Circular No. 29/2025/TT-NHNN guiding credit institutions and foreign bank branches operating in the agricultural and rural sectors to provide loans for agriculture and rural areas.

CIRCULAR

Guidelines for credit institutions and foreign bank branches to provide loans

for the agricultural and rural areas sector

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

Pursuant to the Law on Credit Institutions No. 32/2024/QH15 amended and supplemented by Law No. 96/2025/QH15;

Pursuant to the Government Decree number 26/2025/NĐ-CP stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

CPursuant to the Government Decree No. 55/2015/NĐ-CP on credit policies to serve the development of agriculture and rural areas, amended and supplemented by Government Decrees No. 116/2018/NĐ-CP and No. 156/2025/NĐ-CP;

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

The Governor of the State Bank of Vietnam issues this Circular guiding credit institutions and foreign bank branches to provide loans for the agricultural and rural areas sector.

Article 1. Scope of Regulation

Article 1. This Circular guides credit institutions and foreign bank branches to provide loans for the agricultural and rural areas sector in accordance with the provisions of Government Decree No. 55/2015/NĐ-CP on credit policies to serve the development of agriculture and rural areas, amended and supplemented by Government Decrees No. 116/2018/NĐ-CP and No. 156/2025/NĐ-CP.

Article 2. Matters not specified in this Circular shall be implemented by credit institutions and foreign bank branches in accordance with other relevant legal documents.

Article 2. Applicability

1. Credit institutions and foreign bank branches implement loans to serve the development of agriculture and rural areas in accordance with Clause 1, Article 2 of Government Decree No. 55/2015/NĐ-CP, amended and supplemented by Government Decrees No. 116/2018/NĐ-CP and No. 156/2025/NĐ-CP, except for the Social Policy Bank and the Vietnam Development Bank (hereinafter referred to as credit institutions).

2. Borrowers in accordance with Clauses 2 and 3, Article 2 of Government Decree No. 55/2015/NĐ-CP, amended and supplemented by Government Decrees No. 116/2018/NĐ-CP and No. 156/2025/NĐ-CP (hereinafter referred to as borrowers).

3. Relevant state management agencies, organizations, and individuals involved in the implementation of this Circular.

Article 3. Restructuring repayment terms for borrowers facing difficulties due to objective and force majeure reasons

1. In cases where borrowers face difficulties due to objective and force majeure reasons as specified in Clause 12, Article 3 and Clause 1, Article 12 of Government Decree No. 55/2015/NĐ-CP, amended and supplemented by Government Decrees No. 116/2018/NĐ-CP and No. 156/2025/NĐ-CP (hereinafter referred to as specific objective and force majeure reasons), credit institutions shall consider and decide to restructure the repayment terms for the principal and/or interest balances, and maintain the loan classification group for the restructured debt balance as the group classified according to current regulations at the nearest time point before restructuring the repayment terms under this Circular based on the borrower's request, the financial capacity of the credit institution, and compliance with the following provisions:

a) Having a principal balance arising before or during the period when the specific objective and force majeure reasons occurred;

b) The principal and interest balances of each repayment term of the restructured debt are within the agreed repayment period or overdue up to 10 (ten) days from the agreed repayment date;

c) The borrower is assessed by the credit institution as facing difficulties and unable to repay the principal and/or interest on time due to specific objective and force majeure reasons but has the ability to fully repay the principal and/or interest according to the restructured repayment schedule;

d) Restructuring the repayment terms under this Circular does not limit the number of times the repayment terms can be restructured, but the restructuring period for the same specific objective and force majeure reasons does not exceed:

i) 12 months from the due date of each principal and interest balance being restructured for short-term debts; ii) 36 months from the due date of each principal and interest balance being restructured for medium and long-term debts. The due date of each restructured balance at this point is based on the repayment period agreed upon at the nearest time point before the first time restructuring the repayment terms under this Circular for the same specific objective and force majeure reasons.

2. Debts that have been restructured under other legal provisions, if they meet the provisions of this Circular, credit institutions may consider restructuring the repayment terms under this Circular.

Article 4. Debt Grace Period

For borrowers who take loans to plant, care for, and replant perennial crops, credit organizations and borrowers shall agree on the grace period for the principal and/or interest repayment in accordance with the crop establishment phase. The grace period is the time from when the credit organization begins disbursing the loan funds until the borrower starts repaying the principal and/or interest as stipulated in the credit agreement.

Article 5. Maximum Deduction Rate for Collateral Assets

The maximum deduction rate for collateral assets of loans in the agricultural and rural areas sector shall be equal to the maximum deduction rate for collateral assets as prescribed by the Government regarding the level of provision, method of establishing risk provisions, and the use of provisions to handle risks in the operations of credit institutions, foreign bank branches.

Article 6. Responsibilities of Credit Institutions

1. Credit institutions shall determine and clearly state the purpose of lending for agricultural and rural development in the loan agreement and credit contract.

2. Credit institutions shall issue internal regulations to uniformly implement throughout their system regarding:

a) Loan restructuring terms according to this Circular, including specific contents such as:

i) Criteria for identifying customers and the outstanding balance of the debt subject to restructuring under this Circular; ii) Procedures, formalities, division of responsibilities, tasks, and duties of each individual and department in implementing loan restructuring under this Circular ensuring that the decision-maker for loan restructuring is not the same individual or department that approved the credit, except where credit approval is made by the Board of Directors, Board of Members, General Director, or Director, or the parent bank (for foreign bank branches). In cases where credit approval and restructuring approval are conducted through a committee mechanism, the Chairman of the Restructuring Approval Committee shall not be the Chairman of the Credit Approval Committee, and at least two-thirds (2/3) of the members of the Restructuring Approval Committee shall not be members of the Credit Approval Committee;

iii) Frequency of reviewing and assessing the customer's ability to repay after restructuring the repayment term; monitoring, inspecting, controlling, and supervising the restructuring of the repayment term as stipulated in this Circular;

b) Linked lending in agricultural production in compliance with Clause 4, Article 14 of Decree No. 55/2015/ND-CP amended and supplemented by Decree No. 116/2018/ND-CP and Decree No. 156/2025/ND-CP;

c) Documentation, procedures, and formalities for requesting debt write-off in compliance with Clause 3, Article 12 of Decree No. 55/2015/ND-CP amended and supplemented by Decree No. 116/2018/ND-CP and Decree No. 156/2025/ND-CP.

3. Credit institutions shall be responsible for:

a) Decisions on restructuring the repayment term according to this Circular, conducting internal inspections and controls to ensure strict supervision, safety, prevention, and blocking the abuse of restructuring the repayment term for personal gain;

b) The completeness, legality, and validity of the documentation, data, and customer objects requesting debt write-off.

4. Based on the provisions of this Circular and relevant laws, within ten (10) working days from the date of issuance, amendment, or supplementation of internal regulations as stipulated in Clause 2 of this Article:

Article 2. Amending and supplementing Article 13

b) Credit institutions subject to micro-prudential inspection and supervision by the State Bank Regional Branch shall submit their internal regulations to that State Bank Regional Branch.

5. Credit institutions shall be responsible for submitting reports to the State Bank of Vietnam on credit balances for the agricultural and rural areas sector in accordance with the reporting and statistical systems applicable to credit institutions and foreign bank branches; quarterly (before the 15th day of the following month of the reported quarter) reporting on the situation of restructuring the repayment term according to the annex issued together with this Circular.

Article 7. Responsibilities of units under the State Bank of Vietnam

1. Responsibilities of the Credit Department for Economic Sectors

a) Monitor, urge, and review the reporting forms of credit institutions (excluding people's credit funds) as prescribed in this Circular;

b) Serve as the focal point to advise the Governor of the State Bank of Vietnam on considering and handling requests for debt write-offs as stipulated in Articles 12, 14, 15, and 15a of Decree No. 55/2015/ND-CP amended and supplemented by Decrees No. 116/2018/ND-CP and No. 156/2025/ND-CP;

c) Take the lead and coordinate with relevant units in advising the Governor of the State Bank of Vietnam on handling issues arising during the implementation of this Circular.

2. Responsibilities of the State Bank of Vietnam Inspectorate, the Credit Institution Management and Supervision Department Implement inspection and supervision of credit institutions' compliance with the provisions of this Circular according to their functions and responsibilities.

3. Responsibilities of the State Bank of Vietnam Branches in Regions

a) Monitor, urge, and review the reporting forms of people's credit funds and branches of credit institutions within their jurisdiction as prescribed in this Circular;

b) Coordinate with the Credit Department for Economic Sectors to implement procedures and formalities for requesting debt write-offs as stipulated in Articles 12, 14, 15, and 15a of Decree No. 55/2015/ND-CP amended and supplemented by Decrees No. 116/2018/ND-CP and No. 156/2025/ND-CP;

c) Conduct inspections and supervise the compliance of people's credit funds and branches of credit institutions within their jurisdiction, which fall under the inspection and supervision of the State Bank of Vietnam Regional Branches, with the provisions of this Circular.

Article 8. Implementation clause

1. This Circular takes effect from November 15, 2025.

2. The following Circulars shall cease to be effective from the date this Circular takes effect:

a) Circular No. 10/2015/TT-NHNN of the Governor of the State Bank of Vietnam guiding the implementation of certain contents of Decree No. 55/2015/ND-CP dated June 9, 2015 of the Government on credit policies serving agricultural and rural development;

b) Circular No. 25/2018/TT-NHNN of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 10/2015/TT-NHNN of the Governor of the State Bank of Vietnam guiding the implementation of certain contents of Decree No. 55/2015/ND-CP dated June 9, 2015 of the Government on credit policies serving agricultural and rural development.

3. Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches shall be responsible for organizing the implementation of this Circular.