Vietnam: Contents of the receivables sale contract

15:59, 11/01/2018

In 2017, the State Bank of Vietnam issued Circular No. 20/2017/TT-NHNN on sale of receivables from financial leasing contracts.

According to Circular No. 20/2017/TT-NHNN of the State Bank of Vietnam, a receivables sale contract must have the following principal contents:

- Name, address and business identification number of the seller; name, address, ID number, citizen number, or passport that remains valid or business identification number of the buyer;

- Amount of receivables, remaining term of the financial leasing contract, leased assets related to the sold receivables, name and address of the lessee;

- Selling price of the receivables;

- Costs related to the sale of receivables;

- Currency used in sales of receivables; methods of payment, time limit of payment;

- Type of security for fulfillment of obligation in accordance with the receivables sale contract;

- Regulations on transfer of debt claim right, ownership right of leased assets and other rights and obligations;

- Regulations on direct collection of leasing fees by the buyer, or the seller collects leasing fees to pay the buyer or the focal member pay the leasing fees to pay back to the buyer;

- Regulations on recourse of receivables;

- etc.

All contents of the contract can be found in Circular No. 20/2017/TT-NHNN of the State Bank of Vietnam, which takes effect from February 12, 2018.

- Thanh Lam -

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