Press Release on issuance of Circular No.05/2020/TT-NHNN
Hanoi, May 7, 2020 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 05/2020/TT-NHNN stipulating the refinancing applicable for the Vietnam Bank for Social Policies (VBSP), regarding the implementation of Decision No.15/2020/QD-TTg dated April 24, 2020 of the Prime Minister stipulating the implementation of support policies for people affected by the Covid-19 pandemic.
The new Circular is aimed at providing timely guidance on the implementation of Resolution No.42/NQ-CP dated April 9, 2020 on urgent measures to support people affected by the Covid-19 pandemic, and Decision No.15/2020/QD-NHNN dated April 24, 2020 on the implementation of support policies for people affected by the Covid-19 pandemic.
The new Circular is composed of 10 Articles with the main substances as follows:
Governing scope and subjects of application, the amount of refinancing loans, the interest of refinancing loans, the disbursement of refinancing resources, collateral assets, procedures for refinancing loans, payment for refinancing loans and the responsibilities of the relevant entities.
The new Circular took effect from May 7, 2020.
Translated by Le Hang