Other IN HANOI, VIETNAM

Two Sources of Income of the Vietnam Bank for Social Policies

05:09, 11/07/2024

This is a noteworthy provision stipulated in Circular 62/2016/TT-BTC issued by the Ministry of Finance on April 15, 2016, providing guidelines for the implementation of the financial management regulations for the Bank for Social Policies.

Circular 62 stipulates that the income sources of the Vietnam Bank for Social Policies include: income from operational activities and income from other activities. To be specific::

- Income from operational activities includes:

- Interest income from loans to poor households and policy beneficiaries.- Interest income from deposits of the Vietnam Bank for Social Policies at the State Bank of Vietnam, the State Treasury, and commercial banks.- Custody service fees for entrusted loans as per the trust contract.- Compensatory interest rate and management fee funded by the state budget.- Income from payment services and treasury operations.- Income from other operational activities and services.

- Income from other activities as stipulated in Circular 62 includes:

- Income from liquidation and sale of assets of the Vietnam Bank for Social Policies.- Income from debts that have been handled by the Risk Provision Fund, as per regulations.- Foreign exchange gains (if any).- Other income as stipulated by law.

For more details, see Circular 62/2016/TT-BTC effective from June 1, 2016.

-Thao Uyen-

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