Circular No. 19/2017/TT-NHNN amending and supplementing certain Articles of Circular No. 36/2014/TT-NHNN dated November 20, 2014 of the Governor of the State Bank of Vietnam on limits and ratios ensuring safety in the operations of credit institutions and foreign bank branches.

CIRCULAR

Amending and supplementing some articles of Circular No. 36/2014/TT-NHNN dated November 20, 2014 of the Governor of the State Bank of Vietnam on limits and ratios to ensure safety in the operations of credit institutions and foreign bank branches

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;

Pursuant to the Law Amending and Supplementing Certain Provisions 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;

At the proposal of the Director of Banking Inspection and Supervision;

(Circular No. 36/2014/TT-NHNN)., amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPPursuant to the Law on Public Investment dated November 29, 2024;Article 1. Amending and supplementing certain articles of Circular No. 36/2014/TT-NHNN1. Supplement Clause 25 to Article 3 as follows:"25. The exchange rate for calculating the limits and ratios for ensuring safety under this Circular (hereinafter referred to as the exchange rate) shall be defined as follows: a) Exchange rate for converting various foreign currencies into Vietnamese dong:l(i) On non-working days that are not the last working day of the month, quarter, or year: apply the regulations of the State Bank of Vietnam on the accounting exchange rate in the Accounting Account System of credit institutions; (ii) On working days which are the last working day of the month, quarter, or year: apply the regulations of the State Bank of Vietnam on the exchange rate for converting the Balance Sheet Statement in foreign currency to Vietnamese dong for credit institutions and branches of foreign commercial banks using Vietnamese dong as the accounting currency or the exchange rate for converting financial statements in foreign currency to Vietnamese dong for credit institutions and branches of foreign commercial banks using foreign currency as the accounting currency in the Accounting Account System of credit institutions and Financial Reporting Regulations for credit institutions;âb) The exchange rate for converting other foreign currencies into US dollars shall be determined by credit institutions and branches of foreign commercial banks." 2. Points b and c of Clause 2 of Article 15 are amended and supplemented as follows:

Article 1. Amend and supplement certain đArticle of Circular 36/2014/TT-NHNN

1. Clause 1 of Article 1 shall be amended and supplemented as follows:

"1. This Circular stipulates the limits and ratios to ensure safety that credit institutions and foreign bank branches must maintain continuously, including:

a) Minimum capital adequacy ratio, except for the minimum capital adequacy ratio applicable to commercial banks and foreign bank branches as separately prescribed by the State Bank of Vietnam;

b) Credit limit restrictions;

c) Liquidity coverage ratio;

d) Maximum proportion of short-term capital used for medium- and long-term loans;

đ) Maximum ratio of purchasing and investing in government bonds and government-guaranteed bonds;

e) Limit on capital contribution and share purchase;

g) Ratio of loan balance to total deposits."

2. Clause 3 of Article 1 shall be amended and supplemented as follows:

"3. Special control credit institutions shall implement the limits and ratios to ensure safety as prescribed in Article 146đ of the Law on Credit Institutions (as amended and supplemented)."

3. Clause 4 and Clause 5 shall be added to Article 1 as follows:

"4. Credit institutions supporting recovery plans approved shall comply with the maximum ratio of purchasing and investing in government bonds and government-guaranteed bonds as prescribed in Clause 8 of Article 148đ of the Law on Credit Institutions (as amended and supplemented).

5. Credit institutions and foreign bank branches participating in financing programs and projects decided by the Government and Prime Minister shall consider sources of funds and debts of each program and project when determining the limits and ratios to ensure safety according to the decisions of the Government and Prime Minister."

4. Clause 12 and Clause 13 of Article 3 shall be amended and supplemented as follows:

“12. Granting credit It refers to the agreement between credit institutions and foreign bank branches and organizations or individuals to use a certain amount of money or commit to allowing the use of a certain amount of money under the principle of repayment through lending, discounting, financial leasing, factoring, bond investment, credit card issuance, bank guarantee, and other credit activities as prescribed by the State Bank of Vietnam, including credit from another legal entity's capital where the credit institution or foreign bank branch bears risk as prescribed by law.

 13. Total outstanding credit balance It includes the total outstanding loans, discounting, rediscounting, financial leasing, factoring, total amount of bond investment, credit card issuance, and other credit activities as prescribed by the State Bank of Vietnam, including outstanding credit from another legal entity's capital where the credit institution or foreign bank branch bears risk as prescribed by law; the balance of guarantees and entrusted amounts for other credit institutions and foreign bank branches to provide credit."

5. Point c of Clause 15 of Article 3 shall be amended and supplemented as follows:

"c) Other legal entities or individuals with potential risks to the operations of credit institutions and foreign bank branches shall be determined according to internal regulations of credit institutions and foreign bank branches or upon written request of the State Bank of Vietnam through inspections and supervision of specific cases."

6. Amending and supplementing Clause 18 and adding Clause 18a after Clause 18 of Article 3 as follows:

“18. Credit for investment and stock trading refers to the provision of credit or entrusting credit by credit institutions and foreign bank branches to customers according to the law for customers or other legal entities or individuals to use the capital for the purpose of investing in and trading stocks, holding shares.

19b. Credit for investment and corporate bond trading refers to the provision of credit or entrusting credit by credit institutions and foreign bank branches to customers according to the law for customers or other legal entities or individuals to use the capital for the purpose of investing in and trading corporate bonds, holding corporate bonds."

7. Adding Clauses 19, 20, 21, 22, 23, and 24 to Article 3 as follows:

“19. Credit institution, foreign bank branch refers to credit institutions and foreign bank branches established and operating in Vietnam according to Vietnamese laws.

20. Financial organization refers to organizations defined under anti-money laundering laws.

21. Foreign financial organization refers to financial organizations established abroad according to foreign laws.

22. Average Monthly Total Liabilities is calculated by dividing the total balance of the Total Liabilities account on the balance sheet at the end of each day in the month by the total number of days in the month.

23. Forward Purchase and Sale Transaction refers to a transaction where a credit institution or foreign bank branch purchases and takes ownership of securities not yet due for payment (the buyer) from another credit institution or foreign bank branch (the seller), while the seller commits to repurchasing those securities after a specified period.

24. Subordinate Debt refers to debt under an agreement where the creditor is only paid after all other obligations, secured or unsecured debts, have been settled when the borrowing entity goes bankrupt or is dissolved.

8. Point d and Point đ of Clause 1 of Article 4 shall be amended and supplemented as follows:

"d) The review and approval of credit provision and the restructuring of debt repayment terms (including loan extensions and adjustments to repayment periods) must be conducted based on principles of transparency, non-conflict of interest, and no concealment of credit quality, where the person deciding on the debt restructuring term cannot be the same person who approved the credit provision, except when the credit provision is approved by the Board of Directors, the Board of Members, or the General Director/Manager (for foreign bank branches). In cases where the review and approval of credit provision and the restructuring of debt repayment terms are carried out through a committee mechanism, the chairman of the committee for the restructuring of debt repayment terms cannot be the chairman of the committee for credit provision review, and at least two-thirds (2/3) of the members of the committee for the restructuring of debt repayment terms cannot be members of the committee for credit provision review;"

"d) Regulations on risk management in credit activities for investment in stocks and corporate bonds; credit for real estate business; credit for projects under Build-Operate-Transfer (BOT) contracts and Build-Transfer (BT) contracts;"

9. Add point e to Clause 1 of Article 4 as follows:

"e) Regulations on credit provision for the Director (Deputy Director) of branches, subordinate units, and equivalent positions in credit organizations and foreign bank branches, ensuring the principles stipulated in points a, b, c, d, and d of this clause. The determination of equivalent positions shall be carried out according to internal regulations of credit organizations and foreign bank branches;"

10. Clause 3 of Article 6 is amended and supplemented as follows:

"3. Calculation of the actual value of charter capital and additional capital:"

The actual value of charter capital and additional capital is determined by adding (subtracting) undistributed accumulated profits (unresolved accumulated losses) reflected in accounting books to (from) the charter capital and additional capital and share premium."

11. Clause 3 and Clause 4 of Article 10 are amended and supplemented as follows:

"3. Credit organizations and foreign bank branches must report to the Shareholders' Meeting, Members' Meeting the credit provisions made to the objects specified in Clause 1 of Article 127 of the Law on Credit Institutions (amended and supplemented) up to the data collection date for the Shareholders' Meeting, Members' Meeting; report to the owner, shareholders, managers, directors, and the State Bank (Supervisory Authority) when there is a new credit provision to the objects specified in Clause 1 of Article 127 of the Law on Credit Institutions (amended and supplemented)."

"4. Credit provisions to subsidiaries, associated companies (except in cases prohibited from providing credit as stipulated in Article 126 of the Law on Credit Institutions (amended and supplemented)) and objects listed in Clause 2 of this Article must be approved by the Board of Directors, the Board of Members, or the General Director/Manager (for foreign bank branches), except for credit provisions within the authority of the Shareholders' Meeting. The Supervisory Board must monitor the approval of credit provisions to these objects."

12. Article 11 is amended and supplemented as follows:

"Article 11. Limitations and Restrictions on Credit Provision"

Credit organizations and foreign bank branches must comply with the provisions regarding situations where credit provision is not allowed, restricted credit provision, and credit provision limits as stipulated in Articles 126, 127, and 128 of the Law on Credit Institutions (amended and supplemented)."

13. Article 13 is amended and supplemented as follows:

"Article 13. Conditions and Limits on Credit Provision for Investment in Corporate Bonds"

"1. Credit organizations and foreign bank branches may only provide credit with a term of up to 01 (one) year to customers for investment in and trading of corporate bonds, and when providing credit, they must meet the following conditions:"

"a) The credit provision must ensure the limits and safety ratios prescribed by law;"

"b) Have a bad debt ratio below 3%;"

"c) Fully comply with all risk management regulations prescribed by law on credit provision, internal control systems, and adequately set aside risk reserves as prescribed by law."

"2. Credit organizations and foreign bank branches shall not provide credit to customers for investment in and trading of corporate bonds in the following cases:"

"a) Collateral assets are corporate bonds issued by credit organizations, subsidiaries of credit organizations, or foreign bank branches;"

"b) Collateral assets are corporate bonds issued by enterprises that the borrower has purchased using the loan;"

"c) Customers fall under the objects specified in Clause 1 of Article 126 of the Law on Credit Institutions;"

"d) Customers are related parties of the objects specified in Clauses 1 and 4 of Article 126 of the Law on Credit Institutions;"

"đ) Customers are the objects specified in Clause 1 of Article 127 of the Law on Credit Institutions (amended and supplemented), or customers are related parties of the objects specified in Clause 1 of Article 127 of the Law on Credit Institutions (amended and supplemented);"

"e) To invest in unlisted corporate bonds on the stock market or unregistered for trading on the over-the-counter market of public companies not listed (Upcom)."

"3. Credit organizations and foreign bank branches shall not provide credit for investment in and trading of corporate bonds to customers who are subsidiaries or associated companies of credit organizations."

"4. The total outstanding balance of credit provision for investment in and trading of corporate bonds by credit organizations and foreign bank branches shall not exceed 5% of their charter capital and additional capital."

14. Article 14 is amended and supplemented as follows:

“Article 14. Conditions and limits for granting credit to invest in and trade stocks

1. Credit institutions and foreign bank branches may only grant credit with a term not exceeding one year to customers for investing in and trading stocks, and when granting such credit, they must meet the following conditions:

"a) The credit provision must ensure the limits and safety ratios prescribed by law;"

"b) Have a bad debt ratio below 3%;"

"c) Fully comply with all risk management regulations prescribed by law on credit provision, internal control systems, and adequately set aside risk reserves as prescribed by law."

2. Credit institutions and foreign bank branches shall not grant credit to customers for investing in and trading stocks in the following cases:

a) The collateral is shares of the credit institution or its subsidiary;

b) The collateral is shares of the issuing enterprise that the borrower has borrowed to purchase shares of that enterprise;

c) To invest in and trade shares of the credit institution;

d) The customer is an entity specified in Clause 1 of Article 126 of the Law on Credit Institutions;

đ) The customer is a related party of entities specified in Clause 1 and Clause 4 of Article 126 of the Law on Credit Institutions;

e) The customer is an entity specified in Clause 1 of Article 127 of the Law on Credit Institutions (amended and supplemented), or a related party of an entity specified in Clause 1 of Article 127 of the Law on Credit Institutions (amended and supplemented).

3. Credit institutions shall not grant credit to invest in and trade stocks to customers who are subsidiaries or associated companies of the credit institution.

4. The total outstanding balance of credit granted for investing in and trading stocks by credit institutions and foreign bank branches shall not exceed 5% of the charter capital or authorized capital of the credit institution or foreign bank branch.

15. Point b and point c of Clause 2 of Article 15 are amended and supplemented as follows:

“b) The liquidity reserve ratio is determined according to the following formula:

Where:

"1. Credit institutions and branches of foreign commercial banks determine the maximum proportion of short-term capital used for medium- and long-term lending in Vietnamese dong (including Vietnamese dong and foreign currencies converted into Vietnamese dong at the exchange rate specified in point a of Clause 25 of Article 3 of this Circular) according to the following formula:

A (%)

+ The amount of rediscounting from the State Bank in the form of discounting negotiable instruments, loans collateralized by negotiable instruments (excluding rediscounting from the State Bank based on bonds issued by the Vietnam Asset Management Company); overnight loans in inter-bank electronic payment systems; sale of negotiable instruments with maturity through open market operations of the State Bank.

+ The amount of credit extended by credit institutions and foreign bank branches in the forms of sale with maturity, discounting, re-discounting, and loans collateralized by: (i) negotiable instruments used in transactions with the State Bank; (ii) bonds and bills issued by governments of other countries or guaranteed by central banks of other countries, rated at least AA or equivalent by international rating agencies (Standard & Poor’s, Fitch Rating) or by independent credit rating agencies at the corresponding level.

c) Highly liquid assets and total liabilities are calculated in Vietnamese dong, including Vietnamese dong and other freely convertible currencies converted into Vietnamese dong (based on the central exchange rate, cross-exchange rate of Vietnamese dong and some other currencies published daily by the State Bank, or the exchange rate recorded by credit institutions and foreign bank branches in the absence of the central exchange rate and cross-exchange rate of Vietnamese dong and some other currencies).”

16. Point a of Clause 3 of Article 15 is amended and supplemented as follows:

“a) Credit institutions and foreign bank branches must calculate and maintain the ability to pay ratio for 30 days in Vietnamese dong and the ability to pay ratio for 30 days in foreign currency (including US dollars and other foreign currencies converted into US dollars based on the central exchange rate, cross-exchange rate of Vietnamese dong and some other currencies published daily by the State Bank, or the exchange rate recorded by credit institutions and foreign bank branches in the absence of the central exchange rate and cross-exchange rate of Vietnamese dong and some other currencies);”

17. Article 17 is amended and supplemented as follows:

“Article 17. Maximum Proportion of Short-term Capital Used for Medium-term and Long-term Loans

1. Credit institutions and foreign bank branches shall determine the maximum proportion of short-term capital used for medium-term and long-term loans in Vietnamese dong, including Vietnamese dong and other foreign currencies convertible to Vietnamese dong (based on the central exchange rate, cross-exchange rate of Vietnamese dong and certain foreign currencies published daily by the State Bank of Vietnam, or the exchange rate recorded by credit institutions and foreign bank branches in cases where there is no central exchange rate or cross-exchange rate of Vietnamese dong and certain foreign currencies) according to the following formula:

 Where:

(ii) Entrusted loans to other credit institutions and branches of foreign commercial banks for lending and financial leasing where the entrusting credit institution and branch of a foreign commercial bank bears the risk;

(iii) Purchases and investments in securities (including bonds issued by the Asset Management Company of Credit Institutions of Vietnam), excluding securities used in transactions with the Central Bank;

(iv) For loans, financial leasing, and entrusted loans specified in sub-clause (i) and (ii) of this point with different repayment periods, the remaining term for calculating medium- and long-term loans is determined for each loan corresponding to its repayment period.

b) Principal overdue balances of loans, entrusted loans, financial leasing, and balances of purchases and investments in securities.

a) The outstanding debt of the following items with remaining terms exceeding 01 (one) year:

(i) Loans and financial leases (including loans and financial leases to other credit institutions and foreign bank branches in Vietnam), except:

- Loans and financial leasing made with entrusted funds from the Government, individuals, and other organizations (including other credit institutions and foreign bank branches in Vietnam; parent banks and foreign branches of parent banks) where risks related to such loans and financial leasing are borne by the Government, individuals, and these organizations;

- Loans for programs and projects funded by refinancing capital from the State Bank pursuant to decisions of the Government and the Prime Minister.

(ii) Entrusted loans to other credit institutions and foreign bank branches for lending and financial leasing where the risk is borne by the entrusting credit institution or foreign bank branch;

(iii) Purchases and investments in securities (including corporate bonds issued by the Asset Management Company of Credit Institutions) except for securities used in transactions with the State Bank;

(iv) For loans and financial leasing, entrusted funds specified in sub-item (i) and sub-item (ii) of this point, if they have multiple debts corresponding to different repayment periods, the remaining term for calculating medium-term and long-term loan balances shall be determined separately for each debt corresponding to its respective repayment period.

b) Overdue principal balance of loans, entrusted loans, financial leases, and balances of purchases and investments in securities.

3. Medium-term and long-term capital sources include the remaining balance with a term exceeding one year of the following items:

a) Individual deposits;

b) Domestic and foreign organization deposits, except for various types of State Treasury deposits;

c) Domestic and foreign financial institution loans (excluding loans from other foreign bank branches in Vietnam);

d) Government loans in the form of entrusted investment funds where the financial institution or foreign bank branch bears the risk;

d) Borrowed funds of lead credit institutions and foreign bank branches when credit institutions and foreign bank branches participate in lending to financed and entrusted investment projects, and bear the risks associated with such loans;

e) Funds raised from issuing promissory notes, bills of exchange, deposit certificates, and bonds;

g) Registered capital, additional capital, supplementary registered capital reserve fund, development fund, and financial reserve fund remaining after deducting the original value of purchases and investments in fixed assets, contributions, and share purchases in accordance with the law;

h) Share premium surplus and undistributed profits after purchasing treasury shares;

i) Loans from other financial institutions or foreign bank branches in Vietnam for non-bank financial institutions;

k) Deposits from people's credit cooperatives for cooperative banks;

4. Short-term capital sources include the remaining balance with a term up to one year (including demand deposits) of the following items:

a) Individual deposits, excluding margin deposits and dedicated capital deposits;

b) Domestic and foreign organization deposits, excluding the following items:

(i) Various types of State Treasury deposits;

(ii) Customer margin deposits and dedicated capital deposits;

(iii) Deposits from other financial institutions or foreign bank branches in Vietnam;

c) Domestic and foreign financial institution loans (excluding loans from other foreign bank branches in Vietnam);

d) Government loans in the form of entrusted investment funds where the financial institution or foreign bank branch bears the risk;

d) Borrowed funds of lead credit institutions and foreign bank branches when credit institutions and foreign bank branches participate in lending to financed and entrusted investment projects, and bear the risks associated with such loans;

          e) Funds raised from issuing promissory notes, bills of exchange, deposit certificates, and bonds;

g) Deposits and loans from other financial institutions or foreign bank branches in Vietnam for non-bank financial institutions;

h) Deposits from people's credit cooperatives for cooperative banks;

5. Financial institutions and foreign bank branches must comply with the maximum ratio of short-term capital used for medium-term and long-term lending according to the following schedule:

a) From January 1, 2018 to December 31, 2018:

(i) Commercial banks and foreign bank branches: 45%;

(ii) Non-bank financial institutions: 90%.

b) From January 1, 2019:

(i) Commercial banks and foreign bank branches: 40%;

(ii) Non-bank financial institutions: 90%.”

18. Supplement Section 5a after Section 5 and Article 17a after Article 17 as follows:

“Section 5a

RATIO OF PURCHASE AND INVESTMENT IN GOVERNMENT BONDS,

BONDS GUARANTEED BY THE GOVERNMENT

Article 17a. Ratio of Purchase and Investment in Government Bonds, Bonds Guaranteed by the Government

1. Credit institutions and foreign bank branches may purchase and invest in government bonds and bonds guaranteed by the Government relative to the average total debt payable of the previous month according to the following maximum ratio:

a) Banks and foreign bank branches: 30%;

b) Non-bank credit institutions: 10%.

2. Government bonds include:

a) Treasury bills;

b) Treasury bonds;

c) National construction bonds.

3. Bonds guaranteed by the Government include:

a) Corporate bonds issued and guaranteed by the Government;

b) Bonds issued by policy banks and guaranteed by the Government;

c) Bonds issued by financial organizations and credit institutions and guaranteed by the Government.

4. The balance of purchases and investments in government bonds and bonds guaranteed by the Government to determine the maximum ratio prescribed in Clause 1 of this Article is the book value of government bonds and bonds guaranteed by the Government owned by credit institutions and foreign bank branches, and the amounts entrusted to other organizations to purchase and invest in government bonds and bonds guaranteed by the Government, excluding purchases and investments in government bonds and bonds guaranteed by the Government using entrusted funds from individuals and other organizations where credit institutions and foreign bank branches do not bear the risk.

5. Newly established credit institutions and foreign bank branches (excluding credit institutions reorganized in accordance with the Law on Credit Institutions) that have been operating for less than two (02) years since their opening date and whose total debt payable is less than their registered capital and additional capital may purchase and invest in government bonds and bonds guaranteed by the Government at a maximum ratio of 30% relative to their registered capital and additional capital."

19. Article 18 is amended and supplemented as follows:

"Article 18. Limitations on Capital Contributions and Share Purchases

Commercial banks and finance companies must comply with the limitations on capital contributions and share purchases as stipulated in Articles 103, 110, 129, and 135 of the Law on Credit Institutions (as amended and supplemented)."

20. Point c Clause 3 Article 20 is amended and supplemented as follows:

"c) Commercial banks shall not nominate persons to join the board of directors of credit institutions in which the commercial banks have purchased or held shares, except in cases where the credit institution is a subsidiary of the commercial bank or the commercial bank is a designated support organization participating in management, control, operation, and support of the activities of a specially supervised credit institution;"

21. Add point d to Clause 3 Article 20 as follows:

"d) In cases where a commercial bank sells shares of another credit institution on deferred payment terms, the commercial bank may only transfer ownership rights over the corresponding number of shares once the transferee has paid the corresponding amount."

22. Clause 1 Article 21 is amended and supplemented as follows:

"1. Commercial banks, cooperative banks, and foreign bank branches shall implement the maximum ratio of loan balances to total deposits in Vietnamese dong, including Vietnamese dong and other foreign currencies convertible to Vietnamese dong (based on the central exchange rate, cross-exchange rate of Vietnamese dong and certain foreign currencies published daily by the State Bank of Vietnam, or the exchange rate recorded by credit institutions and foreign bank branches in cases where there is no central exchange rate or cross-exchange rate of Vietnamese dong and certain foreign currencies), as determined by the following formula:

 Where:

- LDR: Loan-to-deposit ratio.

- L: Total loans as stipulated in Clauses 2 and 3 of this Article.

- D: Total deposits as specified in Clause 4 of this Article."

23. Sub-item b Clause 1 Article 29 is amended and supplemented as follows:

"b) Chair and coordinate with relevant Departments and Agencies to submit to the Governor of the State Bank for specific consideration of the limits and safety ratios as prescribed in Clauses 2, 3, 4, and 5 of Article 1 of this Circular."

24. Replace Appendix 1, Appendix 2, and Appendix 3 issued along with Circular No. 36/2014/TT-NHNN with Appendix 1, Appendix 2, and Appendix 3 issued along with this Circular.

Article 2. Abolish certain provisions

Abolish Article 12 and Article 19 of Circular No. 36/2014/TT-NHNN.

Article 3. Transitional Provisions

1. Transitional provisions regarding the minimum capital adequacy ratio

As of the date this Circular takes effect, credit institutions and foreign bank branches that have a minimum capital adequacy ratio not meeting the requirements set forth in Article 9 of Circular No. 36/2014/TT-NHNN, as amended and supplemented by this Circular, must develop a resolution plan, which must include at least the following contents:

a) The specific minimum capital adequacy ratio not meeting the requirements;

b) Measures and plans to address the situation to ensure compliance with the regulations within six (06) months from the date this Circular takes effect.

2. Transitional provisions regarding credit granting

a) As of the date this Circular takes effect, credit institutions and foreign bank branches that grant credits to customers for investment in and trading of corporate bonds not in compliance with the provisions of Article 13 of Circular No. 36/2014/TT-NHNN, as amended and supplemented by this Circular, shall not grant additional credits to customers for investment in and trading of corporate bonds until they comply with the regulations from the date this Circular takes effect;

b) As of the date this Circular takes effect, credit institutions and foreign bank branches that grant credits to customers for investment in and trading of shares not in compliance with the provisions of Article 14 of Circular No. 36/2014/TT-NHNN, as amended and supplemented by this Circular, shall not grant additional credits to customers for investment in and trading of shares until they comply with the regulations from the date this Circular takes effect.

3. Transitional provisions regarding the ratio of purchasing and investing in government bonds and government-guaranteed bonds

As of the date this Circular takes effect, credit institutions and foreign bank branches that have a ratio of purchasing and investing in government bonds and government-guaranteed bonds relative to the average total debt payable of the previous month not in compliance with the provisions of Article 17a of Circular No. 36/2014/TT-NHNN, as amended and supplemented by this Circular, shall not purchase or invest in additional government bonds and government-guaranteed bonds until they comply with the regulations from the date this Circular takes effect.

Article 4. Effective date

1. This Circular takes effect from February 12, 2018.

2. The provisions of Article 17 of Circular No. 36/2014/TT-NHNN, as amended and supplemented by this Circular, shall be applied to determine and comply with the maximum ratio of short-term sources of funds used for medium- and long-term loans starting from January 1, 2018.

3. Abolish Clause 2, Clause 3, Clause 4, Clause 5, Clause 6, Clause 7, Clause 8, Clause 9, Clause 10, Clause 14, Clause 15, Clause 16, Clause 17, and Clause 18 of Article 1 and Article 3 of Circular No. 06/2016/TT-NHNN dated May 27, 2016, amending and supplementing certain provisions of Circular No. 36/2014/TT-NHNN.

State-owned enterprises that have been assigned by the Ministry of Agriculture and Rural Development to conduct offshore wind power project surveys before the effective date of this Circular shall continue to implement according to the assigned documents; any new matters arising after the effective date of this Circular shall be implemented in accordance with the provisions of this Circular.

The Director of the Office, the Head of the Banking Inspection and Supervision Department, Heads of units under the State Bank, Governors of the State Bank Branches in provinces and centrally-administered cities, Chairmen of the Board of Directors, Chairmen of the Board of Members, and General Managers (Directors) of credit institutions and foreign bank branches are responsible for implementing this Circular./.