What are clearance and accounting on interest subsidies in Vietnam?
What are regulations on clearance and accounting on interest subsidies in Vietnam? What are regulations on communication and report on interest subsidies in Vietnam? Please advise. Thankyou.
What are regulations on clearance and accounting on interest subsidies in Vietnam?
Pursuant to Article 6 of Circular 03/2022/TT-NHNN stipulating clearance and accounting as follows:
1. Commercial banks shall record and keep account of interest rate subsidies and provide interest rate subsidies in accordance with Decree No. 31/2022/ND-CP, this Circular, and relevant law provisions.
2. Regarding interest rate subsidies to be recollected from borrowers in accordance with Article 9 of Decree No. 31/2022/ND-CP, commercial banks shall record collectible interest of borrowers. If the collectible subsidies are later deemed irrecoverable, commercial banks shall comply with applicable laws regarding financial regulations for credit institutions and branches of foreign banks.
What are regulations on communication and report on interest subsidies in Vietnam?
According to Article 7 of Circular 03/2022/TT-NHNN, communication and report on interest subsidies is as follows:
1. On the 20th of each month, commercial banks shall submit reports on interest rate subsidy provision results to SBV (via Department of Credit for Economic Sectors) using form under Appendix 2 attached hereto while ensuring adherence to report data in schedules under Decree No. 31/2022/ND-CP.
2. Before the 20th of October, November, and December of 2022 (corresponding to report data of September, October, and November of 2022), commercial banks shall submit reports on potential carry-over of interest rate subsidy of 2022 to 2023 according to Appendix 3 attached hereto.
3. Before July 20, 2023, commercial banks shall submit reports on expected interest rate subsidies for the rest of 2023 to SBV (via Department of Credit for Economic Sectors) according to Appendix 4 attached hereto.
Best Regards!
