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THE GOVERNMENT
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 266/2025/ND-CP
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Hanoi, October
14, 2025
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DECREE
ON
AMENDMENTS TO DECREE NO. 46/2021/ND-CP DATED MARCH 31, 2021 OF THE GOVERNMENT
ON THE FINANCIAL MANAGEMENT AND PERFORMANCE EVALUATION REGIME APPLICABLE TO THE
VIETNAM DEVELOPMENT BANK
Pursuant to the Law on Organization of the
Government No. 63/2025/QH15;
Pursuant to the Law on State Budget No.
83/2015/QH13; the Law on amendments to the Law on Securities, the Law on
Accounting, the Law on Independent Audit, the Law on State Budget, the Law on
Management and Use of Public Property, the Law on Tax Administration, the Law
on Personal Income Tax, the Law on National Reserve, and the Law on Handling of
Administrative Violations No. 56/2024/QH15;
Pursuant to the Law on Credit Institutions No.
32/2024/QH15; the Law on amendments to the Law on Land No. 31/2024/QH15, the
Law on Housing No. 27/2023/QH15, the Law on Real Estate Business No.
29/2023/QH15, and the Law on Credit Institutions No. 32/2014/QH15;
Pursuant to the Law on Public Investment No.
58/2024/QH15;
At the request of the Minister of Finance;
The Government promulgates this Decree on
amendments to Decree No. 46/2021/ND-CP dated March 31, 2021 of the Government
on the financial management and performance evaluation regime applicable to the
Vietnam Development Bank.
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1. Amendments to certain points and clauses of
Article 4:
a) Amendments to Clause 1 are as follows:
“1. The Vietnam Development Bank (VDB) is a policy bank
established by the Prime Minister, having legal person status, charter capital,
its own seal, and accounts opened at the State Bank of Vietnam (SBV), the State
Treasury, and domestic and foreign commercial banks in accordance with law. VDB
applies a centralized accounting system throughout the network as prescribed by
law; shall be held accountable for its operations before the law; and shall
gradually move toward cost and risk self-sufficiency in accordance with law.”;
b) Amendments to Clause 2 are as follows:
“2. VDB operates not for profit, for the purpose of
implementing the State’s socio-economic policies; is provided with charter
capital, interest rate and/or management fee subsidy, and other funding sources
by the State to perform assigned tasks in accordance with this Decree and
relevant law; is exempted from taxes and other budgetary obligations as
prescribed by law; enjoys State guarantee of liquidity; and is not subject to
compulsory reserve requirements or deposit insurance participation.”.
2. Amendments to certain points and clauses of
Article 6:
a) Points a, b, d, and dd) Clause 1 shall be
amended as follows:
“a) The charter capital of VDB is provided by the
state budget and may be supplemented during operation from the state budget and
other lawful financial sources. The supplementation of charter capital during
operation shall comply with Article 6a of this Decree;
b) Capital construction investment funds provided
by the state budget (if any);
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dd) Undistributed financial results;”;
b) Points b and c Clause 2 shall be amended as
follows:
“b) Issuing bonds and other valuable papers in
Vietnamese dong, and accepting deposits from domestic and foreign
organizations. The mobilized interest rate shall not exceed the highest deposit
interest rate of the same tenor and at the same time applied by four commercial
banks: the Vietnam Bank for Agriculture and Rural Development, the Joint Stock
Commercial Bank for Investment and Development of Vietnam, the Joint Stock Commercial
Bank for Foreign Trade of Vietnam, and the Vietnam Joint Stock Commercial Bank
for Industry and Trade. Where the websites of such banks do not publish rates
for the exact tenor of VDB’s mobilization, the shorter closest tenor shall be
used for comparison;
c) Borrowing from domestic and foreign financial
and credit institutions;”
c) Point d Clause 3 shall be amended as follows:
“d) Sponsored funds and other lawful funding
sources in accordance with law.”
3. Add Article 6a after Article 6 as follows:
“Article 6a. Supplementation of charter capital
for the Vietnam Development Bank
1. Supplementation from the state budget: Annually,
VDB shall be provided with additional charter capital from the state budget to
achieve a charter capital growth rate equal to the growth rate of the State’s
development investment credit assigned annually by the Prime Minister, provided
that there is no accumulated negative balance of revenues and expenditures as
of the end of the fiscal year preceding the budget estimate year. The
formulation, execution, and finalization of budget estimates for charter
capital supplementation from the state budget shall comply with Article 21 of
this Decree.
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a) Every three years, VDB shall prepare a plan for
charter capital supplementation (stating clearly the supplementation amount)
from its development investment fund and reserve fund for charter capital
supplementation (if any) and report to the Ministry of Finance for submission
to the Prime Minister for approval after obtaining comments from the SBV;
b) Based on the approved plan and VDB’s audited
annual financial statements, VDB shall transfer amounts from the development
investment fund and reserve fund for charter capital supplementation to
increase its charter capital.”.
4. Amendments to Clause 1 Article 8
“h) Purchase, sale, discount, and rediscount of
valuable papers including: Government bonds; Government-guaranteed bonds; local
government bonds; and SBV bills in accordance with law;
i) Capital contribution to establish enterprises in
accordance with law and the Government’s regulations on organization and
operation of VDB;
m) Implementation of activities as agreed with donors
and other tasks as prescribed by law.”.
5. Amendments to Clause 2 Article 12 are as
follows:
“2. The total residual value of all fixed assets
(excluding land use rights allocated by the State without land use fee, or
leased but exempted from land rent) serving VDB’s operations shall not exceed
25% of the charter capital and the reserve fund for charter capital
supplementation as recorded in VDB’s accounting books. The determination of
residual value shall comply with regulations applicable to enterprises.”.
6. Amendments to Article 15 are as follows:
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1. VDB shall classify assets and off-balance-sheet
commitments in accordance with SBV’s guidance.
2. Based on such classification, VDB shall
calculate, monitor, and determine the amount of required credit risk provisions
(general and specific) for each credit activity prescribed in Article 3 of this
Decree, with provisioning levels consistent with current regulations applicable
to commercial banks.
3. Timing and procedures for classification:
a) Within the first seven days of each month, VDB
shall submit to the Vietnam National Credit Information Center (CIC) its
self-classified results as of the last day of the preceding month, specifically
reporting debt classification for loans and off-balance-sheet commitments of
investment credit contracts signed for the first time on or after December 22,
2023, unaffected by prior classifications;
b) The Credit Information Center (CIC) shall
consolidate the list of customers by the highest credit risk classification
group as self-classified by banks and non-bank credit institutions (including
only the self-classification results of loans and off-balance-sheet commitments
under investment credit contracts signed for the first time on or after
December 22, 2023, as prescribed in Point a of this Clause with respect to the
Vietnam Development Bank). The consolidated list shall be provided to banks and
non-bank credit institutions (including the Vietnam Development Bank) for debt
classification and adjustment of customers’ debt groups in accordance with
law.”.
7. Amendments to Article 16 are as follows:
“Article 16. Provisions for credit risk
VDB shall make provisions for credit risk for State
investment credit, State export credit, guaranteed obligatory loans, and other
credit exposures for which VDB bears credit risk, as follows: Provisioning
shall be as follows:
1. For loans under investment credit contracts
signed prior to December 22, 2023; State export credit loans; and guaranteed
obligatory loans:
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b) Based on annual financial results, VDB’s Board
of Directors may decide to make additional provisions exceeding the level
specified in point a) of this clause, provided that the credit risk provision
fund balance does not exceed the level required under Clause 2 Article 15 of
this Decree.
2. For other loans under Clause 3 Article 3 of this
Decree:
a) For loans granted under on-lending authorization
contracts between the Ministry of Finance and VDB concluded since the entry
into force of the Government’s Decree No. 97/2018/ND-CP dated June 30, 2018 on
on-lending of ODA loans and concessional loans of the Government (hereinafter
referred to as Decree No. 97/2018/ND-CP), VDB shall make and use provisions in
accordance with Decree No. 97/2018/ND-CP and its amending, supplementing, or
replacing documents (if any).
b) For loans granted under on-lending authorization
contracts between the Ministry of Finance and VDB concluded before the
effective date of Decree No. 97/2018/ND-CP, VDB shall make provisions for
credit risk in accordance with the respective on-lending authorization
contracts for foreign loans signed with the Ministry of Finance. Where an
on-lending authorization contract does not provide for credit risk
provisioning, VDB shall make provisions for credit risk in accordance with
Point c of this Clause;
c) For the remaining credit exposures (excluding
the loans specified in Clause 3 of this Article): VDB shall use the positive
difference between interest income on such loans and the funding costs of all
these loans to make provisions for credit risk, and shall ensure that the
balance of the credit risk provision fund for the remaining credit exposures
does not exceed the required provisioning level under Clause 2 Article 15 of
this Decree; in which the funding costs for these lending activities are
determined as follows:
c1) For loans tied to a specific funding source,
the funding cost equals the interest and fees VDB pays on that specific source;
c2) For other outstanding loans financed from VDB’s
common pool of mobilized funds, the funding cost allocated to these loans shall
be determined using the blended funding rate as follows:
Allocated funding
cost
=
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x
Average (blended)
funding rate
In particular: Where the average funding rate is
determined in accordance with Clause 2 of Annex Ia enclosed with this Decree.
3. For loans under investment credit contracts signed
for the first time on or after December 22, 2023, VDB shall make full
provisions for credit risk in accordance with the regulations currently
applicable to commercial banks.
4. The timing of credit risk provisioning shall
comply with regulations applicable to commercial banks.”.
8. Amendments to Article 17 are as follows:
“Article 17. Credit risk provision funds
1. The credit risk provision fund for State
investment credit, State export credit under credit contracts signed for the
first time before December 22, 2023, and for guaranteed obligatory loans shall
be formed from the following sources:
a) The remaining fund balance as of October 14,
2025;
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c) Recoveries of principal from the loans specified
in Clause 1 Article 16 of this Decree that have been charged to provisions and
transferred to off-balance-sheet monitoring (including proceeds from collateral
realization after such transfer);
d) Other sources as prescribed by law.
2. The credit risk provision fund for the remaining
credit exposures shall be formed from the following sources:
a) The remaining fund balance as of October 14,
2025;
b) Provisions for credit risk made under Clause 2
Article 16 of this Decree;
c) Other sources as prescribed by law.
3. The credit risk provision fund for investment
credit under credit contracts signed for the first time from December 22, 2023
shall be formed from provisions for credit risk made under Clause 3 Article 16
of this Decree.
4. VDB shall manage and use credit risk provision
funds as follows:
a) VDB shall separately manage and monitor the
three credit risk provision funds specified in Clauses 1, 2, and 3 of this
Article and shall use such funds to handle risks in accordance with the
risk-handling mechanism applicable to VDB promulgated by the Prime Minister;
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9. Amendments to Article 18 are
as follows:
“Article 18. Other
provisions
1. After making sufficient
provisions for credit risk at the required level specified in Clause 2 Article
15 of this Decree, VDB shall make other provisions as prescribed in Clause 2 of
this Article.
2. Based on regulations
applicable to enterprises on making and using provisions for inventory
devaluation, provision for impairment of financial investments, provision for
doubtful receivables (excluding the loan exposures specified in Article 3 of
this Decree), and other provisions, as well as VDB’s financial capacity, VDB
shall determine the levels of other provisions.”.
10. Amendments to Article 19
are as follows:
“Article 19. Interest rate
subsidy
1. VDB shall be provided with
interest rate subsidy in accordance with Annex Ia enclosed with this Decree in
order to:
a) Perform State investment
credit and State export credit lending tasks under credit contracts signed for
the first time before December 22, 2023; perform credit guarantee obligations
for SMEs borrowing from commercial banks; and carry out other lending tasks
(eligible for interest rate subsidy from the state budget) as prescribed by law
(excluding the credit exposures specified at Point a Clause 2 Article 3 of the
Government’s Decree No. 78/2023/ND-CP dated November 7, 2023 amending and
supplementing a number of Articles of Decree No. 32/2017/ND-CP dated March 31,
2017 on State investment credit);
b) Provide post-investment
support with respect to post-investment support contracts arising before the
effective date of the Government’s Decree No. 32/2017/ND-CP dated March 31,
2017 on State investment credit.
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3. Where total funding costs
are lower than total income from the use of funds, VDB shall not receive the
interest differential subsidy from the state budget, and the difference shall
be handled in the following order:
a) Deduct it from VDB’s
management fee arising in the year under Article 20 of this Decree;
b) Any remaining amount (if
any) shall be recognized as VDB’s income.
4. The specific annual interest
rate subsidy amount of VDB shall be determined in accordance with Annex Ia
enclosed with this Decree.”.
11. Amendments to Article 20
are as follows:
“Article 20. Management fee
1. VDB shall be provided with a
management fee by the State to perform the tasks eligible for the interest
differential subsidy under Point a Clause 1 Article 19 of this Decree
(excluding: loans made to ineligible beneficiaries or for purposes inconsistent
with the executed credit contracts). The management fee provided to VDB includes:
a) The ordinary management fee,
determined based on a management fee rate (developed annually and assigned for
each three-year period) and the average outstanding balance subject to fee
calculation;
b) Other management fees
applicable to loans entitled to a separate fee level as prescribed by the
Government or the Prime Minister.
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a) Results of performance of
tasks eligible for the ordinary management fee in the period immediately
preceding the planned fee period, and the projected tasks arising in the
planned fee period;
b) VDB’s financial position,
operating situation, and management expenses for performing policy credit tasks
(excluding funding costs already covered by the interest rate subsidy and
expenses for credit risk provisioning) arising in the period immediately
preceding the planned fee period, and projected management expenses arising in
the planned fee period;
c) Cost norms under this Decree
and relevant laws applicable to VDB.
3. The annual determination of
the ordinary management fee amount to be provided to VDB shall comply with
Annex Ib enclosed with this Decree.
4. In Quarter II of the year
preceding the planned fee period, VDB shall develop a plan for the ordinary
management fee by each year within a three-year period and report it to the
Ministry of Finance for submission to the Prime Minister for consideration and
decision. The plan shall include at least: legal bases, principles, bases and
methodology, calculation data for each indicator specified in Clause 2 of this
Article, and other relevant contents (if any).
5. Where competent authorities
assign additional functions or tasks to VDB, or where force majeure causes lead
to a financial shortfall, VDB shall report to the Ministry of Finance for
submission to the Prime Minister for consideration and decision on adjusting
the approved ordinary management fee rate.”.
12. Amendments to Article 21
are as follows:
“Article 21. Formulation,
execution, and finalization of state-budget funds granted to VDB
1. The formulation, execution,
and finalization of state-budget funds granted to VDB shall comply with the Law
on State Budget, the Law on Public Investment, this Decree, and relevant
legislative documents.
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13. Amendments to certain
points and clauses of Article 22:
a) Point e Clause 1 is amended
as follows:
“e) Income arising from the
excess of the debt selling price over the remaining unrecovered outstanding
principal, interest, and other financial obligations of the sold debt;”;
b) Add Point p) after Point o)
Clause 1 as follows:
“p) Income from the debts
specified in Clauses 2 and 3 Article 16 of this Decree that have been charged
to provisions and transferred to off-balance-sheet monitoring (including
proceeds from collateral realization of such debts after transfer to
off-balance-sheet monitoring).”.
14. Amendments to certain
points and clauses of Article 23:
a) Point h Clause 1 is amended
as follows:
“h) Other expenses for business
operations: expenses for recovery of written-off debts and non-performing
loans; expenses for debt trading activities; expenses for seizure, custody,
exploitation, and disposal of collateral; attorney fees, legal advisory fees,
court fees, judgment enforcement fees, and charges as prescribed by law;
valuation advisory fees for collateral; expenses for amounts previously
recognized as income that are actually uncollectible and not reversed from
income; outsourced service expenses serving operational activities; and other
operational expenses as prescribed by law.”;
b) Points a and c Clause 3 are
amended as follows:
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c) Asset-related expenses:
depreciation of fixed assets in accordance with general regulations applicable
to enterprises; purchase of tools and supplies; asset lease (where rent is paid
in a lump sum for multiple years, the rent shall be gradually allocated to
operating expenses over the asset’s useful years); maintenance, servicing,
repair, and operation of assets; asset insurance for assets subject to
compulsory insurance under law; disposal and liquidation of assets, including
the residual value of liquidated or disposed fixed assets (if any).”;
c) Clause 4 is amended as
follows:
“4. VDB’s cost norms shall
comply with this Decree and the laws on deductible expenses for corporate
income tax purposes. Where the law has not provided or does not cap a cost
norm, VDB shall formulate cost norms and, based on its financial capacity,
decide on expenditures that are appropriate and efficient, and shall be held
accountable before the law.”.
15. Amendments to Clause 4
Article 24 are as follows:
“4. Expenditures on repair,
maintenance, and equipment of welfare assets such as employee housing and rest
houses of VDB’s employees, and expenditures on other welfare works already
financed from VDB’s welfare fund.”.
16. Amendments to certain
points and clauses of Article 26:
a) Points a, c, and e Clause 2
are amended as follows:
“a) Appropriate 10% to the
reserve fund for charter capital supplementation;
c) Appropriate 20% to the
development investment fund;
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b) Amendments to Clause 3 are
as follows:
“3. Where the financial result
of the year is in deficit, VDB may carry forward the negative revenue-expense
difference to subsequent years for a period not exceeding five (05) years. If,
after five years, VDB has not fully offset the negative difference, VDB shall
report to the Ministry of Finance to assume the prime responsibility for, and
coordinate with relevant ministries and sectors in, submitting to the Prime
Minister for consideration and decision (except where VDB is under
restructuring pursuant to a competent decision).”.
17. Amendments to clause 1,
clause 4, Article 27:
a) Amendments to Clause 1 are
as follows:
“1. The use of VDB’s funds
under this Decree must be for proper purposes and beneficiaries. The General
Director of VDB shall develop and submit to VDB’s Board of Directors for
promulgation the Regulation on management and use of funds in accordance with
law for application within the bank; the Regulation must ensure democracy and
transparency, with participation of the Executive Committee of VDB’s Trade
Union, and must be publicized within the bank before implementation.”;
b) Amendments to Clause 4 are
as follows:
“4. The development investment
fund shall be used to implement development investment projects serving VDB’s
operations and to supplement VDB’s charter capital in accordance with this
Decree.”.
18. Amendments to point b
clause 1 Article 28:
“b) From fiscal year 2028
onwards, VDB must apply the accrual accounting method.”.
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a) Amendments to Clause 6 are
as follows:
“6. The plan for
post-investment support with respect to contracts arising before the effective
date of Decree No. 32/2017/ND-CP (if any), in accordance with law.”;
b) Amendments to Clause 7 are
as follows:
“7. Preparation of the
financial plan report:
a) Annually, within 30 working
days from the date on which the Prime Minister issues the decision assigning
the State’s development investment credit plan, based on the previous year’s
performance, the Vietnam Development Bank (VDB) shall review and update the
financial plan report for the planning year using the templates set out in
Annex II enclosed with this Decree, and submit it to the Ministry of Finance;
b) The Ministry of Finance
shall review VDB’s financial plan report to give an official opinion in writing
and assign performance evaluation and rating indicators for VDB for the
planning year no later than 30 working days from the date of receipt of VDB’s
report. Based on the Ministry of Finance’s opinion, VDB’s Board of Directors
shall finalize and promulgate the decision approving VDB’s annual financial
plan;
c) After the Board of Directors
approves the annual financial plan, VDB shall send it to the Ministry of
Finance for the purposes of financial supervision and performance evaluation of
VDB.”.
20. Amendments to Clause 2
Article 30 are as follows:
“2. VDB’s annual financial statements
must be audited in accordance with law.”.
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“Article 31. Reporting
regime
1. Financial plan report as
prescribed in Article 29 of this Decree.
2. Financial statements,
comprising:
a) Statement of financial
position (balance sheet);
b) Statement of financial
performance (income statement);
c) Cash flow statement;
d) Notes to the financial
statements.
3. Operational reports,
including:
a) Trial balance (including
off-balance-sheet accounts) in accordance with accounting regulations
applicable to VDB;
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c) Report on the making and use
of provisions for credit risk;
d) Report on interest rate
subsidy and management fee funding.
4. Operational performance
reports, including:
a) Management and use of
capital and assets for all activities of VDB as prescribed in Article 8 of this
Decree;
b) Management of labor,
salaries, remuneration, and bonuses for employees, the Executive Board, members
of the Board of Directors, and members of the Supervisory Board in accordance
with current regulations applicable to VDB;
c) Financial results and
appropriations to funds from VDB’s revenue-expense difference.
5. Preparation and submission
of reports:
a) Regarding financial statements:
consolidated financial statements shall be prepared annually, and separate
financial statements shall be prepared quarterly and annually. The annual
financial finalization report shall be approved by VDB’s Board of Directors
before submission to the Ministry of Finance and the SBV;
b) Regarding operational
reports: operational reports shall be submitted to the Ministry of Finance and
the SBV on a quarterly and annual basis, and on an ad-hoc basis at the request
of competent authorities;
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d) Based on the financial
statements, the operating status report approved by VDB’s Board of Directors,
other relevant information and documents, and the SBV’s comments, the Ministry
of Finance shall consolidate and submit a report to the Prime Minister on an
annual basis or ad hoc at the request of the Government or the Prime Minister.
6. The cut-off time for report
data, the reporting deadlines, the method of submission, and the reporting
templates shall comply with Annex III enclosed with this Decree.”.
22. Amendments to Clause 1
Article 32 are as follows:
“1. Annual performance
evaluation criteria of VDB, including:
a) Criterion 1: State
investment credit. This criterion is determined according to the results of
implementing the State’s development investment credit plan assigned annually
by the Prime Minister to VDB;
b) Criterion 2: Ratio of
non-performing loans for which VDB bears credit risk;
c) Criterion 3: Financial
results;
d) Criterion 4: VDB’s
compliance with laws;
dd) Criterion 5: VDB’s compliance
with the reporting regime under Article 31 of this Decree.”
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“Article 33. Performance
evaluation and rating of VDB
1. Performance evaluation and
rating of VDB shall be based on the audited separate financial statements and
conducted in accordance with regulations applicable to wholly state-owned
enterprises and this Decree.
2. The Ministry of Finance
shall assign annual evaluation and rating indicators to VDB in accordance with
Point b Clause 7 Article 29 of this Decree.
3. VDB’s performance shall be
evaluated by assigning ratings (A, B, C) for the criteria set out in Clause 1
Article 32 of this Decree. The method of evaluating each criterion and
aggregating the overall rating shall be as provided in Annex IV enclosed with
this Decree.
4. Annually, based on the
performance evaluation criteria set out in this Decree and the targets assigned
by the Ministry of Finance, VDB shall prepare a performance evaluation and
rating report and submit it to the Ministry of Finance for consideration and
approval of VDB’s rating. The reporting deadline is no later than 45 days from
the date the audited financial statements are finalized.
5. Based on VDB’s report, the
Ministry of Finance shall consider and approve VDB’s rating after obtaining the
SBV’s comments.
6. The annual evaluation and
rating of managers and members of VDB’s Supervisory Board shall be carried out
in accordance with Chapter III of the Government’s Decree No. 159/2020/ND-CP
dated December 31, 2020 on management of office holders and representatives of
state capital at enterprises, and any replacing, amending, or supplementing
documents (if any).”
24. Amendments to certain
points and clauses of Article 34:
a) Amendments to Clause 1 are
as follows:
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b) Clause 6 is amended and
Clause 7 is added after Clause 6 as follows:
“6. To submit to competent
authorities for inclusion in the public investment plan and state budget
expenditure estimates the interest rate subsidy and management fee, and
additional charter capital (if any) for VDB in accordance with the Law on State
Budget, the Law on Public Investment, and relevant laws.
7. To submit to the Prime
Minister for assignment of the State’s annual development investment credit
plan to VDB in accordance with law.”
25. Amendments to Article 37
are as follows:
“Article 37.
Responsibilities of the Ministry of Home Affairs
To provide guidance on the
management of labor, salaries, remuneration, and bonuses for employees, the
Executive Board, members of the Board of Directors, and members of the
Supervisory Board of VDB in accordance with law.”
26. Amendments to Clause 2
Article 39 are as follows:
“2. To formulate the State’s
annual development investment credit plan and report it to the Ministry of
Finance for submission to the Prime Minister for consideration and approval.”
27. Amendments to Article 40
are as follows:
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VDB shall implement certain
mechanisms during the restructuring period as decided by a competent authority,
including:
1. No deduction of any
accumulated negative revenue-expense difference (if any) when determining
regulatory capital under Article 7 of this Decree for the purpose of
determining VDB’s lending limits in accordance with law, until the accumulated
negative difference is remedied;
2. Where the financial result
for the year shows a surplus, before offsetting deficits from previous years,
VDB may appropriate up to one (01) month’s implemented salary but not exceeding
15% of the financial result to the employee bonus fund, welfare fund, and the
bonus fund for members of the Executive Board, Board of Directors, and
Supervisory Board;
3. Where total funding costs
are lower than total income from the use of funds as prescribed in Clause 3 Article
19 of this Decree, the difference shall be used by VDB to make provisions for
credit risk under Clause 1 Article 16 of this Decree and to offset accumulated
losses.”
Article 2.
Annulment and replacement
1. The following provisions of
Decree No. 46/2021/ND-CP are hereby annulled:
Clause 4 Article 4; Article 25; Clauses 4 and 5 Article 32; Clause 5 Article
34; and Article 35.
2. The phrase “as prescribed in
the Charter on organization and operation of the Vietnam Development Bank”
shall be replaced with the phrase “as prescribed by the Government on the
organization and operation of the Vietnam Development Bank” at Point b Clause
1, Clauses 2 and 3 Article 8, and Clauses 1 and 4 Article 39 of Decree No.
46/2021/ND-CP.
Article 3.
Entry into force
1. This Decree comes into force
as of October 14, 2025 and shall apply from fiscal year 2025.
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3. The determination of
salaries for VDB’s managers and members of the Supervisory Board from 2021 to
2024, based on task performance evaluation, shall not exceed the salary level
applicable to enterprises classified as Special Class State Corporations as
prescribed by law during this period.
4. The determination of the
amount of credit risk provisions to be made by VDB under Clause 6 Article 1 of
this Decree, and the provisioning for credit risk applicable to loans under
investment credit contracts signed for the first time on or after December 22,
2023, as prescribed in Clause 7 Article 1 of this Decree, shall comply with the
legal provisions applicable to commercial banks from July 11, 2024.
5. Ministers, Heads of
ministerial-level agencies, Heads of Governmental agencies, Chairpersons of
People’s Committees of provinces and centrally run cities, and the Chairperson
of the Board of Directors and General Director of VDB shall be responsible for
the implementation of this Decree.
ON BEHALF OF THE GOVERNMENT
PP. PRIME MINISTER
DEPUTY MINISTER
Ho Duc Phoc