Consolidated Document number 16/VBHN-NHNN stipulates on refinancing for credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and the restructuring of repayment terms, retention of 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.

CIRCULAR

Provisions on refinancing for credit institutions after such credit institutions have provided loans to Vietnam Airlines Joint Stock Company and restructuring of debt repayment terms, maintaining the risk classification, and setting aside provisions for risks related to debts of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic

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 provided loans to Vietnam Airlines Joint Stock Company and restructuring of debt repayment terms, maintaining the risk classification, and setting aside provisions for risks related to debts of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, shall take effect from April 5, 2021, and has been amended and supplemented by:

1. Circular No. 42/2024/TT-NHNN dated July 22, 2024, issued by the Governor of the State Bank of Vietnam, amending and supplementing certain articles 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 provided loans to Vietnam Airlines Joint Stock Company and restructuring of debt repayment terms, maintaining the risk classification, and setting aside provisions for risks related to debts of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, which shall take effect from July 22, 2024.

2. Circular No. 16/2025/TT-NHNN dated July 11, 2025, issued by the Governor of the State Bank of Vietnam, amending and supplementing certain articles 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 provided loans to Vietnam Airlines Joint Stock Company and restructuring of debt repayment terms, maintaining the risk classification, and setting aside provisions for risks related to debts of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, which shall take effect from July 11, 2025.

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, and the Law Amending and Supplementing Certain Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to Government Decree No. 16/2017/NĐ-CP dated February 17, 2017 on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

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

After reaching consensus with the Ministry of Finance;

At the proposal of the Director of the Monetary Policy Department, the Inspector General, and the Director of the Economic Credit Department;

The Governor of the State Bank of Vietnam promulgates this Circular on refinancing for credit institutions after such credit institutions have provided loans to Vietnam Airlines Joint Stock Company and the restructuring of debt repayment terms, maintaining the risk classification, and setting aside provisions for risks related to debts of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic[1]^,[2].

Article 1. Scope of Regulation

This Circular stipulates on:

1. The State Bank of Vietnam (hereinafter referred to as the State Bank) shall refinance credit institutions after such credit institutions have provided loans to Vietnam Airlines Joint Stock Company (hereinafter referred to as VNA) without collateral by assets to workers going abroad for a limited period under policy provisions as stipulated in Clause 3 of Article 2 of this Decision. pursuant to the Resolutions of the National Assembly and the Government.

2. Credit institutions shall restructure debt repayment terms, maintain the risk classification, and set aside provisions for risks related to Clause debts of VNA that have been refinanced by the State Bank in accordance with the provisions of this Circular (hereinafter referred to as VNA's debts).

Article 2. Scope of Application

1. Credit institutions (excluding credit institutions under special control) have loans to VNA.

2. Related organizations and individuals.

Article 3. Explanation of Terms

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

1.[3] The Resolution of the National Assembly is Resolution No. 135/2020/QH14 dated November 17, 2020, of the National Assembly on the 10th Sessionof the 14th National Assembly and Resolution No. 142/2024/QH15 dated June 29, 2024, of the National Assembly on the 7th Sessionof the 15th National Assembly.

2. The Resolutions of the Government are the following Resolutions: Resolution No. 24/NQ-CP dated July 29, 2020, of the Government on measures to address difficulties for VNA affected by the impact of the COVID-19 pandemic; Resolution No. 194/NQ-CP dated December 31, 2020, of the Government on implementing the National Assembly's Resolution on measures to address difficulties for VNA affected by the impact of the COVID-19 pandemic. 

3. Loans to VNA are loans provided by credit institutions in accordance with the Resolutions specified in paragraph 2 Article 3 Decision No. 450/QĐ-TTg dated March 26, 2021 of the Prime Minister on the State Bank of Vietnam providing refinancing to credit institutions after such credit institutions have lent to VNA pursuant to the Resolution of the National Assembly and the Resolution of the Government (hereinafter referred to as Decision No. 450/QĐ-TTg). Article 4. Amount of refinancing

Clause 1. The maximum amount of refinancing for each loan to VNA shall not exceed the amount of each loan to VNA as stated in the Loan Application for Refinancing submitted by the credit institution.

Clause 2. The total amount of refinancing for all credit institutions shall not exceed 4,000 billion VND (four thousand billion VND). Article 5. Interest rate on refinancing Clause 1. The interest rate on refinancing is 0% per annum, applicable to the term of refinancing and the term of extension of refinancing (if any).

Clause 2. The interest rate applied to overdue principal of refinancing shall be 150% of the refinancing interest rate published by the State Bank during the relevant period at the time when the refinancing becomes overdue.

Article 6. Collateral

The State Bank of Vietnam provides refinancing without collateral to credit institutions.

Article 7. Term of refinancing, extension of refinancing

Clause 1. Term of refinancing: The term of refinancing according to the request of the credit institution, shall not exceed the term of the loan to VNA (excluding the extension period of the loan to VNA) and shall not exceed 364 days. The term of refinancing starts from the day following the date when the State Bank disburses refinancing funds to the credit institution.

Clause 2. The term of refinancing specified in Clause 1 of this Article shall apply according to each disbursement as stipulated in Clause 2 of Article 9 of this Circular.

Extension of refinancing: Each refinancing may be automatically extended five times at maturity for the remaining principal of refinancing; the extension period for each time shall be equal to the term of refinancing; the total period of refinancing and extension of refinancing shall not exceed six years.

Article 8. Disbursement of refinancing

Clause 1. The State Bank of Vietnam disburses refinancing funds according to the request of the credit institution within the scope of the amount of refinancing as stipulated in this Article and ensures that the outstanding principal of the refinancing loan after disbursement does not exceed the outstanding principal of the loan to VNA (for each loan to VNA) as stated in the Application for Refinancing Disbursement. Clause 2. The State Bank of Vietnam stops disbursing refinancing funds to credit institutions when the State Bank has disbursed 4,000 billion VND (four thousand billion VND) but no later than December 31, 2021..

3.[4] Article 9. Procedure for refinancing, disbursement of refinancing organize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.Clause 1. The procedure for refinancing is as follows:

a) When there is a need to borrow refinancing funds, the credit institution directly sends one Application for Refinancing Borrowing to the One-Stop Service Department or through postal service to the Head Office of the State Bank of Vietnam in accordance with Appendix I issued together with this Circular;

b) Within two working days from the date of receipt of the Application for Refinancing Borrowing, the Monetary Policy Department sends a written request for comments to the Credit Department for Economic Sectors, the Credit Supervision Department, and the Trading Center regarding the credit institution's application for refinancing borrowing; Clause 1, Article 4 of this Circular, c) Within three working days from the date of receipt of the written request from the Monetary Policy Department, the Credit Department for Economic Sectors, the Credit Supervision Department, and the Trading Center provide written comments to the Monetary Policy Department;

d) Within three working days from the date of receipt of full comments from the units, the Monetary Policy Department compiles and submits to the Governor of the State Bank for consideration and decision on refinancing for the credit institution. In case of disagreement, the State Bank will send a written notice stating the reasons to the credit institution;

e) Within two working days from the date of receipt of the Decision on Refinancing, the Trading Center and the credit institution sign the Basic Agreement on Refinancing.

Clause 2. The procedure for disbursement of refinancing in installments for credit institutions is as follows:

a) Based on the signed Basic Agreement on Refinancing, referring to the outstanding principal of the loan to VNA, the credit institution sends the State Bank (Trading Center) the Application for Refinancing Disbursement in accordance with Appendix II issued together with this Circular, specifying the amount of refinancing disbursement as stipulated in this Article;

b) Within two working days from the date of receipt of the Application for Refinancing Disbursement from the credit institution, the Trading Center approves the disbursement request; the credit institution signs the Promissory Note; the Trading Center disburses refinancing funds to the credit institution.[5] and the Trading Department[6] regarding the credit institution's request for refinancing loans;

c) Within three working days from the date of receipt of the request document from the Monetary Policy Department, the Credit Policies for Economic Sectors Department, and the Department of Management and Supervision of Credit Institutions,[7] and the Trading Department[8] shall provide their opinions in writing to the Monetary Policy Department;

d) Within three working days from the date of receiving all opinions from the units, the Monetary Policy Department will compile and submit to the Governor of the State Bank of Vietnam for consideration and decision on the refinancing of the credit institution. In case of disagreement, the State Bank of Vietnam shall issue a document stating the reasons and send it to the credit institution;h the refinancing of the credit institution. If not agreeing, the State Bank of Vietnam shall issue a document stating the reasons and send it to the credit institution; h the reasons and send it to the credit institution;

đ) Within two working days from the date of receipt of the Refinancing Loan Decision, the Trading Department[9] and the credit institution shall execute the Principle Contract for Refinancing Loans.

2. The procedure for disbursing refinancing loans in installments for credit institutions is as follows:

a) Based on the signed Principle Contract for Refinancing Loans, taking into account the principal balance of the VNA loan, the credit institution shall submit to the State Bank of Vietnam (Trading Department) a Request for Disbursement of Refinancing Loans according to Appendix II issued together with this Circular, specifying the amount of refinancing disbursement as stipulated at b) Within two working days from the date of receipt of the Request for Disbursement of Refinancing Loans from the credit institution, a) The regional health examination board shall conduct preliminary health examinations for candidates who are young people outside the military or military personnel stationed in the area; the composition of the board shall comply with the provisions of Clause 1 of Article 8 of this Circular;; 

the Trading Department shall approve the disbursement request; the credit institution shall sign a Promissory Note; the Trading Department shall implement the disbursement of refinancing loans to the credit institution.1. On the basis of VNA's request and the assessment of its ability to fully repay the principal and/or interest after restructuring the repayment period, the credit institution shall restructure the repayment period for VNA's debt (including both the lending period and the restructuring period) within the maximum time limit not later than December 31, 2027.   

Article 10. Repayment of Refinancing Loans

1. When the refinancing loan reaches its maturity date (the end of the refinancing period and any extension thereof), the credit institution must repay the entire outstanding principal of the refinancing loan.

2. Within three working days from the date on which the outstanding principal of the refinancing loan exceeds the principal balance of the corresponding VNA loan, the credit institution must proactively repay the refinancing loan in accordance with the order of the earliest signed promissory note, ensuring that the outstanding principal of the refinancing loan does not exceed the principal balance of the corresponding VNA loan (for each VNA loan).

3. The credit institution may repay the refinancing loan before its due date.

Article 11. Handling of Credit Institutions' Failure to Repay Refinancing Loans on Time

1. In cases where a credit institution fails to repay the refinancing loan on time as stipulated in Clause 1 of Article 10 of this Circular,the State Bank shall transfer the overdue principal of the refinancing loan to be monitored as overdue according to the State Bank's regulations on the method of calculating and accounting for interest income and expenditure in the deposit-taking and lending activities between the State Bank and credit institutions and other organizations;it shall apply the interest rate specified inClause 2 of Article 5 of this Circular to the overdue principal of the refinancing loan from the day following the due date until the day the credit institution fully repays the overdue amount. 2. In cases where a credit institution fails to repay the loan on time as stipulated in , the State Bank shall apply an interest rate equal to 150% of the refinancing interest rate announced by the State Bank during the relevant period, starting from the day following the due date, for the overdue principal of the refinancing loan, from the day following the due date until the day the credit institution fully repays the overdue amount.

3. The State Bank shall deduct from the credit institution's deposit account at the State Bank to recover all amounts owed (including the overdue principal of the refinancing loan and the interest specified in Clauses 1 and 2 of this Article) starting from the next working day: Clause 2, Article 10 of this Circulara) The day the overdue principal of the refinancing loan is transferred to be monitored as overdue (for cases where the credit institution fails to repay the loan on time as stipulated in

The day the Trading Department receives the notification document from the Credit Institution Management and Supervision Department or the Banking Inspection Department regarding the credit institution's violation as stipulated in

Point b of Clause 4 of Article 14 or Point a of Clause 4a of Article 14 of this Circular Clause 1 of Article 10 of this Circular,);

b)[10] (for cases where the credit institution fails to repay the loan on time as stipulated in Article 12. Restructuring of Debt Repayment Terms, Classification of Debts, and Provisioning for Risk 1. Based on VNA's proposal and assessment of VNA's ability to fully repay the principal and/or interest after restructuring the debt repayment terms, the credit institution shall restructure the debt repayment terms for VNA's debt (including both the lending period and the restructuring of debt repayment terms) within the maximum period not later than December 31, 2027. Clause 2, Article 10 of this Circular).

2. During the period of restructuring the debt repayment terms for VNA's debt as stipulated in Clause 1 of this Article, the credit institution shall classify debts, provision for risk according to the Prime Minister's Decision on the classification of assets, risk provisioning levels, risk provisioning methods, and the use of provisions to address risks arising from the impact of the COVID-19 pandemic on VNA's debt. [11]

2. During the period of restructuring the repayment period for VNA's debt as prescribed in Clause 1 of this Article, the credit institution shall classify debts, establish provisions for risk according to the Prime Minister's Decision on the classification of assets, the level of risk provision, the method of establishing risk provisions, and the use of provisions to handle risks for VNA's debt affected by the COVID-19 pandemic.

capital, the credit institution shall submit a request document confirmed by VNA as prescribed in this Circular

Article 13. Responsibilities of credit institutions

1. When there is a need to borrow refinancing capital, disburse refinancing capital, credit institutions shall submit a request letter confirmed by VNA in accordance with this Circular and bear legal responsibility for the accuracy and legality of such documents. and bear legal responsibility for the accuracy and legality of these documents. 3. Monitor, record, and manage

2. Implement the signing of the Basic Refinancing Capital Loan Contract, Debt Acknowledgment Agreement; repay the refinancing loan debt to the State Bank fully and on time as stipulated in this Circular.

separately the VNA loans and the refinancing loans from the State Bank of Vietnam. 4. Implement reporting as follows:

the credit institution shall report according to Appendix III issued together with this Circular;

3. Monitor, record, manage separately the loans granted to VNA and the refinancing capital loans from the State Bank. Clause 2, Article 10 of this Circularb) During the period when there is still outstanding refinancing loan debt, monthly, within the first fifteen days of each month, the credit institution shall report on the principal balance of VNA loans that still have outstanding refinancing loan debt in the previous month, confirmed by VNA according to Appendix IV issued together with this Circular.  

; approve and disburse refinancing loans as prescribed at

4. Fulfill the following reporting requirements:

a) Within a maximum period of five working days following the date when the principal balance of the refinancing loan exceeds the principal balance of the VNA loan as specified at,

1.[12] the Monetary Policy Department

credit institutions shall report in accordance with Appendix III issued together with this Circular;

b) During the period when there is still a refinancing loan debt, monthly, within the first fifteen days of each month, credit institutions shall report on the principal balance of the VNA loans that still have a refinancing loan debt in the previous month, confirmed by VNA in accordance with Appendix IV issued together with this Circular.

5. Fulfill other responsibilities as prescribed in the Resolution of the National Assembly, the Resolution of the Government, Decision No. 450/QĐ-TTg, this Circular, and relevant laws.

Article 14. Responsibilities of units under the State Bank point c of Clause 1 of Article 9 of this Circular.

a) Serve as the focal point to present to the Governor of the State Bank for consideration and handling of credit institutions' refinancing loan requests in accordance with this Circular;[13]

b) Serve as the focal point to present to the Governor of the State Bank to issue Decisions to amend and supplement the refinancing loan decisions for credit institutions to implement the Resolutions of the National Assembly and the Government. point c of Clause 1 of Article 9 of this Circular;  

2. Department of Credit Policies for Economic Sectors Provide comments to the Department of Monetary Policy on credit institutions' refinancing loan requests in accordance withterm XIV; 3. Trading Departmenta) Provide comments to the Department of Monetary Policy on credit institutions' refinancing loan requests in accordance with

b) Implement the signing of the Basic Refinancing Capital Loan Contract as stipulated at Clause 3 Article 11 of this Circular; 

Point d Clause 1 Article 9 of this Circular;

đ)[14] approve and disburse refinancing capital in accordance with[15] Point b Clause 2 Article 9 of this Circular;

extend refinancing capital, collect refinancing capital, transfer overdue refinancing capital to monitoring according to the provisions of this Circular;[16]

b) Serve as the focal point to present to the Governor of the State Bank to issue Decisions to amend and supplement the refinancing loan decisions for credit institutions to implement the Resolutions of the National Assembly and the Government. point c of Clause 1 of Article 9 of this Circular;

c) Implement measures as stipulated at d) Monthly, within the first fifteen days of each month, report on the refinancing capital data for credit institutions of the previous month in accordance with Appendix V issued together with this Circular. [17]Within two working days from the date of receipt of the Decision to amend and supplement the refinancing loan decision, the Trading Department d) Determine the average monthly business travel distance of the position Clause 2, Article 10 of this Circularand credit institutions shall review, amend, and supplement the Basic Refinancing Capital Loan Contract [18] 4. Department of Management and Supervision of Credit Institutions[19]b) In case of receiving notification from the competent authority or through supervision work discovering violations by credit institutions as stipulated at,[20] within three working days from the date of discovery of credit institutions failing to repay refinancing loan debts, the Department of Management and Supervision of Credit Institutions Article 11 of this Circular;

c)[21] shall send a letter to the credit institution, Trading Department,

Department of Monetary Policy, Department of Credit Policies for Economic Sectors, Banking Inspection Department notifying the violation, clearly identifying the content of the violation and the measures for handling as stipulated in this Circular;[22] Supervise and handle according to its authority the credit institutions in implementing the provisions of this Circular.

4a. Clause 2, Article 10 of this CircularBanking Inspection Department

a) In case of receiving notification from the competent authority or through inspection work discovering violations by credit institutions as stipulated at,

within three working days from the date of discovery of credit institutions failing to repay refinancing loan debts, the Banking Inspection Department shall send a letter to the credit institution, Trading Department, Department of Monetary Policy, Department of Credit Policies for Economic Sectors, Department of Management and Supervision of Credit Institutions notifying the violation, clearly identifying the content of the violation and the measures for handling as stipulated in this Circular;

b) Inspect and handle violations according to its authority regarding credit institutions in implementing the provisions of this Circular.

Article 15. Effective Date [23]^,[24]

5. Department of Information Technology

Organize upgrading and adjusting the business software system to comply with the provisions of this Circular.

Appendix I

1. This Circular takes effect from April 5, 2021.

NAME OF CREDIT INSTITUTION

..., day... month... year 2021

APPLICATION FOR REFINANCING CAPITAL LOAN

Respectfully submitted to: State Bank of Vietnam (through the Department of Monetary Policy)

Name of credit institution:...[25].

Address:... Telephone:... Fax:... Account number for VND deposits:... at Trading Department;

Based on Decision No. 450/QĐ-TTg dated March 26, 2021 of the Prime Minister regarding the State Bank of Vietnam's refinancing capital loan to credit institutions after credit institutions lend to Vietnam Airlines Joint Stock Company in accordance with the Resolutions of the National Assembly and the Government Based on Circular No. 04/2021/TT-NHNN dated April 5, 2021 of the Governor of the State Bank of Vietnam on refinancing capital loans to credit institutions after credit institutions lend to Vietnam Airlines Joint Stock Company

and the restructuring of repayment terms, maintaining the risk classification, and provisioning for risks related to Vietnam Airlines Joint Stock Company's debt due to the impact of the COVID-19 pandemic (referred to as Circular 04/2021/TT-NHNN);

Credit institution... hereby applies to the State Bank of Vietnam for refinancing capital loan in accordance with Circular 04/2021/TT-NHNN, specifically:

2. The credit institution requests the State Bank to decide on refinancing for the loan to VNA under Loan Agreement/Loan Agreement number... dated...

(1) Maximum refinancing amount: (in figures)... dong, (in words...) (based on the provisions of Clause 1 Article 4 Circular 04/2021/TT-NHNN).

(3) Refinancing loan term:... days (based on the provisions of Clause 1 Article 7 Circular .../2021/TT-NHNN).

(4) Extension: Request extension according to the provisions of Clause 3 Article 7 Circular 04/2021/TT-NHNN/Request not to extend refinancing (Note: Credit institutions only choose one of these two requests).

(5) Interest rate: 0%/year as stipulated in Clause 1 Article 5 Circular 04/2021/TT-NHNN.

(6) The credit institution does not have collateral at the State Bank of Vietnam as provided for in Article 6 Circular 04/2021/TT-NHNN when borrowing refinancing funds.

Credit institution... commits to comply with all provisions of Circular No. 04/2021/TT-NHNN dated April 5, 2021 issued by the Governor of the State Bank of Vietnam regarding refinancing for credit institutions after credit institutions lend to Vietnam Airlines Corporation Joint Stock Company and restructuring repayment terms, maintaining the risk classification, and provisioning for risks related to the debt of Vietnam Airlines Corporation Joint Stock Company due to the impact of the COVID-19 pandemic. ./.

Seal Registration Certificate

(Annexed to Circular No. 04/2021/TT-NHNN dated April 5, 2021 issued by the Governor of the State Bank of Vietnam)

APPLICATION FOR RELEASE OF REFINANCING FUNDS

To: Payment Department - State Bank of Vietnam

Name of credit institution: ....

Address: … Telephone: … Fax:…

Account number for VND deposits: … at Payment Department - State Bank of Vietnam

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 credit institutions lend to Vietnam Airlines Corporation Joint Stock Company and the Based on Circular No. 04/2021/TT-NHNN dated April 5, 2021 of the Governor of the State Bank of Vietnam on refinancing capital loans to credit institutions after credit institutions lend to Vietnam Airlines Joint Stock Company

Based on Decision No.... /QD-NHNN dated... month... year... of the Governor of the State Bank of Vietnam on...

Based on the Master Loan Agreement No... dated...

Credit institution... requests the Payment Department - State Bank of Vietnam to release the refinancing funds under Decision No... /QD-NHNN corresponding to the loan to VNA under the Loan Agreement/Loan Agreement... as follows:

1Balance of the loan to VNA being refinanced:

2. Credit institution requests to release the refinancing funds under Decision No... /QD-NHNN dated... with the amount: (in figures)... dong, (in words)... dong (Based on the provisions of Clause 1 Article 8 Circular 04/2021/TT-NHNN).

Credit institution... commits and accepts full responsibility under the law for the accuracy of the information and figures in this application for release of refinancing funds; commits to comply with all provisions of Circular No. 04/2021/TT-NHNN and relevant laws.

ANNEX III

(Annexed to Circular No. 04/2021/TT-NHNN dated April 5, 2021 issued by the Governor of the State Bank of Vietnam)

REPORT ON REPAYMENT OF LOAN REFINANCING ACCORDING TO CIRCULAR 04/2021/TT-NHNN

DATE... (*)

Unit: dong

Place of Receipt:
As above.
- File copy: …

for use:

- Reporting method: Credit institution reports in writing directly or through postal service;

- (*): Date when the balance of principal of refinancing loan exceeds the principal balance of the loan to VNA;

- Column (2): Principal balance of the loan to VNA at the end of the date when the balance of principal of refinancing loan exceeds the principal balance of the loan to VNA;

- Column (3): Balance of principal of refinancing loan at the end of the date when the balance of principal of refinancing loan exceeds the principal balance of the loan to VNA;

- Column (6): Date when the credit institution repays the refinancing loan;

- Reporting deadline: Within five working days following the date indicated in (*).

REGULATIONS ON THE CERTIFICATE DESIGN FOR OUTSTANDING RURAL INDUSTRIAL PRODUCTS

(Annexed to Circular No. 04/2021/TT-NHNN dated April 5, 2021 issued by the Governor of the State Bank of Vietnam)

REPORT ON PRINCIPAL BALANCE OF LOANS TO VNA
ACCORDING TO CIRCULAR NO. 04/2021/TT-NHNN DATED APRIL 5, 2021

Month... year...

Unit: Dong

Place of Receipt:
- Monetary Policy Department;
- Payment Department[28];
- Credit Institutions Supervision Department, Banking Inspection Department of the State Bank of Vietnam[29];
- Credit to Economic Sectors Department;
- Ministry of Finance[30].
- File copy: …

for use:

- Report on principal balance of loans to VNA that still have outstanding refinancing loans in the reporting month.

- Reporting method: Credit institution reports in writing directly or through postal service.

- Data cut-off period from the first day to the last day of the reporting month; column (2) reports in detail each day in the month.

- Reporting deadline: Within fifteen days of the first month following the reporting month.

Appendix V

(Annexed to Circular No. 04/2021/TT-NHNN dated April 5, 2021 issued by the Governor of the State Bank of Vietnam)

REPORT ON REFINANCING DATA FOR CREDIT INSTITUTIONS
ACCORDING TO CIRCULAR NO. 04/2021/TT-NHNN DATED APRIL 5, 2021

Month... year...

Unit: Dong

Place of Receipt:
- SBV Leadership (for reporting);
- Monetary Policy Department;
- Credit Institutions Supervision Department, Banking Inspection Department of the State Bank of Vietnam [32];
- Credit to Economic Sectors Department;
- Ministry of Finance[33].
- FILE COPY: …

for use:

- Reporting deadline: Within fifteen days of the first month following the reporting month.

[1] Circular No. 42/2024/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, is hereby promulgated as follows:

“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; session XIV;

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. 102/2022/NĐ-CP dated December 12, 2022 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 promulgates Issuing the Circular amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and the restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic."

[2] Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and the restructuring of debt repayment terms, maintaining the risk classification, and setting aside provisions for risks related to debts of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic is based on the following:

“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 the Circular amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic."

[3] This Clause is amended according to Clause 1, Article 1 of Circular No. 42/2024/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and the restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 22, 2024.

[4] This Clause is amended according to Clause 2, Article 1 of Circular No. 42/2024/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and the restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 22, 2024.

[5] The phrase "Bank Inspection and Supervision Authority" is replaced with the phrase "Credit Institution Management and Supervision Bureau" according to Clause 2, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[6] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[7] The phrase "Bank Inspection and Supervision Authority" is replaced with the phrase "Credit Institution Management and Supervision Bureau" according to Clause 2, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[8] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[9] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[10] This Point is amended according to Clause 1, Article 1 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[11] This is amended pursuant to Clause 2, Article 1 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[12] This clause is amended pursuant to Clause 3, Article 1 of Circular No. 42/2024/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and the restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 22, 2024.

[13] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[14] This point is added pursuant to Clause 4, Article 1 of Circular No. 42/2024/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and the restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 22, 2024.

[15] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[16] The phrase "Bank Inspection and Supervision Authority" is replaced with the phrase "Credit Institution Management and Supervision Bureau" according to Clause 2, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[17] The term “inspection” is abolished pursuant to Clause 6, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[18] The phrase "Bank Inspection and Supervision Authority" is replaced with the phrase "Credit Institution Management and Supervision Bureau" according to Clause 2, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[19] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[20] The phrase “State Bank of Vietnam Inspection Department” is added pursuant to Clause 1, Article 2 of 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 capital injection for credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring repayment terms, 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, which shall take effect from July 11, 2025.

[21] This point is amended pursuant to Clause 3, Article 1 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[22] This clause is added pursuant to Clause 4, Article 1 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[23] Clause 3 and Clause 4 of Circular No. 42/2024/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and the restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 22, 2024 is stipulated as follows:

“This Circular takes effect from December 25, 2025/.

The Director of the Office, the Head of the Monetary Policy Department, the Inspector, the Supervisor of Banking, the Head of the Credit to Economic Sectors Department, the Heads of units under the State Bank of Vietnam, and credit institutions are responsible for implementing this Circular.

Article 4. Implementation provisions

This Circular takes effect from July 22, 2024.

[24] Articles 3 and 4 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025 is stipulated as follows:

Article 3. Responsibilities for Implementation

The Heads of units under the State Bank of Vietnam and credit institutions are responsible for implementing 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 provisions of Circular No. 04/2021/TT-NHNN.

[25] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[26] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[27] The phrase “Bank Inspection and Supervision Authority” is replaced with the phrase “Department of Organization and Supervision of Credit Institutions, State Bank of Vietnam Inspection Department” pursuant to Clause 3, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[28] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[29] The phrase “Bank Inspection and Supervision Authority” is replaced with the phrase “Department of Organization and Supervision of Credit Institutions, State Bank of Vietnam Inspection Department” pursuant to Clause 3, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[30] The phrase “State Capital Management Committee at Enterprises” is replaced with the phrase “Ministry of Finance” pursuant to Clause 4, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[31] The phrase "State Bank Branch" is replaced with the phrase "Branch" according to Clause 5, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[32] The phrase “Bank Inspection and Supervision Authority” is replaced with the phrase “Department of Organization and Supervision of Credit Institutions, State Bank of Vietnam Inspection Department” pursuant to Clause 3, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.

[33] The phrase “State Capital Management Committee at Enterprises” is replaced with the phrase “Ministry of Finance” pursuant to Clause 4, Article 2 of Circular No. 16/2025/TT-NHNN amending and supplementing certain Articles of Circular No. 04/2021/TT-NHNN dated April 5, 2021, issued by the Governor of the State Bank of Vietnam on capital re-lending to credit institutions after such credit institutions have lent to Vietnam Airlines Joint Stock Company and restructuring the repayment period, maintaining the risk classification, and provisioning for risk reserves for the debt of Vietnam Airlines Joint Stock Company due to the impact of the COVID-19 pandemic, taking effect from July 11, 2025.