Circular No. 03/2010/TT-NHNN stipulates that the maximum deposit interest rate in US dollars for economic organizations at credit institutions is 1.0% per annum (excluding credit institutions). This Circular takes effect from February 11, 2010, and replaces Decision No. 07/2007/QD-NHNN.
Scope of application
Economic organizations depositing money at credit institutions (excluding credit institutions).
Key points
- Economic organizations → are allowed to deposit money in US dollars with a maximum interest rate of 1.0% per annum → from February 11, 2010.
- This Circular → replaces Decision No. 07/2007/QD-NHNN on the interest rate for deposits in US dollars by legal entities at credit institutions.
- The interest rate for term deposits in US dollars → shall be implemented until the agreed maturity date between the credit institution and the economic organization → prior to this Circular taking effect.
🌐 Social impact of this document
- Positive impact: Reduces financial burden on enterprises through the regulation of the maximum interest rate.
- Negative impact: May limit the ability of credit institutions to attract capital if the interest rate is too low.
❓ Frequently asked questions
What is the maximum deposit interest rate in US dollars?
The maximum deposit interest rate in US dollars for economic organizations at credit institutions (excluding credit institutions) is 1.0% per annum.
When does this Circular take effect?
This Circular takes effect from February 11, 2010.
When was Decision No. 07/2007/QD-NHNN replaced?
Decision No. 07/2007/QD-NHNN on the interest rate for deposits in US dollars by legal entities at credit institutions ceases to be effective from the date this Circular takes effect.
How are term deposits in US dollars with interest rates agreed upon before this Circular takes effect implemented?
The interest rate for term deposits in US dollars of economic organizations at credit institutions arising before the date this Circular takes effect shall be implemented until the agreed maturity date between the credit institution and the economic organization.
How does this Circular apply to credit institutions?
This Circular does not apply to credit institutions but only applies to economic organizations depositing money at credit institutions.
Full text
CIRCULAR
Specifies the maximum deposit interest rate in US dollars
for economic organizations at credit institutions
_____________
Pursuant to the Law on the State Bank of Vietnam 1997 and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam 2003;
Pursuant to the Law on Credit Institutions 1997 and the Law Amending and Supplementing Certain Provisions of the Law on Credit Institutions 2004;
Pursuant to Resolution No. 43/2009/NQ-QH12 dated November 27, 2009 of the National Assembly on questioning and answering questions at the sixth session of the XIIth National Assembly;
Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
The State Bank of Vietnam specifies the maximum deposit interest rate in US dollars for economic organizations (excluding credit institutions) at credit institutions as follows:
Article 1. The maximum deposit interest rate in US dollars for economic organizations (except credit institutions) at credit institutions is 1.0%/year.
Article 2.
1. This Circular takes effect from February 11, 2010.
2. The provisions on the deposit interest rate in US dollars for economic organizations at credit institutions according to Decision No. 07/2007/QD-NHNN dated February 6, 2007 of the Governor of the State Bank of Vietnam on the deposit interest rate in US dollars for legal entities at credit institutions shall cease to be effective.
3. For deposit interest rates with terms in US dollars for economic organizations at credit institutions arising before this Circular takes effect, they shall be implemented until the agreed term between the credit institution and the economic organization expires.
Article 3. The Head of the Office, the Director of the Monetary Policy Department and Heads of units under the State Bank of Vietnam, Governors of the State Bank of Vietnam branches in provinces and centrally governed cities; Boards of Directors and General Managers (Directors) of credit institutions and economic organizations depositing money at credit institutions are responsible for implementing this Circular./.
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