Vietnam: Announcement of the list of commercial banks capable of giving guarantees for off-plan houses

15:50, 05/11/2017

This is a notable content specified in Circular No. 13/2017/TT-NHNN providing amendments to Circular No. 07/2015/TT-NHNN on Bank Guarantee.

According to Circular No. 13/2017/TT-NHNN of the State Bank of Vietnam, a commercial bank is capable of giving guarantees for off-plan houses if:

- its license for establishment and operation, or the document stating any amendment or modification to this license includes bank guarantee operations; and

- it is not prohibited from giving guarantees for off-plan house while it is under special control.

The State Bank of Vietnam shall publish the list of commercial banks capable of giving guarantees for off-plan houses in each period on its website. A commercial bank that fails to maintain its satisfaction of the requirements mentioned above and thus is removed from the list of eligible commercial banks must still perform the signed agreements or commitments on guarantees for off-plan houses until guarantee obligations are terminated.

View details at Circular No. 13/2017/TT-NHNN of the State Bank of Vietnam, effective from November 15, 2017.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

38 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn