Press release on issuance of Circular No. 11/2021/TT-NHNN
Hanoi, July 30, 2021 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 11/2021/TT-NHNN regulating the classification of assets, the rates and methods of making provision for risks, and the use of the provision funds to deal with materialized risks in the operations of the credit institutions and the foreign bank branches.
Circular No. 11/2021/TT-NHNN comprises of 4 Chapters with 27 Articles, and shall replace Circular No. 02/2013/TT-NHNN dated January 21, 2013 of the SBV Governor regulating the classification of assets, the rates and methods of making provision for risks, and the use of the provision funds to deal with materialized risk in the operations of the credit institutions and the foreign bank branches.
The new Circular will take effect from October 1, 2021.
Translated by LK.