To soon promulgate a Circular to support and remove difficulties for borrowers in Vietnam

April 23, 2023, Government issued Resolution 59/NQ-CP on solutions to support and remove difficulties for borrowers to serve their daily life and consumption needs, in which the State Bank of Vietnam is required to perform a number of contents as follows:

To soon promulgate a Circular to support and remove difficulties for borrowers in Vietnam

Specifically, the government agreed with the proposal of the State Bank of Vietnam in Report No. 57/TTr-NHNN dated April 22, 2023 on solutions to support and remove difficulties for borrowers to serve the needs of life and consumption.

The State Bank of Vietnam, according to its assigned functions, tasks, and authority, urgently considers, decides, and soon issues a Circular guiding credit institutions to implement and ensure appropriateness, rigor, feasibility, efficiency, publicity, transparency, compliance with legal regulations, and safety of the system of credit institutions.

At the same time, strengthen inspection, control,  and supervision of the implementation of policies in accordance with the law, limit risks, and prevent abuse, profiteering, loss, or violation of the law.

Therefore, in order to implement the government's direction in Resolution 59/NQ-CP in 2023, the Governor of the State Bank of Vietnam issued Circular 02/2023/TT-NHNN dated April 23, 2023, on credit institutions and foreign bank branches to restructure debt repayment terms and maintain debt groups to support customers in difficulty (effective April 24, 2023).

Thereby, the banks consider and decide to restructure the repayment term for the principal and/or interest balances of the debt on the basis of the customer's request, the bank's financial capacity, and a number of regulations in Circular 02/2023/TT-NHNN.

For example, a customer is assessed by a credit institution or foreign bank branch to be able to fully repay the principal and/or interest according to the restructured repayment term.

Resolution 59/NQ-CP takes effect from the date of signing.

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