List of Vietnam Law
Decision No. 1730/QD-NHNN dated September 30, 2020 of the State Bank of Vietnam on maximum interest rates for short-term lending in Vietnam Dong of credit institutions, branches of foreign banks applicable to borrowers for financing of economic fields and sectors as specified in Circular No. 39/2016/TT-NHNN dated December 30, 2016
Date: 9/30/2020
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STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness ---------------- |
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No. 1730/QD-NHNN
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Hanoi, September 30, 2020
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DECISION
MAXIMUM INTEREST RATES FOR SHORT-TERM LENDING IN VIETNAM DONG OF CREDIT INSTITUTIONS, BRANCHES OF FOREIGN BANKS APPLICABLE TO BORROWERS FOR FINANCING OF ECONOMIC FIELDS AND SECTORS AS SPECIFIED IN CIRCULAR NO. 39/2016/TT-NHNN DATED DECEMBER 30, 2016
GOVERNOR OF STATE BANK
- Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
- Pursuant to Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010 and Law on amendments to Law on Credit Institutions No. 17/2017/QH14 dated November 20, 2017;
- Pursuant to Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
- Pursuant to Circular No. 39/2016/TT-NHNN dated December 30, 2016 of Governor of the State bank of Vietnam on lending of credit institutions and branches of foreign banks to borrowers;
- At the request of Director of the Monetary Policy Department.
DECISION
Article 1. Maximum interest rates applicable to short-term lending in Vietnam Dong as specified in Clause 2 Article 13 of Circular No. 39/2016/TT-NHNN dated December 30, 2016 are as follows:
1. Credit institutions and branches of foreign banks (except the People's Credit Funds and microfinance institutions) shall adopt the maximum interest rates for short-term lending in Vietnam Dong of 4.5%/year.
2. The people's credit funds and microfinance institutions shall adopt the maximum interest rates for short-term lending in Vietnam Dong of 5.5%/year.
Article 2.
1. This Decision comes into force from October 1, 2020 and supersedes Decision No. 920/QD-NHNN dated May 12, 2020 of Governor of State Bank of Vietnam on maximum interest rates for short-term lending in Vietnam Dong of credit institutions, branches of foreign banks to borrowers for financing of economic fields and sectors as specified in Circular No. 39/2016/TT-NHNN dated December 30, 2016.
2. Interest rates applicable to credit contracts and lending agreements signed before the effective date hereof shall comply with the signed credit contracts and lending agreement in accordance with applicable law provisions at the time of signing.
Article 3. Chiefs of offices, Director of Monetary Policy Department, heads of entities affiliated to State Bank of Vietnam, Directors of State Banks of Vietnam of provinces and central-affiliated cities; Chairpersons of Boards of Directors, Boards of Members and General Directors of credit institutions and branches of foreign banks are responsible for implementation of this Decision./.
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PP.GOVERNOR
DEPUTY GOVERNOR (Signed and sealed) Nguyen Thi Hong (This translation is for reference only)
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