Circular No. 09/2012/TT-NHNN on the use of payment instruments to disburse loan funds for credit institutions and foreign bank branches to customers

CIRCULAR

Specifies the use of payment instruments for disbursing loan funds to

customers by credit institutions and foreign bank branches.

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Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;

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;

Implement Decision No. 2453/QĐ-TTg dated December 27, 2011 of the Prime Minister approving the Scheme to Promote Non-Cash Payments in Vietnam for the period 2011-2015;

Article 1.

The Governor of the State Bank of Vietnam issues this Circular specifying the use of payment instruments for disbursing loan funds to customers by credit institutions and foreign bank branches,

Article 1. Scope of Regulation and Applicability

1. This Circular specifies the use of payment instruments for disbursing loan funds to customers by credit institutions and foreign bank branches, contributing to promoting non-cash payments and supervising the use of customer loans according to the agreed purposes in the credit contracts.

第二条 组织和实施奖励工作的支出水平，如政府第152/2025/NĐ-CP号决定关于分级授权和奖励领域的分权规定

a) Credit institutions and foreign bank branches conduct lending activities in accordance with the regulations of the State Bank of Vietnam and relevant laws.

b) Borrowers obtaining loans from credit institutions and foreign bank branches.

c) Organizations and individuals related to the use of payment instruments for disbursing loan funds.

Article 2. Interpretation of Terms

In this Circular, the following terms are understood as follows:

1. The beneficiary is an organization or individual having a relationship with the borrower in the purchase and sale of assets, payment of costs forming the asset, and other costs required under the credit contract signed between the borrower and the credit institution or foreign bank branch.

2. Disbursing loan funds means the credit institution or foreign bank branch transferring a sum of money to the borrower to pay directly to the beneficiary according to the purpose of the loan stated in the credit contract signed between the borrower and the credit institution or foreign bank branch.

Article 3. Payment Instruments Used for Disbursing Loan Funds

1. Credit institutions and foreign bank branches must use non-cash payment instruments to disburse loan funds and make direct payments to beneficiaries, except for cases specified in Clause 2 of this Article.

2. Credit institutions and foreign bank branches shall consider and decide on the use of non-cash payment instruments, cash, or through the borrower's settlement account to disburse loan funds in the following cases:

a) Paying to a corporate beneficiary with an amount less than VND 100,000,000 (one hundred million dong) per disbursement;

b) Paying to an individual beneficiary who has a settlement account at a service provider with an amount less than VND 100,000,000 (one hundred million dong) per disbursement;

c) Paying to an individual beneficiary who does not have a settlement account at a service provider;

d) To offset the portion of own capital, financial resources that the borrower has used to implement investment projects, production plans, business operations, or services, or investment projects, plans serving daily life;

đ) To pay wages to workers;

e) Transferring borrowed funds into the borrower's settlement account so that the borrower can pay for purposes that the law requires to be carried out through the borrower's settlement account.

Article 4. Responsibilities of credit institutions and foreign bank branches

1. Credit institutions and foreign bank branches shall specify the use of payment instruments in accordance with this Circular, and measures to monitor loan capital to ensure that loan disbursement is carried out according to the progress of capital usage in the plan, project, and the content agreed upon in the credit contract.

2. Credit institutions and foreign bank branches shall publicly notify customers of the regulations of the State Bank of Vietnam and the credit institutions and foreign bank branches on the use of payment instruments for loan disbursement for customers.

Article 5. Responsibilities of borrowing customers

Borrowing customers at credit institutions and foreign bank branches have the responsibility to provide information, documents, and payment vouchers in accordance with the regulations of the credit institutions and foreign bank branches to serve the examination and decision-making process for the use of payment instruments for loan disbursement as stipulated in this Circular and relevant laws; borrowing customers bear legal responsibility for the accuracy and truthfulness of the provided information, documents, and vouchers to the credit institutions and foreign bank branches.

Article 6. Implementation Organization

1. This Circular takes effect from June 1, 2012.

2. For credit contracts signed before the date this Circular takes effect, borrowing customers and credit institutions and foreign bank branches shall continue to use payment instruments for loan disbursement in accordance with the signed credit contract in compliance with the law or amend and supplement the credit contract in accordance with the provisions of this Circular.

3. The Director of the Office, Heads 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-administered cities; Chairmen of the Board of Directors, Members of the Board of Management and General Directors (Directors) of credit institutions and foreign bank branches and other organizations and related individuals are responsible for implementing this Circular./.