Circular No. 16/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on refinancing for credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment term, maintaining the risk classification, and provisioning for risks related to debts of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic.

CIRCULAR

Amending and supplementing certain provisions of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on refinancing for credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring repayment terms, maintaining the risk classification group, and provisioning for risks related to the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic

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

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to Resolution No. 135/2020/QH14 dated November 17, 2020 of the National Assembly on the 10th Session of the 14th National Assembly;

Pursuant to Resolution No. 142/2024/QH15 dated June 29, 2024 of the National Assembly on the 7th Session of the 15th National Assembly;

Pursuant to Decree No. 26/2025/NĐ-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Article 1.

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on refinancing for credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring repayment terms, maintaining the risk classification group, and provisioning for risks related to the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic.

Article 1. Amending and supplementing certain provisions of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on refinancing for credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring repayment terms, maintaining the risk classification group, and provisioning for risks related to the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, amended and supplemented in 2024.

1. Amending and supplementing Point b Clause 3 Article 11 as follows:

"b) The date when the Trading Department receives the notification document from the Credit Institution Management and Supervision Department or the State Bank Inspectorate regarding the violation of credit institutions as stipulated in Point b Clause 4 Article 14 or Point a Clause 4a Article 14 of this Circular (for cases where credit institutions fail to repay debts on time as stipulated in Clause 2 Article 10 of this Circular)."

2. Amending and supplementing Article 12 as follows:

"Article 12. Restructuring repayment terms, classifying debts, and provisioning for risks

1. Based on the proposal of VNA and the assessment of its ability to fully repay principal and/or interest after restructuring repayment terms, credit institutions shall restructure repayment terms for VNA's debt (including both the lending period and the restructuring period) within the maximum deadline not later than December 31, 2027.

2. During the period of restructuring repayment terms for VNA's debt as stipulated in Clause 1 of this Article, credit institutions shall classify debts and provision for risks according to the Prime Minister's Decision on the classification of assets, the level of risk provisioning, the method of risk provisioning, and the use of provisions to handle risks related to VNA's debt due to the impact of the COVID-19 pandemic."

3. Amending and supplementing Point c Clause 4 Article 14 as follows:

"c) Supervising and handling within their authority the violations by credit institutions in implementing the provisions of this Circular."

4. Supplementing Clause 4a after Clause 4 as follows:

"4a. State Bank Inspectorate

a) In case it receives a notification from an authorized agency or discovers through inspection that a credit institution has violated the provisions of Clause 2 Article 10 of this Circular, within three working days from the date of discovering the credit institution's failure to repay the refinanced loan, the State Bank Inspectorate shall send a notification document to the credit institution, the Trading Department, the Monetary Policy Department, the Economic Credit Department, the Credit Institution Management and Supervision Department, specifying the nature of the violation and the measures for handling according to this Circular;

b) Inspecting and handling violations within their authority by credit institutions in implementing the provisions of this Circular."

Article 2. Supplementing, replacing, and abolishing certain phrases in Circular No. 04/2021/TT-NHNN amended and supplemented in 2024.

1. Supplementing the phrase "State Bank of Vietnam Inspectorate" after the phrase "Credit Department for Economic Sectors" at Point b Clause 4 Article 14.

2. Replacing the phrase "Bank Inspection and Supervision Authority" with the phrase "Credit Institution Management and Supervision Department" at Point b, Point c Clause 1 Article 9, Clause 4 Article 14.

3. Replacing the phrase "Bank Inspection and Supervision Authority" with the phrase "Credit Institution Management and Supervision Department, State Bank of Vietnam Inspectorate" at "Respectfully submitted" of Appendix III and at "To be sent to" of Appendices IV and V issued together with Circular No. 04/2021/TT-NHNN.

4. Replacing the phrase "State Capital Management Committee at Enterprises" with the phrase "Ministry of Finance" at "To be sent to" of Appendices IV and V issued together with Circular No. 04/2021/TT-NHNN.

5. Replacing the phrase "State Bank of Vietnam Trading Department" with the phrase "Trading Department" at Clause 1 Article 9, Clause 3 Article 14, Point b Clause 4 Article 14, Appendix I, Appendix III, Appendix IV, and Appendix V issued together with Circular No. 04/2021/TT-NHNN.

6. Removing the word "inspection" at Point b Clause 4 Article 14.

This Circular takes effect from December 25, 2025/.

Heads of units under the State Bank of Vietnam and credit institutions are responsible for organizing the implementation of this Circular.

Article 4. Implementation provisions

1. This Circular takes effect from July 11, 2025.

2. This Circular abolishes Article 2 of Circular No. 42/2024/TT-NHNN dated July 22, 2024 amending and supplementing certain articles of Circular No. 04/2021/TT-NHNN./.