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THE GOVERNMENT
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 34/2015/NĐ-CP
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Hanoi, March 31,
2015
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DECREE
PROVIDING AMENDMENTS
TO A NUMBER OF ARTICLES OF THE DECREE No. 53/2013/NĐ-CP DATED MAY 18, 2013 BY
THE GOVERNMENT ON ESTABLISHMENT, ORGANIZATION AND OPERATION OF VIETNAM ASSET
MANAGEMENT COMPANY
Pursuant to the Law on Government organization
dated December 25, 2001;
Pursuant to the Law on the State Bank of Vietnam
dated June 16, 2010;
Pursuant to the Law on credit institutions dated
June 16, 2010;
Pursuant to the Law on Enterprise dated November
29, 2005;
At the request of the Governor of the State Bank
of Vietnam;
The Government promulgates the Decree providing
amendments to a number of articles of the Decree No. 53/2013/NĐ-CP dated May
18, 2013 by the Government on the establishment, organization and operation of
Vietnam Asset Management Company (hereinafter referred to as VAMC).
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1. Clause 3 Article 7 is amended as follows:
“Based on the financial capacity of the VAMC,
economic efficiency and market conditions, the VAMC may buy the bad debts from
credit institutions by the method prescribed in Clause 2 of this Article for
bad debts satisfying the following conditions:
a) The conditions specified in Article 8 of this
Decree are satisfied;
b) Money used to buy bad debts is considered
recoverable;
c) The collateral of the bad debt can be put on
sale or the borrower is able to restore the solvency.”
2. Article 9 is amended as follows:
“Article 9. Charter capital
1. The charter capital of the Asset Management is
VND 2,000 billion.
2. The adjustment of charter capital of the VAMC
prescribed in Clause 1 of this Article is decided by the Prime Minister
according to the proposal of the State Bank after completing the negotiation
with the Ministry of Finance.”
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“i) Be eligible for an amount of money at a rate
regulated by the State Bank after the consensus with the Ministry of Finance
according to the amount recovered from bad debts bought by the VAMC using the
special bonds deducting the amount of money that the VAMC has collected
according to the provisions in Point l of this Clause.”
4. Points l, m, n are added to Clause 1 Article 13
as follows:
“l) Be entitled to collect an amount of money at a
rate regulated by the State Bank after the consensus with the Ministry of
Finance according to the closing debt balance bought by the VAMC using the
special bonds.
Money the credit institution returns to the VAMC as
prescribed in this regulation is included in the expenditure of such credit
institution.
m) Be entitled to inherit the rights and
obligations of creditors from debt-selling credit institutions, including
procedural rights and obligations in the lawsuits against the borrowers, debt
payers and guarantors; inherit rights and obligations of creditors from
debt-selling credit institutions during the litigation process.
n) The VAMC, the debt-selling credit institution
are not required to register the change of the guarantor in the registered
guaranty contract when buying the bad debts from each other.”
5. Article 14a is added after Article 14 as
follows:
“Article 14a. Issuance of bonds to buy debts
according to market price
1. The VAMC may issues bonds to buy bad debts
according to market price on the basis of the plan on bond issuance approved by
the State Bank.
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3. The VAMC may issue the bonds:
a) Through bidding;
b) With guaranty;
c) Via an agency;
d) Direct sale.
4. Bonds issued by the VAMC that are held by credit
institutions are used for open market operation and refinancing at the State
Bank.
5. The State Bank is in charge of detailing the
regulations on issuance of bonds of the VAMC.”
6. Clauses 6 and 7 of Article 16 are amended as
follows:
“6. Sell debts to organizations and individuals.
The sale of bonds to a non-resident organizations and individuals shall be in
accordance with the regulations of the State Bank.
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7. Clause 1 Article 18 is amended as follows:
“1. Collateral of bad debts that the VAMC bought is
settled according to the agreement between the guarantor and the obligee;
otherwise, collateral shall be auctioned according to the provisions on Clause
2 of this Article.”
8. Clause 2a is added to the end of Clause 2
Article 18 as follows:
“2a. If the auction of collateral of bad debts
prescribed in Clause 2 of this Article is not successful, the VAMC may sell
such collateral via auction again or sell such collateral according to the agreement
with the buyer, concurrently with notifying the guarantor. The cases that are
considered failed auctions:
a) The auction occurs without bidders;
b) None of bidders call out their bids;
c) Other cases according to the legislation on
auction.”
9. Point c Clause 1 Article 20 is amended as
follows:
“c) Special bonds are sold in VND with interest
rate at 0% and duration not exceeding 05 years. Regarding the special bonds for
settlement of bad debts of a credit institution carrying out a restructuring
project or have financial difficulties, duration of special bonds shall not
exceeding 10 years.”
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“3. The State Bank is in charge of detailing the
regulations on refinancing using special bonds.”
11. Point c is added to the end of Clause 1 Article
21 as follows:
“c) May buy bad debts from VAMC before the
expiration of special bonds.”
12. Point a Clause 2 Article 21 is amended as
follows:
“a) Set up the annual risk provision for special
bonds in their operation expenses during the duration of special bonds so as to
create a source for handling bad debts when they are bought from VAMC as
prescribed in Clause 3 of this Article.”
13. Point a is amended and point k is added to
Clause 1 of Article 23 as follows:
“a) Money from loan recovery;”
“k) Money collected according to the regulations in
Point l Clause 1 Article 13 of this Decree.”
14. Clause 3 is added to Article 26 as follows:
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15. Clause 3 is added to Article 27 as follows:
“3. Provide direction and guidance for the civil
enforcement agencies at all levels on cooperating and assisting the VAMC during
the implementation of sentences and decisions of the Court on the handling of
the collateral."
16. Article 28 is amended as follows:
“Article 28. Responsibilities of the Ministry of
Natural Resources and Environment
1. Providing direction and guidance for affiliated
units on cooperating and assisting the transfer of the right to use land during
the settlement of collateral at the request of VAMC.
2. Providing direction and guidance for affiliated
units on cooperating and assisting the transfer of the right to use land during
the settlement of collateral of the VAMC.”
17. Article 28a is added to the end Article 28 as
follows:
“Article 28a. Responsibilities of the Ministry
of Construction
1. Provide guidance on completing the legal records
according to the legislation on construction and real estate business
applicable to collateral being real estate project.
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18. Article 28b is added to the end Article 28a as
follows:
“Article 28b. Responsibilities of the Ministry
of Planning and Investment
The Ministry of Planning and Investment is
responsible for providing direction and guidance on procedures for revocation
of the Investment certificate for the issuance of a new Investment certificate
to a buyer or the auction winner of the on-land property of investment project
(the collateral buyer) that is collateral subject to handling of the loan from
the VAMC.”
19. Clauses 1a and 1b are added to the end of
Clause 1 Article 30 as follows:
“1a. The Ministry of Public Security is responsible
for providing direction and guidance for police departments at all levels
within management authority on protecting public order and security at the
place where the revocation or confiscation of collateral is carried out.
1b. People’s Committees at all levels within
management authorities shall cooperate and assist the VAMC to carry out the
revocation/confiscation and settlement of collateral at the request of the
VAMC.”
Article 2. Effect
This Decree comes into effect from April 05, 2015.
Article 3. Implementation
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ON BEHALF OF
THE GOVERNMENT
THE MINISTER
Nguyen Tan Dung