STATE
BANK OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.
440/2001/QD-NHNN
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Hanoi,
April 17th , 2001
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DECISION
ON
THE LENDING TO WORKERS WHO GO AND WORK ABROAD FOR A CERTAIN PERIOD OF TIME
THE GOVERNOR OF THE STATE
BANK
Pursuant to the Law on the
State Bank of Vietnam and Law on the Credit Institutions 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 ministerial-level agencies;
Pursuant to the Decree No. 152/1999/ND-CP dated 20 September, 1999 of the
Government provides for Vietnamese workers and experts who go and work abroad
for a certain period of time;
Based on the direction of the Prime Minister stated in the Dispatch No.
1113/CP-KTTH dated 4 December, 2000 on the lending to workers who go and work
abroad for a certain period of time;
In agreement with the Ministry of Planning and Investment, Ministry of Finance
and the Ministry of Labour, War Invalid and Social Affairs;
Upon the proposal of the Director of the Monetary Policy Department,
DECIDES
Article 1. Governing
scope
Commercial banks shall lend in
VND and foreign currency to workers and experts who go and work abroad for a
certain period of time (hereinafter generally referred to as workers) in
following forms:
1. Lending through the
Vietnamese enterprises that engage in contracts, sub-contracts for construction
project or in a joint-venture, partnership with foreign parties on the product
sharing basis and investment abroad.
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3. In accordance with the labour
contracts which are directly entered into between individual workers and labour
employers in foreign country.
Article 2. Subject of
application
1. Commercial banks shall be
entitled to lend to all workers who go and work abroad for a certain period of
time. State owned commercial banks shall lend without asset security to workers
of priority under current policy who go and work abroad for a certain period of
time in accordance with paragraph 3 of this Article.
2. Commercial banks shall lend
to workers who go and work abroad for a certain period of time (who have
entered into the labour contract directly or through enterprises referred to in
paragraph 1 and 2 Article 1 of this Decision, irrespective whether they are of
priority under current policy or not) through the family households that have
those workers, except for the case that workers who go and work abroad for a
certain period of time abroad are single, where commercial banks shall lend
directly to workers.
3. Workers of priority under
current policy who go and work abroad for a certain period of time shall
include:
- Wife (husband), children of
revolutionary martyrs;
- Wounded soldiers (including
wounded soldiers of B level who had been confirmed before 31 December, 1993,
hereinafter referred to as on-the-job accident soldiers), persons who can
benefit from the policy for wounded soldiers and have lost their working
capability from 21% upward (hereinafter referred to as wounded solders );
- Wife (husband), children of
wounded soldiers;
- Children of arm-force heroes,
labour heroes, children of persons who have joint the resistant war, persons
who have made contribution to the revolution and honored with resistant medals,
orders, children of revolutionary cadres who participated in the revolution
prior to 8.1945;
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Article 3. Application of
lending provisions
Commercial banks shall lend to
workers who go and work abroad for the certain period of time in accordance
with the Decree No. 152/1999/ND-CP dated 20 September, 1999 of the Government
which provides for workers and experts going and working abroad for the certain
period of time, the Regulation on lending by credit institutions to customers
issued in conjunction with the Decision No. 284/2000/QD-NHNN1 dated 25 August,
2000 of the Governor of the State Bank of Vietnam, the Decision No.
418/2000/QD-NHNN1 dated 21 September, 2000 of the Governor of the State Bank of
Vietnam on the objects of lending in foreign currency by credit institutions,
provisions of this Decision and other related legal documents.
Article 4. Lending funds
Commercial banks shall use their
self-mobilized funds to lend to workers who go and work abroad for the certain
period of time.
Article 5. Subjects of
lending
Commercial banks shall lend for
financing necessary expenditures, fees required for workers going and working
abroad for the certain period of time in accordance with the contracts which
were signed between them and Vietnamese enterprises which are authorized to
send them to foreign countries or foreign labour employers:
1. Workers who go and work for
the certain period of time abroad shall be entitled, through the labour
supplying enterprises, to borrow for financing expenditures such as: advance
security money; service fee, single airline ticket, training expense and other
legal expense for satisfaction of their going and working abroad.
2. Workers who go and work
abroad for the certain period of time in accordance with labour contracts
entered into between them and the foreign employers shall be entitled to borrow
for financing expenses such as: single airline ticket; training before going
abroad; other lawful expenses for their going and working abroad.
3. Workers who go and work
abroad for the certain period of time through Vietnamese enterprises that
engage in contracts, sub-contracts for construction project or in a
joint-venture, partnership with foreign parties on the product sharing basis
and investment abroad, shall be entitled to borrow for financing expenses such
as: single airline ticket, training expense and other lawful expenses for their
going and working abroad.
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1. State commercial banks shall
lend without asset security to workers of priority under current policy who go
and work abroad for the certain period of time in accordance with paragraph 1
Article 2 of this Decision.
2. Workers other than those of
priority under current policy who go and work abroad for the certain period of
time shall perform measures of loan security by assets in accordance with the
Decree No. 178/1999/ND-CP dated 29 December, 1999 of the Government and the
Circular No. 06/2000/TT-NHNN1 dated 4 April, 2000 of the Governor of the State
Bank guiding the implementation of this Decree. Procedures of entering into a
loan security contract and implementing this contract are as follows:
- For the loans made through the
family households of workers who go and work abroad for the certain period of
time abroad, the loan security contract shall be signed between representatives
of family households and commercial banks;
- For loans directly made to
single workers who go and work abroad for a certain period of time, loan
security contracts shall be entered into between workers and commercial banks
or between the party authorized by workers who go and work abroad for a certain
period of time in accordance with applicable laws and commercial banks.
Article 7. Procedures of
lending
1. Commercial banks shall lend
on the basis of contracts which are entered into by workers who go and work abroad
for a certain period of time and Vietnamese enterprises which are authorized to
send workers abroad or foreign employers in accordance with the provisions of
the Decree No. 152/1999/ND-CP dated 20 September, 2000 and credit files
stipulated in Article 14 of the Regulation on lending by credit institutions to
customers issued in conjunction with the Decision No. 284/2000/QD-NHNN1 dated
25 August, 2000.
2. Credit file for the workers
other than those of priority under current policy who go and work for a certain
period of time abroad shall include:
a. Documents proving the
borrower is the Head of family household of workers who go and work abroad for
the certain period of time in accordance with provisions of the applicable
laws;
b. Borrowing application of the
Head of a family household or workers who go and work abroad for a certain
period of time (for the case of single workers);
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d. Loan security contract;
dd. Other necessary documents,
which prove the satisfaction of conditions for borrowing.
3. Credit file for workers of
priority under current policy who go and work abroad for a certain period of
time shall include:
a. Documents proving that
workers who go and work abroad for a certain period of time are those of
priority under current policy as stipulated in paragraph 3 Article 2 of this
Decision;
b. Documents stipulated in
paragraph 2 of this Article, except for the loan security contract.
Article 8. Lending level
Commercial banks shall decide on
the lending level on the basis of the funds requirement of workers who go and
work abroad for a certain period of time, as stipulated in Article 5 of this
Decision, the value of the loan security (for the workers other than those of
priority under current policy who go and work abroad for a certain period of time),
the repayment capacity of family households or workers and their funding
source.
Article 9. Lending
interest rate
Commercial banks and customers
shall agree on the lending interest rate in accordance with the provisions
provided for by the Governor of the State Bank from time to time.
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Commercial banks shall, based on
the incomes, the repayment capacity of borrowing customers and their funding
source, agree with their borrowers on the lending period which is not in excess
of the time of contracts which are entered into by workers and Vietnamese
enterprises which are authorized to send workers to foreign countries or
foreign employers.
Article 11. Loans
repayment
Commercial banks and family
households with workers who go and work abroad for a certain period of time
abroad shall agree on the loans repayment periods. In case that Vietnamese
enterprises which are authorized to send workers to foreign countries can
manage incomes of workers paid by foreign employers, commercial banks, workers
and Vietnamese enterprises shall agree on the use of workers income by
Vietnamese enterprises to directly pay to commercial banks.
Article 12. Organization
of the implementation
1. This Decision shall be
effective after 15 days from the date of signing.
2. Boards of Directors and
General Managers (Managers) of commercial banks shall be responsible for
guiding the implementation of this Decision.
3. Heads of units of the State
Bank, General Managers of State Bank branches in provinces and cities under the
central management shall be responsible for inspection, examination, and
supervision of the implementation of this Decision by commercial banks,
borrowing customers.
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