Legal Counselling

Vietnam’s regulation on guarantee-issuing fee

09:30, 29/06/2015

Circular No. 07/2015/TT-NHNN stipulating bank guarantee was promulgated on June 25, 2015 by the Governor of the State Bank of Vietnam.

Phí bảo lãnh ngân hàng, Thông tư 07/2015/TT-NHNN

According to Circular No. 07/2015/TT-NHNN of the State Bank of Vietnam, guarantee-issuing fee is specified as follows:

- Credit institutions, or foreign bank branches, shall agree on the guarantee-issuing fee amount paid to customers. In case of a counter guarantee or guarantee confirmation, the guarantee-issuing fee amount shall be agreed upon by parties on the basis of the guarantee-issuing fee amount approved by the obligor.

- In respect of the co-guarantee, on the basis of agreement on the co-guarantee contribution ratio and fee amounts collected from the obligor, parties involved in the co-guarantee shall agree on the guarantee-issuing fee paid to each party.

- If credit institutions, or foreign bank branches, issue their guarantee for a joint obligation, they are required to agree with each customer about the fee amount paid on the basis of the equivalent joint obligation of each customer, unless otherwise agreed upon by parties.

- If the guarantee currency is foreign one, parties shall agree on collecting the guarantee-issuing fee by accepting that foreign currency or converting that foreign currency into Vietnam at the sell rate defined on the fee collection or fee collection notification date.

- Parties can agree on any adjustment made to the guarantee-issuing fee.

View more details at Circular No. 07/2015/TT-NHNN of the State Bank of Vietnam, effective from August 09, 2015.

Le Hai

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