In Vietnam, how to handle the recovery of the amount of interest support for loans of businesses, cooperatives, and business households?

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• How to handle the recovery of the amount of interest support for loans of businesses, cooperatives and business households in Vietnam?
• What are the responsibilities of the State Bank of Vietnam in organizing and implementing loans for enterprises, cooperatives and business households?

How to handle the recovery of the amount of interest support for loans of businesses, cooperatives and business households in Vietnam?

In Article 9 of Decree 31/2022/ND-CP, there are provisions on handling and recovery of interest rate support for loans of enterprises, cooperatives and business households as follows:

1. In the course of implementation, in case it is discovered that a customer's loan is determined not to be the subject, uses the loan for the wrong purpose or does not meet the conditions for interest rate support, the commercial bank shall notify customers and convert the interest-supported loan into a regular loan, and recover the entire amount of interest-supported commercial banks within 30 days from the date of notification.

2. Where the state budget has paid the interest rate support amount or has already settled the interest rate support for the loan specified in Clause 1 of this Article, the commercial bank shall refund the state budget or report to the State budget. deduction from the amount of state budget payment of interest rate support.

3. In case the customer does not refund the interest supported amount as prescribed in Clause 1 of this Article, the commercial bank shall send a written request to the State Bank branch in the province or centrally run city (where the customer is located). customers located their headquarters) to report to the People's Committee of the province or city to direct the competent authorities in the locality to coordinate with the commercial bank to recover the amount of interest support.

What are the responsibilities of the State Bank of Vietnam in organizing and implementing loans for enterprises, cooperatives and business households?

In Clause 1, Article 10 of Decree 31/2022/ND-CP, there are regulations on the responsibilities of the State Bank of Vietnam in organizing the implementation of loans of enterprises, cooperatives and business households as follows:

1. Responsibilities of the State Bank of Vietnam

- This Clause is guided by Circular 03/2022/TT-NHNN effective from May 20, 2022">a) The Governor of the State Bank of Vietnam promulgates a Circular guiding commercial banks currently providing interest rate support in accordance with the provisions of this Decree, which stipulates the management method to ensure that the total amount of interest rate support does not exceed VND 40,000 billion.

b) Summarize the interest rate support plan, notify and adjust the interest rate support limit for commercial banks according to the provisions of this Decree.

c) Inspect and supervise the lending of interest rate support by commercial banks.

d) Synthesize reports on the settlement of interest rate support in 2022 and 2023 of commercial banks; report on the results of the implementation of interest rate support for the whole program in accordance with the provisions of this Decree.

dd) In case of necessity, the State Bank of Vietnam shall assume the prime responsibility for establishing an interdisciplinary interest rate support working group comprising the State Bank of Vietnam, the Ministry of Finance, the Ministry of Planning and Investment, and the Ministry of Construction to examine the dossiers of loans eligible for interest rate support as prescribed at Point d, Clause 4, Article 7 of this Decree; promulgate regulations on the operation of the inter-sectoral interest rate support working group, which stipulates the principles and methods for checking the dossiers of loans entitled to interest rate support, the tasks of the group members and the contents other.

e) Assume the prime responsibility for, and coordinate with relevant agencies in, dealing with difficulties and problems arising during the implementation of the policy on interest rate support loans as prescribed in this Decree.

Best regards!