Addressing Issues Regarding Debt Restructuring, Interest Waiver, and Reduction to Support Customers Due to Covid-19

Le Hai

13:34, 10/07/2024

Recently, the State Bank of Vietnam issued Official Dispatch 3339/NHNN-TTGSNH to clarify and provide guidance on the implementation of Circular 01/2020/TT-NHNN.

To ensure consistent implementation of Circular 01 across the entire system of credit institutions and foreign bank branches, the State Bank of Vietnam provides specific opinions in the Explanatory Note and Implementation Guidance for Circular 01, which is published on the State Bank of Vietnam's electronic information portal.

The Explanatory Note and Implementation Guidance for Circular 01 include guidance and explanations on the following:

- Scope of debts eligible for restructuring of repayment terms;- Number of times debt repayment terms can be restructured; interest exemption and reduction, maintaining the debt group;- Provisioning and adjustment of debt groups according to the Customer List provided by the CIC and provisioning for restructured debt repayment terms; interest, fee exemption and reduction, maintaining the debt group as stipulated in Circular 01;- Recognition of accrued interest according to the provisions of Clause 3, Article 6 of Circular 01;- ...

For further details, refer to: Official Dispatch 3339/NHNN-TTGSNH issued on May 8, 2020.

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