Press release on issuance of Circular No. 03/2022/TT-NHNN
Hanoi, May 20, 2022 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 03/2022/TT-NHNN providing guidance for commercial banks’ implementation of the interest rate support policy in accordance with Resolution No.31/2022/ND-CP dated May 20, 2022 of the Government on the interest rate support from the State budget applicable to loans of enterprises, cooperatives and business households.
The policy on interest rate support is expected to help the enterprises, cooperatives and business households to access bank loans with lower interest rates, thereby reducing their business costs, increasing their operational efficiency, and contributing to expanding their production and business activities, creating a foundation and a momentum for the post-COVID economic recovery and development.
The new Circular is composed of 11 Articles with the following main substances:
- The subjects of application: commercial banks, customers as prescribed for in Paragraphs 1 and 2 of Article 2, Resolution No. 31/2022/ND-CP; other relevant institutions and individuals. Accordingly, borrowers who are eligible for this interest rate support are enterprises, cooperatives and business households belonging to one of the following cases:
+ The use purpose of the loan is to do their registered business classified as one of the sectors/areas provided for in Decision No.27/2018/QD-TTg dated July 6, 2018 of the Prime Minister on the identification of Vietnam’s Economic Sectors System, namely: aviation and logistics (H), tourism (N79), lodging and food services (I), education and training (P), agriculture, forestry and fisheries (A), manufacturing and processing industry (C), software publishing (J582), computer programming and related activities (J-62), information service activities (J-63). This also includes construction activities in direct service to the above-mentioned economic sectors, but excluding construction activities for the property trading purposes classified as (L) code in the list of economic sectors in Decision No.27/2018/QD-TTg.
+ The use purpose of the loan is to implement a social housing project, or for the construction of workers’ housing, or for the rehabilitation of an old apartment building included in the List of projects made and publicized by the Ministry of Construction.
- Principles for interest rate support lending: The commercial banks shall provide loans with interest rate support in line with the applicable laws on lending activities by credit institutions, foreign bank branches as stipulated in Resolution No.31/2022/ND-CP, this Circular and other relevant laws.
- Means of the interest rate support;
- Identification and notification of the interest rate support limit applied to each commercial bank;
- Management of the interest rate support limits of the commercial banks;
- Accounting and book-keeping;
- Information and reporting mechanism;
- Moreover, the new Circular also stipulates responsibilities of the relevant entities in the implementation of the interest rate support policy, such as: commercial banks and the SBV entities.
The new Circular took effect on May 20, 2022.
Translated by Le Hang