Conditions for forgiveness of loan from the National Technology Innovation Fund in Vietnam

What are the regulations on the conditions for forgiveness of loan interest from the National Technology Innovation Fund in Vietnam from July 1, 2023 - Van Tuan (Ninh Thuan)

Conditions for forgiveness of loan interest from the National Technology Innovation Fund in Vietnam

Pursuant to Article 15 of Circular 03/2023/TT-BKHCN (effective from July 1, 2023), an enterprise in Vietnam is considered by the National Fund for Technology Innovation to forgive interest debt or the National Technology Innovation Fund is requested to write off interest debt when it fully meets the following conditions:

- Enterprises are at risk in one of the following cases:

(1) Enterprises suffer financial and property damage due to natural disasters in accordance with the law on prevention and control of natural disasters, disasters, crop failure, epidemics, fires, wars, and national emergencies.

(2) Enterprises are at risk in case the owner of a private enterprise and the owner of a one-member limited liability company (for the owner being an individual) lose their civil act capacity, die, go missing, or have no property to repay debt; the enterprise has stopped operating, has no assets, and has no financial capacity to pay debts; enterprises face risks due to other objective causes, including unexpected accidents, political risks, changes in state policies that directly affect production and business activities, leading to loss-making activities, a difficult financial situation, or inability to repay debt (principal, interest).

(3) The enterprise has completed the bankruptcy in accordance with the provisions of current law.

- Using the loan capital for the purposes stated in the contract;

- Having difficulties in production and business activities, leading to production and business results in the two consecutive years preceding the year in which the risk of loss must be dealt with; or having accumulated losses in the 01 year before the year in which risks must be dealt with (for enterprises with less than 2 years of operation); failing to repay the debt in full and on time according to the contract (except for case (3));

- Having a production and business plan and a feasible plan to repay the remaining debt after the interest debt is forgiven (except in the case of bankruptcy of the enterprise);

- Having a complete dossier of requests for risk treatment according to regulations;

- For cases (1) and (2): the enterprise's debt has been applied risk treatment measures specified in Articles 12 and 13 of Circular 03/2023/TT-BKHCN to recover the debt, but the enterprise still has the remaining unrecovered interest debt. ;

- For case (3): The enterprise's debt has or has not been subjected to the risk handling measures specified in Articles 12 and 13 of CCircular 03/2023/TT-BKHCN to recover interest debt, but the enterprise still has the remaining unrecovered interest debt.

Conditions for forgiveness of loan principal from the National Technology Innovation Fund in Vietnam

Pursuant to the provisions of Article 16 of Circular 03/2023/TT-BKHCN, the National Fund for Technology Innovation in Vietnam shall request to forgive the principal debt of an enterprise when it fully meets the following conditions:

- The enterprise has completed the bankruptcy in accordance with the provisions of current law.

- Using the loan capital for the purposes stated in the contract;

- Debts of enterprises that have or have not applied the risk treatment measures specified in Articles 12 and 13 of Circular 03/2023/TT-BKHCN to recover the principal debt, but the enterprise still has the remaining principal debt which has not been recovered;

- Having all required documents.

Mai Thanh Loi

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