Circular No. 11/2022/TT-NHNN on bank guarantees

CIRCULAR

Provisions on Bank Guarantees

Camendn cứ Bộ luật Dân sự ngày 24 tháng 11 Pursuant to Decree No. 32/2019/NĐ-CP dated April 10, 2019 of the Government on assigning tasks, procurement or tendering for the supply of products and services using state budget from regular operating expenses;15;

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

WHEREAS,ứ Law Các tổ chức tín dụng ngày 16 tháng 6 năm 2010; Luật sửa đổi, bổ sung một số điều của Luật Các tổ chức tín dụng ngày 20 tháng 11 năm 2017;

Pursuant to the Law on Real Estate Business dated November 25, 2014;

Căn cứ Pháp lệnh N |||goại hối ngày 13 tháng 12 năm 2005; Circular No. 15/2019/TT-NHNN sửa đổi, bổ sung một số điều của Pháp lệnh Ngoại hối June 18 the 3 Pursuant to Decree No. 32/2019/NĐ-CP dated April 10, 2019 of the Government on assigning tasks, procurement or tendering for the supply of products and services using state budget from regular operating expenses;13;

Decree No. 16/2017/NĐ-CP dated 17 ENVIRONMENTJune 2024;energy 02 Pursuant to Decree No. 32/2019/NĐ-CP dated April 10, 2019 of the Government on assigning tasks, procurement or tendering for the supply of products and services using state budget from regular operating expenses;17 của Chính phủ quy định chức năng, nhiệm vụ, quyền hạn và cơ cấu tổ chức của Ngân hàng Nhà nước Việt Nam;"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."Theo đề nghị của Vụ trưởng Vụ Tín dụngof the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairsu t, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP các ngành kinh tế

Thống đốc Ngân hàng Nhà nước Việt Nam ban hành Thông tư quy định về bảo lãnh ngân hàng;

là hình thức cấp tín dụng, theo đó bên bảo lãnh là tổ chức tín dụng, chi nhánh ngân hàng nước ngoài cam kết với bên nhận bảo lãnh về việc sẽ thực hiện nghĩa vụ tài chính thay cho bên được bảo lãnh khi bên được bảo lãnh không thực hiện hoặc thực hiện không đầy đủ nghĩa vụ đã cam kết với bên nhận bảo lãnh; bên được bảo lãnh phải nhận nợ và hoàn trả cho bên bảo lãnh theo thỏa thuận đã ký.on là một hình thức bảo lãnh ngân hàng, theo đó bên bảo lãnh đối ứng cam kết với bên bảo lãnh về việc sẽ thực hiện nghĩa vụ tài chính đối với bên bảo lãnh trong trường hợp bên bảo lãnh phải thực hiện nghĩa vụ tài chính thay cho bên được bảo lãnh; bên được bảo lãnh phải nhận nợ và hoàn trả cho bên bảo lãnh đối ứng theo thỏa thuận đã ký..

Chapter I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates the bank guarantee business of credit institutions and foreign bank branches for customers.

Article 2. Applicability

1. Credit institutions include commercial banks, cooperative banks, and financial companies (excluding specialized financial companies).

2. Branches of foreign banks.

3. Individuals and organizations related to the bank guarantee business include individuals and organizations that are residents and non-residents.

 Article 3. Explanation of Terms

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

1. Bank Guarantee là một hình thức bảo lãnh ngân hàng, theo đó bên xác nhận bảo lãnh cam kết với bên nhận bảo lãnh về việc bảo đảm khả năng thực hiện nghĩa vụ của bên bảo lãnh đối với bên nhận bảo lãnh. Bên xác nhận bảo lãnh sẽ thực hiện nghĩa vụ tài chính thay cho bên bảo lãnh nếu bên bảo lãnh không thực hiện hoặc thực hiện không đầy đủ nghĩa vụ đã cam kết với bên nhận bảo lãnh; bên bảo lãnh phải nhận nợ và hoàn trả cho bên xác nhận bảo lãnh, đồng thời bên được bảo lãnh phải nhận nợ và hoàn trả cho bên bảo lãnh theo thỏa thuận đã ký.

2. Counter-guarantee (sau đây gọi là bảo lãnh nhà ở hình thành trong tương lai) là bảo lãnh ngân hàng, theo đó bên bảo lãnh là ngân hàng thương mại cam kết với bên nhận bảo lãnh là bên mua, bên thuê mua (sau đây gọi là bên mua) về việc sẽ thực hiện nghĩa vụ tài chính thay cho bên được bảo lãnh là chủ đầu tư khi đến thời hạn giao, nhận nhà ở đã cam kết nhưng chủ đầu tư không bàn giao nhà ở cho bên mua mà không thực hiện hoặc thực hiện không đầy đủ nghĩa vụ tài chính theo hợp đồng mua, thuê mua nhà ở đã ký kết; chủ đầu tư phải nhận nợ và hoàn trả cho bên bảo lãnh theo thỏa thuận đã ký. Trường hợp ngân hàng thương mại bảo lãnh trên cơ sở bảo lãnh đối ứng, bên bảo lãnh đối ứng cam kết với ngân hàng thương mại về việc sẽ thực hiện nghĩa vụ tài chính đối với ngân hàng thương mại khi ngân hàng thương mại phải thực hiện nghĩa vụ tài chính thay cho chủ đầu tư; chủ đầu tư phải nhận nợ và hoàn trả cho bên bảo lãnh đối ứng theo thỏa thuận đã ký.

3. Confirmation of Guarantee là hình thức cấp tín dụng hợp vốn, theo đó có từ 02 (hai) tổ chức tín dụng, chi nhánh ngân hàng nước ngoài trở lên cùng thực hiện bảo lãnh; hoặc tổ chức tín dụng, chi nhánh ngân hàng nước ngoài và tổ chức tín dụng ở nước ngoài cùng thực hiện bảo lãnh.

4. Guarantee in Sale, Lease-Purchase of Future Housing là tổ chức tín dụng, chi nhánh ngân hàng nước ngoài thực hiện bảo lãnh cho bên được bảo lãnh. Trong trường hợp đồng bảo lãnh, bảo lãnh đối ứng và xác nhận bảo lãnh thì bên bảo lãnh bao gồm cả tổ chức tín dụng ở nước ngoài.

5. Joint Guarantee của tổ chức tín dụng, chi nhánh ngân hàng nước ngoài (sau đây gọi là khách hàng) là tổ chức (bao gồm cả tổ chức tín dụng, chi nhánh ngân hàng nước ngoài, tổ chức tín dụng ở nước ngoài) hoặc cá nhân, cụ thể như sau:

6. Guarantor là thỏa thuận giữa bên bảo lãnh hoặc bên bảo lãnh đối ứng hoặc bên xác nhận bảo lãnh với khách hàng và các bên liên quan khác (nếu có) về việc phát hành bảo lãnh ngân hàng, bảo lãnh đối ứng, xác nhận bảo lãnh cho khách hàng.

7. Guaranteed Party is an organization (including credit institutions, foreign bank branches, foreign credit institutions) or an individual guaranteed by the guarantor or the counter-guarantor.

8. Beneficiary is an organization (including credit institutions, foreign bank branches, foreign credit institutions) or an individual entitled to benefit from the guarantee issued by the guarantor or the confirming guarantor.

9. Counter-guarantor is a credit institution or foreign bank branch or a foreign credit institution providing counter-guarantee for the guaranteed party.

10. Confirming Guarantor is a credit institution or foreign bank branch or a foreign credit institution providing confirmation of guarantee for the guarantor.

11. Customer Hợp đồng bảo lãnh nhà ở hình thành trong tương lai

a) In bank guarantee (except for counter-guarantee and confirmation of guarantee), the customer of the guarantor is the guaranteed party;

b) In counter-guarantee, the customer of the guarantor is the counter-guarantor, the customer of the counter-guarantor is the guaranteed party;

c) In confirmation of guarantee, the customer of the guarantor is the guaranteed party, the customer of the confirming guarantor is the guarantor.

12. Guarantee Issuance Agreement là thỏa thuận cấp bảo lãnh giữa ngân hàng thương mại với chủ đầu tư và các bên liên quan khác (nếu có) về việc ngân hàng thương mại chấp thuận bảo lãnh cho chủ đầu tư trong bán, cho thuê mua nhà ở hình thành trong tương lai.

13. là cam kết của bên bảo lãnh với bên nhận bảo lãnh về việc bên bảo lãnh sẽ thực hiện nghĩa vụ tài chính thay cho bên được bảo lãnh khi bên được bảo lãnh không thực hiện hoặc thực hiện không đầy đủ nghĩa vụ đã cam kết với bên nhận bảo lãnh. là thỏa thuận giữa bên bảo lãnh với bên nhận bảo lãnh và các bên có liên quan (nếu có) về việc bên bảo lãnh sẽ thực hiện nghĩa vụ tài chính thay cho bên được bảo lãnh khi bên được bảo lãnh không thực hiện hoặc thực hiện không đầy đủ nghĩa vụ đã cam kết với bên nhận bảo lãnh.

14. Guarantee Commitment is a commitment issued by the guarantor or corresponding guarantor or confirming guarantor in one of the following forms:

a) Guarantee Letter Trường hợp bảo lãnh đối ứng, xác nhận bảo lãnh thì hợp đồng bảo lãnh bao gồm cả thỏa thuận giữa bên bảo lãnh đối ứng với bên bảo lãnh và các bên liên quan khác (nếu có), giữa bên xác nhận bảo lãnh với bên nhận bảo lãnh và các bên liên quan khác (nếu có).

In the case of corresponding guarantees and confirmation guarantees, the guarantee letter includes the commitment of the corresponding guarantor to the guarantor and the confirmation guarantor to the beneficiary.

b) Guarantee Contract 15. Nghĩa vụ tài chính của chủ đầu tư đối với bên mua trong bảo lãnh nhà ở hình thành trong tương lai (sau đây gọi là nghĩa vụ tài chính của chủ đầu tư)

là số tiền chủ đầu tư đã nhận ứng trước từ bên mua kể từ thời điểm thư bảo lãnh có hiệu lực và các khoản tiền khác (nếu có) theo thỏa thuận tại hợp đồng mua, thuê mua nhà ở đã ký mà chủ đầu tư có nghĩa vụ phải trả cho bên mua khi chủ đầu tư không bàn giao nhà ở đúng thời hạn đã cam kết.

Specifically, for guarantees of future-formed housing, they are only issued in the form of guarantee letters.

1. Việc phát hành bảo lãnh bằng ngoại tệ của tổ chức tín dụng, chi nhánh ngân hàng nước ngoài phải phù hợp với phạm vi hoạt động ngoại hối trên thị trường trong nước và thị trường quốc tế được quy định tại giấy phép hoạt động của từng loại hình tổ chức tín dụng, chi nhánh ngân hàng nước ngoài. is the amount of money that the project sponsor has received in advance from the buyer since the date the guarantee letter became effective, and other amounts (if any) under the purchase agreement for housing units already signed, which the project sponsor is obligated to pay to the buyer when the project sponsor fails to deliver the housing units within the committed deadline.

Article 4. Provisions on foreign exchange management in guarantees

1. The issuance of guarantees in foreign currency by credit institutions, branches of foreign banks must be in accordance with the scope of foreign exchange operations on the domestic market and the international market as stipulated in the operating licenses of each type of credit institution, branch of foreign bank.

2. Credit institutions, branches of foreign banks shall only provide guarantees denominated in foreign currency for customers for legitimate financial obligations denominated in foreign currency as prescribed by law.

Article 5. Cases where guarantee is not provided, restricted, and credit limit is implemented

When providing guarantees, credit institutions and foreign bank branches must comply with the provisions of the Law on Credit Institutions and the guidance of the State Bank of Vietnam (hereinafter referred to as the State Bank) regarding cases where credit is not granted, restricted credit, and credit limits.

Article 6. Determining the Guarantee Balance

1. The balance of guarantees for a customer or a customer and related parties includes the balance of issued commitment guarantees, the balance of issued corresponding commitment guarantees, and the balance of issued commitment confirmation guarantees for that customer, that customer, and related parties.

2. The guarantee balance for a customer or a customer and related parties is calculated from the date of issuance of the guarantee commitment.

3. The balance of guarantees in future housing guarantees is determined according to the provisions of Clause 8, Article 13 of this Circular.

Article 7. Language Usage

1. The guarantee issuance agreement and guarantee commitment must be established in Vietnamese, except in cases provided for in Clause 2 of this Article.

2. Credit institutions and foreign bank branches may agree with relevant parties to use a foreign language in the following cases:

a) Guarantee transactions falling under civil relations with foreign elements as prescribed in the Civil Code;

b) The obligation guaranteed arises when implementing projects funded from international financial organizations. The list of international financial organizations is defined in the regulations of the State Bank on limits and ratios ensuring safety in the operations of banks and foreign bank branches.

c) The guaranteed obligation arises when participating in international tender packages.

3. In cases where a foreign language is used, upon request of the competent authority, the documents or data messages must be translated into Vietnamese with the confirmation of the legal representative of the credit institution or foreign bank branch, or must be notarized or certified with the attachment of the original in the foreign language.

Article 8. Application of Customary Practices and Dispute Resolution

1. Parties participating in bank guarantees, reciprocal guarantees, confirmation guarantees, and joint guarantees may agree to apply commercial customs as prescribed in Clause 4, Article 3 of the Law on Credit Institutions.

2. Disputes arising in guarantee transactions shall be resolved in accordance with the agreement of the parties in compliance with the law. In cases involving foreign elements, the parties may agree on the applicable law, dispute resolution body (including foreign courts or commercial arbitration bodies) to resolve disputes concerning guarantee transactions.

Article 9. Electronic Guarantee Activities

1. Credit institutions, foreign bank branches, and customers may choose to conduct banking guarantee activities through the use of electronic means (hereinafter referred to as electronic guarantee activities).

Conducting electronic guarantee activities must ensure security, safety, protection of message data, and information confidentiality in compliance with the laws on anti-money laundering, electronic transactions, the State Bank's guidelines on managing risks in electronic banking activities, and other relevant legal documents.

2. Credit institutions and foreign bank branches independently decide on measures, forms, and technologies to implement electronic guarantee activities throughout the entire process or at specific stages of the guarantee process, bear any resulting risks (if any), and must meet the following minimum requirements:

a) Have technical solutions and technology to ensure accuracy, security, and safety during the collection, use, and verification of information and data;

b) Measures to verify, reconcile, update, and verify information and data; measures to prevent fraudulent, interfering, and altering actions that distort information and data;

c) Have measures to assess, manage, and control risks; assign specific responsibilities of each department and individual involved in electronic guarantee activities and in risk management and supervision.

3. In cases where customer identification and verification information is conducted electronically when establishing a relationship with a credit institution or foreign bank branch for the first time (except for cases specified in point b and d of Clause 4 of this Article), the credit institution or foreign bank branch must have solutions and technical methods to collect, check, and reconcile information, ensuring the following minimum requirements:

a) For individual customers: Ensuring the correct match between customer identification information and the customer's biometric data (which are biological factors closely linked to the customer for identification purposes, difficult to forge, and with low matching rates such as fingerprints, facial features, iris, voice, and other biometric factors) with the corresponding information and biometric factors on necessary documents for customer identification in accordance with the law on anti-money laundering, as required by the credit institution or foreign bank branch, or with verified personal identification data by authorized state agencies or by electronic authentication service providers in accordance with the law on electronic identification and authentication;

b) For corporate customers:

(i) Information about the organization: Ensuring the correct match between customer identification information under the law on anti-money laundering and the legal status of the organization (legally established and still operating in accordance with the law) with information and data from the National Enterprise Registration Database or with verified information and data by authorized state agencies or by electronic authentication service providers in accordance with the law on electronic identification and authentication;

(ii) Information about the legal representative of the organization conducting the transaction: Identifying and verifying the information of the individual conducting the transaction in accordance with the provisions on identifying and verifying individual customers at point a of this Clause, ensuring the correct match with the legal representative or authorized representative of the organization based on the business registration certificate and power of attorney (in case of authorization).

4. In cases where customer identification and verification information is conducted electronically, the value of each issued guarantee commitment for individual customers shall not exceed 4,000,000,000 (four billion) Vietnamese dong and for organizational customers shall not exceed 45,000,000,000 (forty-five billion) Vietnamese dong, except for the following cases:

a) Customer identification information is verified by an authorized state agency or electronically authenticated through an electronic authentication service provider in accordance with the law on electronic identification and authentication.

b) The customer submits a request for a guarantee by authenticated electronic message through the SWIFT system;

c) Customer information and the guaranteed obligation are accurately cross-referenced through the Electronic Customs Payment Gateway or the National Public Procurement System;

d) The customer uses a digital signature in accordance with the law when requesting a guarantee or signing an agreement to obtain a guarantee from a credit institution or foreign bank branch;

đ) The customer is a credit institution or foreign bank branch.

5. The information system for conducting electronic guarantee activities must comply with the regulations on ensuring information system security level 3 or higher as stipulated by the Government on ensuring information system security levels and the State Bank's regulations on information system security in banking operations.

6. Credit institutions and foreign bank branches must store and preserve electronic guarantee information and data in accordance with the provisions of the law, ensuring safety, confidentiality, and having backup copies to ensure the completeness and integrity of the file for access and use when necessary or to serve inspection, verification, dispute resolution, complaints, and providing information upon request from competent state management authorities.

Chapter II

SPECIFIC PROVISIONS

Article 10. Scope of Guarantee

The guarantor may commit to guaranteeing part or all of the financial obligations that the guaranteed party has towards the beneficiary.

Article 11. Requirements for customers

1. Credit institutions and foreign bank branches shall consider and decide to issue guarantees, counter-guarantees, and confirm guarantees for customers when the customers meet the following requirements:

a) Having full civil legal capacity and civil conduct capacity as prescribed by law;

b) The guaranteed obligation is a lawful financial obligation;

c) The credit institution or foreign bank branch issuing the guarantee evaluates that the customer has the ability to repay the amount that the credit institution or foreign bank branch must pay on behalf of the customer when performing the guarantee obligation.

2. Credit institutions and foreign bank branches shall not issue guarantees for the payment obligations of corporate bonds issued by enterprises for the purpose of restructuring debts of the issuing enterprise; contributing capital, purchasing shares in other enterprises, and increasing operational scale.

Article 12. Guarantees for Non-Resident Customers

1. Credit institutions and foreign bank branches may only issue guarantees for non-resident organizational customers if they meet one of the following requirements (foreign credit institutions do not need to meet this requirement):

a) The customer is a business established and operating abroad with Vietnamese enterprise capital invested in the form prescribed at point a and c, Clause 1, Article 52 of the Investment Law or another investment form prescribed at point d, Clause 1, Article 52 of the Investment Law;

b) The customer deposits collateral equivalent to 100% of the guarantee value or provides collateral equivalent to 100% of the guarantee value in the form of customer assets including balances in deposits at the credit institution or foreign bank branch issuing the guarantee and deposit certificates issued by the credit institution or foreign bank branch issuing the guarantee;

c) The beneficiary is a resident.

2. Foreign bank branches shall not issue guarantees in foreign currency for non-resident organizational customers, except in cases where the guarantee is based on a counter-guarantee from a foreign credit institution or confirmation of a guarantee for the guarantee obligation of a foreign credit institution where the beneficiary of the guarantee is a resident.

3. When credit institutions and foreign bank branches provide guarantees in foreign currency for non-resident customers, they must:

a) Comply with the legal regulations guiding certain contents regarding foreign exchange management for lending abroad and recovering guarantees for non-residents;

b) Have a risk assessment and management process, including risks in guaranteeing non-residents.

4. In addition to the provisions of this Article, other contents regarding guarantees for non-resident customers must be implemented in accordance with the corresponding provisions of this Circular.

Article 13. Guarantee for future-formed housing

1. Commercial banks have the capacity to provide future housing guarantees when:

a) In the charter of establishment and operation or in the amended and supplemented charter of establishment and operation of commercial banks, there is a provision on banking guarantee activities;

b) They are not prohibited, restricted, suspended, or temporarily suspended from providing future housing guarantees.

2. The State Bank of Vietnam publicly announces the list of commercial banks with the capacity to provide future housing guarantees during each period on the State Bank of Vietnam's official website.

3. Commercial banks shall consider and decide to issue guarantees for project owners when:

a) The project owner meets all the requirements stipulated in Article 11 of this Circular (except in cases where the commercial bank issues guarantees for the project owner based on a counter-guarantee);

b) The project of the project owner meets all conditions for future real estate products to be put into business operations as prescribed in Article 55 of the Real Estate Business Law and relevant laws.

4. Procedures for providing future housing guarantees:

a) Based on the application of the project owner or the counter-guarantor, the commercial bank examines, appraises, and decides to issue guarantees for the project owner;

b) The commercial bank and the project owner sign a future housing guarantee contract in accordance with Article 56 of the Real Estate Business Law and Clause 13, Article 3, and Article 15 of this Circular;

c) After signing the house purchase or lease-purchase contract, which includes financial obligations of the project owner, the project owner submits the house purchase or lease-purchase contract to the commercial bank to request the issuance of a letter of guarantee for the buyer;

d) The commercial bank issues a letter of guarantee based on the house purchase or lease-purchase contract and the future housing guarantee contract, and sends it to each buyer or provides the letter of guarantee to the buyer through the project owner according to the agreement.

5. Duration of effectiveness and content of the future housing guarantee contract:

a) The future housing guarantee contract becomes effective from the date of signing until the guarantee obligations of all letters of guarantee for buyers cease to be effective as prescribed in Article 23 of this Circular and all obligations of the project owner towards the commercial bank under the future housing guarantee contract are completed;

b) In addition to the contents stipulated in Clause 2, Article 15 of this Circular (excluding points h and i in the case of guarantees based on counter-guarantees), the future housing guarantee contract must also include the following contents:

(i) The commercial bank has the obligation to issue a letter of guarantee for the buyer upon receipt of the house purchase or lease-purchase contract sent by the project owner before the delivery deadline specified in the house purchase or lease-purchase contract;

(ii) The commercial bank and the project owner agree specifically on the obligation of the commercial bank or the project owner to send the letter of guarantee to the buyer after the commercial bank issues the letter of guarantee;

(iii) Financial obligations of the project owner;

(iv) The buyer's submission to the commercial bank requesting the fulfillment of the guarantee obligation must be accompanied by the letter of guarantee issued by the commercial bank for the buyer.

6. Duration of effectiveness and content of the letter of guarantee:

a) The guarantee letter shall be effective from the issuance date until at least thirty days after the delivery and receipt date of the house as committed in the purchase or lease-purchase contract for housing, except where the guarantee obligation terminates according to Article 23 of this Circular. In cases where the commercial bank and the developer terminate the housing guarantee contract before the deadline, the issued guarantee letters for previous buyers shall remain valid until the guarantee obligation terminates.

b) In addition to the contents stipulated in Clause 1, Article 16 of this Circular, the guarantee letter must clearly state the financial obligations of the developer guaranteed by the commercial bank.

7. The amount of guarantee for a future housing project shall not exceed the total amount that the developer is permitted to receive in advance from buyers under Article 57 of the Law on Real Estate Business and other amounts (if any) as stipulated in the purchase or lease-purchase contract for housing.

8. The remaining balance of the guarantee in a future housing guarantee:

a) The remaining balance of the guarantee for the developer or the corresponding guarantor shall be determined primarily by the amount of the developer's financial obligations. The remaining balance of the guarantee decreases gradually when the guarantee obligation towards the buyer terminates according to Article 23 of this Circular;

b) The time of recording the remaining balance of the guarantee is the time when the developer informs the commercial bank of the advance payment received from buyers since the effective date of the guarantee letter as specified in point c of this Clause;

c) The commercial bank and the developer agree on the time to report and update the advance payment received from buyers since the effective date of the guarantee letter within the month but no later than the last working day of the month to serve as the basis for determining the remaining balance of the guarantee. The developer bears legal responsibility for accurately reporting the amount and time of advance payment received from buyers to the commercial bank.

9. The commercial bank has the following rights and obligations:

a) The commercial bank has the right:

(i) To refuse to issue a guarantee letter to the buyer if the purchase or lease-purchase contract for housing does not comply with relevant laws or after terminating the future housing guarantee contract with the developer;

(ii) To refuse to fulfill the guarantee obligation for amounts not included in the developer's financial obligations or amounts paid by the buyer exceeding the ratio prescribed in Article 57 of the Law on Real Estate Business, or if the buyer cannot present the guarantee letter issued by the commercial bank to the beneficiary who is the buyer.

b) The commercial bank has the obligation:

(i) To issue a guarantee letter and send it to the developer or the buyer (as agreed) upon receiving a valid purchase or lease-purchase contract for housing before the expected delivery and receipt date stipulated in the contract;

(ii) In cases where the commercial bank and the developer terminate the future housing guarantee contract before the deadline, the commercial bank must publicly announce on its electronic information website and notify in writing to the provincial housing management agency in the area where the developer's housing project is located, stating that the commercial bank will no longer issue guarantee letters to buyers signing purchase or lease-purchase contracts with the developer after the termination of the future housing guarantee contract with the developer. For guarantee letters already issued to previous buyers, the commercial bank continues to fulfill its commitment until the guarantee obligation terminates;

(iii) To fulfill the guarantee obligation with the corresponding substitute payment based on the financial obligations of the developer determined according to the request for fulfillment of the guarantee obligation provided by the buyer in accordance with the conditions set out in the guarantee letter.

10. The developer has the following rights and obligations:

a) The developer has the right:

To request the commercial bank to issue guarantee letters for all buyers in the future housing project guaranteed by the bank during the validity period of the future housing guarantee contract.

b) The developer has the obligation:

(i) To send the guarantee letter issued by the commercial bank to the buyer after receiving it from the commercial bank (as agreed);

(ii) In cases where the commercial bank and the developer terminate the future housing guarantee contract before the deadline, the developer must publicly announce on its electronic information website (if available) and notify in writing to the provincial housing management agency in the area where the developer's housing project is located no later than the next working day;

(iii) To accurately inform the commercial bank of the advance payments received from each buyer since the effective date of the guarantee letter.

11. The buyer has the right:

a) To receive the guarantee letter issued by the commercial bank from the commercial bank or the developer sent within the validity period of the future housing guarantee contract and before the expected delivery and receipt date stipulated in the purchase or lease-purchase contract for housing;

b) To request the commercial bank to fulfill the guarantee obligation for the developer's financial obligations based on presenting the guarantee letter along with appropriate documentation (if applicable).

12. In addition to the provisions of this Article, other contents regarding the guarantee of future housing projects shall be implemented according to the corresponding provisions of this Circular.

Article 14. Guarantee Application Documents

1. The application for guarantee includes the following main documents:

a) Guarantee application;

b) Customer-related documents;

c) Documentation on the obligations being guaranteed;

d) Security measures-related documents (if any);

đ) Documents on other related parties (if any).

2. Based on the actual situation of the guarantee business of credit institutions, foreign bank branches, and the specific characteristics of each group of customers and each method of implementing guarantee activities (traditional or electronic methods), credit institutions, and foreign bank branches provide detailed guidance on the requirements for documents to be submitted to credit institutions and foreign bank branches for review and consideration of issuing guarantees.

Article 15. Guarantee Issuance Agreement

1. To issue guarantees for customers, credit institutions and foreign bank branches must enter into a guarantee issuance agreement with the customer. In cases where guarantees are issued based on corresponding guarantees, the guarantor is not required to establish a guarantee issuance agreement with the corresponding guarantor.

2. The guarantee issuance agreement must include the following contents:

a) Applicable laws. If there is no specific provision on applicable laws, it is understood that the parties agree to apply Vietnamese law;

b) Information about the parties involved in the guarantee relationship;

c) Guaranteed obligation;

d) Amount of guarantee, currency of guarantee;

đ) Form of issuance of the guarantee commitment;

e) Conditions for performing the guarantee obligation;

g) Rights and obligations of the parties;

h) Guarantee fee;

i) Agreement on mandatory acceptance of debt repayment, interest rate applied to the amount of repayment and obligation to repay the debt when performing the guarantee obligation;

k) Number, date of signing, validity of the guarantee issuance agreement;

l) Dispute resolution;

m) Other contents not contrary to the provisions of the law.

3. Any amendment, supplementation, or cancellation of the content of the guarantee issuance agreement shall be agreed upon and decided by the relevant parties based on ensuring compliance with the provisions of the law.

Article 16. Guarantee Commitment

1. Based on the guarantee issuance agreement, the guarantor or the confirming guarantor issues a guarantee commitment to the beneficiary with the following contents:

a) Applicable laws. If there is no specific provision on applicable laws, it is understood that the parties agree to apply Vietnamese law;

b) Number of the guarantee commitment;

c) Information about the parties involved in the guarantee relationship;

d) Date of issuance of the guarantee, date of commencement of the guarantee's effectiveness and/or circumstances under which the guarantee becomes effective;

đ) Date of expiration and/or circumstances under which the guarantee expires;

e) Amount of guarantee, currency of guarantee;

g) Guarantee obligation;

h) Conditions for performing the guarantee obligation;

i) Documentation required for the performance of the guarantee obligation (including request for performance of the guarantee obligation accompanied by a list of necessary documents and evidence);

k) The method for the beneficiary to verify the authenticity of the guarantee commitment;

l) Other contents not contrary to the provisions of the law.

2. Any amendment, supplementation, or cancellation of the content of the guarantee commitment shall be agreed upon by the relevant parties in accordance with the guarantee issuance agreement and comply with legal regulations.

3. For guarantee commitments issued through international communication networks, credit institutions and foreign bank branches shall implement according to the content and procedures of issuing guarantee commitments of the international communication network. Credit institutions and foreign bank branches must have supervisory and management procedures for issuing guarantees in these cases to ensure safety and effectiveness.

Article 17. Authority to sign guarantee issuance agreements and guarantee commitments

1. Guarantee issuance agreements and guarantee commitments must be signed by the duly authorized representative of the credit institution or foreign bank branch, in accordance with the provisions of the law and internal regulations of the credit institution or foreign bank branch.

2. The use of electronic signatures and authorization to sign guarantee issuance agreements and guarantee commitments shall be carried out in accordance with the provisions of the law.

Article 18. Security for fulfilling the customer's obligations

1. Credit institutions and foreign bank branches agree with relevant parties on the application of security measures or non-application of security measures for the obligation to repay the amount paid on behalf when performing the guarantee obligation.

2. Credit institutions and foreign bank branches stipulate the principles and specific requirements for applying each security measure or non-application of security measures in accordance with the provisions of the law on guarantee business, secured transactions, and internal regulations of the credit institution or foreign bank branch.

Article 19. Guarantee Fees

1. Credit institutions and foreign bank branches agree with customers and related parties (if any) on the guarantee fee rate. In cases of corresponding guarantees or confirmation of guarantees, the guarantee fee rate is agreed upon by the parties involved.

2. In the case of joint guarantees, participating parties in joint guarantees agree on the level of guarantee fees for each joint guarantor.

3. In cases where credit institutions and foreign bank branches guarantee joint obligations, the credit institutions and foreign bank branches agree with each customer on the fee rate payable based on the corresponding joint obligation of each customer, except where the parties have agreed otherwise..

4. In cases where the guarantee deposit is in foreign currency, the parties may agree to charge the guarantee fee in foreign currency or convert it into Vietnamese dong at the selling exchange rate of the guarantor at the time of charging or at the time of notification of charging.

5. The parties may agree to adjust the level of guarantee fees.

Article 20. Duration of Effectiveness of Guarantee Commitments, Guarantee Issuance Agreements

1. The duration of effectiveness of guarantee commitments is determined from the date of issuance of the guarantee commitment or after the date of issuance of the guarantee commitment as agreed by the relevant parties until the expiration date of the guarantee obligation specified in Article 23 of this Circular.

2. The duration of effectiveness of guarantee issuance agreements is agreed upon by the parties but must be at least equal to the duration of effectiveness of the guarantee commitment.

3. In the event that the expiration date of the guarantee commitment, guarantee issuance agreement coincides with a holiday, the expiration date will be extended to the next working day.

4. The extension of the duration of effectiveness of guarantee commitments and guarantee issuance agreements is agreed upon by the parties in accordance with relevant legal provisions.

Article 21. Exemption from Fulfilling Guarantee Obligations

1. In cases where the beneficiary waives the performance of the obligation for the guarantor or confirming guarantor, the guaranteed party still has to perform the committed obligation towards the beneficiary, except where the parties have agreed otherwise or perform joint obligations as provided by law.

2. In cases where one or more co-guarantors are exempted from performing their part of the guarantee obligation as agreed by the relevant parties, the other co-guarantors still have to perform their part of the guarantee obligation as committed in the guarantee commitment, except where the parties have agreed otherwise.

Article 22. Performance of Guarantee Obligations

1. To request the performance of the guarantee obligation, the beneficiary must submit a request for performance of the guarantee obligation in accordance with point i Clause 1 Article 16 of this Circular to the guarantor. The guarantor reviews the submitted request for performance of the guarantee obligation, compares it with the terms and conditions stipulated in the guarantee commitment, and performs the guarantee obligation in accordance with Clause 3 of this Article if the request for performance of the guarantee obligation is valid. If the request for performance of the guarantee obligation is invalid, the guarantor refuses to perform the guarantee obligation in accordance with Clause 4 of this Article.

2. A request file for the performance of guarantee obligations is valid when:

a) The guarantor receives all the request files for the performance of guarantee obligations within the validity period of the guarantee commitment, specifically:

(i) In case of direct submission by written document, it must be within the working hours of the guarantor;

(ii) In case of submission through registered mail service, the date on which the guarantor receives the request is the date of receipt of the registered letter;

(iii) In case of submission via electronic means, it is calculated from the time the guarantor receives the data message in accordance with the law on electronic transactions.

b) Fulfilling all the conditions for performing the guarantee obligation as stipulated in the guarantee commitment.

3. Performance of guarantee obligations:

a) In the case of bank guarantees (excluding reciprocal guarantees and confirmation guarantees):

Within five working days following the receipt of a valid request for performance of the guarantee obligation in accordance with Clause 2 of this Article, the guarantor is responsible for fully performing the committed guarantee obligation towards the beneficiary, while recording the debit entry in the mandatory lending account for the amount paid on behalf of the guaranteed party and notifying the guaranteed party of such action. The guaranteed party is obligated to fully repay the amount paid on behalf and the interest as stipulated in Clause 5 of this Article;

b) In the case of reciprocal guarantees:

Within five working days following the receipt of a valid request for performance of the guarantee obligation in accordance with Clause 2 of this Article, the guarantor requests the corresponding guarantor to pay on behalf of the guaranteed party.

The corresponding guarantor fully performs the committed corresponding guarantee obligation, while recording the debit entry in the mandatory lending account for the amount paid on behalf of the guaranteed party and notifying the guaranteed party of such action. The guaranteed party is responsible for fully repaying the amount paid on behalf and the interest as stipulated in Clause 5 of this Article;

In cases where the corresponding guarantor does not perform or does not fully perform the committed obligation towards the guarantor, the guarantor fully performs the committed guarantee obligation towards the beneficiary, while recording the debit entry in the mandatory lending account for the amount paid on behalf and notifying the corresponding guarantor of such action. The corresponding guarantor is responsible for fully repaying the amount paid on behalf and the interest as stipulated in Clause 5 of this Article;

c) In the case of confirmation guarantees:

Within five working days following the date on which the guarantor receives a valid request file for performance of the guarantee obligation as prescribed in Clause 2 of this Article, the guarantor shall fully perform the guarantee obligation it has committed to the beneficiary, simultaneously record the amount paid on behalf of the guaranteed party as a mandatory loan account, and notify the guaranteed party thereof. The guaranteed party shall be responsible for fully repaying the amount paid on its behalf and the interest thereon as prescribed in Clause 5 of this Article.

In case the guarantor does not perform or performs incompletely the guarantee obligation it has committed to the beneficiary, the beneficiary shall submit a request file for performance of the guarantee obligation as stipulated in the guarantee commitment to the confirming guarantor. Within five working days following the date on which the confirming guarantor receives a valid request file for performance of the guarantee obligation as prescribed in Clause 2 of this Article, the confirming guarantor shall fully perform the obligation it has committed to the beneficiary, simultaneously record the amount paid on behalf of the guarantor as a mandatory loan account, and notify the guarantor thereof. The guarantor shall be responsible for fully repaying the amount paid on its behalf and the interest thereon as prescribed in Clause 5 of this Article, and at the same time require the guaranteed party to accept the debt and repay the guarantor.

4. In case of refusal to perform the guarantee obligation, within five working days following the receipt of the request for performance of the guarantee obligation, the refusing party must provide a written response stating the reasons for the refusal.

5. The party paying on behalf (the guarantor, the counter-guarantor, or the confirming guarantor) shall apply an interest rate on the amount paid on behalf that is consistent with the guarantee issuance agreement but shall not exceed the highest overdue loan interest rate currently applicable at the same credit institution, foreign bank branch.

6. In case of payment in foreign currency, the paying party shall record the mandatory loan in the same foreign currency paid on behalf. In case of payment in Vietnamese dong, the paying party shall record the mandatory loan in Vietnamese dong.

Article 23. Termination of Guarantee Obligations

The guarantee obligations shall terminate in the following cases:

1. The obligation of the guaranteed party has been terminated.

2. The guarantee obligation has been fulfilled according to the guarantee commitment.

3. The guarantee has been canceled or replaced with another security measure upon agreement between the guarantor and the beneficiary, and other relevant parties (if any).

4. The guarantee commitment has expired.

5. The beneficiary waives the guarantor's guarantee obligation.

6. By agreement among the parties.

7. In other cases as prescribed by law.

Article 24. Joint Guarantees

1. The principles, conditions, and procedures for organizing and implementing joint guarantees shall be carried out in accordance with the provisions of this Circular, the State Bank's regulations on credit syndication by credit institutions, foreign bank branches for customers, and relevant laws.

2. The parties participating in joint guarantees shall jointly and severally bear responsibility for performing the guarantee obligations unless otherwise agreed upon or if the law provides for independent guarantees. In case the lead credit institution, foreign bank branch must perform the guarantee obligation, the participating parties shall be responsible for repaying the lead credit institution, foreign bank branch the corresponding amount according to the agreed ratio of participation in the joint guarantee.

Article 25. Guarantee for a Joint Liability

Credit institutions and foreign bank branches providing guarantee for a joint liability must base it on a joint rights and obligations contract between the parties.

Article 26. Internal Regulations of Credit Institutions and Foreign Bank Branches on Guarantees

1. Based on the provisions of this Circular and related laws, credit institutions, foreign bank branches shall issue internal regulations on guarantee services for customers (including contents regarding electronic guarantees (if any), future housing guarantees (if any), guarantees for non-resident customers) in compliance with credit issuance regulations, including clearly defining responsibilities between the assessment and approval stages of issuing guarantees.

2. Credit institutions, foreign bank branches shall submit one copy of their internal regulations on banking guarantee services to the State Bank (Supervisory Authority or the State Bank Branch in the province/city) as prescribed by relevant laws.

Article 27. Rights of the Guarantor

1. Accept or reject requests for guarantee issuance.

2. Request the confirmation party to confirm the guarantee for the guarantor's portion of the guarantee for the guaranteed party.

3. Require the guaranteed party or counter-guarantor and other relevant parties to provide information and documents related to the guarantee assessment and collateral (if any).

4. Require the guaranteed party or counter-guarantor to provide security measures for the guaranteed obligation (if necessary).

5. Conduct financial monitoring of the customer during the validity period of the guarantee.

6. Charge guarantee fees, adjust guarantee fees; apply and adjust interest rates and penalty interest rates.

7. Refuse to fulfill the guarantee obligation when the request document is not valid or there is evidence proving that the presented documents are forged.

8. Require the counter-guarantor to fulfill the committed obligation.

9. Record the amount paid on behalf of the guaranteed party (in the case of bank guarantees) as a mandatory loan account immediately upon performing the guarantee obligation as prescribed by the State Bank; or the counter-guarantor (in the case of counter-guarantees) immediately when the counter-guarantor fails to perform or performs incompletely the committed obligation; request the guaranteed party or the counter-guarantor to repay the amount paid on behalf by the guarantor as agreed.

10. Request other joint guarantors to repay the amount paid on behalf of the guaranteed party according to the agreed ratio of participation in the joint guarantee when the lead guarantor performs the guarantee obligation in the joint guarantee.

11. Dispose of the collateral according to the agreement and the law.

12. Transfer its rights and obligations to another credit institution or foreign bank branch according to the agreement of the relevant parties in compliance with the law.

13. Initiate legal proceedings as prescribed by law when the guaranteed party or counter-guarantor breaches the committed obligation.

14. Other rights as agreed by the parties in compliance with the law.

Article 28. Rights of the Counter-Guarantor Party

1. Accepting or rejecting the request for issuance of a counter-guarantee.

2. Requesting the guarantor to issue a guarantee for the obligation of its customer towards the beneficiary of the guarantee.

3. Requiring the customer to provide documents and information related to the assessment of the counter-guarantee and collateral (if any).

4. Requiring the customer to take measures to secure the obligation of the counter-guarantee (if necessary).

5. Conduct financial monitoring of the customer during the validity period of the guarantee.

6. Charge guarantee fees, adjust guarantee fees; apply and adjust interest rates and penalty interest rates.

7. Refusing to perform the obligation of the counter-guarantee when the request file for performing the obligation of the counter-guarantee is not valid or there is evidence proving that the presented documents and materials are forged.

8. Record the amount paid on behalf of the guaranteed party as a mandatory loan account immediately upon performing the counter-guarantee obligation for the guarantor as prescribed by the State Bank, and request the guaranteed party to repay the amount paid on behalf by the counter-guarantor as agreed.

9. Processing the collateral of the guaranteed party in accordance with the agreement and the provisions of the law.

10. Initiating legal proceedings in accordance with the law when the guaranteed party or the guarantor breaches the committed obligations.

11. Transferring rights and obligations to another credit organization or foreign bank branch in accordance with the agreement of the relevant parties in compliance with the provisions of the law.

12. Other rights agreed by the parties in compliance with the provisions of the law.

Article 29. Rights of the Guarantee Confirmation Party

1. Approving or rejecting the request for confirmation of the guarantee.

2. Requesting the customer to provide information and documents related to the assessment of the guarantee and collateral (if any).

3. Requiring the customer to take measures to secure the obligation of the guarantee (if necessary).

4. Charging guarantee fees, adjusting guarantee fees; applying and adjusting interest rates, penalty interest rates.

5. Conduct financial monitoring of the customer during the validity period of the guarantee.

6. Record the amount paid on behalf of the guarantor as a mandatory loan account immediately upon performing the confirmation guarantee obligation as prescribed by the State Bank, and request the guarantor to repay the amount paid on behalf by the confirming guarantor as agreed.

7. Processing the collateral of the guarantor or the guaranteed party in accordance with the agreement and the provisions of the law.

8. Initiating legal proceedings in accordance with the law when the guarantor breaches the committed obligations.

9. Transferring rights and obligations to another credit organization or foreign bank branch in accordance with the agreement of the relevant parties in compliance with the provisions of the law.

10. Refusing to perform the obligation of the guarantee when the request file for performing the obligation of the guarantee is not valid or there is evidence proving that the presented documents and materials are forged.

11. Other rights agreed by the parties in compliance with the provisions of the law.

Article 30. Obligations of the Guarantor, Counter-Guarantor, and Guarantee Confirmation Party

1. Shall have the responsibility to provide relevant information and documents concerning the authority to issue guarantee commitments to related parties; perform the guarantee obligation upon receiving a valid request as prescribed in the guarantee commitment.

2. Fully and correctly performing the guarantee obligations stipulated in Article 22 of this Circular.

3. Conducting financial status checks and supervision of the customer during the validity period of the guarantee issuance agreement.

4. Returning full collateral (if any) and related documents to the guarantor when settling the guarantee issuance agreement, unless otherwise agreed.

5. Within five working days following the receipt of the complaint letter from the beneficiary regarding the refusal to perform the guarantee obligation, must respond in writing to the complainant.

6. Keeping guarantee files in accordance with the provisions of the law.

7. Guiding the beneficiary on how to verify and confirm the authenticity of the issued guarantee commitment.

8. Other obligations agreed by the parties in compliance with the provisions of the law.

Article 31. Rights and Obligations of the Guaranteed Party

1. The guaranteed party has the following rights:

a) To refuse requests from the guarantor and counter-guarantor that are inconsistent with the guarantee agreement or the guarantee commitment;

b) To request the guarantor and counter-guarantor to fulfill their obligations and responsibilities as committed;

c) To initiate legal proceedings as prescribed by law when the guarantor and counter-guarantor violate their committed obligations;

d) Transfer rights and obligations according to the agreement of the related parties in compliance with the law. Perform rights and obligations according to the law when the related parties transfer the guarantee rights and obligations among themselves.

đ) To verify the authenticity of the guarantee commitment;

e) Other rights agreed upon by the parties in compliance with the provisions of the law.

2. The guaranteed party has the following obligations:

a) Provide complete, accurate, and truthful information and documents related to the guarantee and bear legal responsibility for the accuracy, truthfulness, and completeness of the provided information and documents.

b) To fully and timely fulfill the obligations and responsibilities committed in the guarantee issuance agreement;

c) Repay the guarantor, counter-guarantor the amount the guarantor, counter-guarantor has performed under the guarantee issuance agreement or the agreement between the parties and the costs incurred from performing the guarantee obligation.

d) Be subject to inspection and supervision by the guarantor and the counter-guarantor regarding the process of fulfilling the guaranteed obligation. Have the obligation to report on the operational situation related to the guarantee transaction to the guarantor and the counter-guarantor;

đ) To cooperate with the guarantor, counter-guarantor, and other relevant parties in the process of handling collateral (if any);

e) Other obligations agreed upon by the parties in compliance with the provisions of the law.

Article 32. Rights and Obligations of the Beneficiary of the Guarantee

1. Rights of the beneficiary of the guarantee:

a) To request the guarantor and confirming guarantor to fulfill their obligations and responsibilities as committed in the guarantee commitment;

b) Lodge a complaint against the guarantor and the confirming guarantor within five working days following the receipt of the refusal notice from the guarantor and the confirming guarantor if the reasons for not performing the guarantee obligation by the parties are inconsistent with the conditions for performing the guarantee obligation as stipulated in the guarantee commitment;

c) To initiate legal proceedings as prescribed by law when the guarantor and confirming guarantor violate their committed obligations;

d) To verify the authenticity of the guarantee commitment;

đ) To transfer its rights and obligations to another organization or individual according to the agreement of the relevant parties in compliance with the provisions of the law;

e) To exempt the guarantor and confirming guarantor from performing the guarantee obligation;

g) Other rights agreed upon by the parties in compliance with the provisions of the law.

2. Obligations of the beneficiary of the guarantee:

a) To fully and properly fulfill its obligations in contracts related to the guarantee obligation; to fully fulfill the obligations stipulated in the guarantee commitment (if any);

b) To promptly notify the guarantor, confirming guarantor, and other relevant parties of any signs of violation or violation behavior by the guaranteed party;

Bear legal responsibility for the accuracy, completeness, validity, and legality of the documents and materials presented according to the guarantee commitment and the contents declared in the request for fulfillment of the guarantee obligation submitted by the beneficiary;

d) Other obligations agreed upon by the parties in compliance with the provisions of the law.

 

Chapter III

REPORTING AND IMPLEMENTATION ORGANIZATION

Article 33. Accounting Entries and Reporting Information

1. Credit institutions and foreign bank branches must perform accounting entries and monitor all issued guarantees in accordance with the regulations.

2. Credit institutions and foreign bank branches shall report on the implementation of guarantees in accordance with the reporting and statistical system of the State Bank of Vietnam.

Article 34. Responsibilities of units under the State Bank

1. Responsibilities of the Department of Credit for Economic Sectors:

a) Monitor and compile the situation of guarantee operations of credit institutions and foreign bank branches;

b) Coordinate with the Banking Inspection and Supervision Authority to publish the list of commercial banks as prescribed in point b clause 2 of this Article;

c) Serve as the focal point for handling issues arising from guarantee operations.

2. Responsibilities of the Banking Inspection and Supervision Authority:

a) Take the lead and coordinate with relevant units to implement inspections, audits, and supervision of the guarantee business of credit institutions, foreign bank branches, and handle violations arising within their authority;

b) Serve as the focal point to compile and review the Governor's decision to issue the list of commercial banks capable of undertaking future housing guarantees as stipulated in clause 2 Article 13 of this Circular and adjust the list of commercial banks when there are changes;

3. The Financial Accounting Department shall be responsible for guiding credit institutions and foreign bank branches to implement accounting procedures for transactions related to the guarantee business as prescribed in this Circular;

4. The Foreign Exchange Management Department shall be responsible for guiding foreign exchange management in the performance of guarantee obligations and the recovery of guarantee debts for non-residents by credit institutions and foreign bank branches;

5. The Information Technology Agency shall be responsible for coordinating with the Banking Inspection and Supervision Authority to inspect compliance with regulations on risk management in the application of information technology for electronic guarantee transactions conducted by credit institutions and foreign bank branches;

6. The State Bank Branches in provinces and centrally-administered cities shall be responsible for supervising, inspecting, and auditing credit institutions and foreign bank branches in their compliance with this Circular within their authority;

Chapter IV

IMPLEMENTING PROVISIONS

Article 35. Transitional Provisions

1. Guarantee agreements and guarantee commitments signed and effective before the date this Circular takes effect shall continue to be implemented according to the signed agreements and commitments until the guarantee obligation ends. Any amendments or supplements to these guarantee agreements and guarantee commitments may only be made if the amended or supplemented content complies with the provisions of this Circular;

2. Commercial banks that cease to undertake future housing guarantees due to no longer meeting the requirements set out in clause 1 Article 13 of this Circular must still continue to fulfill the signed agreements and commitments until the guarantee obligation ends. Any amendments or supplements to the signed guarantee agreements and guarantee commitments may only be made if the amended or supplemented content does not alter the beneficiary's right to enjoy the guarantee and complies with the provisions of this Circular.

Article 36. Effectivenessh

1. This Circular takes effect from April 1, 2023.

2. This Circular replaces Circular No. 07/2015/TT-NHNN dated June 25, 2015 of the Governor of the State Bank of Vietnam on bank guarantees and Circular No. 13/2017/TT-NHNN dated September 29, 2017 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 07/2015/TT-NHNN dated June 25, 2015 of the Governor of the State Bank of Vietnam on bank guarantees.

Article 37. Implementation

The Director of the Office, Heads of the Credit Department for Economic Sectors, Heads of units under the State Bank of Vietnam, credit organizations, and foreign bank branches shall be responsible for organizing the implementation of this Circular.