Circular No. 14/2018/TT-NHNN: Rights and responsibilities of credit institutions in Vietnam

09:58, 28/07/2018

The State Bank of Vietnam issued Circular No. 14/2018/TT-NHNN guiding the implementation of measures for managing monetary policy instruments to support credit institutions lending for agriculture and rural development, which replaces Official Dispatch No. 854/NHNN-TD.

According to Vietnam’s new regulations, credit institutions shall have the following rights and responsibilities:

- The credit institution that needs more funds to grant loans serving agriculture and rural development may request the State Bank to consider refinancing in accordance with provisions of laws in force.

- The credit institution which is eligible and wishes to apply the reserve requirements prescribed in this Circular may send a documented request to the State Bank in compliance with regulations in clause 1 in Article 4 of this Circular.

- Fully and timely report the credit ratio for agriculture and rural development as regulated by the State Bank; take responsibility for the accuracy and validity of the report of total loan outstanding and loan outstanding for agriculture and rural development as the basis for applying supporting measures for the lending for agriculture and rural development.

- Comply with provisions of laws and guidance of the State Bank on the monetary policy for agriculture and rural development.

View guidance on notification of application of the reserve requirements at Circular No. 14/2018/TT-NHNN of the State Bank of Vietnam, effective from July 13, 2018.

- Thanh Lam -

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