THE GOVERNMENT
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 18/2016/ND-CP
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Hanoi, March 18,
2016
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DECREE
AMENDING AND
SUPPLEMENTING A NUMBER OF ARTICLES OF THE GOVERNMENT’S DECREE NO. 53/2013/ND-CP
OF MAY 18, 2013, ON THE ESTABLISHMENT, ORGANIZATION AND OPERATION OF THE
VIETNAM ASSET MANAGEMENT COMPANY1
Pursuant to the June 19, 2015 Law on
Organization of the Government;
Pursuant to the June 16, 2010 Law on the State
Bank of Vietnam; Pursuant to the June 16, 2010 Law on Credit Institution;
At the proposal of the Governor of the State
Bank of Vietnam,
The Government promulgates the Decree amending
and supplementing a number of articles of the Government’s Decree No.
53/2013/ND-CP of May 18, 2013, on the establishment, organization and operation
of the Vietnam Asset Management Company.
Article 1. To amend and supplement a number
of articles of the Government’s Decree No. 53/2013/ND-CP of May 18, 2013, on
the establishment, organization and operation of the Vietnam Asset Management
Company, as follows:
1. To amend and supplement Points i and l,
Clause 1, Article 13 as follows:
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If the proceeds are smaller than the amount
collected under Point l of this Clause, the Vietnam Asset Management Company is
not required to refund the amount collected under Point 1 of this Clause to
credit institutions;”
“l/ To annually enjoy part of the period-end
outstanding amount of non-performing loans which it has purchased with special
bonds and which are currently accounted on its balance sheet at a percentage
set by the State Bank of Vietnam after reaching agreement with the Ministry of
Finance.
The amounts paid by credit institutions to the
Vietnam Asset Management Company under Points i and l of this Clause shall be
accounted as expenses of the credit institutions;”
2. To amend and supplement Clause 2, Article 14
as follows:
“2. The Vietnam Asset Management Company shall
purchase a non-performing loan from a credit institution at the market value on
the basis of agreement and revaluation of such loan.
A credit institution may gradually amortize in its
operating expenses the difference between the book value and the traded value
of the loan purchased at market value and the value of the risk provision
deducted for such loan on the following principles:
a/ The credit institution is suffering loss or will
suffer loss if such difference is wholly amortized at a time;
b/ The amortization shall be made over 5 (five)
years at most, counting from the time of sale of the loan. The amount to be
amortized annually must not be lower than the revenue-expenditure difference
(exclusive of the amortized amount).
The Ministry of Finance shall guide in detail this
amortization.”
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“Article 20a. Extension of special bonds
1. After obtaining the State Bank’s approval, the
Vietnam Asset Management Company shall extend the issued special bonds to
purchase non-performing loans of credit institutions that are undergoing
restructuring or meet financial difficulties. The aggregate of the extended
period and initial term of special bonds must not exceed 10 (ten) years from
the date of issuance.
2. The State Bank shall specify the extension of
special bonds prescribed in Clause 1 of this Article.”
Article 2. Effect
1. This Decree takes effect on March 23, 2016.
2. To annul Clause 3, Article 1 and paragraph “l/
To enjoy part of the period-end outstanding non-performing loan it has
purchased with special bonds at a percentage set by the State Bank of Vietnam
after reaching agreement with the Ministry of Finance. The amount paid by
credit institutions to the Vietnam Asset Management Company under this
provisions shall be accounted as expense of the credit institutions,” in Clause
4, Article 1 of the Government’s Decree No. 34/2015/ND-CP of March 31, 2015,
amending and supplementing a number of articles of the Government’s Decree No.
53/2013/ND-CP of May 18, 2013, on the establishment, organization and operation
of the Vietnam Asset Management Company.
Article 3. Implementation responsibility
Ministers, heads of ministerial-level agencies,
heads of government-attached agencies, chairpersons of provincial-level
People’s Committees, the chairperson of the Members’ Council and the director
general of the Vietnam Asset Management Company, chairpersons of Boards of
Directors, chairpersons of Members’ Councils and directors general (directors)
of credit institutions, and related organizations and individuals shall
implement this Decree.
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ON BEHALF OF
THE GOVERNMENT
PRIME MINISTER
Nguyen Tan Dung
1
Công Báo Nos 259-260 (30/3/2016)