This is one of the important parts of the State Bank of Vietnam’s Circular No. 02/2023/TT-NHNN about credit institutions and foreign bank branches that do debt rescheduling and keep classified loan groups to help clients in trouble.
As a result, credit institutions and foreign bank branches will be performing debt rescheduling and maintaining classified loan groups from April 24, 2023, to June 30, 2024, in order to assist customers who are experiencing difficulties in production and business operations as well as other customers who are experiencing difficulties in repaying their consumer debts for loan principals and/or interests (including debts regulated by the Government’s Decree No. 55/2015/ND-CP), based on the following:
obligation rescheduling for clients experiencing issues
Doing obligation rescheduling for clients experiencing issues (Delineation)
– Based on the client’s solicitations;
– The financial resources of banks and branches of foreign banks;
– All of the following conditions are satisfied simultaneously:
Credit chiefs emerge before April 24, 2023, and from loaning and monetary renting exercises.
resulting in obligations to pay back the principal and/or interest on the loan from April 24, 2023, to June 30, 2024.
The charge balance rescheduled isn’t expected or falls late for up to 10 (ten) days from April 24, 2023, under an agreement or an arrangement.
Being of clients that can’t make due installment of their advance directors as well as interests under agreements or arrangements because of loss of their incomes or salaries contrasted with that in the arrangement for the installment of credit chiefs and additionally interests under agreements or arrangements, as assessed by credit foundations or unfamiliar bank offices.
Credit unions and foreign bank branches assess customers’ capacity to repay the loan principal and/or interest on the rescheduled due date.
Credit organizations and unfamiliar bank offices won’t reschedule obligations disregarding the law.
The rescheduled time must not be longer than 12 months from the debit balance due date that is eligible for rescheduling, and it must be determined based on the client’s difficulties, even if debt payment deadlines are extended.
The Round No. On April 24, 2023, 02/2023/TT-NHNN goes into effect.