Circular No. 33/2011/TT-NHNN amends and supplements certain articles of Circular No. 13/2010/TT-NHNN on the ratios ensuring safety in the operation of credit institutions and lending regulations for customers. This Circular applies to credit institutions and borrowing customers, particularly regarding gold collateral and gold purchases.
Scope of application
Credit institutions and borrowing customers
Key points
- Credit institutions → are allowed to lend using gold as collateral → without specific levels or ratios
- Borrowing customers → are permitted to purchase gold, but only with the approval of the Governor of the State Bank of Vietnam → without specific levels or ratios
🌐 Social impact of this document
- Positive impact: Enhances the ability to secure loans with gold, supports the production and trading of gold bars and jewelry.
- Negative impact: Difficulties in purchasing gold without the approval of the Governor of the State Bank of Vietnam may cause difficulties for customers.
❓ Frequently asked questions
Can credit institutions be secured by gold when lending?
Yes, credit institutions can be secured by gold when lending according to the provisions of Circular No. 33/2011/TT-NHNN.
What can customers use gold for?
Customers are only permitted to purchase gold for producing gold bars, manufacturing and processing jewelry, or importing raw materials under the license of the State Bank of Vietnam.
When does this Circular take effect?
This Circular takes effect from October 10, 2011.
Do credit institutions and borrowing customers who signed contracts before this Circular takes effect have to comply with the new regulations?
If a credit agreement is concluded and becomes effective before this Circular takes effect, the credit institution and the borrowing customer continue to implement the agreements already signed until the principal and interest of the loan are fully repaid; or they may agree to amend and supplement the credit agreement in accordance with the provisions of this Circular.
Who is responsible for implementing this Circular?
The Director of the Office, the Inspector General, the Head of the Monetary Policy Department, the Heads of units under the State Bank of Vietnam, the Governors of the State Bank of Vietnam branches in provinces and centrally-administered cities, the Chairmen of the Board of Directors, the Chairmen of the Board of Members, and the General Managers (Directors) of credit institutions and related organizations and individuals are responsible for implementing this Circular.
Full text
CIRCULAR
Amending and supplementing some articles of Circular No. 13/2010/TT-NHNN dated May 20, 2010 on certain ratios ensuring safety in the operations of credit institutions and credit regulations for customers issued together with Decision No. 1627/2001/QĐ-NHNN dated December 31, 2001 of the Governor of the State Bank of Vietnam.
Implementing Resolution No. 11/NQ-CP dated February 24, 2011 of the Government on key measures to focus on curbing inflation, stabilizing macroeconomic conditions, and ensuring social welfare;
The State Bank of Vietnam (hereinafter referred to as the State Bank) amends and supplements some articles of Circular No. 13/2010/TT-NHNN dated May 20, 2010 on certain ratios ensuring safety in the operations of credit institutions (hereinafter referred to as Circular No. 13/2010/TT-NHNN) and the Credit Regulations for Customers issued together with Decision No. 1627/2001/QĐ-NHNN dated December 31, 2001 (hereinafter referred to as the Credit Regulations for Customers) of the Governor of the State Bank as follows:
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Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;
Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
Article 1. Enacting Point d Clause 5.6 Article 5 of Circular No. 13/2010/TT-NHNN as follows:
"d) Loans secured by gold."
Article 2. Supplementing Point d Clause 1 Article 9 of the Credit Regulations for Customers as follows:
"d) To purchase gold, except in cases where the Governor of the State Bank approves loans for purchasing gold to produce gold bars, produce and process jewelry and fine arts, and to import raw gold according to the permit of the State Bank."
1. This Circular takes effect from October 10, 2011.
2. For credit contracts signed and effective before this Circular takes effect, credit institutions and borrowers shall continue to implement the agreements already signed until the principal and interest of the loan are fully repaid; or credit institutions and borrowers may agree to amend and supplement the credit contract in accordance with the provisions of this Circular and relevant laws.
Article 3. Implementation Organization
3. The Director of the Office, the Director of Banking Inspection and Supervision, the Head of the Monetary Policy Department, the Heads of units under the State Bank, the Governors of the State Bank branches in provinces and centrally-administered cities, the Chairmen of the Management Boards, the Chairmen of the Board of Members, and the General Directors (Directors) of credit institutions and related organizations and individuals are responsible for implementing this Circular./.
2. For credit contracts signed and effective before the date this Circular takes effect, credit institutions and borrowers shall continue to perform according to the agreements already concluded until the principal and interest of the loan are fully repaid; or credit institutions and borrowers may agree to amend and supplement the credit contract in accordance with the provisions of this Circular and relevant laws.
3. The Director of the Office, the Head of the Banking Inspection and Supervision Department, the Director of the Monetary Policy Department, the Heads of units under the State Bank, the Governors of the State Bank branches in provinces and centrally governed cities, the Chairmen of the Board of Directors, the Chairmen of the Board of Members, and the General Managers (Directors) of credit institutions and related organizations and individuals are responsible for implementing this Circular./.
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