Circular No. 13/2017/TT-NHNN amends and supplements certain provisions of Circular No. 07/2015/TT-NHNN dated June 25, 2015, issued by the Governor of the State Bank of Vietnam on bank guarantees.

CIRCULAR

Amending and supplementing certain provisions of Circular No. 07/2015/TT-NHNN

dated June 25, 2015 of the Governor of the State Bank of Vietnam

stipulating bank guarantees

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

WHEREAS,ứ Law on Credit Institutions dated June 16, 2010;

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;

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain provisions of Circular No. 07/2015/TT-NHNN dated June 25, 2015 of the Governor of the State Bank of Vietnam stipulating bank guarantees.

Article 1. Amending and supplementing certain provisions of Circular No. 07/2015/TT-NHNN dated June 25, 2015 of the Governor of the State Bank of Vietnam stipulating bank guarantees

1. Clause 2 shall be amended and supplemented as follows:

a) To amend and supplement Clause 3 as follows:

"3. Individuals and organizations related to the guarantee business include individuals and legal entities who are residents and non-residents";

b) Supplement Clause 4 as follows:

"4. Organizations without legal personality participating in guarantee relationships shall have the subjects establishing and performing guarantee transactions comply with the provisions of Article 101 of the Civil Code."

2. Clause 2 of Article 10 is amended and supplemented as follows:

"2. The obligation guaranteed is a lawful financial obligation, except for the obligation to guarantee payment of bonds issued by enterprises for debt restructuring purposes and bonds issued by subsidiaries or associated companies of other credit institutions."

3. Article 12 shall be amended and supplemented as follows:

Article 12. Provisions on guarantees in the sale and lease of future residential properties

1. Guarantees in the sale and lease of future residential properties (hereinafter referred to as guarantees for future residential properties) are bank guarantees, under which a commercial bank commits to the buyer or lessee (hereinafter referred to as the buyer) that it will fulfill the financial obligation on behalf of the developer when the time comes to deliver the promised residential property but the developer fails to hand over the property to the buyer without refunding or fully refunding the advance payments and other amounts received according to the signed purchase or lease agreement; the developer must recognize the debt and repay the commercial bank.

2. Announcing the list of commercial banks capable of implementing guarantees for future residential properties:

a) A commercial bank capable of implementing guarantees for future residential properties is a commercial bank

(i) In the License for Establishment and Operation or in the document amending and supplementing the License for Establishment and Operation of the commercial bank, there is a provision on the content of bank guarantee activities;

(ii) Not prohibited from implementing guarantees for future residential properties during the special control period.

b) The State Bank publicly announces the list of commercial banks capable of implementing guarantees for future residential properties in each period on its electronic information website. Commercial banks that no longer meet the provisions of point a, clause 2 of this Article must continue to perform agreements and commitments already signed regarding guarantees for future residential properties until the guarantee obligation ends.

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

a) The developer meets all conditions prescribed in Article 10 of this Circular (except in cases where the commercial bank guarantees the developer based on reciprocal guarantees);

b) The project of the developer complies with all conditions of future real estate projects put into operation as prescribed in Article 55 of the Law on Real Estate Business.

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 developer sign a guarantee contract for future residential properties in accordance with the provisions of Article 56 of the Law on Real Estate Business:

(i) The guarantee contract for future residential properties is established in the form of a guarantee issuance agreement as prescribed in Clause 11, Article 3 and Article 14 of this Circular and the content is consistent with the provisions of Article 56 of the Law on Real Estate Business;

(ii) The amount of guarantee for a future residential project shall not exceed the total amount of advance payments that the developer is allowed to receive from buyers according to Article 57 of the Law on Real Estate Business and other amounts that the developer is obligated to refund to buyers according to the signed purchase or lease agreement when the time comes to deliver the promised property but the developer does not hand over the property to the buyer;

(iii) The guarantee issuance agreement becomes effective from the date of signing until all buyer guarantee commitments cease to be effective according to the provisions of Article 23 of this Circular.

c) The commercial bank issues a guarantee commitment for each buyer:

(i) Within ten working days from the date of signing the purchase or lease agreement, including the developer's obligations to refund advance payments and other amounts to the buyer when the time comes to deliver the promised property but the developer does not hand over the property to the buyer, the developer must submit the purchase or lease agreement to the commercial bank;

(ii) Within five working days from the date of receiving the purchase or lease agreement, the commercial bank, based on the purchase or lease agreement and the guarantee issuance agreement, issues a guarantee commitment for the buyer and sends it to the address of the buyer;

(iii) The guarantee commitment is issued in the form of a letter of guarantee as prescribed in point a, Clause 12, Article 3 and Article 15 of this Circular for each buyer;

(iv) The validity period of the guarantee commitment is determined from the date of issuance until at least thirty days after the delivery deadline specified in the purchase or lease agreement.

5. Determining the balance of guarantees:

a) The balance of guarantees for the developer is the total amount of advance payments received from buyers according to the agreed schedule before the property is delivered and decreases as the guarantee obligation to the buyer ceases to be effective according to the provisions of Article 23 of this Circular. The recording time for the balance of guarantees for the developer is the time when the developer informs the commercial bank of the advance payments received from buyers as prescribed in point b of this clause;

b) The commercial bank and the project investor shall agree on the time to notify the amount of advance payment received from buyers, but at a minimum, they must notify once on the last day of each month to serve as the basis for determining the balance of the guarantee. The project investor shall bear full responsibility under the law for accurately notifying the amount of advance payment received from buyers according to the agreed time to the commercial bank.

6. In addition to the provisions of this Article, other contents regarding the guarantee of future housing shall be implemented in accordance with the corresponding provisions of this Circular.

4. Article 34 is amended and supplemented as follows:

a) Point b Clause 1 is amended and supplemented as follows:

"b) Coordinate with the Banking Inspection and Supervision Authority to publish the list of commercial banks in accordance with point b Clause 2 of this Article;"

b) Point b Clause 2 is amended and supplemented as follows:

"b) Serve as the focal point for consolidating and reviewing to submit to the Governor of the State Bank of Vietnam for issuance of the decision to publish the list of commercial banks having the capacity to implement guarantees for future housing in accordance with Clause 2 of Article 12 of this Circular, and promptly adjust the list of commercial banks having the capacity to implement guarantees for future housing in accordance with point b Clause 2 of Article 12 of this Circular."

Article 2.

Repeal Article 22 of Circular No. 07/2015/TT-NHNN dated June 25, 2015, concerning bank guarantees.

This Circular takes effect from December 25, 2025/.

The Director of the Office, Heads of the Credit Department for Economic Sectors, Heads of relevant units under the State Bank of Vietnam, Governors of the State Bank of Vietnam branches in provinces and centrally-administered cities, Chairmen of the Management Boards, Chairmen of the Member Councils, and General Directors (Directors) of credit organizations, foreign bank branches are responsible for organizing the implementation of this Circular.

Article 4. Effective date

This Circular takes effect from November 15, 2017.