Vietnam: Conditions for remission of late payment interest on bad debts

15:40, 15/08/2017

This is an important content specified in Circular No. 09/2017/TT-NHNN of the State Bank of Vietnam amending Circular No. 19/2013/TT-NHNN on purchase, sale and settlement of bad debts by Vietnam Asset Management Company (VAMC).

Specifically, according to Circular No. 09/2017/TT-NHNN of the State Bank of Vietnam, VAMC shall consider reducing or removing the outstanding late payment interest, fees and fines when they borrower fully pays the principal of all bad debts at VAMC or satisfies the following conditions:

- The borrower cooperates with VAMC and the authorized credit institution;

- The remission helps the borrower alleviate its financial difficulties or restore its business performance;

- The borrower has a feasible plan for paying the debt or financial restructuring serving debt repayment.

View procedures for remission at Circular No. 09/2017/TT-NHNN of the State Bank of Vietnam, effective from August 15, 2017.

- Thanh Lam -

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