Circular No. 24/2016/TT-NHNN amends and supplements certain provisions of Circular No. 42/2011/TT-NHNN dated December 15, 2011, issued by the Governor of the State Bank of Vietnam on the provision of syndicated credit to customers.

CIRCULAR

Amending and supplementing some Articles of Circular No. 42/2011/TT-NHNN dated December 15, 2011 of the Governor of the State Bank of Vietnam on the provision of syndicated credit to customers by credit institutions
regarding the provision of syndicated credit to customers by credit institutions
pursuant to Resolution No. 56/2013/NĐ-CP dated November 11, 2013 of the Government stipulating functions, tasks, powers, and responsibilities

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Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

No. 06/2013/UBTVQH13 dated March 18, 2013;

Decree No. 1Amending and supplementing some Articles of Circular No. 42/2011/TT-NHNN dated December 15, 2011 of the Governor of the State Bank of Vietnam on the provision of syndicated credit to customers by credit institutions:onstructure of the General Department of Market Regulation the proposal of the General Department of các ngành kinh tế

At the proposal of the Director of the Department of Credit for Economic Sectors;

(Circular No. 36/2014/TT-NHNN)., amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPArticle 1. Scope and objects of application11. This Circular stipulates on the following matters: 1a) The provision of syndicated credit by credit institutions, foreign bank branches, and foreign credit institutions to customers implementing investment projects or business plans (hereinafter referred to as projects) in Vietnam; and to resident customers implementing projects abroad;

Article 1. b) The provision of syndicated credit without the participation of foreign credit institutions to non-resident customers implementing projects abroad.

1. Economic organizations conducting foreign exchange trading agency activities; economic organizations conducting foreign currency receipt and payment service provision activities; economic organizations conducting border country currency exchange agency activities.

2. In cases where syndicated credit is provided to non-resident customers implementing projects abroad with the participation of foreign credit institutions, the credit institutions and foreign credit institutions shall agree in accordance with the regulations on foreign exchange management.
2. Clause 2 and Clause 3 of Article 2 are amended and supplemented as follows:
"2. Syndicated credit provider: includes commercial banks, cooperative banks, people's credit funds, financial companies, leasing companies, foreign bank branches, and foreign credit institutions (hereinafter referred to as credit institutions) that jointly commit to providing credit to customers for the implementation of one or part of a project.
3. Syndicated credit participant (hereinafter referred to as participant): is a credit institution participating in the provision of syndicated credit in accordance with this Circular."
3. Clause 2 and Clause 3 of Article 3 are amended and supplemented as follows:

"2. Participants in syndicated credit contribute capital (or obligations) according to the participation ratio specified in the syndicated loan agreement, enjoy benefits (interest and fees as prescribed), and share costs and risks arising as specified in the syndicated loan agreement. Fees in syndicated credit are agreed upon by the syndicated credit providers and the customer in accordance with current Vietnamese laws.

3. The lead syndicated credit provider may play the role of the lead syndicated credit arrangement participant, the lead syndicated credit payment participant, and the lead collateral recipient. Participants agree on the lead syndicated credit arrangement participant, the lead syndicated credit provider, and the lead collateral recipient in accordance with current Vietnamese laws. Foreign credit institutions participating in syndicated credit shall not perform the role of the lead payment participant."
4. Clause 6 of Article 3 is added as follows:

"6. Participants (excluding foreign credit institutions) must ensure compliance with the limits and safety ratios prescribed by the State Bank when providing syndicated credit."

Article 7. Regulations on foreign exchange management for cases involving foreign elements in syndicated credit
In cases where syndicated credit involves the participation of foreign credit institutions or the provision of syndicated credit to customers for projects abroad, in addition to complying with the provisions of this Circular, the entities stipulated in Clause 1 of Article 1 of this Circular must comply with foreign exchange management regulations and other relevant laws.

6. Clause 2 of Article 8 is amended and supplemented as follows:

"2. When it is necessary to provide syndicated credit to customers, the credit institution issues a syndicated credit invitation letter accompanied by related documents to be sent to the credit institutions expected to participate in syndicated credit."

5. Article 7 is amended and supplemented as follows:

7. Clause 3 of Article 16 is amended and supplemented as follows:

"3. Credit institutions (excluding foreign credit institutions) are responsible for reporting the situation of syndicated credit in accordance with the State Bank's regulations on statistical reporting systems applicable to credit institutions and foreign bank branches."

The attached Appendix to Circular No. 42/2011/TT-NHNN dated December 15, 2011 of the Governor of the State Bank of Vietnam on the provision of syndicated credit to customers by credit institutions is abolished.

This Circular takes effect from June 30, 2016.

The Head of the Office, Heads of Departments of Economic Credit and other units under the State Bank; Governors of the State Bank Branches in provinces and centrally governed cities; Chairmen of Management Councils, Chairmen of Member Councils, and General Directors (Directors) of credit institutions participating in syndicated credit and customers are responsible for implementing this Circular./.

"3. Credit institutions (excluding foreign credit institutions) shall be responsible for reporting the situation of syndicated credit provision in accordance with the State Bank of Vietnam's regulations on the reporting and statistical system applicable to credit institutions and foreign bank branches."

Article 2. Repeal the Appendix attached to Circular No. 42/2011/TT-NHNN dated December 15, 2011, issued by the Governor of the State Bank of Vietnam regarding the provision of syndicated credit by credit institutions to customers.

Article 3. Effectiveness

This Circular takes effect from June 30, 2016.

Article 4. Organization of Implementation

The Heads of the Office, Department of Economic Credit, and heads of units under the State Bank of Vietnam; Governors of the State Bank of Vietnam branches in provinces and centrally governed cities; Chairmen of the Board of Directors, Chairmen of the Board of Members, and General Directors (Directors) of credit institutions participating in syndicated credit provision and customers are responsible for implementing this Circular./.