CIRCULAR NO. 35/2025/TT-NHNN REGULATING SPECIAL LOANS FOR CONTROLLED CREDIT ORGANIZATIONS

 CIRCULAR
REGULATIONS ON SPECIAL LOANS FOR CREDIT ORGANIZATIONS

Pursuant to the Law on Credit Organizations No. 32/2024/QH15 amended and supplemented by Law No. 43/2024/QH15 and Law No. 96/2025/QH15;

Pursuant to Decree No. 26/2025/ND-CPdated 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 this Circular regulating special loans for credit organizations.

PART I
GENERAL PROVISIONS

This Circular regulates the granting of special loans by the State Bank of Vietnam (hereinafter referred to as the State Bank) and other credit organizations to credit organizations.

1. Credit institutions.

2. Other organizations and individuals related to the granting of special loans by the State Bank and other credit organizations to credit organizations.

Article 3. Explanation of Terms

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

2. Obligatory transferee is the obligatory transferee commercial bank under the special control provisions set forth in Section 4 Chapter X of the Law on Credit Organizations 2024 as amended and supplemented in 2024 and 2025 (hereinafter referred to as the Law on Credit Organizations).

4. Extension of the term of special loanis the prolongation of a period exceeding the term of special loan prescribed in Clause 14 of this Article.

5. Interest receivableis the right to demand payment of the principal balance of interest arising from credit contracts and agreements of credit organizations with customers (excluding customers who are credit organizations).

6. Regional State Bankis the State Bank branch in the region where the special borrower has its main office.

7. State Bank branch in the region accounting for the special loanis the State Bank branch in the region responsible for accounting for the special loan granted by the State Bank to the special borrower.

8. Compulsory transfer planis the restructuring plan prescribed in Clause 28 of Article 4 and Section 4 Chapter X of the Law on Credit Organizations.

9. Restructuring planis the recovery plan; merger, consolidation, or full share transfer plan; compulsory transfer plan established and approved according to the Law on Credit Organizations or the compulsory transfer plan already approved before the effective date of this Circular and subsequently amended and supplemented according to the Law on Credit Organizations.

10. Recovery plan is the restructuring plan prescribed in Section 2 Chapter X of the Law on Credit Organizations.

11. Merger, consolidation, or full share transfer plan is the restructuring plan prescribed in Section 3 Chapter X of the Law on Credit Organizations.

12. Special loan processis the document issued by the State Bank to guide the commercial banks subject to compulsory transfer, the transferees, and relevant units in implementing special loans according to the compulsory transfer plans approved before the effective date of this Circular.

13. Right to demand principal repaymentis the right of credit organizations to demand payment of the principal balance arising from credit contracts and agreements with customers (excluding customers who are credit organizations).

16. Supporting credit organization is the credit organization prescribed in Clause 39 of Article 4 of the Law on Credit Organizations.

Article 4. Special Loan Cases

a) Providing special loans to credit institutions experiencing mass withdrawals and subject to special control, including commercial banks, cooperative banks, people's credit funds, and microfinance organizations for the purpose of paying out deposits to depositors;

b) Providing special loans to credit institutions under special control, including commercial banks, cooperative banks, comprehensive financial companies, specialized financial companies, and microfinance organizations to implement approved recovery plans;

c) Providing special loans to commercial banks under special control to implement approved mandatory transfer plans;

2. The Vietnam Cooperative Bank shall provide special loans in the following cases:

a) Providing special loans to people's credit funds experiencing mass withdrawals for the purpose of paying out deposits to depositors;

b) Providing special loans to people's credit funds under special control to implement approved recovery plans.

3. Other credit institutions (excluding the Vietnam Cooperative Bank) shall provide special loans in the following cases:

a) Providing special loans to credit institutions experiencing mass withdrawals, including commercial banks, cooperative banks, people's credit funds, and microfinance organizations for the purpose of paying out deposits to depositors;

b) Providing special loans to credit institutions under special control, including commercial banks, cooperative banks, comprehensive financial companies, specialized financial companies, and microfinance organizations to implement approved recovery plans;

c) Providing special loans to commercial banks under special control to implement approved mandatory transfer plans.

Article 5. Principles for Special Loans and Handling of Previously Lent Special Loans

1. For previously lent special loans as stipulated in point a, Clause 1, Article 4 of this Circular, after approval of the restructuring plan for the special borrower, the handling of the special loan, including special loans with collateral or without collateral, the term, collateral (if any) of the special loan, and other relevant contents shall be carried out according to the special loan handling plan in the approved restructuring plan for the special borrower; for contents not specified in the approved restructuring plan for the special borrower, they shall continue to be implemented according to the provisions of Chapter II of this Circular.

2. For special loans as stipulated in points b and c, Clause 1, Article 4 of this Circular, the provision of special loans shall be carried out according to the provisions of Chapter III of this Circular and the approved recovery plan and mandatory transfer plan for the special borrower.

6. Special loans shall be prioritized for repayment according to the provisions of Clause 1, Article 194 of the Law on Credit Institutions.

7. In the case where a special borrower must repay multiple special loans from multiple special lenders, if the special borrower does not have sufficient sources to fully repay all special loans, repayment shall be made proportionally based on the outstanding balance (including principal and interest) of each special lender at the time of repayment.

Article 6. Authority to Decide on Special Loans by the State Bank

2. The Director of the State Bank Regional Branch decides on special loans by the State Bank for people's credit funds with headquarters located within the area specified in point a Clause 1 Article 4 of this Circular.

Article 7. Conversion of Re-lending Loans at the State Bank and People's Credit Fund Loans at the Vietnam Cooperative Bank into Special Loans

1. From the date a credit institution is placed under special supervision, its re-lending loan at the State Bank shall be converted into a special loan:

a) In the case where the balance of re-lending loans is still within the due period, the principal debt balance of re-lending loans shall be converted into the principal debt balance of special loans, and the interest debt balance of re-lending loans shall be converted into the interest debt balance of special loans;

b) In the case where the balance of re-lending loans has exceeded the due period, the overdue principal debt balance of re-lending loans shall be converted into the overdue principal debt balance of special loans, and the overdue interest debt balance of re-lending loans (including the interest debt balance arising from the amount of re-lending loans that the credit institution must repay according to regulations but has not been repaid on time) shall be converted into the overdue interest debt balance of special loans;

c) Besides the factors stipulated in points a and b of this clause, during the period when the credit institution does not have an approved restructuring plan, the remaining factors of the special loan shall continue to be implemented according to the re-lending loan mechanism of the re-lending loan;

d) After the credit institution has an approved restructuring plan, the special loan shall be implemented according to the special loan handling plan already included in the approved restructuring plan.

2. From the date a people's credit fund is placed under special supervision, the principal and interest balances of its loan at the Vietnam Cooperative Bank shall be converted into the principal and interest balances of a special loan and shall continue to be implemented according to the lending mechanism of the Vietnam Cooperative Bank for people's credit funds.

3. The conversion of re-lending loans at the State Bank into special loans shall be regulated in the document of the State Bank placing the credit institution under special supervision.

Article 8. Authority to Sign Documents in the Borrower's Application File for Special Loans, Special Loan Agreements

The authority to sign documents of the borrower in the application file for special loans, the application file for extension of the special loan term, the application file for amendment and supplementation of the State Bank's Decision on special loans, special loan agreements, and documents requesting supplementation, replacement, termination of pledge, and termination of collateral for the special loan is the legal representative or authorized representative (hereinafter referred to as the lawful representative) of the borrower. In the case of an authorized representative signing, the application file for special loans, the application file for extension of the special loan term, the application file for amendment and supplementation of the State Bank's Decision on special loans, special loan agreements, and documents requesting supplementation, replacement, termination of pledge, and termination of collateral for the special loan must include an authorization document established in accordance with the provisions of the law.

Article 9. Amending and Supplementing the Decision on Special Loan from the State Bank

1. On the basis of the restructuring plan for special borrowers that has been approved, including amendments and supplements to the content of the special loan already borrowed, the content of the interest exemption measures for special loans (if any), the State Bank, the special borrower, and the Special Supervisory Board shall amend and supplement the State Bank's Decision on Special Loan in accordance with the procedures stipulated in Clauses 2, 3, and 4 of this Article.

2. The special borrower shall submit to the Special Supervisory Board three sets of documents requesting the Governor of the State Bank (in cases where the special borrower is not a credit cooperative) or the Director of the Regional State Bank (in cases where the special borrower is a credit cooperative) to amend and supplement the State Bank's Decision on Special Loan.

The application documents include:

a) A request letter to amend and supplement the State Bank's Decision on Special Loan, clearly stating the proposed amendments and supplements, the basis for the request, and the commitment to comply with the laws on special loans;

b) Relevant documents related to the request to amend and supplement the State Bank's Decision on Special Loan (if any).

3. Within a maximum period of three working days from the date of receiving all the documents as prescribed in Clause 2 of this Article, the Special Supervisory Board shall send two sets of the documents to the State Bank (Department of Monetary Policy) in cases where the special borrower is not a credit cooperative, or to the Regional State Bank in cases where the special borrower is a credit cooperative.

When submitting the request documents, the Special Supervisory Board shall attach a specific recommendation letter regarding the amendments and supplements to the State Bank's Decision on Special Loan.

4. Within a maximum period of thirty working days from the date of receiving all the special borrower's request documents and the opinion letter of the Special Supervisory Board as prescribed in Clauses 2 and 3 of this Article, the Governor of the State Bank or the Director of the Regional State Bank shall issue the Decision to amend and supplement the State Bank's Decision on Special Loan.

Chapter II
THE STATE BANK PROVIDES SPECIAL LOANS TO
CREDIT ORGANIZATIONS THAT ARE SUBJECT TO
WITHDRAWAL OF FUNDS AND SPECIAL SUPERVISION

Article 10. Purpose of Using Special Loans

1. The special borrower may only use special loans to pay out deposits of individual depositors at the special borrower; the use of special loans to pay out deposits of organizational depositors shall be decided by the Governor of the State Bank or the Director of the Regional State Bank for each specific special borrower based on the proposal of the Special Supervisory Board.

2. The depositors eligible for payment under Clause 1 of this Article do not include:

a) Persons related to the special borrower as defined in Clause 24, Article 4 of the Law on Credit Organizations;

b) Managers and controllers of the special borrower as defined in Clauses 25 and 26, Article 4 of the Law on Credit Organizations, except those appointed, designated, or nominated by competent state authorities;

c) Persons related to individuals or organizations who are managers or controllers (except those appointed, designated, or nominated by competent state authorities), shareholders holding five percent or more of the charter capital or voting shares of the special borrower as defined in Clause 24, Article 4 of the Law on Credit Organizations and guidelines issued by the State Bank on persons related to individuals or organizations (if any).

3. The subjects specified in points a, b, and c of Clause 2 of this Article shall be determined from the date:

a) The special borrower reports to the State Bank in writing when it is subject to withdrawal of funds according to Clause 1, Article 191 of the Law on Credit Organizations;

b) The State Bank issues a document placing the special borrower under special supervision (in cases where the special borrower is placed under special supervision before the date specified in point a of this clause).

Article 11. Amount of Special Loan

The State Bank shall examine and decide on the amount of special loan based on the request of credit institutions regarding the need to pay deposits to depositors within seven days.

Article 12. Term of Special Loan, Extension of Term of Special Loan

1. The State Bank shall examine and decide on the term of special loan, ensuring it is less than twelve months.

2. The State Bank shall examine and extend the term of special loan based on the borrower's payment capacity or the plan for handling the special loan already borrowed in the restructuring plan of the special borrower being submitted to the State Bank (if any); each extension period shall be less than twelve months.

Article 13. Interest Rate

1. The interest rate for the principal of special loans, including the principal within the term, the principal with extended term, and the overdue principal, is zero percent per annum.

2. No interest rate shall be applied to overdue interest.

Article 14. Collateral for Special Loan

1. In cases where the special loan has collateral, the collateral shall be prioritized in the following order:

a) Pledge: State Bank bills; government bonds (including treasury bills, treasury bonds, central construction bonds, national reconstruction bonds, government bonds issued by the Vietnam Development Bank (formerly the Development Support Fund) designated by the Prime Minister for issuance); government-guaranteed bonds payable at par value plus interest upon maturity; local government bonds included in the list of securities that can be used in transactions with the State Bank;

b) Pledge of bonds issued by commercial banks in which the state holds more than fifty percent of the charter capital;

c) Pledge of bonds issued by credit institutions not under special supervision (except for commercial banks specified in point b of this clause), and bonds issued by other enterprises.

2. In cases where the special borrower has fully utilized the collateral specified in Clause 1 of this Article, the special borrower may use the following assets as collateral for special loans and extensions of the special loan term:

a) Mortgage of the right to demand the principal;

b) Mortgage of receivable interest.

3. Value and converted value of collateral:

a) The value of the collateral specified in Clause 1 and Clause 2 of this Article shall be determined according to Appendix IV attached hereto;

b) The converted value of each item of collateral shall be calculated using the following formula:

Where:

TS: Converted value of each item of collateral;

GT: Value of each item of collateral determined according to Appendix IV attached hereto;

TL: Conversion ratio of collateral corresponding to each item of collateral.

c) The conversion ratio of collateral (TL) shall be determined as follows:

(i) For securities as specified in point a of Clause 1 of this Article, TL equals the minimum ratio between the value of the securities and the amount of secured loan by pledging such securities from the State Bank to credit institutions as prescribed by the State Bank;

(ii) For collateral as specified in points b and c of Clause 1 and Clause 2 of this Article, TL equals one hundred twenty percent.

d) At the time of requesting a special loan or extension of the special loan term, credit institutions must ensure that the total converted value of the collateral meeting the conditions stipulated in this Circular (hereinafter referred to as qualified collateral) is not lower than the amount requested for the special loan or the extension of the special loan term.

4. In cases where the collateral specified in point c of Clause 1 of this Article does not meet the conditions stipulated in Clause 2 of Article 15 of this Circular, leading to the total converted value of the qualified collateral being lower than the outstanding principal of the special loan, the special borrower must supplement or replace the collateral so that the total converted value of the qualified collateral is not lower than the outstanding principal of the special loan.

5. The supplementation or replacement of collateral specified in Clause 4 of this Article shall be carried out as follows:

a) Monthly, if the total converted value of the qualified collateral at the end of the last working day of the previous month (month T-1) is lower than the outstanding principal of the special loan, within the first five working days of the current month (month T), the special borrower shall submit to the Special Supervisory Board a written request for supplementation or replacement of collateral along with the List of Collateral to be Supplemented and the List of Collateral to be Replaced prepared according to Appendix IIIA attached hereto;

b) Within the maximum five working days from the date of receipt of the written request and the list of collateral from the special borrower as specified in point a of this clause, the Special Supervisory Board shall send the State Bank branch in the region accounting for the special loan a written approval for supplementation or replacement of collateral along with the documents of the special borrower as specified in point a of this clause;

c) After receiving the documents sent by the Special Supervisory Board as stipulated in point b of this clause, the State Bank branch in the region accounting for the special loan shall implement or coordinate with relevant units to sign an appendix to the special loan contract confirming the supplementation or replacement of collateral for the special loan, ensuring completion by the last working day of the current month (month T).

6. The special borrower is not required to comply with the provisions of Clauses 4 and 5 of this Article in the following cases:

a) The special borrower is currently using the assets specified in points a and b of Clause 2 of this Article as collateral for the special loan;

b) The special borrower currently has a special loan without collateral as stipulated in Article 16 of this Circular.

7. Termination of Pledge, Termination of Mortgage of Collateral in Cases Where the Special Borrower Repays Part of the Principal of the Special Loan:

a) The collateral for the special loan shall be terminated from pledge or mortgage after the special borrower repays the principal amount not less than the value of the collateral in the latest collateral list attached to the signed special loan contract.

b) In case there is a need to terminate the pledge, to terminate the mortgage on the collateral asset as stipulated in point a clause of this section, the special borrower shall submit a written request to terminate the pledge, to terminate the mortgage on the collateral asset to the State Bank branch in the region where the special loan is recorded; the State Bank branch in the region where the special loan is recorded and the special borrower shall sign an annex to the contract to confirm the change in the Collateral Asset List for the special loan.

Article 15. Conditions for Collateral Assets

1. The negotiable instruments specified in points a and b clause 1 of Article 14 of this Circular must meet the following conditions:

a) Issued in Vietnamese dong;

b) Currently deposited with the State Bank, including direct deposit with the State Bank or deposit in the customer account of the State Bank at the Vietnam Securities Depository and Central Counterparty Corporation;

c) Not negotiable instruments issued by the special borrower (for negotiable instruments specified in point b clause 1 of Article 14 of this Circular);

d) The remaining term of the negotiable instrument is not shorter than the term of the special loan.

2. In addition to the conditions specified in clause 1 of this Article, bonds specified in point c clause 1 of Article 14 of this Circular must also meet the following conditions:

a) Currently listed in accordance with the law;

b) Have collateral assets and the value of the collateral assets according to the internal assessment results of the credit institution at the time closest to the time of submitting the application for a special loan, the application for extending the term of a special loan, or the time of assessing the collateral assets according to the internal regulations of the credit institution during the period of the special loan, shall not be lower than the face value of the bond.

3. The credit facility under the contract, the agreement on credit facilities generating the right to demand the principal amount and interest receivable as stipulated in clause 2 of Article 14 of this Circular must be a credit facility currently secured by collateral.

Article 16. Special Loan without Collateral

The State Bank shall consider and decide on the special loan without collateral for credit institutions that meet the following conditions:

1. Credit institutions subject to special control, experiencing mass withdrawals, have reported to the State Bank about the situation of mass withdrawals and the implementation of Clause 1 of Article 191 of the Law on Credit Institutions.

2. When applying for a special loan or requesting an extension of the term of a special loan, the credit institution has not yet established a Collateral Asset List confirmed by the Special Control Board in accordance with point d clause 1 of Article 18 and Appendix IIIA promulgated together with this Circular.

Article 17. Repayment of Special Loans

1. When the special loan is due, the special borrower must repay the entire debt to the State Bank.

2. The special borrower may repay the special loan ahead of schedule; the special borrower is not required to pay a prepayment fee.

3. The special borrower must repay the State Bank in the following cases:

a) In case the special borrower has proceeds from the recovery of collateral for the special loan (hereinafter referred to as proceeds from the recovery of collateral), within the first five working days of the following month (month T+1), the special borrower must repay the principal of this special loan in the order of the promissory note with the earliest signing date, the amount repaid being equal to the total proceeds from the recovery of collateral generated in the current month (month T). If the principal of the special loan with collateral has been fully repaid but further proceeds from the recovery of collateral continue to arise, within the first five working days of the following month (month T+1), the special borrower must repay the principal of the special loan without collateral (if any) in the order of the promissory note with the earliest signing date;

b) In case the special borrower fails to fulfill their obligation to replenish or replace the collateral as stipulated in clause 5 of Article 14 of this Circular, within the first three working days of the following month (month T+1), the special borrower must repay the principal of the special loan by the minimum amount equal to the difference between the outstanding principal of the special loan and the total converted value of the collateral assets meeting the conditions;

c) For special loans from the State Bank without collateral, if the special borrower has income (excluding proceeds from the recovery of collateral), within the first five working days of the following month (month T+1), the special borrower must use the income obtained in the current month (month T) to repay the principal of the special loan without collateral in the order of the promissory note with the earliest signing date, except in cases where the special borrower is experiencing mass withdrawals and uses the income to pay deposits to the depositors entitled to payment as stipulated in Article 10 of this Circular or in cases where the special borrower uses the income for urgent purposes decided by the Governor of the State Bank or the Director of the State Bank Region based on the proposal of the Special Control Board for each specific special borrower;

4. In case it is discovered that the special loan was used for unauthorized purposes, within seven working days from the date the State Bank issues a notice of violation of the provisions of point c clause 2, point b clause 3, and point i clause 5 of Article 36 of this Circular (hereinafter referred to as the date the State Bank issues the notice), the special borrower must repay:

a) The amount of the special loan found to have been used for unauthorized purposes;

b) The interest accrued on the amount of the special loan found to have been used for unauthorized purposes at the rate of interest for a loan secured by a pledge of negotiable instruments of the State Bank (hereinafter referred to as the interest rate for a pledge loan of the State Bank) from the date the special borrower received the disbursement of the special loan found to have been used for unauthorized purposes until the date the special borrower repays the special loan found to have been used for unauthorized purposes.

5. In case the borrower fails to repay the debt as stipulated in Clause 1 of this Article and does not obtain an extension of the special loan period, or the borrower fails to repay the debt as stipulated in Clause 4 of this Article, the State Bank shall handle it as follows:

a) In case the borrower fails to repay the debt as stipulated in Clause 1 of this Article and does not obtain an extension of the special loan period, the State Bank shall transfer the outstanding balance of the special loan to be monitored as overdue according to the State Bank's regulations on methods for calculating and accounting interest income and expenditure in the activities of receiving deposits and lending between the State Bank and credit institutions;

b) Deduct from the borrower’s account at the State Bank to recover the amount the borrower must pay (including the unpaid principal and the interest due) within ten working days from the date of notification to the borrower regarding the deduction from the account to recover the debt; if the full amount the borrower must pay has not been recovered, the State Bank will continue to monitor and deduct from the borrower’s account until the entire debt is recovered;

c) Recover the principal and interest of the special loan from the proceeds obtained by the borrower from disposing of the collateral for the special loan;

d) Recover the principal and interest of the special loan from other sources of the borrower (if any).

6. In case the borrower fails to repay the debt as stipulated in Clause 3 of this Article, the State Bank shall handle it as follows:

a) Apply the interest rate equivalent to the pledge loan interest rate of the State Bank on the day the repayment deadline expires for the unpaid principal, during the period from the day following the expiration of the repayment deadline to the day the borrower repays the unpaid principal;

b) Deduct from the borrower’s account at the State Bank to recover the amount the borrower must pay (including the unpaid principal and the interest specified in point a of this clause) within five working days from the date of receipt of the Special Control Board's notification regarding the borrower's failure to repay the debt as stipulated in Clause 3 of this Article;

c) Recover the principal and interest of the special loan from other sources of the borrower (if any).

Article 18. Procedure for granting special loans

1. When there is a need for a special loan, the supervised credit institution shall submit three sets of application files to the Special Control Board requesting the State Bank to grant a special loan.

The application documents include:

a) A special loan application form, specifying: name of the credit institution; Vietnamese dong account number opened at the State Bank Region (if any); reasons for requesting a special loan due to mass withdrawals, amount requested for the special loan (not exceeding the total value of the collateral assets listed in point d of Clause 3 of this Article in case of a special loan with collateral), term, collateral (if any) for the special loan; purpose of using the special loan funds to pay depositors (specifying individual and/or organizational depositors); whether the credit institution has or does not have an approved restructuring plan; commitment to use the loan funds for the intended purpose and comply with the special loan regulations;

b) Report on the situation of mass withdrawals; specifying: ability to make payments, risk of losing payment capability or loss of payment capability due to mass withdrawals; implementation of the provisions of Clause 1 of Article 191 of the Law on Credit Institutions; measures planned to address the situation of mass withdrawals; explanation of the amount and term requested for the special loan;

c) Data on Vietnamese dong deposits according to Appendix I issued together with this Circular;

d) Data on sources of capital and use of Vietnamese dong capital according to Appendix II issued together with this Circular;

đ) List of collateral assets according to Appendix IIIA issued together with this Circular in case of a special loan request with collateral, or a detailed explanation of the reason why the credit institution does not have a list of collateral assets for the special loan at the time of the special loan request in case of a special loan without collateral as stipulated in Article 16 of this Circular;

e) Resolution of the Board of Directors approving the request for a special loan from the State Bank (in case the credit institution is a joint-stock company requesting a special loan with a value within the approval authority of the Board of Directors under Clause 10 of Article 70 of the Law on Credit Institutions); Resolution of the Board of Directors (in case the credit institution is a Vietnam Rural Credit Cooperative or a people's credit fund), or the Resolution of the Board of Members (in case the credit institution is a limited liability company) approving the request for a special loan from the State Bank.

2. Within a maximum of three working days from the date of receipt of the complete application files as stipulated in Clause 1 of this Article, in case of a request for a special loan for a credit institution, the Special Control Board shall submit two sets of application files to the State Bank (Department of Monetary Policy) in case the credit institution is not a people's credit fund, or submit one set of application files to the State Bank Region in case the credit institution is a people's credit fund.

When submitting the application files, the Special Control Board shall attach a specific opinion of the Special Control Board on the following contents:

a) Specific opinion on the credit institution being subject to mass withdrawals; operational status and payment capacity of the credit institution;

b) Opinion on the credit institution's compliance with Clause 1 of Article 191 of the Law on Credit Institutions; whether the credit institution has or does not have an approved restructuring plan;

c) Specific opinion on the credit institution having exhausted the collateral assets as stipulated in Clause 1 of Article 14 of this Circular in case the credit institution requests to use the collateral assets as stipulated in Clause 2 of Article 14 of this Circular, or a specific opinion on the credit institution's explanation regarding the lack of a list of collateral assets for the special loan at the time of the special loan request in case of a special loan without collateral as stipulated in Article 16 of this Circular.

d) Recommend special loans to credit institutions, with specific opinions on the necessity for special loans, the amount, term, collateral (if any), and the purpose of using the special loan funds (in cases where the proposal is to pay deposits to depositors who are organizations, the Special Supervisory Board shall provide specific opinions on not using special loan funds to pay deposits to organizational depositors that would affect the safety of the credit institution's operations).

3. Within a maximum period of twenty working days from the date of receiving complete loan application files from credit institutions and the opinion document of the Special Supervisory Board as stipulated in Clause 1 and Clause 2 of this Article, the Governor of the State Bank of Vietnam or the Director of the Regional State Bank shall consider and decide on granting special loans to credit institutions.

Article 19. Extension of the Term of Special Loans

1. When there is a need to extend the term of a special loan before having an approved restructuring plan or changing an unapproved restructuring plan, at least forty working days prior to the due date for repayment, the special borrower must submit three sets of extension request files to the Special Supervisory Board.

The application documents include:

a) A request for extending the term of a special loan, clearly stating: the name of the credit institution, the amount requested for extension (not exceeding the total value of the collateral assets listed in Point d Clause 1 of this Article in case of requesting an extension of the term of a special loan with collateral), the term, collateral (if any) requested for extension; whether the special borrower has an approved restructuring plan; commitment to comply with the regulations on special loans;

b) A report on the ability to repay of the special borrower; measures taken by the special borrower to address the situation of mass withdrawals; the handling plan for the special loan already borrowed in the restructuring plan being submitted to the State Bank (if any); explanation of the reasons why the special borrower has not repaid the special loan and the proposed extension term; anticipated measures to repay the special loan;

c) Data on sources of capital and the use of Vietnamese dong capital according to Appendix II issued together with this Circular;

d) The list of collateral assets according to Appendix IIIA issued together with this Circular in case of requesting an extension of the term of a special loan with collateral or a clear explanation of the reasons why the special borrower does not have a list of collateral assets for the special loan at the time of requesting an extension of the term of a special loan without collateral as stipulated in Article 16 of this Circular;

đ) The Resolution of the Board of Directors approving the request to extend the term of a special loan from the State Bank (in cases where the special borrower is a joint-stock company requesting an extension of the term of a special loan within the value limit approved by the Board of Directors according to Clause 10, Article 70 of the Law on Credit Institutions); the Resolution of the Board of Directors (in cases where the special borrower is the Vietnam Rural Credit Cooperative or a people's credit fund), or the Resolution of the Board of Members (in cases where the special borrower is a limited liability company) approving the request to extend the term of a special loan from the State Bank.

2. Within a maximum period of three working days from the date of receiving complete request files as stipulated in Clause 1 of this Article, in cases where recommending an extension of the term of a special loan for the special borrower, the Special Supervisory Board shall submit two sets of request files to the State Bank (Department of Monetary Policy) in cases where the special borrower is not a people's credit fund or submit one set of request files to the Regional State Bank in cases where the special borrower is a people's credit fund.

When submitting the application files, the Special Control Board shall attach a specific opinion of the Special Control Board on the following contents:

a) The operational situation and repayment capacity of the special borrower; measures taken by the special borrower to address the situation of mass withdrawals; specific opinions on whether the special borrower has fully utilized the collateral assets as stipulated in Clause 1, Article 14 of this Circular in cases where the special borrower requests to use the collateral assets as stipulated in Clause 2, Article 14 of this Circular, or specific opinions on the explanations provided by the special borrower regarding the lack of a list of collateral assets for the special loan at the time of requesting an extension of the term of a special loan without collateral as stipulated in Article 16 of this Circular;

b) The special borrower has not yet had an approved restructuring plan or changed an unapproved restructuring plan; the handling plan for the special loan already borrowed in the restructuring plan being submitted to the State Bank (if any);

c) Recommendation to extend the term of a special loan for the special borrower, reasons for the recommendation; specific opinions on the amount, term, and collateral (if any).

3. Within a maximum period of twenty working days from the date of receiving complete request files from the special borrower and the opinion document of the Special Supervisory Board as stipulated in Clause 1 and Clause 2 of this Article, the Governor of the State Bank of Vietnam or the Director of the Regional State Bank shall consider and decide on extending the term of a special loan for the special borrower.

Article 20. Signing special loan contracts; accepting pledges and mortgages of collateral assets; disbursing special loans

1. Signing special loan contracts, accepting pledges, and mortgages of collateral assets (if any):

a) Within a maximum period of three working days from the date of receiving the Special Loan Decision of the State Bank (in cases where the special borrower is not a people's credit fund) or from the date of issuing the Special Loan Decision of the State Bank (in cases where the special borrower is a people's credit fund), based on this Decision and relevant laws, the Director of the State Bank Region signs the special loan contract, which includes the content of accepting pledges and mortgages of collateral assets for special loans with collateral.

In cases where the collateral asset is the right to demand principal debt or receivable interest as stipulated in Clause 2, Article 14 of this Circular, the special borrower shall manage and retain the credit files that generate the right to demand debt and receivable interest according to the guidance of the Special Supervisory Board.

b) In cases where the special loan has collateral in the form of negotiable instruments, within one working day from the date of signing the special loan contract, the State Bank Region sends the signed special loan contract to the State Bank Trading Department and the special borrower sends necessary documents to the State Bank Trading Department to carry out the pledge registration procedures for negotiable instruments according to the Governor's regulations on custody and use of negotiable instruments at the State Bank.

c) Within two working days from the date of receiving the signed special loan contract and the documents sent by the special borrower as stipulated in point b of this clause, the State Bank Trading Department will record and pledge the collateral assets in the form of negotiable instruments in the attached collateral asset list of the signed special loan contract and notify the State Bank Region in writing about the completion of recording and pledging these negotiable instruments.

2. Disbursing special loans for credit institutions under special supervision:

a) When there is a need for special loan disbursement, the special borrower submits a request for disbursement to the Special Supervisory Board, clearly stating the amount, time, and reasons for requesting disbursement.

b) Based on the special borrower's need for special loan funds, the Special Supervisory Board reviews and provides comments on the borrower's disbursement request. If agreed, within two working days from the date of receipt of the disbursement request, the Special Supervisory Board issues a document specifying the amount and disbursement time along with the borrower's disbursement request to the State Bank Region.

c) Based on the signed special loan contract, within three working days from the date of receiving all documents from the Special Supervisory Board as stipulated in point b of this clause and the notification document from the State Bank Trading Department as stipulated in point c of Clause 1 (if applicable), the State Bank Region disburses the special loan.

d) The State Bank Region only disburses special loans after completing the procedures for accepting collateral assets for special loans with collateral.

Article 21. Purpose of Special Loan Usage

The borrower may use the special loan to carry out banking activities and business operations (including deposit payments and lending to organizations and individuals) in accordance with the license and the approved recovery plan and compulsory transfer plan.

Article 22. Amount and Term of Special Loans

1. The amount and term of special loans shall be implemented according to the recovery plan and the mandatory transfer plan of the special borrower that have been approved.

2. The term of special loans shall not exceed the implementation period of the recovery plan and the mandatory transfer plan of the special borrower that have been approved.

Article 23. Interest Rate

1. The interest rate for special loans shall be 0%/year.

2. The interest rate for overdue principal of special loans shall be equal to the pledge loan interest rate of the State Bank on the date of transferring overdue debt.

3. No interest rate shall be applied to overdue interest.

Article 24. Collateral Assets, Conditions for Collateral Assets

1. Collateral assets include the assets specified in Clause 1, Point a, Clause 2 of Article 14 of this Circular.

2. The conditions for collateral assets shall be carried out according to the recovery plan and the mandatory transfer plan of the special borrower that have been approved and must meet the following conditions:

a) Collateral assets that are securities as specified in Point a, Clause 1 of Article 14 of this Circular must satisfy all the conditions stipulated in Points a and b, Clause 1 of Article 15 of this Circular;

b) Collateral assets that are securities as specified in Point b, Clause 1 of Article 14 of this Circular must satisfy all the conditions stipulated in Points a, b, and c, Clause 1 of Article 15 of this Circular;

c) Collateral assets that are bonds as specified in Point c, Clause 1 of Article 14 of this Circular must satisfy all the conditions stipulated in Points a, b, and c, Clause 1 of Article 15 of this Circular and are currently secured by assets;

d) For collateral assets that are claims for principal repayment, credit facilities under credit contracts, and credit agreements generating claims for principal repayment, such claims must be credit facilities in Vietnamese dong, currently secured by assets, classified into Group 1 (standard assets) according to the State Bank's regulations on asset classification of credit institutions, excluding restructured loans with extended repayment terms as stipulated by the State Bank.

3. Value of Collateral Assets

a) The value of the collateral assets specified in Clause 1 of this Article shall be determined according to Appendix IV issued together with this Circular;

b) The converted value (if any) of the collateral assets shall be determined according to the recovery plan and the mandatory transfer plan;

c) At the time of requesting a special loan, the credit institution must ensure that the total value or the total converted value (in cases where the recovery plan and the mandatory transfer plan contain provisions on converted value) of the eligible collateral assets is not less than the amount requested for the special loan.

4. Supplementing and Replacing Collateral Assets

a) In cases where the collateral assets do not meet the conditions stipulated in Clause 2 of this Article, leading to the total value or the total converted value of the eligible collateral assets being lower than the outstanding principal of the special loan, the special borrower must supplement or replace the collateral assets so that the total value or the total converted value of the eligible collateral assets is not less than the outstanding principal of the special loan;

b) The monitoring and evaluation of the conditions of collateral assets, procedures for supplementing and replacing collateral assets (including supplementing collateral assets to continue disbursing special loan funds) shall be carried out according to the recovery plan and the mandatory transfer plan of the special borrower that have been approved.

Article 25. Special loans without collateral

Credit organizations can obtain special loans without collateral in cases where the recovery plan and compulsory transfer plan approved include measures to support unsecured special loans from the State Bank, and the credit organization has not yet established a collateral list confirmed by the credit organization and the Special Supervisory Board as stipulated in Point b Clause 1 of Article 27 and Appendix IIIB issued together with this Circular when requesting a special loan.

Article 26. Repayment of special loans

1. The special borrower must repay the special loan to the State Bank according to the schedule set forth in the recovery plan or mandatory transfer plan for the special borrower that has been approved.

2. The special borrower may repay the special loan ahead of schedule; the special borrower is not required to pay a prepayment fee.

3. In cases where the collateral is not supplemented or replaced as prescribed in Clause 4, Article 24 of this Circular, the special borrower must repay the principal amount with a minimum amount equal to the difference between the outstanding principal balance of the special loan and the total value or converted total value of the eligible collateral; the repayment period shall be carried out according to the recovery plan or mandatory transfer plan for the special borrower that has been approved.

4. In cases where the special loan funds are found to have been misused, the special borrower must repay the debt as follows:

a) The amount to be repaid includes the amount of the special loan found to have been misused and the interest accrued on the misused special loan amount at the rate of interest applicable to pledged loans of the State Bank;

b) The repayment period and the method for determining the amount of interest due shall be carried out according to the recovery plan or mandatory transfer plan for the special borrower that has been approved.

5. In cases where the special borrower fails to repay the debt as prescribed in Clause 1, Clause 3, or Clause 4 of this Article, the State Bank shall handle it as follows:

a) In cases where the special borrower fails to repay the debt as prescribed in Clause 1 of this Article, the State Bank will transfer the outstanding balance of the special loan to overdue status and apply the interest rate prescribed in Clause 2, Article 23 of this Circular to the overdue principal amount of the special loan in accordance with the State Bank's methods for calculating and recording interest income and expenditure in its deposit and lending activities with credit institutions;

b) In cases where the special borrower fails to repay the debt as prescribed in Clause 3 of this Article, the State Bank will apply the interest rate equivalent to the rate of interest applicable to pledged loans of the State Bank on the day the deadline for supplementing or replacing collateral expires, for the unpaid principal amount from the day following the expiration of the repayment deadline until the day the special borrower repays the unpaid principal amount;

Deduct from the special borrower's account at the State Bank to recover the amount the special borrower must pay (including the unpaid principal amount and the interest due) within five working days from the date of notification to the special borrower regarding the deduction from the account to recover the debt; if the full amount owed by the special borrower is not recovered, the State Bank will continue to monitor and deduct from the special borrower's account until the entire debt is recovered;

Recover the principal and interest of the special loan from the proceeds obtained by the special borrower from the disposal of collateral for the special loan;

Recover the principal and interest of the special loan from other sources of the special borrower (if any);

6. For special loans used to pay off debts or purchase other assets of credit institutions providing support, in cases where the special borrower does not repay the debt as prescribed in Clause 1, Clause 3, or Clause 4 of this Article, in addition to the measures prescribed in Clause 5 of this Article, the State Bank, credit institutions providing support, and the entity receiving the mandatory transfer shall take the following measures:

a) Credit institutions providing support and entities receiving the mandatory transfer that lend or purchase assets from the special borrower shall take other measures to ensure the special borrower has sufficient resources to fully repay the special loan to the State Bank; the implementation period for these measures shall be carried out according to the recovery plan or mandatory transfer plan for the special borrower;

b) The State Bank shall deduct from the accounts of credit institutions providing support or entities receiving the mandatory transfer that are domestic credit institutions at the State Bank to recover the special loan debt in cases where credit institutions providing support or entities receiving the mandatory transfer fail to implement the provisions of point a of this clause; the deduction shall be carried out from the next working day after the deadline for implementing the measures prescribed in point a of this clause until the entire debt is recovered.

Article 27. Procedure for Special Loans

1. After the compulsory transfer plan and the recovery plan have been approved, when there is a need for special loans, the supervised credit organization shall submit to the Special Supervisory Board three sets of loan application documents requesting the State Bank to provide special loans.

The application documents include:

a) A special loan request letter, specifying: the name of the credit organization; the account number in Vietnamese dong opened at the State Bank Regional Branch; the amount, purpose of using the special loan, whether the special loan is secured or unsecured, term, repayment of the special loan; commitment to use the loan for its intended purpose, compliance with the special loan regulations, and other special loan request contents consistent with the approved recovery plan and compulsory transfer plan.

b) A list of collateral for the special loan according to Appendix IIIB issued together with this Circular, in cases where the special loan request is secured.

2. Within a maximum of two working days from the date of receiving complete application documents as stipulated in Clause 1 of this Article, the Special Supervisory Board shall send two sets of application documents to the State Bank (Department of Monetary Policy) in cases where the credit organization is not a people's credit fund, or send one set of application documents to the State Bank Regional Branch in cases where the credit organization is a people's credit fund.

When submitting the application documents, the Special Supervisory Board shall attach a specific recommendation letter regarding the amount, purpose of using the special loan, whether the special loan is secured or unsecured, term, and repayment of the special loan.

3. Within a maximum of thirty-five working days from the date of receiving complete application documents from the credit organization and the opinion document of the Special Supervisory Board as stipulated in Clauses 1 and 2 of this Article, the Governor of the State Bank shall examine and decide on the special loan for credit organizations that are not people's credit funds, while the Director of the State Bank Regional Branch shall examine and decide on the special loan for credit organizations that are people's credit funds.

Article 28. Exemption of Interest on Special Loans

Credit organizations can be exempted from interest on special loans from the State Bank in cases where the restructuring plan approved includes measures to support exemption from interest on special loans from the State Bank, and the credit organization has accumulated losses exceeding fifty percent of the value of the charter capital and reserves recorded in the most recent audited financial report or according to the conclusion of the competent state inspection and audit agency.

Article 29. Signing of Special Loan Contracts; Accepting Collateral; Disbursing Special Loans

1. The signing of special loan contracts, accepting collateral (if any), and disbursing special loans shall be carried out in accordance with Article 20 of this Circular, except for the provisions in Clause 2 of this Article.

2. In cases where the collateral is the right to demand principal, the preservation and retention of credit files generating the right to demand principal shall be implemented according to the recovery plan and compulsory transfer plan approved by the borrower.

3. During the term of the special loan, if the outstanding principal of the special loan is lower than the maximum outstanding principal of the special loan according to the approved recovery plan and compulsory transfer plan, the borrower may be granted additional special loan disbursements; the additional special loan disbursement shall be carried out in accordance with Clause 2 of Article 20 of this Circular and the approved recovery plan and compulsory transfer plan.

Article 30. Procedure for special loans and extension of the term of special loans for credit institutions subject to mass withdrawals

a) Information about the credit institution requesting the special loan being subject to mass withdrawals;

b) Content of the special loan measures of the other credit institution in the recovery plan, restructuring plan already approved by the credit institution requesting the special loan (if any).

a) The borrower of the special loan shall submit the application file to the lender of the special loan in accordance with the internal regulations of the lender of the special loan regarding the special loan to the credit institution;

b) The lender of the special loan shall examine and decide on the extension of the term of the special loan for the borrower of the special loan in accordance with its internal regulations on special loans.

1. When there is a need for special loans and extension of the term of special loans as specified in point b, Clause 2, points b and c, Clause 3, Article 4 of this Circular, the credit institution shall submit the application file to another credit institution in accordance with the internal regulations of that credit institution regarding the special loan to the credit institution.

2. The other credit institution shall decide on granting special loans and extending the term of special loans in accordance with its internal regulations on special loans to credit institutions and consistent with the recovery plan and mandatory transfer plan of the borrower of the special loan already approved.

Article 32. Responsibilities of the borrower of the special loan

1. Provide fully, promptly, and accurately to the lender of the special loan all documents related to the special loan; be responsible under the law for the accuracy and legality of the provided documents; bear responsibility for compliance with the provisions of the law on credit activities concerning contracts and credit agreements generating claims for principal and interest receivables as collateral for the special loan (except in cases where the claims for principal and interest receivables are purchased from supporting credit institutions or the transferee in a mandatory transfer).

2. Be responsible for:

a) Collateral for the special loan from the State Bank meeting all conditions prescribed in Article 15 or Article 24 of this Circular (in case the special loan has collateral);

b) Using the collateral prescribed in Clause 2, Article 14 of this Circular only after using up the collateral prescribed in Clause 1, Article 14 of this Circular (in case of requesting a special loan as prescribed in point a, Clause 1, Article 4 of this Circular).

3. Use the special loan funds for the intended purpose, repay the special loan according to this Circular, the approved restructuring plan, and the special loan contract signed; provide fully, promptly, and accurately all documents proving the use of special loan funds for the intended purpose upon request of the entity responsible for supervising the use of special loan funds as prescribed in Clause 3, Article 34, Clause 1, Article 35, and Clauses 2 and 5, Article 36 of this Circular.

4. During the period of the special loan, the borrower of the special loan shall have the responsibility:

a) Not to use the collateral for the special loan for other purposes;

b) Monitor and evaluate the condition of the collateral for the special loan; supplement and replace the collateral; keep and store credit files generating claims for principal and interest receivables as collateral for the special loan in accordance with this Circular;

c) Supplement assets as prescribed in Clause 1, Clause 2, point a, and point b, Clause 3, Article 24 of this Circular as collateral in the case of special loans prescribed in Article 25 of this Circular according to the recovery plan and mandatory transfer plan already approved.

5. Report to the Special Supervisory Board:

a) When circumstances arise where the collateral does not meet the conditions prescribed in Clause 4, Article 14, point a, Clause 4, Article 24 of this Circular or when the collateral prescribed in Clause 1, Article 14 of this Circular has been fully utilized;

b) The amount recovered from the collateral and the income of the borrower of the special loan prescribed in point a, point c, Clause 3, Article 17 of this Circular within three working days from the date of occurrence;

c) Repayment of the special loan within two working days from the date of repayment;

d) Timely report on issues arising related to the special loan and propose measures to address them.

6. Dispose of the collateral in accordance with the regulations and transfer the proceeds from disposing of the collateral to the account opened at the State Bank Regional Branch accounting for the special loan to repay the special loan (for cases where the State Bank grants the special loan).

7. Regularly within the first five working days of each month and when necessary, the borrower of the special loan shall report in writing on the use of the special loan, directly or through postal services to:

a) The State Bank Regional Branch accounting for the special loan (for cases where the State Bank grants the special loan);

8. Perform other responsibilities as prescribed in this Circular, relevant laws, special loan contracts already signed, and contents regarding special lending measures in restructuring plans and mandatory transfer plans under the Law on Credit Institutions 2010 approved by the special borrower.

Article 33. Responsibilities of credit institutions providing support, and the transferee in mandatory transfers

1. Fulfill the responsibility stipulated in point a, Clause 6, Article 26 of this Circular.

2. Cooperate with the Special Supervisory Board's request to implement the provisions of Article 35 of this Circular (in cases where special loans are provided to implement recovery plans or mandatory transfer plans).

1. To examine and decide on special lending and extension of special loan terms for credit institutions as stipulated in this Circular; report to the State Bank (the unit consulted as provided for in clause 2 Article 30 of this Circular) on approval or non-approval of special lending.

3. In cases of special lending as provided for in clauses 2 and 3 Article 4 of this Circular:

a) The focal point for supervising the use of special loan funds by the special borrower;

b) Urging and requiring the special borrower to repay special loans in accordance with this Circular, the approved restructuring plan, and the special loan agreement signed;

c) Accepting collateral and disposing of collateral in accordance with agreements with the special borrower and relevant laws on security;

d) Within seven working days at the beginning of the month following the month in which there is outstanding special loan debt or changes in special loans, report to the State Bank in accordance with Appendix VI attached to this Circular.

4. Fulfill other responsibilities as prescribed in this Circular and related laws.

Article 35. Responsibilities of the Special Supervisory Board

1. Serve as the focal point for monitoring the special borrower’s use of special loans from the State Bank; if it detects that the special borrower improperly uses the special loan funds, the Special Supervisory Board shall notify the State Bank in writing.

2. Serve as the focal point for monitoring the revenues of the special borrower (including payments and recoveries from collateral for special loans) to recommend debt recovery for the State Bank; urge and require the special borrower to process collateral and repay special loans according to this Circular.

3. Recommend to the Governor of the State Bank measures and methods for recovering debts from special loans made by the State Bank.

4. Based on reports from the special borrower as stipulated in point a, Clause 5, Article 32 of this Circular, urge the special borrower to review, supplement, and replace collateral according to this Circular.

5. Notify in writing the State Bank branch responsible for accounting for the special loan about the special borrower's failure to repay the special loan as stipulated in Clause 3, Article 17, and Clause 3, Article 26 of this Circular; notify in writing the State Bank Trading Department and the State Bank branch responsible for accounting for the special loan about the credit institution providing support and the transferee not fulfilling the provisions stipulated in point a, Clause 6, Article 26 of this Circular and the amount to be deducted from the accounts of the credit institution providing support and the transferee.

7. Perform other responsibilities as prescribed in this Circular and relevant laws.

1. Monetary Policy Department

a) The focal point for submitting to the Governor of the State Bank for examination and decision on special lending, extension of special loan terms, amendment, and supplementation of the Decision on special lending of the State Bank as stipulated in this Circular;

b) Compile data on special loans from the State Bank to report regularly monthly to the Governor of the State Bank;

c) Advise the Governor of the State Bank to assign relevant units within the State Bank to advise and handle proposals, recommendations, and matters related to special lending within the functions and duties of these units.

2. Credit Institution Management and Supervision Department

a) Coordinate with the Monetary Policy Department to implement the provisions of point a clause 1 of this Article;

b) Supervise and handle violations within its authority against credit institutions under micro-prudential supervision of the Credit Institution Management and Supervision Department in implementing the provisions of this Circular;

c) If receiving notification from an authorized agency or discovering through supervision that credit institutions under micro-prudential supervision of the Credit Institution Management and Supervision Department misuse special loan funds, the Credit Institution Management and Supervision Department shall issue a violation notice to the special borrower, the State Bank branch in the region accounting for the special loan, and simultaneously send it to the Special Supervisory Board, the Monetary Policy Department; the violation notice must include the details of the special borrower's misuse of loan funds;

d) Fulfill other responsibilities as prescribed in this Circular.

3. State Bank Inspectorate

a) Inspect and handle violations within its authority against credit institutions under inspection by the State Bank Inspectorate in implementing the provisions of this Circular;

b) If discovering through inspections that credit institutions under inspection by the State Bank Inspectorate misuse special loan funds, the State Bank Inspectorate shall issue a violation notice to the special borrower, the State Bank branch in the region accounting for the special loan, and simultaneously send it to the Special Supervisory Board, the Monetary Policy Department, and the Credit Institution Management and Supervision Department; the violation notice must include the details of the special borrower's misuse of loan funds.

4. State Bank of Vietnam Trading Center

a) Coordinate with the Monetary Policy Department to implement the provisions of point a clause 1 of this Article;

b) Based on the Decision on special supervision of credit institutions, account for transferring the refinancing loan of that credit institution at the State Bank Branch as a special loan; continue to fulfill responsibilities for this special loan according to the refinancing loan mechanism;

c) Carry out accounting, pledge, and release of collateral securities; cooperate with the request of the State Bank branch in the region accounting for the special loan in implementing replacement, supplementation, termination of collateral pledge according to this Circular and the measures prescribed in clause 5, clause 6 Article 17, clause 5 Article 26 of this Circular;

d) Based on the notification document of the Special Supervisory Board as provided for in Clause 5, Article 35 of this Circular, the Trading Department shall notify in writing to the credit institution supporting organization and the mandatory transferee about the account deduction for the recovery of special loans and implement the provisions set forth in Point b, Clause 6, Article 26 of this Circular.

5. State Bank Branch Regional Area

a) Examine and decide on special loans and extensions of special loan terms for people's credit funds;

b) Supervise, inspect, audit, and handle violations within its authority against credit institutions under the micro-prudential supervision of the State Bank Regional Area in implementing the provisions of this Circular;

c) On the basis of the Decision on Special Control of Credit Institutions, record the re-lending capital transfer account of that credit institution at the State Bank Regional Area as a special loan; continue performing responsibilities for this special loan according to the re-lending mechanism;

d) Implement the signing of special loan contracts as stipulated in Appendix V issued together with this Circular, disburse, extend the term of special loans, collect special loan debts as prescribed in this Circular, the State Bank's Decision on Special Loans, the Decision on Extension of Special Loan Terms, and relevant laws;

đ) The focal point for implementing the replacement and supplementation of collateral assets as prescribed in this Circular; the focal point for terminating pledges and mortgages of collateral assets for special loans within seven working days from the date of receipt of the written request for termination of pledge and mortgage of collateral assets from the special borrower;

e) Notify in writing the special borrower about the account deduction for debt recovery; the focal point for implementing measures prescribed in Clause 5, Clause 6, Article 17, and Clause 5, Article 26 of this Circular;

g) Coordinate with the Special Supervisory Board as requested in implementing the provisions set forth in Clause 1, Clause 2, Article 35 of this Circular;

h) Within seven working days at the beginning of the following month when there is a balance of special loans or changes in special loans at the State Bank Regional Area, submit a report according to Appendix VI issued together with this Circular to the Credit Institution Management and Supervision Department and Monetary Policy Department;

i) In case of receiving notifications from competent authorities or through inspection and supervision work discovering that credit institutions under the micro-prudential supervision of the State Bank Regional Area have misused special loan funds, the State Bank Regional Area shall issue a violation notification letter to the borrower and the Special Supervisory Board; the violation notification letter must minimally include the misuse of special loan funds by the borrower;

k) Perform other responsibilities as prescribed in this Circular.

6. Financial Accounting Department

Guide accounting entries related to the State Bank's special loans to credit institutions, including the conversion of principal and interest balances of re-lending into special loan balances and the acceptance of collateral for special loans.

7. Related Units of the State Bank

Coordinate in handling issues related to special loans prescribed in this Circular as assigned by the Governor of the State Bank or upon the request of the focal unit for matters within their functions and duties.

Article 37. Transitional Provisions

1. For special loans granted to implement mandatory transfer plans still having outstanding principal balances on the effective date of this Circular, all parties continue to implement according to the Prime Minister's Decision on granting special loans, the State Bank's special loan decision, and the signed special loan contracts.

2. For special loans with an annual interest rate of 0% and without collateral granted by the State Bank to credit institutions under special supervision that have been subject to mass withdrawals, still having outstanding principal balances on the effective date of this Circular:

a) All parties continue to implement (including disbursing special loans) according to the Prime Minister's Decision on granting special loans, the State Bank's special loan decision, and the signed special loan contracts (if any);

b) In cases where the special borrower has not yet had an approved restructuring plan, extending the term of the special loan at an annual interest rate of 0% shall be carried out according to the provisions of Clause 3 of this Article; in cases where the State Bank's special loan decision needs to be amended or supplemented, the amendments or supplements must comply with the provisions of Chapter II of this Circular, the Plan on Continuing to Provide Special Loans to Special Borrowers developed by the State Bank pursuant to Resolution No. 02/NQ-CP dated January 14, 2023 of the Government (hereinafter referred to as the Plan on Continuing to Provide Special Loans), and shall not amend or supplement the contents already specified in the Prime Minister's Decision;

c) From the date the restructuring plan is approved, the special loan shall be implemented according to the approved restructuring plan; the procedures for amending or supplementing the State Bank's special loan decision shall be carried out according to the provisions of Article 9 of this Circular.

3. For special loans stipulated in Clause 2 of this Article where the special borrower has not yet had an approved restructuring plan:

a) When there is a need to extend the term of the special loan, the special borrower must submit three sets of application files according to the regulations for extending the term of special loans without collateral as stipulated in points a, b, c, d, and đ of Clause 1, Article 19 of this Circular;

b) In cases where the Special Supervisory Board recommends extending the term of the special loan for the special borrower, the Special Supervisory Board shall submit two sets of application files to the State Bank (Monetary Policy Department) along with a written opinion of the Special Supervisory Board according to the regulations for extending the term of special loans without collateral as stipulated in points a, b, and c of Clause 2, Article 19 of this Circular;

c) The State Bank will consider extending the term of the special loan based on the borrower's repayment capacity or the loan handling plan in the restructuring plan currently being submitted to the competent authority by the State Bank, consistent with the Plan on Continuing to Provide Special Loans; the extension period and repayment of the special loan shall be carried out according to the provisions of Clause 2, Article 12, and Article 17 of this Circular;

d) In case of agreement, the State Bank issues a Decision to extend the term of the special loan; in case of disagreement to extend the term of the special loan, the State Bank sends a written notice to the special borrower specifying the reasons.

4. For special loans with interest rates from the State Bank arising after the Law No. 17/2017/QH14 comes into effect and still having outstanding principal and interest until the effective date of this Circular:

a) All parties continue to implement according to the State Bank's special loan decision and the special loan contracts signed before the effective date of this Circular;

b) In cases where the borrower has not yet had a restructuring plan approved, the extension of the special loan term shall be carried out in accordance with the provisions of Clause 5, Clause 6, and Clause 7 of this Article; in cases where the Decision on special loans of the State Bank is amended or supplemented, the content of such amendments or supplements must comply with the provisions of Chapter II of this Circular, the Plan for Continued Special Loans, and shall not amend or supplement the content regarding the interest rate for special loans;

c) From the date the restructuring plan is approved, the special loan shall be implemented according to the approved restructuring plan; the procedures for amending or supplementing the State Bank's special loan decision shall be carried out according to the provisions of Article 9 of this Circular.

5. For special loans provided for in Clause 4 of this Article, where the State Bank has received a request for extension of special loans from the Special Supervisory Board accompanied by the borrower's application for extension of special loans before this Circular takes effect:

a) The State Bank continues to use the received application and request for extension of special loans to consider and decide on the extension of the special loan term;

b) The State Bank considers extending the special loan term based on the borrower's payment capacity or the handling plan for the special loan already borrowed under the restructuring plan currently being submitted by the State Bank to the competent state agency, in accordance with the Plan for Continued Special Loans. The extension period, collateral (if any), and repayment of the special loan shall be implemented in accordance with the provisions of Clause 2 of Article 12, Articles 14, 15, and 17 of this Circular; the extended interest rate shall be equal to the pledge loan interest rate of the State Bank on the date the special loan term extension begins;

c) If agreed, the State Bank issues a Decision on Extension of the Special Loan Term; if not agreed to extend the special loan term, the State Bank sends a document to the borrower specifying the reasons;

6. For special loans provided for in Clause 4 of this Article, which have collateral and the borrower has not yet had a restructuring plan approved, except in the case provided for in Clause 5 of this Article:

a) When there is a need to extend the special loan term, at least 40 working days before the due date for repayment, the borrower must submit three sets of applications in accordance with the regulations for extending the special loan term with collateral as stipulated in Points a, b, c, d, and đ of Clause 1 of Article 19 of this Circular to the Special Supervisory Board;

b) Within a maximum of five working days from the date of receipt of the complete application as stipulated in Point a of this clause, the Special Supervisory Board shall send two sets of applications to the State Bank (Department of Monetary Policy) in cases where it requests an extension of the special loan term for the borrower. When submitting the application, the Special Supervisory Board shall attach its opinion in accordance with the regulations for extending the special loan term with collateral as stipulated in Points a, b, and c of Clause 2 of Article 19 of this Circular;

c) The State Bank will consider extending the special loan term based on the borrower's payment capacity or the handling plan for the special loan already borrowed under the restructuring plan currently being submitted by the State Bank to the competent state agency, in accordance with the Plan for Continued Special Loans. The extension period, collateral, and repayment of the special loan shall be implemented in accordance with the provisions of Clause 2 of Article 12, Articles 14, 15, and 17 of this Circular; the extended interest rate shall be equal to the pledge loan interest rate of the State Bank on the date the special loan term extension begins;

d) In case of agreement, the State Bank issues a Decision to extend the term of the special loan; in case of disagreement to extend the term of the special loan, the State Bank sends a written notice to the special borrower specifying the reasons.

7. For special loans provided for in Clause 4 of this Article, which do not have collateral and the borrower has not yet had a restructuring plan approved, except in the case provided for in Clause 5 of this Article:

a) When there is a need to extend the special loan term, at least 40 working days before the due date for repayment, the borrower must submit three sets of applications in accordance with the regulations for extending the special loan term without collateral as stipulated in Points a, b, c, d, and đ of Clause 1 of Article 19 of this Circular to the Special Supervisory Board;

b) Within a maximum of five working days from the date of receipt of the complete application as stipulated in Point a of this clause, the Special Supervisory Board shall send two sets of applications to the State Bank (Department of Monetary Policy) in cases where it requests an extension of the special loan term for the borrower. When submitting the application, the Special Supervisory Board shall attach its opinion in accordance with the regulations for extending the special loan term without collateral as stipulated in Points a, b, and c of Clause 2 of Article 19 of this Circular;

c) The State Bank will consider extending the special loan term based on the borrower's payment capacity or the handling plan for the special loan already borrowed under the restructuring plan currently being submitted by the State Bank to the competent state agency, in accordance with the Plan for Continued Special Loans. The extension period and repayment of the special loan shall be implemented in accordance with the provisions of Clause 2 of Article 12 and Article 17 of this Circular; the extended interest rate shall be equal to the pledge loan interest rate of the State Bank on the date the special loan term extension begins;

d) In case of agreement, the State Bank issues a Decision to extend the term of the special loan; in case of disagreement to extend the term of the special loan, the State Bank sends a written notice to the special borrower specifying the reasons.

8. For special loans of the State Bank that were issued before the Law No. 17/2017/QH14 took effect, and still have outstanding principal and/or interest balances on the effective date of this Circular, and where the borrower has an approved compulsory transfer plan:

a) Where the Decision on special loans of the State Bank has been amended or supplemented based on the borrower's approved compulsory transfer plan, all parties continue to implement the Decision on special loans of the State Bank that has been amended or supplemented;

b) Where the Decision on special loans of the State Bank has not been amended or supplemented, all parties amend or supplement the Decision on special loans of the State Bank according to the procedures stipulated in Article 9 of this Circular, in accordance with the borrower's approved compulsory transfer plan, and implement the Decision on special loans of the State Bank that has been amended or supplemented;

9. For For special loans from the State Bank that still have outstanding interest balances as of the effective date of this Circular, if the special borrower has not yet submitted an approved restructuring plan, the collection of such special loans shall be carried out according to the recommendations of the Special Supervisory Board, and any instructions or guidance issued by the State Bank (if applicable).

Article 38. Effective Date

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

2. As of the effective date of this Circular, the following Circulars shall cease to be in effect:

a) Clause 1 Article 11, Article 14, Article 18, point b clause 1 and clause 4 Article 27 of Circular No. 08/2021/TT-NHNN dated July 6, 2021, of the Governor of the State Bank of Vietnam on special lending for credit institutions under special supervision, amended and supplemented by Circular No. 02/2022/TT-NHNN dated March 31, 2022 and Circular No. 13/2022/TT-NHNN dated October 28, 2022;

b) Thông tư số 37/2024/TT-NHNN ngày 30 tháng 6 năm 2024 của Thống đốc Ngân hàng Nhà nước Việt Nam quy định về cho vay đặc biệt.

3. Chánh Văn phòng, Vụ trưởng Vụ Chính sách tiền tệ, Thủ trưởng các đơn vị thuộc Ngân hàng Nhà nước; Ban kiểm soát đặc biệt tổ chức tín dụng được kiểm soát, tổ chức tín dụng chịu trách nhiệm tổ chức thực hiện Thông tư này./.