Effective date: 01/01/2020.

Some content should be noted:

• Firstly, regulating restrictions and limits on credit extension.

Specifically, Article 10 of Circular No. 22/2019/TT-NHNN stipulates: “Article 10. Restrictions and limits on credit extension

1. Banks, branches of foreign banks comply with the regulations on cases which are not granted credit extension, which are credit restriction and credit limit according to Article 126, Article 127 and Article 128 of the Law on Credit Institutions (amended and supplemented).

2. Banks, branches of foreign banks shall base themselves on the own capital to be determined according to the provisions of Clause 3 of this Article at the end of the latest working day to determine credit extension restrictions and limits according to the provisions of Clause 1 this.

3. The own capital is determined as follows:

a) For banks and/or branches of foreign banks that implement the minimum capital adequacy ratio in accordance with this Circular, banks using separate equity capital, branches of foreign banks shall use their own capital in accordance with regulations at Article 9 of this Circular.

b) For banks, branches of foreign banks implement capital adequacy ratio according to Circular 41/2016/TT-NHNN, banks, branches of foreign banks use own capital as prescribed in Circular No. 41/2016/TT-NHNN.”

• Secondly, providing on management of credit extension.

Specifically, Article 13 of Circular No. 22/2019/TT-NHNN stipulates: “Article 13. Management of credit extension

1. Banks and branches of foreign banks shall manage credit extension activities according to the provisions of law and the internal regulations on credit extension and loan management to ensure the use of loan capital for the right purposes provided at Clause 1, Article 4 of this Circular.

2. Banks and branches of foreign banks must prepare and update immediately upon any change of the list of founding shareholders, major shareholders, capital contributing members, members of the Board of Directors and members of the Board of members, members of the Supervisory Board, executives and other management titles in accordance with the laws, the organization and operation charter of the bank and related persons of these people. This list must be made public throughout the system of banks, branches of foreign banks and sent directly or via postal service to the State Bank as prescribed at Points a and b, Clause 6, Article 4 of this Circular.

3. Banks and branches of foreign banks must report to:

a) The General Meeting of Shareholders, the Members’ General Meeting of credit extensions to the subjects specified in Clause 1, Article 127 of the Law on Credit Institutions (amended and supplemented) arising until the time of taking the number whether to convene a General Meeting of Shareholders, a General Meeting of Members;

b) Owners, capital contributors, managers, executives when giving credit to subjects defined in Clause 1, Article 127 of the Law on Credit Institutions (amended and supplemented) );

c) The State Bank shall comply with the State Bank’s regulations on the regime of statistical reporting of credit extension to subjects defined in Clause 1, Article 127 of the Law on Credit Institutions (amended and supplemented).

4. Credit extension to subsidiaries, associated companies and entities listed in Clause 2 of this Article (except for cases where credit is not provided for in Article 126 of the Law on Credit Institutions (already amended, supplemented)) must be approved by the Board of Directors, Board of Members (for banks), General Director/Director (for branches of foreign banks), except for credit extension under the authority of the General Meeting of Shareholders. The Supervisory Board must supervise credit approval for these subjects.”

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/11/2019

1.1. Circular No. 37/2016/TT-NHNN management, operation and use of the National Interbank Electronic Payment System

• Name of legal document: Circular No. 37/2016/TT-NHNN issued on 30/12/2016 by the State Bank of Viet Nam management, operation and use of the National Interbank Electronic Payment System (referred to as the “Circular No. 37/2016/TT-NHNN”).
• Effective date: 01/11/2019.

Some contents should be noted:

• Firstly, primary modules and functions of the National Interbank Electronic Payment System.

Specifically, Article 3 of Circular No. 37/2016/TT-NHNN stipulates: “Article 3. Primary modules and functions of the NIEPS[1]

1. NIEPS is an integrated system that consists of: NPSC, BNPSC, software installed in participants and affiliated participants.
2. Processing modules include: high-value payment module, foreign currency payment module, low-value payment module, checking account processing module.
3. The high-value payment module is meant to process real-time gross settlement for payment orders in VND using high-value payment services.
4. The foreign currency payment module is meant to process real-time gross settlement for payment orders in foreign currencies using foreign currency payment services.
5. The low-value payment module is meant to process low-value payment orders using low-value payment services.
6. The checking account processing module is meant to inspect and process high-value payment orders, foreign currency payment orders, processing results of clearing and net settlement from other systems.”

• Secondly, working time of the NIEPS

Specifically, Article 9 of Circular No. 37/2016/TT-NHNN stipulates: “Article 9. Working time of the NIEPS

1. Working time of the NIEPS:

a) Starting time: 8:00 of working days;

b) Time to stop receiving payment orders:

– For low-value payment orders: 16:00 of normal working days; 17:00 of the last 02 working days of the month;

– For high-value payment orders and foreign currency payment orders: 17:00 of normal working days; 17:45 of the last 02 working days of the month;

c) Time to perform end-of-day tasks (data comparison and verification with the NPSC): 17:15 of normal working days; 18:00 of the last 02 working days of the month.

2. In the cases where the times mentioned in Clause 1 of this Article are changed, the Governor of the State bank shall issue a decision and send written notifications to the participants at least 30 days before the effective date of such decision, except for the case specified in Clause 3 of this Article.

3. In the cases where the times mentioned in Clause 1 of this Article are changed while annual statements are being prepared or during public holidays, the Governor of the State bank shall issue a decision and the NIEPS operator shall send written notifications to the participants and make an announcement on the web portal of the State bank at least 05 days before the effective date of such decision.”

1.2. Decision No. 2109/QD-NHNN on the announcement of administrative procedures for disciplining of field of payment activities at the One-door Department under the management function of the State Bank of Viet Nam

• Name of legal document: Decision No. 2109/QD-NHNN issued on 09/10/2019 by the State Bank of Viet Nam on the announcement of administrative procedures for disciplining of field of payment activities at the One-door Department under the management function of the State Bank of Viet Nam (referred to as the “Decision No. 2109/QD-NHNN”).
• Effective date: 01/11/2019.

The content should be noted: Issued together with Decision No. 2109/QD-NHNN are the administrative procedures for disciplining of field of payment activities at the One-door Department under the management function of the State Bank of Viet Nam.

Specifically, some procedures as below:

No.	Document number of administrative procedures	Name of administrative procedures	The name of the legal document stipulates the abolition of administrative procedures	Field	Implementing agencies
1.	B-NHA-183951-TT	Subsidiary organizations participate in the Interbank electronic payment system.	–     Circular No. 37/2016/TT-NHNN issued on 30/12/2016 by the Governor of the State Bank on management, operation and use of the National interbank electronic payment system –      Circular No. 21/2018/TT-NHNN issued on 31/08/2018 by the Governor of the State Bank of Viet Nam amendmenting and supplementing some articles of Circular No. 37/2016/TT-NHNN issued on 30/12/2016 by the Governor of the State Bank on management, operation and use of the National interbank electronic payment system	Payments activities	The State Bank of Viet Nam (Executive Board of NIEPS)
2.	B-NHA-183783-TT	Withdrawing from Interbank electronic payment system.	–     Circular No. 37/2016/TT-NHNN issued on 30/12/2016 by the Governor of the State Bank on management, operation and use of the National interbank electronic payment system –     Circular No. 21/2018/TT-NHNN issued on 31/08/2018 by the Governor of the State Bank of Viet Nam amendmenting and supplementing some articles of Circular No. 37/2016/TT-NHNN issued on 30/12/2016 by the Governor of the State Bank on management, operation and use of the National interbank electronic payment system	Payment activities	The State Bank of Viet Nam (Executive Board of NIEPS)
3.	B-NHA-183769-TT	Joining a participant of Interbank electronic payment system.	–     Circular No. 37/2016/TT-NHNN issued on 30/12/2016 by the Governor of the State Bank on management, operation and use of the National interbank electronic payment system –     Circular No. 21/2018/TT-NHNN issued on 31/08/2018 by the Governor of the State Bank of Viet Nam amendmenting and supplementing some articles of Circular No. 37/2016/TT-NHNN issued on 30/12/2016 by the Governor of the State Bank on management, operation and use of the National interbank electronic payment system	Payment activities	The State Bank of Viet Nam (Executive Board of NIEPS)

1.3. Circular No. 15/2019/TT-NHNN amending and supplementing a number of legislative documents on dossiers and administrative procedures in the field of foreign exchange management

• Name of legal document: Circular No. 15/2019/TT-NHNN issued on 11/10/2019 by the State Bank of Viet Nam amending and supplementing a number of legislative documents on dossiers and administrative procedures in the field of foreign exchange management (referred to as the “Circular No. 15/2019/TT-NHNN”).
• Effective date: 25/11/2019.

The content should be noted: Amending provisions on activities of foreign exchange agents.

Specifically, Clause 1 Article 1 Circular No. 15.2019/TT-NHNN stipulates: “Article 1. Amending, supplementing and abolishing a number of articles of the Regulation on foreign exchange agent promulgated together with the Decision No. 21/2008/QD-NHNN of July 11, 2008 Vietnam issued by the Governor of the State Bank of Viet Nam

1. Adding Clause 3 to Article 4[2] (amended and supplemented by Clause 3, Article 2 of Circular No. 11/2016/TT-NHNN of June 29, 2016 amending and supplementing a number of legislative documents on provision of foreign currency payment services, and activities of foreign exchange agents and foreign exchange desks (hereinafter referred to as Circular No. 11/2016/TT-NHNN) as follows:

“3. Economic organizations may negotiate with authorized credit institutions in agency contracts to place foreign currency exchange agents at one or more locations in the locality where the economic organizations are headquartered or branches.””

2. LEGAL DOCUMENTS ISSUED IN 10/2019

2.1. Decision No. 2052/QD-NHNN on the announcement of  standardized administrative procedures in the field of credit and payment activities under the management function of the State Bank of Viet Nam

• Name of legal document: Decision No. 2052/QD-NHNN issued on 07/10/2019 by the State Bank of Viet Nam on the announcement of standardized administrative procedures in the field of credit and payment activities under the management function of the State Bank of Viet Nam (referred to as the “Decision No. 2052/QD-NHNN”).
• Effective date: 07/10/2019.

The content should be noted: Issued together with Decision No. 2052 / QD-NHNN is the List of standardized administrative procedures in scope of the management functions of the State Bank of Viet Nam.

Specifically, Section 1, Part I of Decision No. 2052/QD-NHNN provides the following:

“PART I.

LIST OF ADMINISTRATIVE PROCEDURES

1. List of standardized administrative procedures in scope of the management functions of the State Bank of Viet Nam

No.	Document number of administrative procedures	Name of administrative procedures	Field	Implementing agencies
A	The administrative procedures implemented at the State Bank of Viet Nam
1	B-NHA-279520-TT	Procedures for debt charge-off	Credit activities	Department of Credit for Economic Sectors
B	The administrative procedures implemented at the State Bank branches in provinces, cities
1	B-NHA-183782-TT	Procedures for participating in inter-bank electronic clearing	Payment activities	Branches of State Bank in provinces, cities
C	Administrative procedures are both implemented at the State Bank of Viet Nam and at the State Bank branches in provinces and cities
1	B-NHA-265804-TT	Procedures for opening payment accounts at the State Bank	Payment activities	–   Central Banking Department; –   The State Bank branches in provinces and cities.

”

2.2. Circular No. 16/2019/TT-NHNN regulations on the issuance of Sate Bank bills

• Name of legal document: Circular No. 16/2019/TT-NHNN issued on 22/10/2019 by the State Bank of Viet Nam regulations on the issuance of Sate Bank bills (referred to as the “Circular No. 16/2019/TT-NHNN”).
• Effective date: 09/12/2019.

Some content should be noted:

• Firstly, providing basic terms and conditions of the State Bank bills.

Specifically, Article 4 Circular No. 16/2019/TT-NHNN stipulates: “Article 4. Basic terms and conditions of the State Bank bills

1. Subjects: State Bank bills shall be issued to credit institutions having Vietnamese dong payment accounts at the State Bank.
2. Issuing currency: The State Bank bills are issued, accounted and paid in Vietnam dong.
3. Term: The term of the State Bank bills shall be decided by the State Bank and must not exceed 364 days.
4. Par value: The State Bank bills have par value of 100,000 dong (one hundred thousand dong) or multiple of 100,000 dong.
5. Form: State Bank bills shall be issued in book form.
6. Interest rate: The interest rate of the State Bank bills is decided by the State Bank, suitable to the movements of the monetary market and the objectives of operating monetary policy in each period.
7. The State Bank bills are issued at a price lower than the par value and shall be repaid in a lump sum equal to the par value on the date when the State Bank bills are due.”

• Secondly, providing on payment of State Bank bills

Specifically, Article 7 Circular No. 16/2019/TT-NHNN stipulates: “Article 7. Payment of the State Bank bills

1. Credit institutions shall pay for the purchase amount of bills issued by the State Bank in the mode of bidding in accordance with the State Bank’s regulations on open market operations.
2. Credit institutions shall pay for the purchase amount of bills issued by the State Bank issued in the following obligatory manner: Credit institutions must transfer money to buy State Bank bills into their accounts as designated by the State Bank on the date of payment of the State Bank bills. Credit institutions must ensure to fully write information on the money transfer order at the request of the State Bank.
3. On the date when the State Bank bills are due, the State Bank shall make payment of the amount equal to the par value of the State Bank bills to the credit institutions. In case the due date of a State Bank bills is a weekend or public holiday, the payment of the State Bank bills shall be made on the business day immediately following that holiday.”

[1] The National Interbank Electronic Payment System

[2] “Article 4. Foreign exchange agent activities

1. Foreign exchange agents are only allowed to exchange Vietnam dong for individual’s foreign currency cash but are not allowed to exchange foreign currency cash for Vietnam dong or other foreign currencies, except for cases prescribed in clause 2 of this Article.
2. Foreign exchange agents located at isolated areas of international checkpoints are allowed to exchange foreign currency cash for Vietnam dong with individuals having passports granted by competent authorities of their countries under Article 8 of this Regulation.”

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/10/2019

1.1. Circular No. 11/2019/TT-NHNN regulations on special control for credit institutions

• Name of legal document: Circular No. 11/2019/TT-NHNN issued on 02/08/2019 by the Governor of the State Bank of Viet Nam NHNN regulations on special control for credit institutions (referred to as the “Circular No. 11/2019/TT-NHNN”).
• Effective date: 01/10/2019.

The content should be noted: providing the form of special control.

Specifically, Article 7 of Circular No. 11/2019/TT-NHNN stipulates: “Article 7. Special forms of control

1. Based on the actual situation and level of risks in operations of the credit institution, the Governor of the State Bank or the Director of the branch of State Bank shall consider and decide:

a) Put credit institutions under special control in the form of special supervision or comprehensive control;

b) The content, scope, measures and tasks of control of activities are specified in the Decision of special control, in accordance with the form of special control and content specified in Clause 1, Article 15[1] of this Circular.

2. Special supervision means the placement of a credit institution under the direct control of the State Bank through direct, remote direct control and on-spot inspection by the special control committee for the operation of the credit institution is under special control.

3. Comprehensive control means the placing of a credit institution under the direct control of the State Bank through the direct control and on-spot control of the Special Control Board for daily activities of Credit institutions are under special control.

4. The form of special control is changed as follows:

a) Based on the actual situation and level of risks in operations of the credit institution under special control, the Special Control Board shall propose the Governor of the State Bank (via The Central Banking Inspection and Supervision Authority) change the form of special control to the credit institution under special control specified in Clause 1, Article 6[2] of this Circular or propose the Director of the branch of State Bank to change the form of special control for with credit institutions under special control specified in Clause 2, Article 6 of this Circular;b) Within 20 days after receiving the recommendations of the Special Control Board specified at Point a of this Clause, the Governor of the State Bank or the Directors of the branches of State Bank shall consider and decide to change the forms of special control for credit institutions are under special control according to their competence prescribed in Article 6 of this Circular.”

1.2. Circular No. 13/2019/TT-NHNN amending and supplementing a number of articles of Circular related to licensing, organization and operation of credit institutions and branches of foreign banks.

• Name of legal document: Circular No. 13/2019/TT-NHNN issued on 21/08/2019 by the Governor of the State Bank of Viet Nam NHNN amending and supplementing a number of articles of Circular related to licensing, organization and operation of credit institutions and branches of foreign banks (referred to as the “Circular No. 13/2019/TT-NHNN”).
• Effective date: 05/10/2019.

Some content should be noted:

• Firstly, amending and supplementing regulations on procedures for approval for provisional lists of personnel of credit institutions and branches of foreign banks.

Specifically, Clause 8 Article 2 Circular No. 13/2019/TT-NHNN stipulates: “Article 2. Amending and supplementing a number of articles of Circular No. 22/2018/TT-NHNN dated September 5, 2018 of the Governor of the State Bank of Vietnam guidelines for procedures and application for approval for provisional lists of personnel of commercial banks, non-bank credit institutions and foreign banks’ branches (hereinafter referred to as Circular No. 22/2018/TT-NHNN)

…

8. Article 8 is amended and supplemented as follows:

“Article 8. Procedures for approval for provisional lists of personnel of credit institutions and foreign banks’ branches

1. The credit institution or foreign bank’s branch shall prepare an application as prescribed in Articles 6 and 7 of this Circular and submit it to the State Bank for the subjects specified in Clause 1, Article 4 of this Circular or the branches of State Bank for the subjects defined in Clause 2, Article 4 of this Circular. If the application is unsatisfactory, within 07 working days from the receipt of the application, the State Bank (Central Banking Inspection and Supervision Authority) shall request the credit institution or foreign bank’s branch in writing to complete it.
2. The credit institution or foreign bank’s branch shall complete the application at the request of the State Bank (Central Banking Inspection and Supervision Authority) or the branches of State Bank within up to 45 working days from the date on which additional documents are requested in writing by the State Bank (Central Banking Inspection and Supervision Authority). After the aforementioned time limit, the credit institution or foreign bank’s branch shall re-submit an application as prescribed in this Circular to the State Bank or the branches of State Bank for consideration and approval.
3. Within 30 working days from the receipt of satisfactory application prescribed in Articles 6 and 7 of this Circular, the State Bank shall send a written approval or written rejection of the provisional list of the credit institutions or foreign bank’s branch. In case of rejection, a written explanation of the State Bank or the branches of State Bank shall be provided.””

• Secondly, amending and supplementing regulations on complying with reporting regulations

Specifically, Clause 9 Article 2 of Circular No. 13/2019/TT-NHNN stipulates: “Article 2. Amending and supplementing a number of articles of Circular No. 22/2018/TT-NHNN dated September 5, 2018 of the Governor of the State Bank of Vietnam guidelines for procedures and application for approval for provisional lists of personnel of commercial banks, non-bank credit institutions and foreign banks’ branches (hereinafter referred to as Circular No. 22/2018/TT-NHNN)

…

9. Article 11 is amended and supplemented as follows:

“Article 11. Complying with reporting regulations

1. Credit institutions and branches of foreign banks shall promptly notify in writing to the State Bank of changes related to the satisfaction of criteria and conditions of the personnel to be elected or appointed arising in the course of the State Bank’s consideration of dossiers of application for approval of the list of personnel plans or from the date the State Bank issues written approval of the lists of expected personnel until the personnel are elected, appointed in accordance with the following provisions:

a) For credit institutions and branches of foreign banks defined in Clause 1, Article 4 of this Circular: send to the Central Banking Inspection and Supervision Authority;

b) For branches of foreign banks prescribed in Clause 2, Article 4 of this Circular: send to the branch of State Bank where the branch of foreign bank is located.

2. Within 10 working days after the election, appointment of titles of Chairman and members of the Board of Directors, Chairman and members of the Board of members, Head and members of the Control Board, General Director Directors (directors), credit institutions and branches of foreign banks must send written notices to the State Bank as prescribed at Points a and b, Clause 1 of this Article on the list of elected and appointed persons according to the form in Appendix 03 attached to this Circular. ”.”

• Thirdly, amending and supplementing regulations on responsibilities of the Central Banking Inspection and Supervision Authority

Specifically, Clause 10 Article 2 of Circular No. 13/2019/TT-NHNN stipulates: “Article 2. Amending and supplementing a number of articles of Circular No. 22/2018/TT-NHNN dated September 5, 2018 of the Governor of the State Bank of Vietnam guidelines for procedures and application for approval for provisional lists of personnel of commercial banks, non-bank credit institutions and foreign banks’ branches (hereinafter referred to as Circular No. 22/2018/TT-NHNN)

…

9. Clause 1 Article 121 is amended and supplemented as follows:

“1. The Central Banking Inspection and Supervision Authority shall be the focal point to assess the fulfillment of dossiers, standards and conditions of expected personnel of credit institutions and foreign bank branches subject to regulation stipulated in Clause 1, Article 4 of this Circular according to the provisions of the Law on Credit Institutions and this Circular; get opinions from related units ; sum up and submit to the Governor of the State Bank for consideration, written approval or disapproval of expected personnel of the credit institution, branches of foreign banks. “.”

1.3. Circular No. 14/2019/TT-NHNN amendments to a number of articles in circulars of the State bank of Vietnam regulating regular reporting regime

• Name of legal document: Circular No. 14/2019/TT-NHNN issued on 30/08/2019 by the Governor of the State Bank of Viet Nam NHNN amendments to a number of articles in circulars of the State bank of Vietnam regulating regular reporting regime (referred to as the “Circular No. 14/2019/TT-NHNN”).
• Effective date: 15/10/2019.

Some content should be noted:

• Firstly, amending the report on vault safety.

Specifically, Clause 4 Article 1 Circular No. 14/2019/TT-NHNN stipulates:“Article 1. Amendments to provisions of reporting regime

…

4. Amendments to the reporting regime of vault safety under Circular No. 01/2014/TT-NHNN dated January 06, 2014 of the Governor of the State bank of Vietnam on transfer, reception, preservation and delivery of cash, valuable assets and financial instruments (hereinafter referred to as “Circular No. 01/2014/TT-NHNN”):

Article 69 of Circular 01/2014/TT-NHNN is revised as follows:

 “Article 69. Report on vault safety

Annually, the branches of the State Bank, the credit institutions and the foreign bank branches shall report on the vault safety as follows:

1. The report contents: Report on the facts, implementation results, the weaknesses in the vault safety.

2. The report accepting agencies and deadline:

– The reports of the credit institutions, foreign bank branches submitted to the branches of the State Bank located in their areas and the superior credit institutions, foreign bank branches (if any) before January 01 of the year following the report year.

– The branches of the State Bank, the credit institutions, foreign bank branches shall consolidate the report and submit to the State Bank (Issue and Vault Department) before January 15 of the year following the report year.

3. The report submission and reception methods: The report must be produced in physical form and sent directly or via postal service.

4. The data collection period: From December 15 of the year preceding the year of the reporting period to December 14 of the reporting period.

5. The report form: Using Form No. 01 issued together with this Circular.””

• Secondly, amending the regular reports on the management and use of digital certificates.

Specifically, Clause 6 Article 1 Circular No. 14/2019/TT-NHNN stipulates: “Article 1. Amendments to provisions of reporting regime

…

6. Amendments to the reporting regime of the management and use of digital certificates of State Bank under Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State bank of Vietnam on management, use of digital signatures, digital certificates and digital signature certification service of State Bank (hereinafter referred to as “Circular No. 28/2015/TT-NHNN”):

Clause 1 Article 17 of Circular No. 28/2015/TT-NHNN is revised as follows:

 “1. The regular reports on the management and use of digital certificates:

a) Name of the reports: report on reconciliation of the State Bank digital certificate list.

b) Contents of the reports: The list of digital certificates issued by the certification authorities affiliated to the State Bank and the use conditions thereof.

c) Regulated entities: The units affiliated to the State Bank, the credit institutions, the foreign bank branches, the State Treasury, the Deposit Insurance of Vietnam and other organizations issued with the digital certificates by the State Bank.

d) Recipient of the reports: The Information Technology Department – the State Bank.

e) Submission and receipt methods of the reports:

– Physical reports must be submitted directly or via the postal service;

– The electronic reports in Excel format must be submitted to the email address ca.nhnn@sbv.gov.vn or the electronic reports must be submitted via the online public services of the State Bank.

g) Submission frequency and deadline for the reports: on a 6-month basis, on June 20 and December 20 of the reporting year at the latest.

h) Data collection period:

– The data collection period with respect to the reports of the first 06 months of the year shall be determined from December 15 of the year preceding the reporting period to June 15 of the reporting period.

– The release period of final report figures with respect to the reports of the last 06 months of the year shall be determined from June 15 to December 14 inclusively of the reporting period.

i) The report form: Using Form No. 09 issued together with this Circular.””

2. LEGAL DOCUMENTS ISSUED IN 09/2019

Consolidated document No. 28/VBHN-NHNN in 2019 consolidated Circulars providing regulations on time limits, processes and procedures for transition applied to cases in which major shareholders of a credit institution and related persons thereof own shares equalling at least 5% of charter capital of another credit institution

• Name of legal document: Consolidated document No. 28/VBHN-NHNN in 2019 consolidated Circulars providing regulations on time limits, processes and procedures for transition applied to cases in which major shareholders of a credit institution and related persons thereof own shares equalling at least 5% of charter capital of another credit institution
• Consolidated date: 16/09/2019.

The content should be noted:

Consolidating the provisions stipulated at Circular No. 46/2018/TT-NHNN dated December 28, 2018 of the Governor of the State Bank of Vietnam providing regulations on time limits, processes and procedures for transition applied to cases in which major shareholders of a credit institution and related persons thereof own shares equalling at least 5% of charter capital of another credit institution (referred to as the “Circular No. 46/2018/TT-NHNN”) and a number of articles of Circular No. 46/2018/TT-NHNN amended, supplemented by Circular No. 14/2019/TT-NHNN issued on 30/08/2019 by the Governor of the State Bank of Viet Nam NHNN amendments to a number of articles in circulars of the State bank of Vietnam regulating regular reporting regime.

[1] “Article 15. Tasks and powers of the Special Control Board

1. The Special Control Board performs the tasks and powers prescribed in Article 146b of the Law on Credit Institutions (amended and supplemented in 2017). The special control board shall perform its tasks and powers through one or several of the following activities:

a) Request the specially controlled credit institution to provide complete, accurate and timely information, documents and records related to the operations of the specially controlled credit institution, including the following information, documents, records:

(i) Financial situation, actual value of charter capital and reserve funds;(ii) Actual situation on organization, personnel, management, administration, information technology system and internal control system;

(iii) Actual situation of operation, business, investment; solvency when due;

(iv) Situation of assets and collaterals, in which specific reports on bad debt situations, bad receivable debts, potential structural debts become bad debts, bad debts sold to the Management Company unresolved assets, accrued interests must be withdrawn as prescribed by law but not yet withdrawn;

(v) List of customers (excluding credit institutions, branches of foreign banks) receiving credit; list of organizations and individuals sending money; other creditors;

(vi) Other information serving the performance of tasks of the Special Control Board.

b) Requesting the specially controlled credit institution to inventory existing cash and cash equivalents in the whole system on the principle of performing cross-checking, cross – supervising and reporting on performance results within 05 days after completing the inventory;

c) Organizing the supervision of the inventory process specified at Point b of this Clause in accordance with the reality and operation scope of the credit institution under special control;

d) In the period where there is no plan for restructuring or restructuring the credit institution under special control that has not been approved by the competent authority, based on the information, documents and records approved by the group. Specially controlled credit institutions provided for in points a and b of this clause or information from independent audit reports, inspection conclusions and other sources of information, Special Control Board assesses the operational status of the credit institution under special control to actively implement or report to the Governor of the State Bank (via the Central Banking Inspection and Supervision Authority) or the Director of the State Bank branch handling measures in accordance with the reality of specially controlled credit institutions;

dd) Approving before the credit institution under special control performs a number of transactions and operations;

f) Requesting the specially controlled credit institution to report its operation results according to the contents and frequency suitable to the reality of the specially controlled credit institution;

g) Deciding to attend the meetings of the Board of Directors, Board of Members, Board of Controllers of the credit institution that are under special control and give opinions on the contents of the meeting related to powers, duties of the special control committee;

h) Directing, inspecting, supervising and controlling the operations of the credit institution under special control to prevent the hiding, dispersing, pledging, mortgaging, and transferring of assets and other acts that may cause damage to specially controlled credit institutions;

i) Periodically as prescribed in the Decision of special control or when necessary or at the request of the Governor of the State Bank, Director of the State Bank branch, report to the Governor of the State Bank (via the Central Banking Inspection and Supervision Authority, for Special Control Boards of credit institutions under special control specified in Clause 1, Article 6 of this Circular) or Directors of the branches of State Bank (for the Special Control Board of a credit institution under special control specified in Clause 2, Article 6 of this Circular) the situation of management, administration, operation, business, investment, finance, liquidity and other issues (if any) of the credit institution under special control and recommendations and handling measures (if any); results, difficulties and obstacles in the course of implementing the restructuring plan, already approved by the competent authorities, and proposing and proposing handling measures (if any);

k) Promptly reporting to the Governor of the State Bank (via the Central Banking Inspection and Supervision Authority, for the Special Control Board of the specially controlled credit institution specified in Clause 1, Article 6 of the Circular) this Circular) or the Directors of the branches of the State Bank (for the Special Control Board of the credit institution under special control specified in Clause 2, Article 6 of this Circular) unusual developments in activities, potential risks, risks of unsafety and law violations of credit institutions under special control; difficulties and obstacles arising in the process of special control of the credit institution and recommendations, recommendations for handling measures;

l) Promptly notifying the credit institution under special control to information and direction of competent authorities relating to operations and restructuring plans.

m) Other duties assigned by the Governor of the State Bank or the Directors of the branches of the State Bank.”

[2] “Article 6. Competence to make decisions in the special control of the credit institution

1. The Governor of the State Bank shall consider and decide the following contents regarding credit institutions which are not People’s Credit Funds:

a) Putting credit institutions in the cases specified in Clause 1, Article 145 of the Law on Credit Institutions (amended and supplemented in 2017), Article 4 and Article 5 of this Circular into special control;

b) Forms of special control prescribed in Article 7 of this Circular;

c) Establishing of a special control board under the provisions of Articles 14 and 15 of this Circular;

d) Duration of special control;

dd) Noticing of special control as prescribed in Article 9 of this Circular;

e) Disclosing special control information in accordance with Article 10 of this Circular;

g) Actual value of charter capital and reserve funds, record reduction of charter capital of commercial banks subject to special control approved by the Government for compulsory transfer as prescribed in Article 11 of this Circular;

h) Extending of the term of special control as prescribed in Article 12 of this Circular;

i) Terminating special control as prescribed in Article 13 of this Circular;

k) Other contents specified in the Law on Credit Institutions (amended and supplemented in 2017) and this Circular.

2. Directors of branches of State Bank in provinces, cities under the central Government’s management (hereinafter referred to as branches of the State Bank) shall consider and decide on the following issues for credit institutions being People’s Credit Funds are headquartered in the area:

a) The contents specified at Points a, b, c, d, dd, e, h and i, Clause 1 of this Article;

b) The contents specified at Points a and b, Clause 3, Article 146; Clauses 1, 2, 3, 4, 5 and 7 of Article 146a (except for the contents of special loans, extension of special loan terms of the State Bank); Clauses 2 and 6, Article 146dd; Points a, b and d, Clause 2, Article 148b; Clauses 2, 3 and 4 (except for the case specified in Clause 3 of this Article) Article 148c; Clauses 2, 3, 4, 5, 6 and 11 of Article 148d; Clauses 1 and 2, Article 149c and Clauses 1 and 2, Article 149d of the Law on Credit Institutions (amended and supplemented in 2017).

For the contents specified at Point dd, Clause 2, Article 148b; Clauses 7 and 12, Article 148, and Clause 3, Article 149c of the Law on Credit Institutions (amended and supplemented in 2017), the Directors of the branches of the State Bank reports to the Governor of the State Bank (via the Central Banking Inspection and Supervision Authority) to approved before implementation.

3. The Directors of the branches of the State Bank report and propose the Governor of the State Bank (via the Central Banking Inspection and Supervision Authority) to propose the Government to implement the contents specified in Clause 1, Article 146 of the Law on Credit Institutions (amended and supplemented in 2017) for credit institutions being People’s Credit Funds are headquartered in the area.”

1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/11/2018

1.1. Decree No. 117/2018/NĐ-CP on keeping confidential and providing customer information of credit institutions and foreign bank branches

• Name of legal document: Decree No. 117/2018/NĐ-CP issued on 11/9/2018 by Goverment on keeping confidential and providing customer information of credit institutions and foreign bank branches (hereinafter referred to as the “Decree No. 117/2018/NĐ-CP”).

• Effective date: 01/11/2018.

Some contents should be noted:

• Firstly, providing for the principles of confidentiality and supply of customer information by credit institutions and foreign bank branches.

Specifically, Article 4 of Decree No. 17/2018/NĐ-CP stipulates: “Principles of confidentiality and supply of customer information

1. Customer information of credit institutions and foreign bank branches must be kept secret and only be provided in accordance with the provisions of the Law on credit institutions 2010, amended and supplemented in 2017, this Decree and related laws.

2. Credit institutions and branches of foreign banks are not allowed to provide identification customer information when accessing banking services, including secret codes, biometrics data, and access passwords of customers and other identification customer information for any agency, organization or individual, unless agreed by the customer in writing or in another form as agreed with the customer.

3. State agencies, other organizations and individuals may request credit institutions and foreign bank branches to supply customer information according to the right purposes, contents, scope and competence as prescribed of the law or the acceptance of the customer and are liable for the request for the provision of customer information.

4. State agencies, other organizations and individuals must keep customer information confidential, use customer information for the right purpose when requesting information and not provide to third parties without approval of customers, except for cases provided under the provisions of law.

5. Agencies, organizations and individuals must archive and preserve according to the law provisions on archive and preservation of dossiers and documents on customer information, dossiers of request for supply of customer information, the delivery of customer information.”

• Secondly, stipulating cases of providing customer information for organizations and individuals.

Specifically, Article 11 of Decree No. 117/2018/NĐ-CP stipulates: “Cases of providing customer information

1. Credit institutions and foreign bank branches may only provide customer information to other organizations and individuals in one of the following cases:

a) Other organizations and individuals may request credit institutions or foreign bank branches to supply customer information specified in laws and resolutions of the National Assembly.

b) Approved by the customers in writing or in another form as agreed with the customers.

2. Credit institutions and foreign banks branches shall be responsible for providing customer information to their customers or their lawful representatives.”

• Thirdly, regulating the rights and responsibilities of credit institutions and foreign bank branches in keeping confidential and providing customer information.

Specifically, Article 14 of Decree No. 117/2018/NĐ-CP stipulates: “Rights and responsibilities of credit institutions and foreign bank branches

1. Credit institutions and foreign bank branches have the following rights:

a) Requesting state agencies, other organizations or individuals to supplement information and documents requesting the supply of customer information in accordance with the provisions of this Decree;

b) Refusing to supply customer information to other State bodies, organizations or individuals for requests for supply of customer information not being in accordance with the provisions of laws or this Decree or requests for supply customer information being duplicated, not being within the scope of customer information that the credit institution or foreign bank branches are maintaining in accordance with the law.

2. Credit institutions and foreign bank branches have the following responsibilities:

a) Providing right scope of customer information provided honestly, fully, timely for the right subjects;

b) Ensuring safety and confidentiality of customer information in the process of supplying, managing, using and storing customer information;

c) Settling complaints of customers in the supply of customer information according to law provisions;

d) Organizing the supervision, inspection and handling of violations of internal regulations on keeping secret, archiving and supplying customer information;

e) Taking responsibility according to the provisions of law, for cases of violating the provisions of this Decree and relevant laws.”

1.2. Circular No. 22/2018/TT-NHNN guiding on procedures and documents for approving the list of tentative personnel of commercial banks, non-bank credit institutions and foreign bank branches

• Name of legal document: Circular No. 22/2018/TT-NHNN issued on 05/9/2018 by the State Bank of Vietnam guiding on procedures and documents for approving the list of tentative personnel of commercial banks, non-bank credit institutions and foreign bank branches (hereinafter referred to as the “Circular No. 22/2018/TT-NHNN”).

• Effective date: 01/11/2018.

Some contents should be noted:

• Firstly, proving for necessary documents in the dossier of request for approving the list of tentative personnel of credit institutions.

Specifically, Article 6 of Circular No. 22/2018/TT-NHNN stipulates that dossier of request for approving the list of tentative personnel of credit institutions includes:

1. “Documents of the credit institution shall be proposed to the State Bank for approval of the list of tentative personnel” (Clause 1 of Article 6 of Circular No. 22/1018/TT-NHNN);

2. “The written approval of tentative personnel list of credit institutions (for the Board of Directors, the Board of members and the Control Board must clearly state the term)” (Clause 2 of Article 6 of Circular No. 22/1018/TT-NHNN);

3. “The personal background of the personnel proposed to be elected or appointed according to the form in Appendix 01 attached to this Circular” (Clause 3 of Article 6 of Circular No. 22/1018/TT-NHNN);

4. “The judicial record of the personnel proposed to be elected or appointed” (Clause 4 of Article 6 of Circular No. 22/1018/TT-NHNN);

5. “The list of related persons of the personnel proposed to be elected or appointed according to the form in Appendix 02 attached to this Circular” (Clause 5 of Article 6 of Circular No. 22/1018/TT-NHNN);

6. “Copies of diplomas and certificates proving the professional qualifications of personnel proposed for election or appointment, of which the diploma of Vietnamese nationality personnel issued by a foreign educational establishment must be approved by the Ministry of Education and Training recognize in accordance with relevant laws” (Clause 6 of Article 6 of Circular No. 22/1018/TT-NHNN);

7. “Documents evidencing the satisfaction of criteria and conditions for personnel who intend to hold the post of member of the Board of Directors, the Board of members of the credit institution as stipulated in Point d[1] Clause 1 of Article 50 of the Law on credit institutions” (Clause 7 of Article 6 of Circular No. 22/1018/TT-NHNN);

8. “Documents evidencing the satisfaction of criteria and conditions for personnel expected to hold the post of General Director (Director) of the credit institution as stipulated in Point d[2] Clause 4 of Article 50 of the Law on credit institutions” (Clause 8 of Article 6 of Circular No. 22/1018/TT-NHNN);

9. “Documents proving the satisfaction of standards and conditions “having at least 03 years working directly in banking, finance, accounting or auditing fields” with regard to personnel expected to hold the post of member of the Control Board Control of credit institutions as stipulated in Point c[3] Clause 3 of Article 50 of the Law on credit institutions: Documents of the authorized representative of the unit where the personnel has been or is working confirming the direct working personnel in banking, finance, accounting or auditing fields and the working time in the field, or copies of documents proving the field of working, working time of personnel in the fields” (Clause 9 of Article 6 of Circular No. 22/1018/TT-NHNN);

10. “For personnel who are expected to be elected or appointed under the cases specified at Points e[4] and [5]f, Clause 2, Article 33 of the Law on credit institutions: Documents of competent agencies appointing personnel who are expected to act as management representatives contributed capital of the State at credit institutions” (Clause 10 of Article 6 of Circular No. 22/1018/TT-NHNN).

• Secondly, issuing written forms of documents in the dossier of request for approving the list of tentative personnel of credit institutions.

Specifically, form of personal background, form of table of related person list, form of Notification of List of people elected, appointment to be members of Board of Directors, the Board of members, the Control Board, General Director (Director), etc. are stipulated in Appendixes 01, 02, 03, etc. respectively issued together with Circular No. 22/2018/TT-NHNN.

1.3. Circular No. 23/2018/TT-NHNN providing for the reorganization and revocation of licenses and liquidation of assets of people’s credit funds

• Name of legal document: Circular No. 23/2018/TT-NHNN issued on 14/9/2018 by the State Bank of Vietnam providing for the reorganization and revocation of licenses and liquidation of assets of people’s credit funds (hereinafter referred to as the “Circular No. 23/2018/TT-NHNN”).

• Effective date: 01/11/2018.

Some contents should be noted:

• Firstly, providing for the principles of reorganizing people’s credit funds.

Specifically, Article 6 of Circular No. 23/2018/TT-NHNN stipulates: “Principles of reorganizing people’s credit funds

1. Complying with the provisions of this Circular and relevant law provisions.

2. The reorganization of people’s credit funds shall be effected on the basis of the reorganization plans approved by the State Bank in accordance with the provisions of law.

3. Ensuring the safe and continuous operation of people’s credit funds; ensuring the legitimate rights and interests of members of the people’s credit funds and customers in the course of reorganization.

4. The transfer or sale of assets in the process of reorganizing the people’s credit funds must be public and transparent, comply with law provisions and the agreement of parties, ensure the property safety and does not affect the interests of people’s credit funds to reorganize, organizations and individuals involved in the reorganization.

5. People’s credit funds after the reorganization inherit of the rights and obligations of the people’s credit funds reorganized in accordance with the provisions of law and agreements between the parties.

6. The licenses of the divided people’s credit funds or the people’s credit funds participating in the consolidation shall cease to be effective when new people’s credit funds are inaugurated. The license of the merged people’s Credit Fund shall cease to be effective when the people’s credit fund for merger completes the procedures for changing the registration of the cooperative.”

• Secondly, providing for cases of revocation of licenses of people’s credit funds.

Specifically, Article 16 of Circular No. 23/2018/TT-NHNN stipulates: “Cases of revocation of licenses

1. People’s credit funds voluntarily apply for dissolution when they are able to repay all debts and fulfill other property obligations.

2. A dossier of application for a people’s credit fund has fraudulent information so as to be eligible for a license.

3. People’s credit funds operate in contravention of the contents prescribed in their permits.

4. People’s credit funds seriously violate the law provisions on limits and prudential ratios in operation.

5. People’s Credit Funds fail to implement or implement inadequately handling decisions of the State Bank’s branches to ensure safety in banking operations.

6. People’s credit funds are divided, merged, consolidated or bankrupt.

7. People’s Credit Funds are expired but did not apply for extension or apply for extension but have not been approved in writing by the State Bank’s branches.”

1.4. Circular No. 24/2018/TT-NHHN amending, supplementing and annulling a number of articles of circulars and documents which stipulate the regime of periodical reporting

• Name of legal document: Circular No. 24/2018/TT-NHNN issued on 28/9/2018 by the State Bank of Vietnam (hereinafter referred to as the “Circular No. 24/2018/TT-NHNN”).

• Effective date: 15/11/2018.

Some contents should be noted:

• Firstly, amending the regulation on reporting regime in the activities of purchasing and selling foreign currency cash of individuals with authorized credit institutions[6].

Specifically, point a Clause 3 Article 1 of Circular No. 24/2018/TT-NHNN stipulates: “”Article 10 of Circular No. 20/2011 / TT-NHNN is amended and supplemented as follows:

Article 10. Reporting regime

Authorized credit institutions to make reports on the situation of buying and selling foreign currencies in cash with individuals according to the regulations of the State Bank on the regime of statistical reporting applicable to credit institutions and foreign bank branches.””

• Secondly, abolishing Appendix 3 – Appendix on the form attached to Circular No. 20/2011/TT-NHNN.

Specifically, point b Clause 3 Article 1 of Circular No. 24/2018/TT-NHNN stipulates: “Abolishing Appendix 3 attached to Circular No. 20/2011/TT-NHNN.”

• Thirdly, annulling the annual report on the implementation of technical requirements on security and confidentiality of equipment in service of payment of bank cards in Circular No. 47/2014/TT-NHNN.

Specifically, Clause 4 Article 1 of Circular No. 24/2018/TT-NHNN stipulates: “Annulling the annual report on the implementation of technical requirements on security and confidentiality of equipment in service of payment of bank cards in Circular No. 47/2014/TT-NHNN issued on December 31st, 2014 of the Governor of the State Bank of Vietnam stipulating technical requirements on security and confidentiality of equipment for payment of bank cards (hereinafter called Circular No. 47/2014/TT-NHNN for short) as follows:

Annulling Clause 1, Article 20 of Circular No. 47/2014/TT-NHNN.”

• Fourthly, annulling the annual report on security and safety for the provision of Internet banking services in Circular No. 35/2016/TT-NHNN.

Specifically, Clause 5 Article 1 of Circular No. 24/2018/TT-NHNN stipulates: “Annulling the annual report on security and safety for the provision of Internet banking services in Circular No. 35/2016/TT-NHNN dated December 29th, 2016 of the Governor of the State Bank of Vietnam on the safety and security of the provision of Internet banking services (hereinafter referred to as Circular No. 35/2016/TT-NHNN) as follows:

Annulling Clause 3, Article 20 of Circular No. 35/2016/TT-NHNN.”

2. LEGAL DOCUMENTS ISSUED IN 09/2018 AND 10/2018

2.1. Consolidated Document No. 17/VBHN-NHNN consolidated the decrees on credit policy for agricultural and rural development issued by the State Bank of Vietnam

• Name of legal document: Consolidated Document No. 17/VBHN-NHNN issued on 25/9/2018 by the State Bank of Vietnam consolidated the decrees on credit policy for agricultural and rural development issued by the State Bank of Vietnam (hereinafter referred to as the “Consolidated Document No. 17/VBHN-NHNN”).

• Effective date: 25/9/2018.

The content should be noted: consolidating Decree No. 55/2015/NĐ-CP of June 9th, 2015 of Government on credit policies in service of agricultural and rural development and take effect from October 25th, 2018 and Decree No. 116/2018/NĐ-CP of September 7, 2018 of the Government amending and supplementing a number of articles of Decree No. 55/2015/NĐ-CP

2.2.  Circular No. 25/2018/TT-NHNN amending and supplementing a number of articles of the Decree No. 10/2015/TT-NHNN of July 22nd, 2015 of Government guiding the implementation of a number of contents of the Decree No. 55/ND-CP of June 9th, 2015 of Government on credit policies in service of agricultural and rural development

• Name of legal document: Circular No. 25/2018/TT-NHNN issued on 24/10/2018 by the State Bank of Vietnamamending and supplementing a number of articles of the Decree No. 10/2015/TT-NHNN of July 22nd, 2015 of Government guiding the implementation of a number of contents of the Decree No. 55/NĐ-CP of June 9th, 2015 of Government on credit policies in service of agricultural and rural development (hereinafter referred to as the “Circular No. 24/2018/TT-NHNN”).

• Effective date: 10/12/2018.

Some contents should be noted:

• Firstly, amending the regulation on subjects of application of Circular No. 10/2015/TT-NHNN.

Specifically, Clause 2 Article 2 of Circular No. 25/2018/TT-NHNN stipulates: “Clause 2 of Article 2 is amended and supplemented as follows:

“2. Customers are entitled to borrow capital in accordance with Clause 2 and Clause 3 of Article 2 of Decree 55/2015/NĐ-CP (as amended and supplemented by Clause 1 Article 1 of Decree No. 116/2018/NĐ-CP). “”

• Secondly, adding the provision on debt grace.

Specifically, Clause 4, Article 1 of Circular No. 24/2018/TT-NHNN stipulates: “Adding Article 4a as follows:

“Article 4a. Debt grace

For borrowers to plant, care for and re-plant perennial trees, the credit institution and the customer shall agree on the grace period for debt repayment in accordance with the construction period of the perennial crop. The grace period is the period from the time when the credit institution begins to disburse the loan until the customer commences repayment of principal and interest as agreed in the credit agreement.””

• Thirdly, abolishing Form 01, 02, 03, 04, 05, 06 issued together with Circular No. 10/2015/TT-NHNN.

Specifically, Article 2 of Circular No. 25/2018/TT-NHNN stipulates: “Abolishing Point d of Clause 4 of Article 8 and Form 01, 02, 03, 04, 05, 06 issued together with Circular No. 10/2015/TT-NHNN.”

[1] “Has at least 03 years’ experience of working as a manager or executive of a credit institution, at least 05 year’s experience of working as an executive of a finance, banking, accounting or audit enterprise or an enterprise whose equity is not smaller than the legal capital of a credit institution, or at least 05 years’ experience of working in a finance, banking accounting or audit department.”

[2] “Has at least 03 years’ experience of working as a manager or executive of a credit institution, at least 05 year’s experience of working as an executive of a finance, banking, accounting or audit enterprise or an enterprise whose equity is not smaller than the legal capital of a credit institution, or at least 05 years’ experience of working in a finance, banking accounting or audit department.”

[3] “Holding a tertiary or higher degree in economics, business administration, law, accounting or audit: having at least 3 years working directly in banking, finance, accounting or audit”

[4] “Cadres and civil servants and managers of division or higher level of enterprises in which the State holds 50% or more of the charter capital, except those appointed to represent the State’s capital share in the credit institution”

[5] “Officers, non-commissioned officers, professional army men and defense workers of agencies and units under the Vietnam People’s Army: officers, professional non-commissioned officers of agencies and units under the Vietnam People’s Police, except those appointed to represent the State’s capital share in the credit institution”

[6] Credit institutions, foreign bank branches are allowed to engage in foreign exchange activities