THE STATE BANK
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SOCIALIST REPUBLIC OF VIETNAM
Independence-freedom-happiness
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No. 565/CV-NHNN1
Re. Collection of fees, commissions in the credit activity by credit institutions from customers

Hanoi, June 19, 1999

 

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During the implementation of the official dispatch No. 313/CV-NHNN1 dated 14 April, 1999 of the Governor of the State Bank on the streamlining of the violation of the maximum lending rate, some credit institutions have requested for on clarification of the collection of fees in the lending activity of credit institutions from their customers, the State Banks view is as follows:

Under present provisions, credit institutions are only permitted to collect from their customers the lending interest at the stipulated interest rate, and not allowed to collect any type of fee apart from the lending interest. All expenses incurred by a credit institution directly or indirectly related to the credit activity such as interest payment on mobilised funds, paper processing expenses, salary, assets depreciation, appraisal fee, commissions, tax payment, risk provision, profits... have been identified in the lending interest. Therefore, any credit institution which, in addition to the lending interest, charges any other fee, is violating the applicable laws. The State Bank Inspectorate is requested to deal with the violation and return the fee payment to the State Budget upon detecting any credit institution charging fee in addition to the lending interest.

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