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MINISTRY OF
PLANNING AND INVESTMENT
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SOCIALIST REPUBLIC
OF VIET NAM
Independence-Freedom-Happiness
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No.:
14/2020/TT-BKHDT
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Hanoi, December
31, 2020
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CIRCULAR
PROVIDING
GUIDANCE ON TREATMENT OF RISKS ARISING FROM DIRECT LENDING OPERATIONS OF SMALL
AND MEDIUM ENTERPRISE DEVELOPMENT FUND
Pursuant to the Law on State Budget dated June
25, 2015;
Pursuant to the Law on Credit Institutions dated
June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated
November 20, 2017;
Pursuant to the Law on Enterprises dated
November 26, 2014;
Pursuant to the Law on assistance for small- and
medium-sized enterprises dated June 12, 2017;
Pursuant to the Government’s Decree No. 86/2017/ND-CP
dated July 25, 2017 defining the functions, tasks, powers and organizational
structure of the Ministry of Planning and Investment;
Pursuant to the Government’s Decree No.
39/2019/ND-CP dated May 10, 2019 on organization and operation of the Small and
Medium Enterprise Development Fund (SMEDF);
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The Minister of Planning and Investment
promulgates a Circular providing guidance on treatment of risks arising from
direct lending operations of the Small and Medium Enterprise Development Fund
(SMEDF).
Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Circular provides guidance on treatment of risks
arising the Small and Medium Enterprise Development Fund (SMEDF) as prescribed
in Section I Chapter III and Section II Chapter V of the Government’s Decree
No. 39/2019/ND-CP dated May 10, 2019 on organization and operation of the Small
and Medium Enterprise Development Fund (SMEDF) (hereinafter referred to as
“Decree No. 39/2019/ND-CP”).
Article 2. Regulated entities
1. The Small and Medium
Enterprise Development Fund - SMEDF (hereinafter referred to as “Fund”);
2. Small- and medium-sized
enterprises (hereinafter referred to as “SMEs”) getting loans from the Fund as
prescribed in Section I Chapter III of Decree No. 39/2019/ND-CP;
3. Any organizations and
individuals involved in the implementation of this Circular.
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For the purpose of this Circular, in addition to
the terms defined in Decree No. 39/2019/ND-CP, the terms below shall be
construed as follows:
1. “direct lending
contract” (hereinafter referred to as “contract”) means the direct lending
agreement defined in Article 20 of Decree No. 39/2019/ND-CP.
2. “risk” means the
possibility of a loss, associated with loans given by the Fund, resulting from
a SME's failure or inability to meet part or all of repayment obligations on
its loan (principal and/or interest) under the signed contract.
3. “risk treatment” means
the adoption of the measures specified in Article 40 of Decree No.
39/2019/ND-CP for dealing with an SME’s loan debts (principal and/or interests)
which cannot be recovered by the Fund under the signed contract.
4. “revision of payment
periods/amounts” means the Fund’s making changes in periods for making
payment of debts (principal and/or interest) or payment amounts (principal
and/or interest) agreed upon in the signed contract.
5. “extension of repayment
period” means the agreement made between the Fund and an SME on extension
of the repayment period of debts (principal and/or interest) specified in the
signed contract.
6. “debt charge-off” means
the Fund’s declaration that a portion or all of an SME’s debt (principal and/or
interest) will not be collected within a given period under the signed
contract.
7. “outstanding interest” means
interest which is calculated on the principal amount and according to the
interest rate specified in the signed contract but has not yet been paid by the
SME.
8. “outstanding interest
write-off” means the Fund’s partial or total forgiveness of the outstanding
interest owned by an SME under the signed contract.
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10. “outstanding principal
write-off” means the Fund’s partial or total forgiveness of the outstanding
principal owned by an SME under the signed contract.
11. “debt sale” means
the Fund's transfer of a part or all of the rights to collect debt and other
rights associated with an SME’s debt to a debt buyer and receipt of payment
from the debt buyer.
12. “book value of
debt" means total amount of outstanding principal and interest and any
other financial liabilities associated with an SME’s debt, which is recorded in
the accounting books of the Fund in accordance with regulations of law.
13. “debt buyer” means
an entity that is licensed to buy/sell debts in accordance with regulations of
law.
14. “broker” means an
entity that is licensed to provide brokerage on buying or selling of debts in
accordance with regulations of law.
15. “disposition of
collateral” means the Fund’s adoption of measures for disposing of the collateral
provided by the SME to recover debt (principal and/or interest).
16. “provision for risks” means
an amount of money which is set aside by the Fund as prescribed in Decree No.
39/2019/ND-CP as the provision for covering losses which may arise from SMEs’
failure to repay debts under signed contracts.
Article 4. Risk treatment
principles
The Fund’s treatment of risks must comply the
principles laid down in Article 39 of the Decree No. 39/2019/ND-CP.
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1. SMEs suffer financial
and/or property damage due to disasters, calamities, crop failure, epidemics,
fire, war events or national state of emergency.
2. SMEs incur risks due to objective
factors which directly affect their business operations resulting in their
inability or failure to repay debts (principal and/or interest) under signed
contracts.
3. SMEs have bad debts
according to results of debt classification as prescribed in Clause 1 Article
37 of Decree No. 39/2019/ND-CP and fall into neither the case in Clause 1 nor
the case in Clause 2 of this Article.
4. SMEs are declared bankrupt
in accordance with current regulations of law.
Article 6. Determination of
capital and asset damage
1. When an SME borrowing funds
from the Fund incurs risk, the Fund shall play the leading role and cooperate
with relevant parties, including the SME and competent authorities (if any), to
examine and assess the risk and make a record of capital and asset damage
incurred by that SME.
2. The record of capital and
asset damage incurred by the SME must bear certifications of related parties
and contain all the necessary information such as events, risks incurred,
causes of risks, and the capital and asset damage level.
3. The level of capital and
asset damage incurred by the SME is the cash value of assets and capital
actually damaged or lost at the date of record.
4. The Fund is allowed to hire
entities that are licensed to provide valuation services to determine the level
of capital and asset damage incurred by the SME.
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MEASURES AND FUNDING
SOURCES FOR RISK TREATMENT
Section I. RISK TREATMENT
MEASURES
Article 7. Revision of payment
periods/amounts
1. Eligible borrowers:
SMEs facing risks as prescribed in Clause 1 or
Clause 2 Article 5 of this Circular.
2. Eligibility requirements:
An SME may be eligible for revision of payment
periods/amounts when meeting all of the following requirements:
a) It is an entity mentioned in Clause 1 of this
Article.
b) It has used the borrowed funds for the purposes
specified in the contract.
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d) It has submitted an adequate application as
prescribed in Clause 3 of this Article.
3. Application for revision of
payment periods/amounts:
The SME shall prepare and send an application for
risk treatment to the Fund. The application consists of:
a) The application form which is signed by the
SME's legal representative and includes the following contents: Causes of risk
resulting in its failure to repay debts under the signed contract; capital and
asset damage level; outstanding principal and interest payable; adopted risk
treatment measures (if any) and proposed risk treatment measures; commitments
on the feasibility of the business plan and debt repayment plan after risk
treatment;
b) Authenticated duplicates of the financial
statements audited by independent audit organizations or sent to tax
authorities of the latest 02 years before the date of application for risk
treatment or of the year preceding the year in which the SME applies for risk
treatment if the SME has operated for a period less than 2 years;
c) Certified true copy of the debt reconciliation
statement by the time of application for risk treatment;
d) Other relevant documents (if any).
4. Dossier on revision of
payment periods/amounts:
The Fund shall prepare a risk treatment dossier, consisting
of:
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b) The record of capital and asset damage incurred
by the SME.
c) The Fund’s report on risk treatment, including
the following contents: The SME’s business situation, repayment of debt
(principal and/or interest) under the signed contract, description and causes
of the risk, capital and asset damage level, adopted risk treatment measures
and results thereof (if any), proposed risk treatment measures, the necessity of
such proposed risk treatment measures, SME’s ability to repay debt (principal
and/or interest) after implementing such proposed risk treatment measures.
d) Other relevant documents (if any).
5. Authority to decide
revision of payment periods/amounts:
The revision of payment periods/amounts shall be
considered and decided by the Fund.
6. Rules for revision of
payment periods/amounts:
a) Revision to payment periods/ amounts of a debt
may be made several times.
b) The revision of payment periods/amounts shall
change neither of the repayment period, the last payment deadline, and total
amount of debts payable as specified in the signed contract.
7. Revision of payment
periods/amounts:
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Article 8. Extension of
repayment period
1. Eligible borrowers:
SMEs facing risks as prescribed in Clause 1, Clause
2 or Clause 3 Article 5 of this Circular.
2. Eligibility requirements:
An SME may be eligible for extension of repayment
period when meeting all of the following requirements:
a) It is an entity mentioned in Clause 1 of this
Article.
b) It has used borrowed funds for the purposes
specified in the contract.
c) It has difficulties in business operations
resulting in its failure to repay debts (principal and/or interest) in full and
on schedule under the signed contract.
d) It has submitted an adequate application as
prescribed in Clause 3 of this Article.
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The SME shall prepare an application as prescribed
in Clause 3 Article 7 hereof.
4. Dossier on extension of
repayment period
The Fund shall prepare a dossier as prescribed in
Clause 4 Article 7 hereof.
5. Authority to decide
extension of repayment period
The extension of repayment period shall be
considered and decided by the Fund.
6. Rules for extension of
repayment period
a) Repayment period of a debt may be extended
multiple times.
b) The extended repayment period must fall within
the loan term and not exceed the maximum loan term according to regulations on the
Fund’s direct lending.
7. Extension of repayment
period
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Article 9. Debt charge-off
1. Eligible borrowers:
SMEs facing risks as prescribed in Clause 1, Clause
2 or Clause 3 Article 5 of this Circular.
2. Eligibility requirements:
An SME may be eligible for debt charge-off when
meeting all of the following requirements:
a) It is an entity mentioned in Clause 1 of this
Article.
b) It has used borrowed funds for the purposes specified
in the contract.
c) It faces difficulties during business resulting
in its loss or accumulated losses incurred within at least 01 year preceding
the year of risk treatment and its failure to repay debt (principal and/or
interest) in full and on schedule as agreed upon in the signed contract.
d) It has submitted an adequate application as
prescribed in Clause 3 of this Article.
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The SME shall prepare an application as prescribed
in Clause 3 Article 7 hereof.
4. Debt charge-off dossier
The Fund shall prepare a debt charge-off dossier as
prescribed in Clause 4 Article 7 hereof.
5. Authority to decide debt
charge-off
The Fund shall request the Minister of Planning and
Investment to consider and decide the debt charge-off.
6. Debt charge-off rules
a) A debt may be charged off multiple times.
b) The period over which a debt will be charged off
shall not exceed 03 years and not included in the loan term.
c) During the period over which a debt is charged
off, the SME shall not incur interest and is not required to pay outstanding
principal and interest.
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a) After receiving an adequate application as
prescribed in Clause 3 of this Article, the Fund shall appraise the received
application, carry out risk assessment and determination of capital and asset
damage incurred by the SME, and prepare and submit a report on risk treatment
to competent authorities for decision.
b) After a decision on risk treatment is issued,
the Fund shall charge off the debt.
Article 10. Debt sale
1. Eligible borrowers:
SMEs facing risks as prescribed in Clause 1, Clause
2 or Clause 3 Article 5 of this Circular.
2. Eligibility requirements:
An SME may be eligible for debt sale when meeting
all of the following requirements:
a) It is an entity mentioned in Clause 1 of this
Article.
b) It has used borrowed funds for the purposes
specified in the Contract.
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d) It has submitted an adequate application as
prescribed in Clause 3 of this Article.
3. Application for debt sale
a) In case of debt sale requested by the SME
The SME shall prepare an application as prescribed
in Clause 3 Article 7 hereof. If an SME has a request for selling of total book
value of debt, commitments, and information about feasibility of the business
plan and the debt repayment plan must not be specified in the application for
risk treatment.
b) In case of debt sale requested by the Fund
The Fund shall prepare an application for debt
sale, consisting of:
- The written proposal for risk
treatment made by the Fund, indicating the followings: causes of the risk
resulting in the SME’s failure to repay debt under the signed contract, the
outstanding principal and interest payable. Any adopted risk treatment measures
and proposed ones must be specified in the written proposal for risk treatment.
- The record of capital and
asset damage incurred by the SME (the SME’s certification thereon is not
required).
4. Debt sale dossier
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b) In case of risk treatment requested by the Fund:
The debt sale dossier includes the documents specified in Point b Clause 3 of
this Article.
c) The Fund's report on risk treatment: In
addition to the contents specified in Point c Clause 4 Article 7 hereof, the
report on risk treatment shall include the proposal for sale of partial or
entire book value of debt.
d) The original of the debt buyer’s written request
for or letter of acceptance of debt purchase.
dd) Other documents and instruments as prescribed
by law or requested by the debt buyer (if any).
5. Authority to decide to
implement risk treatment measure
a) In case of debt sale which does not cause a
decrease in the Fund’s charter capital:
The Fund shall consider deciding the debt sale in
accordance with Point c Clause 1 Article 41 of the Decree No. 39/2019/ND-CP and
SBV’s regulations on debt trading.
b) In case of debt sale resulting in a decrease in
the Fund’s charter capital:
The Fund shall prepare and submit a risk treatment
dossier to the Ministry of Planning and Investment that shall play the leading
role and cooperate with the Ministry of Finance in submitting it to the Prime
Minister for considering and deciding the debt sale in accordance with Point a
Clause 1 Article 41 of the Decree No. 39/2019/ND-CP.
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a) The debt trading between the Fund and the debt
buyer shall comply with SBV’s regulations on trading of debts of credit
institutions and foreign bank branches (FBBs) and other relevant laws.
b) Either partial or entire book value of the debt
may be sold.
c) The sale of debts by auction shall be
prioritized. In case of unsuccessful auction, the Fund may consider deciding to
sell debts by negotiation.
7. Debt sale methods
a) Selling debts by auction
- The Fund shall employ an
auction organization that is established and operating in accordance with
regulations of law to organize or itself organize the auction of debts in accordance
with regulations of law on property auction.
- The starting price for the
auction shall be determined in accordance with SBV’s regulations on
determination of value of debts traded by credit institutions.
b) Selling debts by negotiation
- The Fund and the debt buyer
shall enter into negotiation on selling debt directly or through a broker
according to the market principle.
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8. Debt sale and purchase
contract
The Fund’s debt sale shall be made by entering into
a debt sale and purchase contract in which the selling price and transfer of
the creditor’s rights from the Fund to the debt buyer and other relevant
agreements are specified.
9. Settlement of difference
between the selling price and book value of the debt (after deducting all
expenses as prescribed by law):
a) In case the selling price of a debt is greater
than its book value, the positive difference shall be settled according to
Point c Clause 3 Article 51 of Decree No. 39/2019/ND-CP.
b) In case the selling price of a debt is smaller
than its book value, the negative difference shall be settled according to
Point a Clause 1 Article 41 and Point b Clause 3 Article 51 of Decree No.
39/2019/ND-CP.
10. Accounting for debt sale
The Fund shall carry out accounting for its debt
sale according to current regulations on accounting applied to the Fund.
11. Selling debts
a) In case of debt sale requested by the SME
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The debt sale which is decided by the Prime
Minister shall be carried out according to Clause 7 Article 9 hereof.
b) In case of debt sale requested by the Fund
The Fund shall carry out risk assessment and
determination of capital and asset damage incurred by the SME, prepare and
submit a report on risk treatment to competent authorities for decision; carry
out the debt sale after obtaining a decision on debt sale issued by a competent
authority.
Article 11. Disposition of
collateral
1. Eligible borrowers:
SMEs facing risks as prescribed in Clause 1, Clause
2 or Clause 3 Article 5 of this Circular.
2. Eligibility requirements:
An SME may be eligible for disposition of
collateral when meeting all of the following requirements:
a) It is an entity mentioned in Clause 1 of this
Article.
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c) It faces difficulties during business resulting
in its loss or accumulated losses incurred within at least 01 year preceding
the year of risk treatment and its failure to repay debt (principal and/or
interest) in full and on schedule as agreed upon in the signed contract.
d) It has submitted an adequate application as
prescribed in Clause 3 of this Article.
3. Application for disposition
of collateral
a) In case of risk treatment requested by the SME:
The SME shall prepare an application as prescribed in
Clause 3 Article 7 hereof.
If an SME has a request for disposition of
collateral for settling total book value of its debt, commitments and
information about feasibility of the business plan and the debt repayment plan
must not be specified in the application for risk treatment.
b) In case of risk treatment requested by the Fund:
The Fund shall prepare an application as prescribed in Point b Clause 3 Article
10 hereof.
4. Collateral disposition
dossier
a) In case of risk treatment requested by the SME:
The collateral disposition dossier shall comply with Point a Clause 3 of this
Article.
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c) The Fund's report on risk treatment: In
addition to the contents specified in Point c Clause 4 Article 7 hereof, the
report on risk treatment shall include the proposal for disposition of
collateral for settling partial or entire book value of debt.
d) Other documents and instruments as prescribed by
law regulations on disposition of collateral.
5. Authority to decide to
dispose of collateral
a) In case of disposition of collateral which does
not cause a decrease in the Fund’s charter capital:
The Fund shall consider deciding the disposition of
collateral according to Point c Clause 1 Article 41 of Decree No.
39/2019/ND-CP, the 2015 Civil Code and relevant laws on disposition of
collateral.
b) In case of disposition of collateral resulting
in a decrease in the Fund’s charter capital:
The Fund shall prepare and submit a collateral
disposition dossier to the Ministry of Planning and Investment that shall play
the leading role and cooperate with the Ministry of Finance in submitting it to
the Prime Minister for considering and deciding the disposition of collateral
in accordance with Point a Clause 1 Article 41 of the Decree No. 39/2019/ND-CP.
6. Methods for disposition of
collateral
a) Auction of collateral;
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c) The secured party’s acceptance of collateral
instead of fulfillment of obligations by the securing party;
d) Other methods as prescribed by law regulations
on disposition of collateral.
7. Collateral disposition
rules
a) The collateral may be disposed of for settling
either partial or entire book value of a debt.
b) The disposition of collateral shall be carried
out in accordance with the Civil Code and relevant laws on disposition of
collateral.
c) The method for disposition of collateral must be
specified in the pledge or mortgage agreement. If agreements on
collateral disposition are not available, the collateral shall be disposed of
by auction.
8. Settlement of difference
between the proceeds from collateral disposition and book value of the debt
(after deducting all expenses as prescribed by law):
a) In case the proceeds from the collateral
disposition are greater than the book value of debt, the positive difference
shall be settled according to the signed Agreement (if any) or returned to the
SME.
b) In case the proceeds from the collateral
disposition are smaller than the book value of debt, the negative difference
shall be settled according to Decree No. 39/2019/ND-CP.
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9. Accounting for disposition
of collateral
The Fund shall carry out accounting for collateral
disposition according to current regulations on accounting applied to the Fund.
10. Disposing of collateral
The collateral shall be disposed of according to
Clause 11 Article 10 hereof.
Article 12. Outstanding
interest write-off
1. Eligible borrowers:
SMEs facing risks as prescribed in Clause 1 or
Clause 4 Article 5 of this Circular.
2. Eligibility requirements:
An SME may be eligible for outstanding interest
write-off when meeting all of the following requirements:
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b) It has used borrowed funds for the purposes
specified in the Contract.
c) It faces difficulties during business resulting
in its loss within at least two (02) years preceding the year of risk
treatment, or accumulated losses incurred within 01 year preceding the year of
risk treatment (if the SME has operated for a period less than 2 years), and
its failure to repay debt (principal and/or interest) in full and on schedule
as agreed upon in the signed contract (except the case specified in Clause 4
Article 5 hereof).
d) It has submitted an adequate application for risk
treatment as prescribed in Clause 3 of this Article.
dd) With regard to the case prescribed in Clause 1
Article 5 hereof: The risk treatment measure prescribed in Article 10 or
Article 11 hereof has been adopted to collect debt (principal and interest) of
a SME but there is still an amount of outstanding interest yet to be collected.
e) With regard to the case prescribed in Clause 4
Article 5 hereof: The risk treatment measure prescribed in Article 10 or
Article 11 hereof has been adopted to collect outstanding interest but there is
still an amount of outstanding interest yet to be collected.
3. Application for outstanding
interest write-off
a) In case of outstanding interest write-off
requested by the SME
If an SME faces risks as prescribed in Clause 1 Article
5 hereof, it may prepare an application for outstanding interest write-off as
prescribed in Clause 3 Article 7 hereof.
b) In case of outstanding interest write-off
requested by the Fund
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- The documents specified in
Point b Clause 3 Article 10 hereof.
- The original of the decision
to declare bankruptcy issued by the civil judgment enforcement agency.
4. Dossier on outstanding
interest write-off
a) In case of outstanding interest write-off
requested by the SME: The dossier on outstanding interest write-off shall
comply with Point a Clause 3 of this Article.
b) In case of outstanding interest write-off
requested by the Fund: The dossier on outstanding interest write-off shall
comply with Point b Clause 3 of this Article.
c) The Fund's report on risk treatment: In
addition to the contents specified in Point c Clause 4 Article 7 hereof, the
report on risk treatment shall include the proposed amount of outstanding
interest to be written off.
5. Authority to decide to
implement risk treatment measure
The Fund shall request the Minister of Planning and
Investment to consider deciding the outstanding interest write-off as
prescribed in Point b Clause 1 Article 41 of Decree No. 39/2019/ND-CP.
6. Rules for outstanding
interest write-off
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b) An amount of outstanding interest shall be
written off once only.
7. Writing off outstanding
interest
a) In case of outstanding interest write-off
requested by the SME
The outstanding interest shall be written off
according to Clause 7 Article 9 hereof.
b) In case of outstanding interest write-off
requested by the Fund
The outstanding interest shall be written off
according to Point b Clause 11 Article 10 hereof.
Article 13. Outstanding
principal write-off
1. Eligible borrowers:
SMEs facing risks as prescribed in Clause 4 Article
5 of this Circular.
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An SME may be eligible for outstanding principal
write-off when meeting all of the following requirements:
a) It is an entity mentioned in Clause 1 of this
Article.
b) It has used borrowed funds for the purposes
specified in the Contract.
c) It has submitted an adequate application as
prescribed in Clause 3 of this Article.
d) The risk treatment measure prescribed in Article
11 hereof has been adopted to collect the outstanding principal from the SME
but there is still an amount of outstanding principal yet to be collected.
3. Application for outstanding
principal write-off
The Fund shall prepare an application as prescribed
in Point b Clause 3 Article 12 hereof.
4. Dossier on outstanding
principal write-off
a) The dossier on outstanding principal write-off
shall comply with Point b Clause 3 of this Article.
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5. Authority to decide the
outstanding principal write-off
a) In case of outstanding principal write-off which
does not cause a decrease in the Fund’s charter capital:
The Fund shall request the Minister of Planning and
Investment to consider deciding the outstanding principal write-off as
prescribed in Point b Clause 1 Article 41 of Decree No. 39/2019/ND-CP.
b) In case of outstanding principal write-off
resulting in a decrease in the Fund’s charter capital:
The Fund shall request the Ministry of Planning and
Investment to play the leading role and cooperate with the Ministry of Finance
in requesting the Prime Minister to consider deciding to write off the
outstanding principal in accordance with Point a Clause 1 Article 41 of the
Decree No. 39/2019/ND-CP.
6. Rules for outstanding
principal write-off
a) The amount of outstanding principal to be
written off shall be decided by the competent person prescribed in Clause 5 of
this Article.
b) An amount of outstanding principal shall be
written off once only.
7. Writing off outstanding
principal
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Section II. FUNDING FOR RISK
TREATMENT
Article 14. Funding for risk
treatment
1. Proceeds from debt sale and
disposition of collateral.
2. Funding from the loan loss provision
and financial reserve fund
a) The loan loss provision and financial reserve
fund shall be used according to Clause 1 Article 42 and Clause 3 Article 51 of
Decree No. 39/2019/ND-CP for implementing the following risk treatment
measures, including: debt sale (in case the selling price is smaller than the
book value of debt), disposition of collateral (in case the proceeds from the
disposition are smaller than the book value of debt), and outstanding principal
write-off.
b) In the event risks are not fully settled after
the amounts of the loan loss provision and financial reserve fund have been
used up, the Fund shall request the Ministry of Planning and Investment to play
the leading role and cooperate with the Ministry of Finance in submitting the case
to the Prime Minister for consideration.
3. Funding for implementing
other risk treatment measures shall comply with regulations of law.
Chapter III
IMPLEMENTATION
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1. Relevant organizations,
units and individuals are responsible for the implementation of this Circular.
2. Ministries, ministerial
agencies, Governmental agencies and People's Committees at all levels shall,
within the ambit of their assigned functions, tasks and powers, direct their
affiliated agencies and enterprises to cooperate with the Fund in collecting
and settling debts.
3. The Small and Medium
Enterprise Development Fund (SMEDF) shall promulgate regulations on authority
to decide to adopt the risk treatment measures specified in Clause 5 Article 7,
Clause 5 Article 8, Point a Clause 5 Article 10, and Point a Clause 5 Article
11 of this Circular.
Article 16. Implementation
clause
1. This Circular comes into
force from February 25, 2021.
2. Difficulties that arise
during the implementation of this Circular should be promptly reported to the
Ministry of Planning and Investment for consideration./.
MINISTER
Nguyen Chi Dung
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