List of Vietnam Law
Decision No.: 576/QD-NHNN dated March 31, 2023 of the State Bank of Vietnam prescribing maximum interest rates of short-term loans in Vietnamese Dong granted by credit institutions and foreign bank branches to meet borrowers’ funding demand in certain business sectors according to Circular No. 39/2016/TT-NHNN
Date: 3/31/2023
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THE STATE BANK OF VIETNAM
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THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness ----------- |
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No.: 576/QD-NHNN
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Hanoi, March 31, 2023
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DECISION
PRESCRIBING MAXIMUM INTEREST RATES OF SHORT-TERM LOANS IN VIETNAMESE DONG GRANTED BY CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES TO MEET BORROWERS' FUNDING DEMAND IN CERTAIN BUSINESS SECTORS ACCORDING TO CIRCULAR NO. 39/2016/TT-NHNN DATED DECEMBER 30, 2016
THE GOVERNOR OF THE STATE BANK OF VIETNAM
- Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
- Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010 and the Law No. 17/2017/QH14 dated November 20, 2017 providing amendments to the Law on credit institutions;
- Pursuant to the Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam;
- Pursuant to the Circular No. 39/2016/TT-NHNN dated December 30, 2016 of the Governor of the State Bank of Vietnam prescribing lending transactions of credit institutions and foreign bank branches with customers.
- At the request of the Director of the Monetary Policy Department;
HEREBY DECIDES
Article 1. Maximum interest rates of short-term loans in Vietnamese Dong (VND) according to Clause 2 Article 13 of the Circular No. 39/2016/TT-NHNN dated December 30, 2016 are as follows:
1. Credit institutions and foreign bank branches (except people’s credit funds and microfinance institutions) shall grant short-term loans in VND with the maximum interest rate of 4,5%/year.
2. People’s credit funds and microfinance institutions shall grant short-term loans in VND with the maximum interest rate of 5,5%/year.
Article 2.
1. This Decision comes into force from April 03, 2023 and supersedes the Decision No. 314/QD-NHNN dated March 14, 2023 of the Governor of the State Bank of Vietnam prescribing maximum interest rates of short-term loans in VND granted by credit institutions and foreign bank branches to meet borrowers' funding demand in certain business sectors according to Circular No. 39/2016/TT-NHNN dated December 30, 2016.
2. The interest rates agreed upon in credit contracts or loan agreements which have been signed before the effective date of this Decision in accordance with regulations of laws in force at the date of signing of such credit contracts or loan agreements shall remain valid.
Article 3. The Chief of Office, the Director of the Monetary Policy Department, heads of units affiliated to the State Bank of Vietnam, credit institutions and foreign bank branches are responsible for the implementation of this Decision./.
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PP. GOVERNOR
DEPUTY GOVERNOR (Signed and sealed) Pham Thanh Ha (This translation is for reference only)
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