How is the settlement of annual interest rate support for loans of businesses, cooperatives, and business households in Vietnam?

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• In Vietnam, how is the settlement of annual interest rate support for loans of businesses, cooperatives, and business households?
• How is the annual settlement report of interest rate support for loans of enterprises, cooperatives and business households?

In Vietnam, how is the settlement of annual interest rate support for loans of businesses, cooperatives, and business households?

In Clause 3, Article 7 of Decree 31/2022/ND-CP, there are regulations on the annual settlement of interest rate support for loans of enterprises, cooperatives and business households as follows:

3. Annual settlement of interest rate support

a) The commercial bank is responsible for making the annual settlement of interest rate support and making the interest rate support settlement dossier, in which the loans eligible for interest rate support in the settlement dossier must be correct for object, fully meeting the conditions for interest rate support as prescribed in this Decree, accurately determining the amount of interest rate support for each customer and the general summary of the whole bank, the amount of interest rate support for customers with full legal documents.

b) The settlement interest support amount is determined as follows:

- The actual interest rate support amount paid for a disbursement is calculated by the formula:

I = 2% x (DixTi)/365

In which: - I is the actual interest rate support amount paid for the disbursement;

- ∑(DixTi) is the sum of the products between the outstanding balance and the actual number of days the loan balance is supported with interest rate of the disbursement.

- The amount of interest support actually paid for a loan is the total amount of interest actually paid for all disbursements of that loan.

- The actual interest rate support amount requested to be paid by the state budget is the total amount of interest actually paid for all loans subject to the provisions of this Decree. The total amount of actual interest rate support requested by the state budget to be paid by commercial banks does not exceed VND 40,000 billion.

How is the annual settlement report of interest rate support for loans of enterprises, cooperatives and business households?

In Clause 4, Clause 5, Article 7 of Decree 31/2022/ND-CP, there are regulations on the compilation of the annual settlement report of interest rate support for loans of enterprises, cooperatives and business households such as: after:

4. Summary of the annual interest rate support settlement report

a) Before February 10, 2023 (for the interest rate support in 2022) and before February 10, 2024 (for the interest rate support in 2023), the commercial bank sends the State Bank of Vietnam to the State Bank of Vietnam. the country of Vietnam the annual interest rate support settlement dossier (03 sets of documents). The dossier includes: The official letter on the settlement of annual interest rate support, clearly stating the amount of the commercial bank's interest rate support for customers, the withdrawn interest rate support amount, and the bank's amount. the state budget has been paid in advance quarterly, the remaining amount is requested to be paid by the state budget; Report data on request for summary settlement of interest rate support using Form No. 04 in the Appendix issued with this Decree; a list of documents proving that the customer has received interest rate support in the settlement year according to Form No. 05 in the Appendix issued with this Decree.

The commercial bank is responsible for the validity and accuracy of the dossiers and settlement data for interest rate support.

b) Within 20 working days from the date of receipt of complete documents of the annual interest rate support settlement of commercial banks, the State Bank of Vietnam shall summarize the detailed settlement report of interest rate support according to each commercial bank according to Form No. 06 issued together with this Decree shall send it to the State Audit Office of Vietnam for the State Audit to conduct the audit in accordance with the provisions of the Law on State Audit and relevant legal documents.

c) Within 20 working days from the date of receiving the audit results of the State Auditor as prescribed in point b of this clause, based on the commercial bank's financial statement of interest rate support, the audit results According to the State Audit Office of Vietnam and the results of the examination of documents as prescribed in Point d of this Clause (if any), the State Bank of Vietnam shall summarize the detailed settlement report of interest rate support for each commercial bank. (according to audited data) send it to the Ministry of Finance for appraisal, and at the same time send it to commercial banks for information. The summary of the interest rate support settlement report includes:

- Compare the data when performing the summary and finalization report, including: the amount of the commercial bank's interest rate support in the year compared with the announced interest rate support limit, the interest rate support amount is withdrawn, the amount already paid by the state budget in advance during the year; ensure conformity with the audit results of the State Audit.

- The amount of the state budget's payment of interest rate support is insufficient or excess (if any); in case the prepaid amount in the year is lower than the final settlement sum, the difference will be further paid; in case the amount paid in advance in the year is higher than the total settlement amount, the difference will be recovered, or deducted from the interest support payment amount of the following year;

- Problems discovered through the process of synthesizing reports on settlement, inspection, inspection and supervision (if any);

- Other contents and comments (if any).

d) In case of necessity, the Inter-sectoral interest rate support working group as prescribed at Point dd, Clause 1, Article 10 of this Decree shall examine the dossiers of loans eligible for interest rate support in accordance with the operation regulations of the State Bank of Vietnam. The working group on inter-sectoral interest rate support and the provisions of this Decree.

5. The State Audit Office of Vietnam shall audit the implementation of interest rate support as prescribed in Clause 3, Article 7 of Resolution No. 43/2022/QH15 of the National Assembly and relevant legal documents.

Best regards!