In the light of the global economic developments, the domestic socio-economic situation in the first three months of 2023, and the difficulties and challenges negatively affecting the production and business operations of enterprises and the people; implementing the Government’s directions in Resolution No. 50/NQ-CP dated April 8, 2023, and Resolution No. 59/NQ-CP dated April 23, 2023, the Governor of the State Bank of Vietnam (SBV) has issued Circular No. 02/2023/TT-NHNN dated April 23, 2023 on the rescheduling of debt payment and the maintenance of debt groups by the credit institutions and the foreign bank branches in order to support the customers in difficulties.
SBV Headquarters (Photo: Duc Khanh)
The new Circular is composed of 10 Articles (including the Enforcement), with the main substances as follows:
1. Scope and subjects of application: the Circular requires the credit institutions and the foreign bank branches to reschedule the debt payment and maintain the debt groups in order to support their customers who are facing difficulties in production and business operations, as well as other customers facing difficulties in repaying their consumer debts.
2. Implementation duration: the rescheduling of debt payment shall be implemented from the effective date of this Circular until end of June 30, 2024.
3. The debts which are subject to the rescheduling and the maintenance of debt groups, are loans and leased finance. The credit institutions and the foreign bank branches shall have the authority to consider and assess their customers’ difficulties and to decide on the rescheduling of debt payment.
4. The duration of the rescheduling of debt payment shall be decided by the relevant credit institution, but shall not exceed 12 months from the due date of the loan outstanding which is rescheduled.
Together with the policies on removing difficulties for the people and businesses, the policy on rescheduling the debt payment and maintaining the debt groups in Circular No. 02/2023/TT-NHNN dated April 23, 2023 is expected to contribute to further removing difficulties for the people and businesses. The extension of the debt payment will create favorable conditions for the rotation of capital and the access to new loans for production and business operations and consumption, thereby accelerating the economic development as set in the targets for 2023 and the 2021-2025 period.
The Circular takes effect from April 24, 2023.
Le Hang