THE STATE
BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 33/2016/TT-NHNN
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Ha Noi, December 27, 2016
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CIRCULAR
ON RATIOS OF REVENUES OF ASSET MANAGEMENT COMPANY
OF VIETNAMESE CREDIT INSTITUTIONS TO BAD DEBTS
BOUGHT WITH SPECIAL BONDS
Pursuant to the Decree
No. 156/2013/ND-CP dated
November 11, 2013 by the Government defining the functions, tasks, entitlements and
organizational structure of the State bank of Vietnam;
Pursuant to the Decree
No. 53/2013/ND-CP dated May 18, 2013 by the Government providing for the
establishment, organization and operation of Vietnam Asset Management Company which is amended and supplemented by the Decree No. 34/2015/ND-CP
dated March 31, 2015 by the Government and the Decree No. 18/2016/ND-CP dated
March 18, 2016 by the Government (hereinafter referred to as the Decree No. 53/2013/ND-CP);
At the request of the Chief of banking Inspection and supervision;
The Governor of the State bank of Vietnam hereby promulgates the Circular providing for the ratios of revenues of VAMC
to bad debts bought with
special bonds.
Article 1.
Governing scope and regulated entities
1. This Circular provides for the rates of revenues of VAMC,
including:
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b) The ratios of revenues
to the outstanding amount of bad debts bought by the VAMC with special bonds
which are currently accounted on its balance sheet specified in point l clause
1 Article 13 of the Decree No. 53/2013/ND-CP.
2. Regulated
entities of this Circular:
a) VAMC;
b) Vietnamese credit institutions selling bad debts to the VAMC and receiving special bonds
(hereinafter referred to as debt-selling
credit institutions);
c) Relevant organizations
and individuals.
Article 2. Power,
principle and basis for determination of rates of revenues
1. The Governor
of the State bank of Vietnam shall decide the
rates of revenues specified in clause 1 Article 1 of this Circular under the
agreement with the Minister of Finance.
2. The rates of revenues shall be determined under the
following rules:
a) Ensuring that the VAMC has
sufficient revenues to make up for its operation expenses according to
law and minimize the expenses of debt-selling
credit institutions;
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3. Bases for the
State bank of Vietnam to determine the rates
of revenues include:
a) The financial plans of
the fiscal year of the revenues whose rates are determined (hereinafter
referred to as the fiscal year) of the VAMC, including:
(i) Plan on the amount
recovered from bad debts bought by the VAMC with special
bonds;
(ii) Plan on the outstanding
amount of bad debts bought by the VAMC with special
bonds which are accounted on its balance
sheet;
(iii) The planned wage
budget of VAMC.
b) The results of
enterprise classification of the year immediately before the fiscal year of the
VAMC.
Article 3. Procedures
for determination of rates of revenues
1. Not later than the March 01 of a fiscal year, the VAMC shall report
to the State bank of Vietnam (via the Department of Finance and Accounting) the planned
rates of revenues on the basis of the financial
plans of the fiscal year.
2. Within 05 days from the day on which the report from the VAMC is received, the
Department of Finance and Accounting shall collect suggestions of the Bank Supervision and Inspection Agency and the Organization
and Personnel Department.
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4. Within 05 days from the day on which the suggestions from
relevant units are received, the Department of Finance and Accounting shall
request the Governor of the State bank
of Vietnam to apply for collective suggestions
of the Ministry of Finance within 10 days.
5. Within 05 days from the day on which the suggestions from the Ministry of Finance are received, the Department of Finance and Accounting
shall request the Governor of the
State bank of Vietnam to decide on rates of
revenues of the fiscal year.
6. Not later than the March 31 of a fiscal year, the Governor of the State bank of Vietnam shall decide and notify the VAMC and debt-selling credit institutions the rates of
revenues of the fiscal year.
Article 4.
Effect
This Circular comes into
force from February 15, 2017 and replaces the Circular No. 20/2014/TT-NHNN
dated August 12, 2014 by the Governor
of the State bank of Vietnam.
Article 5.
Organization of implementation
The Chief
officers, the Chief of banking Inspection and
supervision, Heads of affiliates of
the State bank of Vietnam, the Director of branches of the State Bank of provinces and central-affiliated
cities, the President of the Board of Directors, the President of
the Member assembly and the General Director
(or Director) of Vietnamese
credit institutions and the President of the Member assembly and the General Director of the VAMC are responsible for
implementing this Circular./.
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P.P. THE GOVERNOR
THE VICE GOVERNOR
Nguyen Dong Tien