Circular No. 06/2024/TT-NHNN amends and supplements certain provisions of Circular No. 02/2023/TT-NHNN to provide regulations on the restructuring of debt repayment terms and maintaining the same loan classification for customers facing difficulties during the period from the date this circular takes effect until December 31, 2024.
Scope of application
Credit organizations, foreign bank branches
Key points
- Customers who incur principal and/or interest payment obligations within the period from the effective date of this circular to December 31, 2024, may have their debt repayment terms restructured (Article 4, Clause 2).
- The restructuring of debt repayment terms for customers as stipulated in this circular shall be implemented from the effective date of this circular until December 31, 2024 (Article 4, Clause 8).
- Credit organizations and foreign bank branches support financially distressed customers through the restructuring of debt repayment terms.
- Financially distressed customers will have additional time to repay principal and interest without being subject to an increase in loan classification.
- The restructuring of debt repayment terms shall only apply during the period from the effective date of this circular until December 31, 2024, after which current regulations must be followed.
🌐 Social impact of this document
- Credit organizations and foreign bank branches support financially distressed customers through the restructuring of debt repayment terms.
- Financially distressed customers will have additional time to repay principal and interest without being subject to an increase in loan classification.
- The restructuring of debt repayment terms shall only apply during the period from the effective date of this circular until December 31, 2024, after which current regulations must be followed.
❓ Frequently asked questions
Which customers benefit from this circular?
Customers who incur principal and/or interest payment obligations within the period from the effective date of this circular to December 31, 2024.
When is the restructuring of debt repayment terms carried out?
The restructuring of debt repayment terms for customers as stipulated in this circular shall be implemented from the effective date of this circular until December 31, 2024.
What impact does this circular have on credit organizations?
Credit organizations and foreign bank branches support financially distressed customers through the restructuring of debt repayment terms.
Full text
CIRCULAR
Amending and supplementing certain Articles of Circular No. 02/2023/TT-NHNNdated April 23, 2023 of the Governor of the State Bank of Vietnamstipulating the restructuring of debt repayment terms and maintaining the same loan classification for credit institutions and foreign bank branches to support customers facing difficulties
Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010; the Law Amending and Supplementing Certain Articles of the Law on Credit Institutions dated November 20, 2017;
Pursuant to the Government Decree number "4. The purchase and sale of corporate bonds between credit institutions under special control and supporting credit institutions, and the mandatory transferor shall implement according to the restructuring plan of credit institutions under special control approved by the competent authority."
On the basis of Decision No. 65/NQ-CP dated May 7, 2024 of the Government regarding the regular meeting of the Government in April 2024;
At the proposal of the Director of the Department of Credit for Economic Sectors;
The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain Articles of Circular No. 02/2023/TT-NHNN dated April 23, 2023 of the Governor of the State Bank of Vietnam stipulating the restructuring of debt repayment terms and maintaining the same loan classification for credit institutions and foreign bank branches to support customers facing difficulties.
Article 1. Amending and supplementing certain provisions of Circular No. 02/2023/TT-NHNN dated April 23, 2023 of the Governor of the State Bank of Vietnam stipulating the restructuring of debt repayment terms and maintaining the same loan classification for credit institutions and foreign bank branches to support customers facing difficulties
1. Amending Clause 2 Article 4 as follows:
"2. Arising obligations to repay principal and/or interest during the period from the date this Circular takes effect until December 31, 2024."
2. Amend Clause 8 of Article 4 as follows:
"8. The restructuring of debt repayment terms for customers in accordance with this Circular shall be implemented from the date this Circular takes effect until December 31, 2024."
Article 2. Responsibility for Implementation
The Director of the Office, Heads of Departments of Economic Credit, Chief Inspector and Supervisor of Banks, Heads of Units under the State Bank of Vietnam, Governors of the State Bank Branches in provinces and centrally governed cities, credit institutions, and foreign bank branches are responsible for organizing the implementation of this Circular.
Article 3. Implementation Provisions
This Circular takes effect from June 18, 2024./.
DEPUTY DIRECTOR
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