Guidance on determining the 2%/year interest rate support limit for businesses in Vietnam

Nguyen Nhu Mai

18:02, 24/05/2022

The Governor of the State Bank of Vietnam issued Circular 03/2022/TT-NHNN dated May 20, 2022 guiding the implementation of Decree 31/2022/ND-CP on interest rate support for loans of businesses, cooperatives, and cooperatives. business household in Vietnam

In particular, the guidance on determining and announcing the 2%/year interest rate support limit for businesses for each commercial bank in Vietnam (TMB) is as follows:

- Commercial banks register interest rate support plans from the state budget for both 2022 and 2023 and detail each year according to Point b, Clause 1, Article 7 of Decree 31/2022/ND-CP.

- In case the total amount of interest rate support according to the registered plan of commercial banks in 2022 and 2023 is less than or equal to 40,000 billion VND, the State Bank of Vietnam determines the interest rate support limit for each commercial bank according to the registration. .

- In case the total amount of interest rate support according to the registered plan of commercial banks in the two years 2022 and 2023 is greater than 40,000 billion VND, the State Bank of Vietnam shall determine the interest rate support limit for each commercial bank in accordance with regulations. prescribed in Clause 3, Article 4 of Circular 03/2022/TT-NHNN.

- While there is no decision to allocate capital from the central budget to supplement the 2022 public investment plan of the Prime Minister of Vietnam, the State Bank of Vietnam informs commercial banks of the expected interest rate support limit in 2020 according to the deadline. defined above…

See details in Circular 03/2022/TT-NHNN effective from the date of signing and promulgation.

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