Last night, The State Bank of Vietnam officially stated the moratorium on the effectiveness of several provisions of Circular No. 06/2023/NHNN (“Circular 06”) by issuing Circular No. 10/2023/TT-NHNN (“Circular 10”).
is promulgated to suspend the effect of Clauses 8, 9, and 10, Article 8 of Circular No. 39/2016/TT-NHNN (supplemented under Clause 2 Article 1 of Circular 06) from September 1, 2023 until the effective date of the new legislation. In detail, such clauses lay down unloanable cases as follows:
– Loans used for making capital contribution, purchasing capital contribution portion in a limited liability company or a partnership; or shares of a joint-stock company which are not listed or registered for trading on the UPCOM.
– Loans used for making capital contribution under capital contribution contracts, investment cooperation contracts, or business cooperation contracts for executing investment projects that have yet to qualify for sale or for business operation as prescribed by laws.
– Loans used for reimbursement with the exception that, such lending purpose will only apply to project execution expenses which have been incurred less than 12 months before the lending decision date and already been listed in the business plan submitted to the credit institution for borrowing.
In the coming time, the State Bank will coordinate with relevant agencies and units to study and consider appropriate solutions to control risks, ensure the safety of credit institutions, and address the challenges for people and businesses.
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*Circular 06, on the one hand, provides regulations on lending in line with the digital transformation process in banking activities and other regulations with the aim of creating more favorable conditions for customers to access bank loans. On the other hand, Circular 06 supplements a number of regulations to control risks arising in lending activities, contributing to ensuring the operational safety of credit institutions.
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