Determining the interest rate support limit for each commercial bank in Vietnam

Determining and announcing the interest rate support limit for each commercial bank in Vietnam is specified in Circular 03/2022/TT-NHNN guiding commercial banks to implement interest rate support according to Decree 31/2022/ND-CP on interest rate support from the state budget for loans of enterprises, cooperatives and business households in Vietnam.

Determining the interest rate support limit for each commercial bank in Vietnam

Accordingly, the determination and notification of interest rate support limits for each commercial bank in Vietnam is regulated as follows:

- Commercial banks register interest rate support plans from the state budget for both 2022 and 2023 and detailed each year according to the provisions of point b, clause 1, Article 7 of Decree 31/2022/ND-CP.

- In case the total amount of interest rate support according to the registration plan of commercial banks in the two years 2022 and 2023 is less than or equal to 40,000 billion VND, the State Bank of Vietnam shall determine the interest rate support limit for each commercial bank. with each commercial bank as registered.

- In case the total amount of interest rate support according to the registration plan of commercial banks in the two years 2022 and 2023 is more than 40,000 billion VND, the State Bank of Vietnam shall determine the interest rate support limit for each individual bank. Commercial banks are as follows:

+ The limit determined in the two years 2022 and 2023 is equal to the product between VND 40,000 billion and the proportion of outstanding loans as of December 31, 2021 of each commercial bank on the total outstanding loans of commercial banks. register for an interest rate support plan, but not exceeding the amount of interest rate support according to the plan registration of each commercial bank, specifically determined according to Appendix 01 issued with Circular 03/2022/TT-NHNN;

+ Based on the results of determining the limit for two years 2022 and 2023 mentioned at Point a of this Clause, the State Bank of Vietnam determines the interest rate support limit in 2022 for each commercial bank equal to the support amount. interest rate subsidy according to the registration plan in 2022.

In case the interest rate support amount according to the 2022 plan registration is greater than or equal to the limit determined in the years 2022 and 2023, the interest rate support limit in 2022 is equal to the limit determined in 02 years 2022 and 2023.

The limit determined in 2023 is equal to the limit determined in the years 2022 and 2023 minus the limit determined in 2022.

- While there is no decision to allocate capital from the central budget to supplement the 2022 public investment plan of the Prime Minister according to the provisions of Point a, Clause 2, Article 7 of Decree No. 31/2022/ND-CP and Clause 2 of this Article. 5 Of this, the State Bank of Vietnam shall notify the commercial bank of the expected interest rate support limit in 2022 according to the limit specified in Clauses 2 and 3, Article 4 of Circular 03/2022/TT-NHNN.

- Based on the decision to allocate capital from the central budget to supplement the public investment plan in 2022 and the decision on allocation of capital from the central budget to arrange the public investment plan in 2023 of the Prime Minister of Vietnam, the State Bank Vietnam announced the interest rate support limit in 2022 and 2023 for each commercial bank, and at the same time sent it to the Ministry of Finance and the Ministry of Planning and Investment of Vietnam for coordination in implementation.

- Based on the approval of the competent authority for the transfer of state budget from 2022 to 2023 according to the provisions of point dd, clause 2, Article 7 of Decree 31/2022/ND-CP, the State Bank Vietnam announced that the interest rate support limit in 2022 will be moved to 2023 for commercial banks, and at the same time sent to the Ministry of Finance of Vietnam for coordination in implementation.

- In the third quarter of 2023, in case of necessity, based on the reports of commercial banks according to Appendix 04 issued together with Circular 03/2022/TT-NHNN, the State Bank of Vietnam considers, adjust the interest rate support limit between commercial banks on the principle of transferring from commercial banks that do not need to use up the limit (if any) to commercial banks that need to add the limit (if any).
In case the number of credit lines with additional demand is larger than the number of credit lines that do not need to be used up, the State Bank of Vietnam shall make an allocation to commercial banks that need to supplement the limit based on the results of the transaction. The results of these commercial banks' implementation of interest rate support until the end of June 2023.

Circular 03/2022/TT-NHNN takes effect from May 20, 2022.

Diem My

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