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THE GOVERNMENT
OF VIET NAM
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THE SOCIALIST REPUBLIC OF VIET NAM
Independence-Freedom-Happiness
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No. 359/2026/ND-CP
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Hanoi, September 17, 2026
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DECREE
ON ESTABLISHMENT, ORGANIZATION, OPERATION AND FINANCIAL
MECHANISMS OF VIETNAM ASSET MANAGEMENT COMPANY
Pursuant to the Law on
Government Organization No. 63/2025/QH15;
Pursuant to the Law on
the State Bank of Viet Nam No. 46/2010/QH12, as amended by the Law No.
23/2026/QH16;
Pursuant to the Law on
Credit Institutions No. 32/2024/QH15, as amended by the Law No. 43/2024/QH15,
the Law No. 96/2025/QH15 and the Law No. 23/2026/QH16 (hereinafter referred to
as “the Law on Credit Institutions”);
Pursuant to the Law on
Promulgation of Legislative Documents No. 64/2025/QH15, as amended by the Law
No. 87/2025/QH15;
Pursuant to the Law on
Management and Investment of State Capital in Enterprises No. 68/2025/QH15;
At the request of the
Governor of the State Bank of Viet Nam (SBV);
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Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Decree provides for
the establishment, organization, operation and financial mechanisms of Vietnam
Asset Management Company (hereinafter referred to as “VAMC”).
Article 2. Regulated
Entities
1. VAMC.
2. Credit institutions and
foreign bank branches (FBBs).
3. Other organizations and
individuals involved in the establishment, organization and operation of VAMC.
Article 3.
Establishment of VAMC
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2. VAMC is a
special-purpose enterprise organized in the form of a single-member limited
liability company 100% of whose charter capital is owned by the State, and
shall be subject to state management, inspection and supervision by SBV.
Article 4. Definitions
For the purposes of this
Decree, the terms herein are construed as follows:
1. “Vietnamese credit
institution” means a credit institution that is duly established and operating
in accordance with regulations of the Law on Credit Institutions, except wholly
foreign-owned credit institutions and joint-venture credit institutions.
2. “Borrower” means an organization (excluding credit
institutions and FBBs) or an individual to whom a credit institution or FBB has
extended credit, or whose corporate bonds have been purchased by a credit
institution or FBB; or an organization (excluding credit institutions and FBBs)
that has received an entrustment from a credit institution or FBB to extend
credit or purchase corporate bonds and whose bad debts are sold to VAMC.
3. “Debt-selling
institution” means a credit institution or FBB that sells bad debts to VAMC.
Article 5. Operating Principles of VAMC
VAMC shall operate
following the following principles:
1. Covering its expenses with its revenues and operating on a
non-profit basis.
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3. Minimizing risks and costs in the handling of bad debts.
Article 6. Extension of
Credit to Borrowers whose bad debt has been sold to VAMC
A borrower whose bad debt
has been sold to VAMC and that has a feasible business plan or investment
project may continue to be considered for and extended credit by a credit
institution or FBB in accordance with the agreement between the parties, regulations
of law on credit extension by credit institutions and FBBs, and other relevant
laws.
Article 7. Methods of Purchase of Bad Debts by VAMC from Credit
Institutions and FBBs
1. VAMC may purchase bad debts from Vietnamese credit
institutions at market value or using special bonds, and may convert a bad debt
purchased using special bonds into a bad debt purchased at market value.
2. VAMC may purchase bad
debts from joint-venture credit institutions, wholly foreign-owned credit
institutions, and FBBs at market value.
Chapter II
ORGANIZATION, GOVERNANCE AND
MANAGEMENT OF VAMC
Article 8. Charter
capital
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2. Any addition of funding to the charter capital of VAMC
referred to in Clause 1 of this Article shall be decided by the competent
authority in accordance with regulations of law on management and investment of
state capital in enterprises.
Article 9.
Organizational structure of VAMC
1. VAMC shall have its head office in Hanoi and may establish
branches and representative offices in certain major provinces and
centrally-governed cities upon approval by the SBV.
2. The management structure of VAMC shall comprise the Members’
Council, the Control Board, and the General Director.
Article 10. Governance
and Management of VAMC
1. The Members’ Council shall consist of no more than 07
members.
2. The Control Board shall consist of no more than 03 members.
3. VAMC shall have a General Director and a number of Deputy
General Directors.
4. The powers, duties and responsibilities of the Members’
Council, the Control Board, members of the Members’ Council, members of the
Control Board and the General Director of VAMC shall be performed and exercised
in accordance with applicable regulations of law and the Charter of VAMC.
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6. The legal representative of VAMC is not required to be an
auctioneer under the law on asset auctions.
Chapter III
ACTIVITIES OF VAMC
Article 11. Activities
of VAMC
1. VAMC may carry out the following activities:
a) Purchase bad debts from credit institutions and FBBs;
b) Recover and collect debts, and handle and sell debts and
collateral;
c) Restructure debts, adjust debt repayment terms, and convert
debts into capital contributions or shares of borrowers;
d) Invest in, repair, upgrade, exploit, use and lease
collateral recovered by VAMC in the course of debt recovery;
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e) Provide consultancy and brokerage services for the purchase
and sale of debts and assets;
g) Make financial investments, capital contribution and
purchase of shares;
h) Organize asset auctions;
i) Provide guarantees for organizations and individuals getting
loans from credit institutions and FBBs;
k) Assist credit institutions and FBBs in recovering and
handling debts and collateral;
l) Provide corporate restructuring consultancy services;
m) Carry out other activities consistent with the functions and
duties of VAMC upon obtaining permission from the SBV’s Governor.
2. VAMC may authorize debt-selling Vietnamese credit
institutions to carry out the activities specified in Points b, c, d and dd
Clause 1 of this Article.
Article 12. Rights and
obligations of VAMC
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a) Request debt-selling institutions, borrowers, obligors,
security providers, and relevant agencies, organizations and individuals to
provide information and documents relating to the organization and operations
of borrowers, obligors and security providers; information and documents
relating to bad debts sold to VAMC and their collateral;
b) Request credit institutions and FBBs to sell bad debts to
VAMC;
c) Participate in the restructuring of a borrower after making
capital contributions to, or purchasing shares in, such borrower;
d) Take possession of the collateral in lieu of the performance
of the security provider’s obligations in accordance with the law; take
possession of collateral for the purpose of handling collateral and recovering
debts; Exercise
the right to take possession of collateral in accordance with the Law on Credit
Institutions and other relevant laws;
dd) Request relevant state management agencies and law
enforcement agencies to complete legal procedures and dossiers relating to
collateral, and coordinate with and assist VAMC in taking possession of
collateral and in recovering and handling debts and collateral;
e) Request agencies responsible for registration of security
interests to register security interests relating to collateral securing the
bad debts purchased by VAMC for which security interests have not yet been
registered;
g) Become the secured party and register security interests on
the basis of the bad debt purchase and sale contract, without having to
re-enter into a security agreement with the security provider;
h) Supervise and inspect Vietnamese credit institutions in
carrying out activities authorized by VAMC pursuant to Clause 2 Article 11 of
this Decree.
i) With respect to amounts recovered from bad debts purchased
using special bonds, VAMC may retain an amount from such amounts recovered as
follows:
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Where the amount recovered
from a bad debt exceeds the purchase price and the costs of handling that bad
debt, VAMC may enter into an agreement with the Vietnamese credit institution
on the allocation of the remaining amount recovered from the bad debt after
deduction of the purchase price and the costs of handling the bad debt.
k) Exercise other rights of a creditor and a secured party as
prescribed by law;
l) In respect of the outstanding principal balance at the end
of the relevant period of a bad debt purchased with special bonds and recorded
on VAMC’s balance sheet, VAMC shall, on an annual basis, collect an amount
calculated at a rate prescribed by the SBV’s Governor.
The amount paid by a
Vietnamese credit institution to VAMC pursuant to Points i and l of this Clause
shall be accounted for as an expense of such Vietnamese credit institution.
m) Succeed to the rights and obligations of a creditor of the
debt-selling institution, including the procedural rights and obligations to
initiate legal proceedings against the borrower, obligor or security provider
before a court; succeed to the rights and obligations of a creditor of the
debt-selling institution in judgment enforcement proceedings.
n) VAMC is not required to follow procedures for registration
of a change of the secured party under a registered security agreement upon
purchasing a bad debt from a debt-selling institution, and the debt-selling
institution is not required to follow procedures for registration of a change
of the secured party upon repurchasing or receiving back a bad debt from VAMC.
2. Obligations of VAMC
a) Preserve and increase the value of the capital allocated by
the State;
b) Conduct an annual independent audit;
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d) Be accountable to state regulatory authorities and the
public for its operations;
dd) Perform other obligations as prescribed in the Charter on
the Organization and Operation of VAMC and relevant laws.
Article 13. Purchase of Bad Debts by VAMC
1. VAMC shall purchase bad debts from Vietnamese credit
institutions with special bonds at the book value of the outstanding principal
balance owed by the borrower, less the specific provision already made but not
yet used for such bad debt.
2. VAMC shall purchase bad debts from credit institutions and
FBBs at market value, as agreed by the parties and based on the re-assessed
value of the bad debt.
A credit institution or
FBB may gradually allocate to its operating expenses the difference between the
book value of the debt and the purchase price of the debt purchased at market
value, less the amount of the risk provision already made for such debt, in
accordance with the following principles:
a) The entities eligible for such allocation are credit
institutions and FBBs whose business results for the financial year in which
the debt is sold are at a loss, or for which recording the entire difference
immediately as an operating expense would result in a loss for the financial
year in which the debt is sold;
b) At the time of selling the debt, the credit institution or
FBB shall record the entire difference in an account for expenses pending
allocation. As at
December 31, the credit institution or FBB shall record the amount to be
allocated for the year as an operating expense;
c) The allocation shall be made over a period of not more than
05 years from the date of sale of the debt. During the allocation period, the credit institution or FBB
may determine the amount to be allocated to its operating expenses each year. The amount allocated each
year shall not be less than the excess of revenue over expenses (excluding the
amount allocated).
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a) Conduct an inspection, or require the Vietnamese credit
institution to engage an audit firm or an independent valuation organization to
re-assess the quality and value of its assets, equity and charter capital; the
costs of such audit and valuation shall be borne by the Vietnamese credit
institution;
b) Based on the results of the inspection, valuation and
independent audit, the Vietnamese credit institution shall sell its bad debts
to VAMC to ensure that its bad debt ratio is maintained at a safe level; make
risk provisions in accordance with Decree No. 86/2024/ND-CP; comply with the
prudential ratios prescribed by the SBV’s Governor; carry out the restructuring
according to a plan approved by the SBV.
Article 14. Special
bonds
1. Special bonds shall be issued by VAMC for the purchase of
bad debts from Vietnamese credit institutions and shall have the following
features:
a) Special bonds shall be issued in the form of certificates,
book-entry records or electronic data;
b) The face value of a special bond shall be equal to the
purchase price of the bad debt specified in Clause 1 Article 13 of this Decree;
c) Special bonds shall be denominated in Vietnamese dong, bear
an interest rate of 0%, and have a term of not more than 05 years. Where special bonds are issued
for the purchase of bad debts from Vietnamese credit institutions that are
implementing a restructuring plan or experiencing financial difficulties, the
term of the special bonds shall not exceed 10 years;
d) Special bonds may be used to obtain refinancing loans from
the SBV.
2. The SBV’s Governor shall issue specific regulations on
refinancing on the basis of special bonds.
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4. Regulations on the issuance of corporate bonds shall not
apply to the issuance of bonds by VAMC.
5. The SBV’s Governor shall issue the specific regulations on
the issuance, extension and payment of special bonds by VAMC.
Article 15. Rights and Obligations of Credit Institutions Holding
Special Bonds
1. A Vietnamese credit institution holding special bonds shall
have the following rights:
a) Use special bonds to obtain refinancing loans from the SBV
in accordance with regulations adopted by the SBV’s Governor;
b) Receive amounts recovered from debts as prescribed in Clause
2 Article 21 of this Decree;
c) Repurchase bad debts from VAMC before the maturity date of
the special bonds.
2. A Vietnamese credit
institution holding special bonds shall have the following obligations:
a) Record risk provisions for special bonds annually made as
its operating expenses during the term of the special bonds, in order to
establish a source of funds for the settlement of bad debts upon repurchasing
bad debts from VAMC in accordance with Clause 3 of this Article;
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3. The SBV’s Governor shall provide guidance on the making and use of risk
provisions for special bonds.
Article 16. Issuance of Bonds for Purchase of Debts at Market Value
1. The issuance of bonds by VAMC shall not be subject to the
Government’s regulations on the principles, conditions and documentation
requirements for the issuance of corporate bonds, nor to the Government’s
regulations on the principles of capital mobilization applicable to state
capital investment in enterprises and financial management of wholly
state-owned enterprises.
2. VAMC may issue bonds adopting the following methods:
a) Bidding;
b) Underwriting;
c) Issuance through an
issuing agent;
d) Direct sale to
investors.
3. Bonds issued by VAMC and held by a credit institution or FBB
may be used for participation in open market operations and for refinancing
with the SBV.
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Article 17. Sources of Capital of VAMC
1. VAMC shall have the following sources of capital:
a) Charter capital;
b) Special bonds issued by VAMC for the purchase of bad debts
from Vietnamese credit institutions;
c) Funds appropriated in accordance with law;
d) Other sources of capital raised in accordance with law.
2. VAMC shall not be subject to the regulations on the ratio of
raised capital to charter capital applicable to state-owned enterprises.
Article 18. Measures for Settlement of Bad Debts and Handling of
Collateral by VAMC
1. Exercise the rights of a creditor and a secured party
against the borrower, obligor and security provider for the recovery of debts
and collateral.
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3. Restructure bad debts and provide support to borrowers in
accordance with Article 19 of this Decree.
4. Agree with the borrower on the conversion of debt into
capital contributions or shares for the purpose of participating in the
restructuring of the borrower’s financial and operational affairs.
5. Recover debts by accepting the collateral securing the debt
itself; recover, take possession of and handle collateral in accordance with
regulations of law.
6. Sell debts to organizations and individuals. The sale of debts to
non-resident organizations and individuals shall be carried out in accordance
with regulations adopted by the SBV’s Governor.
7. Initiate lawsuits, or authorize or transfer the right to
initiate lawsuits to the Vietnamese credit institution that sold the debt,
against the borrower, obligor and security provider before a court; authorize
or transfer to such Vietnamese credit institution the rights and
responsibilities of VAMC in judgment enforcement proceedings. Where a Vietnamese credit
institution is authorized or the right is transferred to it, such Vietnamese
credit institution shall have the right to initiate legal proceedings and
request judgment enforcement in accordance with regulations of law.
8. File a petition with a court for the commencement of
bankruptcy proceedings, in accordance with regulations of the law on
bankruptcy, against a borrower that is unable to repay its debts, and against
an obligor or security provider that is unable to perform its obligations.
Article 19. Measures for Restructuring Bad Debts and Providing Support
to Borrowers by VAMC
1. VAMC shall implement the following debt restructuring
measures to support borrowers:
a) Adjust the debt repayment schedule and repayment term to
suit the borrower’s production and business conditions;
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c) Partially reduce or fully waive overdue interest that the
borrower is unable to pay;
d) Partially reduce the principal amount for the borrower (in
the case of a bad debt purchased at market value), provided that the
effectiveness of such purchase at market value is ensured.
2. The SBV’s Governor shall provide specific guidance on the
restructuring of debts by VAMC as prescribed in Clause 1 of this Article.
3. Where the borrower is assessed as having good prospects for
recovery, VAMC shall consider investing in and providing financing to the
borrower to support the borrower in overcoming temporary financial difficulties
and restoring its production and business operations.
4. VAMC shall provide guarantees for a borrower to obtain loans
from a credit institution or FBB where the borrower is assessed as having good
prospects for recovery or has a new viable project that ensures repayment of
the loan.
Article 20. Handling of Collateral Securing Bad Debts Purchased by VAMC
1. Collateral securing bad debts purchased by VAMC shall be
handled as agreed between the security provider and the secured party; in the
absence of such agreement, the collateral shall be sold by auction as
prescribed in Clause 2 of this Article.
2. Where there is no agreement between the parties on the handling
of collateral, the collateral shall be handled through the following methods of
auction:
a) Auction through a professional auction organization;
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VAMC shall select and
determine the method of sale of collateral that is conformable with regulations
of law and ensures the principles of openness and transparency.
3. Where an auction of collateral securing a bad debt under
Clause 2 of this Article is unsuccessful after one attempt, VAMC may continue
to sell such collateral by auction or on the basis of a direct agreement with
the buyer, while notifying the security provider thereof.
4. After taking possession of or receiving collateral from the
person holding it, VAMC shall have the right to auction the collateral in
accordance with Clauses 2 and 3 of this Article without the consent of the
security provider. VAMC shall notify the owner of the collateral in writing of
the sale of the collateral at auction no later than 10 working days before the
date of the auction.
5. The auction results and the asset sale contract between VAMC and
the buyer shall serve as the basis for determining financial obligations,
carrying out notarization and certification, completing procedures for the
transfer of ownership of and rights to use the asset provided as collateral,
and terminating the ownership and use rights of the security provider or the
owner of the asset.
6. Where VAMC auctions an asset provided as collateral for
which ownership or use rights are registered, the transferee of the ownership
or use rights shall be issued with a certificate of ownership or use rights by
a competent authority.
The procedures for the
transfer of ownership of or rights to use the asset provided as collateral
shall be carried out in accordance with regulations of law on registration of
ownership of and rights to use assets. Where the law requires a written consent of the asset owner
for the transfer of ownership of or rights to use such asset and/or the asset
sale contract between the asset owner or judgment debtor and the buyer for the
purpose of handling the collateral, the pledge contract or mortgage contract
shall be used in lieu of such written consent or instrument.
7. The order and procedures for asset auctions conducted by
VAMC shall be carried out in accordance with the law on property auction.
Article 21. Handling of Amounts Recovered from Bad Debts
Purchased by VAMC with Special Bonds
1. After deducting the costs related to the handling of
collateral and the costs related to debt settlement, the amount of debt
recovered through the sale of the debt, the handling of collateral, and
repayments made by the borrower or obligor shall be used to settle the debt
repayment obligations of the borrower and obligor.
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3. The order of priority for payment in the handling of
collateral shall be determined in accordance with the Law on Credit
Institutions, the Civil Code and other relevant laws.
Chapter IV
FINANCE, ACCOUNTING AND REPORTING REGIMES
Article 22. Financial and Accounting Regimes of VAMC
1. VAMC’s revenue shall include:
a) Amounts collected from debt recovery activities;
b) Amounts collected from the sale of debts and collateral;
c) Income from financial investments, capital contributions and
share purchases;
d) Fees and commissions earned from consultancy and brokerage
activities relating to the purchase, sale and handling of debts and assets;
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e) Amounts collected from the leasing and operation of assets;
g) Income from financial activities;
h) Extraordinary income;
i) Fees collected from property auctions;
k) Other income;
l) Amounts collected as prescribed in Clause 1 Article 12 of
this Decree.
2. VAMC’s business expenses shall
include:
a) Costs of purchasing debts;
b) Debt collection costs;
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d) Costs of activities
performed for supporting credit institutions and FBBs in the recovery and
handling of debts and collateral, and of providing consultancy on enterprise
restructuring;
dd) Costs incurred in connection with the sale of debts, sale of
shares and transfer of capital contributions;
e) Costs of preserving, investing in, repairing and upgrading
assets;
g) Risk provisions for bad debts purchased at market value, and
for investments, financing and guarantees as prescribed in Clauses 3 and 4
Article 19 of this Decree;
h) Salaries, bonuses and allowances paid to officers and
employees in accordance with regulations;
i) Property auction costs;
k) Administrative expenses;
l) Interest expenses on loans;
m) Asset-related expenses;
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3. The distribution of profits and the setting aside of funds
by VAMC shall be carried out in accordance with
regulations of law.
4. The Minister of Finance shall provide specific guidance on
the making and use of provisions for investments, financing and guarantees, and
on the revenue, expenses, distribution of profits, and setting aside and use of
funds of VAMC as prescribed in Clauses 1, 2 and 3 of this Article.
5. VAMC shall record risk provisions for bad debts purchased at
market value as its operating expenses and use such risk provisions in
accordance with regulations adopted by the SBV’s Governor. VAMC shall not be
required to make provisions for bad debts purchased with special bonds or for
receivables from credit institutions.
6. VAMC shall maintain its accounting records in accordance
with the guidance of the SBV’s Governor.
Article 23. Information disclosure, Transparency and Reporting by VAMC
1. VAMC shall disclose the following:
a) Its annual financial statements which shall be independently
audited;
b) The procedures and methods for valuing debts and assets;
c) The procedures and
methods for selling debts and assets;
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dd) Other matters as prescribed by the SBV’s Governor.
2. VAMC shall provide the buyer of a debt or asset with the
information necessary in respect of the debt or asset that VAMC intends to sell.
3. VAMC shall disclose the information prescribed in Clause 1
of this Article through one or more of the following means:
a) Holding press conferences;
b) Posting the information on VAMC’s website;
c) Publicly posting the information at VAMC’s head office and
at the place where the debt or asset is sold;
d) Publishing the information through mass media;
dd) Widely distributing the information in the form of documents
and publications.
4. VAMC shall fulfill reporting obligations in accordance with
regulations of law and the guidance of the SBV's Governor.
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RESPONSIBILITIES OF
REGULATORY AUTHORITIES AND RELEVANT PARTIES
Article 24.
Responsibilities of the SBV
1. Issue the Decision on the establishment of VAMC.
2. Approve the Charter of VAMC and amendments thereto.
3. Use lawful sources of capital to ensure that VAMC has
sufficient charter capital as prescribed in Article 8 of this Decree.
4. Exercise the rights of a representative for the owner of the
State capital in VAMC.
5. Exercise state management, and conduct supervision,
inspection and examination, and take action against violations committed by
credit institutions, FBBs and VAMC in their compliance with regulations of law
on the purchase, sale and handling of bad debts.
6. Take charge of, and coordinate with, the Ministry of Finance
in providing guidance on VAMC’s accounting.
7. Provide guidance to credit institutions, FBBs and VAMC on
the operations of purchasing, selling and handling bad debts.
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Article 25.
Responsibilities of Ministry of Finance
Take charge of, and
coordinate with, the SBV in providing guidance on VAMC’s financial regimes.
Article 26.
Responsibilities of Ministry of Justice
1. Take charge of, and coordinate with, relevant agencies and
organizations in directing its affiliated units and security interest
registration agencies to coordinate with and support VAMC in the registration
of security interests.
2. Direct and provide guidance for civil judgment enforcement
agencies at all levels to coordinate with and support VAMC in the enforcement
of court judgments and decisions concerning the handling of collateral.
Article 27.
Responsibilities of Ministry of Agriculture and Environment
1. Direct and provide guidance for its affiliated units to
coordinate with and support VAMC in repurposing land areas in the course of
handling collateral at the request of VAMC.
2. Direct and provide
guidance for its affiliated units to coordinate with and support VAMC in
carrying out transfer of land use rights in the course of handling collateral
by VAMC.
Article 28.
Responsibilities of Ministry of Construction
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2. Provide guidance on the conditions for the sale by VAMC of
collateral consisting of a real estate project to investors where difficulties
or obstacles arise.
Article 29.
Responsibilities of Relevant Ministries,
Agencies and Organizations, and People’s Committees at all levels
1. People’s Committees and police authorities at the
commune/ward level in charge of the area where collateral is seized shall,
within their respective functions, tasks and powers, ensure security, public
order and social safety during the seizure of collateral.
Where the security
provider fails to cooperate or fails to be present as notified by the credit institution,
FBB or VAMC, a representative of the People’s Committee at the commune/ward
level in charge of the area where the collateral is seized shall witness the
seizure and sign the record of seizure of the collateral.
2. People’s Committees and tax authorities at all levels shall
support VAMC in completing the procedures and documentation necessary to
fulfill financial obligations to the State upon the transfer of the ownership
of assets provided as collateral to the buyer.
3. People’s Committees, agriculture and environment
authorities, and other relevant agencies at all levels shall coordinate in
carrying out procedures for the registration and transfer of ownership and
rights to use assets at the request of VAMC.
4. Within their assigned functions, tasks and powers, relevant
ministries, agencies and organizations, and People’s Committees at all levels
shall direct their affiliated units to complete the legal procedures and
documentation relating to collateral, handling of collateral and recovery of debts
at the request of VAMC.
Article 30.
Responsibilities of credit institutions and FBBs
1. Assess and identify the
bad debts eligible for sale to VAMC.
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3. A debt-selling institution that sells bad debts to VAMC
shall:
a) Provide VAMC, fully and promptly, with information and
documents concerning the borrower, the obligor, the security provider, the
debt, and the assets provided as collateral for the debt sold to VAMC; be
responsible for the completeness and accuracy of such information and documents;
b) Closely coordinate with competent agencies and
organizations, VAMC and the borrower in completing the legal procedures and
documentation relating to the bad debt sold to VAMC and the collateral thereof;
c) Consider and extend credit to a borrower whose bad debt has
been sold to VAMC in accordance with specific agreements and regulations of law.
4. A Vietnamese credit
institution that sells bad debts to VAMC and
receives special bonds shall:
a) Fully perform the obligations prescribed in Clause 2 Article
15 of this Decree;
b) Receive and perform the tasks authorized by VAMC as
prescribed in Clause 2 Article 11 of this Decree;
c) Record as its operating expenses the costs relating to the
management, recovery and handling of bad debts purchased by VAMC by special
bonds and the collateral thereof, and the costs relating to the performance of
activities authorized by VAMC;
d) Ensure the safety of assets, documentation and records as
authorized by VAMC; supervise, urge the recovery of, and handle bad debts and
collateral as authorized by VAMC;
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5. Monitor, in detail for each debt, the amount of the
difference to be allocated as prescribed in Clause 2 Article 13 of this Decree. Reporting on the allocation
of such difference shall be included in periodic financial statements
(quarterly and annually).
6. Fulfill other
responsibilities in accordance with regulations of law.
Article 31.
Responsibilities of borrowers and obligors
1. Fully perform their obligations to credit institutions, FBBs
and VAMC in accordance with their commitments and regulations of law.
2. Arrange funds, proactively sell assets, and hand over
collateral owned by the borrower to repay principal and interest amounts to
VAMC or the Vietnamese credit institution authorized by VAMC.
3. Closely cooperate with, and provide VAMC and the Vietnamese
credit institution authorized by VAMC with, complete and timely information and
documents as requested; and assume responsibility for the accuracy of the
information and documents provided to VAMC and the Vietnamese credit
institution authorized by VAMC.
4. Complete the legal documentation relating to bad debts sold to
VAMC and their collateral.
5. Provide additional
assets or replace assets provided as collateral, or take security measures appropriate for debt repayment in
accordance with specific agreements between the relevant parties.
6. Accept the sale and purchase of debts between the credit
institution or FBB and VAMC.
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Article 32.
Responsibilities of security providers
1. Fully perform the obligations under security agreements and
in accordance with regulations of law.
2. Closely cooperate with,
and provide VAMC and the Vietnamese credit institution authorized by VAMC with,
complete and timely information and documents as requested; and assume
responsibility for the accuracy of the information and documents provided to
VAMC and the Vietnamese credit institution authorized by VAMC.
3. Arrange funds,
proactively sell assets, and hand over collateral owned by the security provider to repay
principal and interest amounts to VAMC or the Vietnamese credit institution
authorized by VAMC.
4. Provide additional
assets or replace assets provided as collateral, or take security measures
appropriate for debt repayment in accordance with specific agreements between
the relevant parties.
5. Accept the sale and
purchase of debts between the credit institution or FBB and VAMC.
6. Fulfill other
responsibilities in accordance with regulations of law.
Chapter VI
IMPLEMENTATION PROVISIONS
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1. This Decree comes into
force from November 06, 2026.
2. The following Decrees
shall cease to have effect from the effective date of this Decree:
a) The Government’s Decree
No. 53/2013/ND-CP dated May 18, 2013;
b) The Government’s Decree
No. 34/2015/ND-CP dated March 31, 2015;
c) The Government’s Decree
No. 18/2016/ND-CP dated March 18, 2016.
Article 34.
Implementation
Ministers, heads of
ministerial-level agencies, chairpersons of the People’s Committees of
provinces and cities, VAMC, credit institutions, FBBs, and other organizations
and individuals concerned shall be responsible for the implementation of this
Decree.
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