STATE
BANK OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.
1310/2001/QD-NHNN
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Hanoi,
October 15th , 2001
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DECISION
ON
THE ISSUANCE OF THE REGULATION ON THE BORROWING BETWEEN CREDIT INSTITUTIONS
THE GOVERNOR OF THE STATE
BANK
Pursuant to the Law on Credit
Institutions No. 02/1997/QH10 dated 12 December, 1997;
Pursuant to the Decree No. 15/CP dated 02 March, 1993 of the Government on the
assignment, authority and responsibility for the State management of the
ministries and ministry-level agencies;
Upon the proposal of the Director of the Credit Department,
DECIDES
Article 1. To issue in
conjunction with this Decision the Regulation on the borrowing between credit
institutions.
Article 2. This Decision
shall be effective after 15 days from the date of signing and replace the
Decision No. 114/QD-NH14 dated 21 June, 1993 of the Governor of the State Bank
on the issuance of "The Regulation on organization and operation of the
Inter-bank Market and the Rule on operation of the Inter-bank Market",
Decision No. 190/QD-NH14 dated 6 October, 1993 of the Governor of the State
Bank on the supplement, amendment several Articles of the Regulation and the
Rule on operation of the Inter-bank Market; Directive No. 07/CT-NH dated 7
October, 1992 of the State Bank on the credit relations between credit
institutions; Decision No. 130/QD-NH1 dated 7 July, 1993 of the Governor of the
State Bank on the lending interest rate in the Inter-bank Market; Decision No.
132/QD-NH14 dated 10 July, 1993 of the Governor of the State Bank on the
establishment of the Inter-bank Market; Decision No. 134/QD-NH14 dated 14 July,
1993 of the Governor of the State Bank on the acceptance of members of the
Inter-bank Market; Decision No. 136/QD-NH2 dated 20 July, 1993 of the Governor
of the State Bank on the level of expenses contributed for the participation in
the Inter-bank Market; Decision No. 189/QD-NH14 dated 6 October, 1993 of the
Governor of the State Bank on the issuance of the Regulation on the guarantee
for borrowing in the Inter-bank Market.
Article 3. The Director
of the Administration Department, the Director of the Credit Department,
Directors of related units in the State Bank, the Managers of the State Bank
branches in provinces, cities, the Chairpersons, General Directors (Directors)
of credit institutions shall be responsible for the implementation of this
Decision.
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THE
GOVERNOR OF THE STATE BANK
Le Duc Thuy
REGULATION
ON
THE BORROWING BETWEEN CREDIT INSTITUTIONS
(issued in conjunction with Decision No. 1310/2001/QD-NHNN dated 15 October,
2001 of the Governor of the State Bank)
Article 1. Governing scope
This Regulation shall provide
for lending, borrowing relations between credit institutions operating in
Vietnam, in order to secure payment capacity and effective use of funds
resource of credit institutions.
Article 2. Interpretation
In this Regulation, following
terms shall be construed as follows:
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2. "Lending term" is
the time period calculated from the time where the borrowing party receives the
lending funds until the time of its full repayment of the principal and
interest and all types of fee (if any) to the lending party. Parties shall
agree to split the lending term into different repayment periods.
3. "Credit line" is
the maximum amount of outstanding loans to be maintained for a certain period
as agreed upon between the borrowing party and the lending party.
Article 3. Subjects of
application
Credit institutions, which are
established and operating in Vietnam in accordance with provisions of the Law
on Credit Institutions, including:
1. Commercial banks, development
banks, investment banks, policy banks, cooperative banks.
2. Foreign bank branches in
Vietnam; joint-venture banks.
3. Non-bank credit institutions.
4. People credit Funds.
Article 4. Lending and
borrowing principles
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1. The borrowing party shall
repay on time the principal and interests and all types of fee (if any) to the
lending party.
2. The lending, borrowing
between parties must secure the safety in accordance with provisions of the law
of Vietnam and international rule.
Article 5. Lending term
1. Short-term lending: maximum
up to 12 months
2. Medium-term lending: from
over 12 months to 60 months.
3. Long-term lending: from over
60 months.
Article 6. Lending interest
rate
1. Lending interest rate shall
be agreed upon by parties in accordance with provisions of applicable laws.
2. Parties may agree to apply
overdue interest rate to the loan amount which is not repaid on time and not
extended by the lending party. The overdue maximum interest rate shall be 150%
of the lending interest rate.
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Parties shall agree to apply or
not to apply the loan security for each specific case. Forms of loan security
shall include the guarantee by assets, guarantee of other credit institutions.
The application of the loan security and the disposal of security assets shall
be performed in accordance with provisions of applicable laws.
Article 8. Modes of lending
Parties shall agree to apply the
lending for each time, the credit ceiling or other modes of lending in
accordance with provisions of applicable laws.
Article 9. Transaction
currency
1. Credit institutions shall be
entitled to lend, borrow in Vietnam Dong;
2. Credit institutions shall be
entitled to lend in foreign currency or borrow in foreign currency or both,
depending on their scope of foreign exchange activities which is permitted by
the State Bank.
Article 10. Rights and
obligations of parties
1. Rights and obligations of the
lending party
a. To request the borrowing
party to provide necessary documents relating to the loan; to refuse borrowing
request by the borrowing party if the borrowing party is considered not to
satisfy lending conditions;
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c. To extend the lending term,
adjust repayment periods, reduce the lending interest rate, classify a loan as
overdue;
d. To request the borrowing
party to accelerate its repayment if parties have agreed on the early
repayment, conditions for the occurrence of the obligation of the early
repayment by the borrowing party and the borrowing party violates one of those
conditions;
dd. At the repayment date, if
the borrowing party, the guarantee party fails to perform in full their
obligations, the lending party shall have the right to dispose the loan
security assets or initiate a law suit against the borrowing party, the guarantee
party in accordance with provisions of applicable laws, unless otherwise agreed
upon by related parties;
e. To perform commitments as
agreed with the borrowing party.
2. Rights and obligations of the
borrowing party:
a. To repay in full and on time
the principal and interests and all types of fee (if any) as agreed upon in the
credit contract;
b. To provide truthfully
information and related documents upon the request of the borrowing party.
c. To repay prior to the
repayment date if both parties have so agreed or when it is accepted by the
lending party;
d. To perform commitments as
agreed with the lending party.
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Article 11. Information,
reporting regime
Credit institutions shall
collect, report to the State Bank on the performance of lending, borrowing with
other credit institutions in accordance with provisions of the State Bank.
Article 12. Organization of
the implementation
Credit institutions shall base
on this Regulation and other relevant legal documents to provide guidance on
the lending to and borrowing from other credit institutions, in line with their
organizational characteristics and model.
Article 13. The
supplement, amendment of this Regulation shall be decided upon by the Governor
of the State Bank.