To urgently issue internal regulations on rescheduling debt repayment and keeping the debt group unchanged in Vietnam

To urgently issue internal regulations on rescheduling debt repayment and keeping the debt group unchanged in Vietnam (Internet image) 

The State Bank of Vietnam issued Directive 02/CT-NHNN dated May 23, 2023, on strengthening credit work and implementing the policy of rescheduling debt repayment and keeping the debt group unchanged in order to support customers in difficulty as prescribed in Circular 02/2023/TT-NHNN.

To urgently issue internal regulations on rescheduling debt repayment and keeping the debt group unchanged in Vietnam

In order to comply with the provisions of Circular 02/2023/TT-NHNN, the State Bank requires credit institutions to urgently and drastically perform the following tasks:

- Expeditiously promulgating and immediately implementing internal regulations on rescheduling debt repayment and keeping the same debt group as prescribed in Circular 02/2023/TT-NHNN.

It is strictly forbidden to act in a way that causes difficulties or troubles, or to issue additional conditions and procedures other than those prescribed in Circular 02/2023/TT-NHNN.

- Chairman of the Members' Council/Board of Directors, General Directors of credit institutions directly direct the implementation of restructuring the repayment term and keeping the debt group unchanged according to Circular 02/2023/TT-NHNN and take responsibility before the Governor of the State Bank for implementation results;

Taking measures to strictly handle units and individuals that deploy slowly, deliberately cause difficulties, lack responsibility, and do not comply with regulations.

- Promoting communication and publicity on dossiers and procedures for rescheduling debt repayment and keeping the debt group intact so that customers can grasp information, properly understand, and fully understand the policy;

Timely answering problems related to documents and procedures for customers, creating favorable conditions to support customers in completing documents, and getting early access to support policies.

- Organizing the implementation of the policy of restructuring the debt repayment term, keeping the debt group unchanged in accordance with regulations; closely supervising, safely preventing, and stopping taking advantage of debt rescheduling; and maintaining debt groups to collude and take advantage of policies.

- Classifying debts, making provision for risks, and recording accrued interest in accordance with law.

- Timely and fully reporting on the results of restructuring the repayment term and keeping the debt group unchanged in accordance with the regulations and guidance of the State Bank.

- Proactively handling difficulties and problems in the system and promptly reporting and proposing to the State Bank, ministries, branches, and People's Committees of provinces and cities to take measures to handle difficulties and problems beyond their authority during implementation.

General requirements for units of the State Bank and credit institutions in Vietnam

General requirements for units of the State Bank and credit institutions in implementing Directive 02/CT-NHNN are as follows:

- Determined with the best efforts to achieve the goals set out in Directive 01/CT-NHNN dated January 17, 2023 of the Governor of the State Bank; focus on implementing solutions to control inflation, maintain stability in the currency and foreign exchange markets, and stabilize the macro-economy;

Focusing credit on priority areas, production and business fields, and growth drivers in order to promptly meet the capital needs of people and businesses, contributing to the recovery and development of production and business.

Continuing to reform administrative procedures, increase access to credit capital, and cut costs to further reduce lending interest rates.

- Actively implementing the policy of restructuring the repayment term and keeping the debt group unchanged according to Circular 02/2023/TT-NHNN in a synchronous and consistent manner from central to local levels, from the State Bank to credit institutions, from the head office to branches and transaction offices of credit institutions;

The implementation process ensures close and timely coordination between the SBV, credit institutions, and the unanimity of the borrowers to improve the effectiveness of policy implementation.

- Ensuring compliance with current legal regulations on lending activities of credit institutions to customers, regulations on rescheduling of repayment terms, and keeping the same debt group according to Circular 02/2023/TT-NHNN of the State Bank of Vietnam and other relevant laws. Ensure credit quality, objectivity, and the true nature of bad debts.

More details can be found in Directive 02/CT-NHNN dated May 23, 2023.

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