Circular No. 68/2025/TT-NHNN on the classification of assets and off-balance sheet commitments of the Vietnam Development Bank

CIRCULAR

Regulations on the classification of assets and off-balance sheet commitments

of the Vietnam Development Bank 

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

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

Pursuant to Decree No. 32/2017/NĐ-CP of the Government on state investment credit, which has been amended and supplemented by Decree No. 78/2023/NĐ-CP; Pursuant to Decree No. 46/2021/NĐ-CP of the Government on financial management systems and performance evaluation for the Vietnam Development Bank, which has been amended and supplemented by Decree No. 266/2025/NĐ-CP;

Pursuant to Decree No. 95/2025/NĐ-CP of the Government on the organization and operation of the Vietnam Development Bank; Pursuant to Decision No. 5/NĐ-CP

of the Government on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;;

Decree No. 26/202At the proposal of the Director of the Credit System Safety Department; The Governor of the State Bank of Vietnam issues this Circular on the classification of assets and off-balance sheet commitments of the Vietnam Development Bank. Article 1. This Circular stipulates the classification of assets (hereinafter referred to as loans) and off-balance sheet commitments in the operations of the Vietnam Development Bank, including:

a) Loans initially agreed upon before December 22, 2023 from the following activities:

(i) State investment credit lending;

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

(ii) State export credit lending;

(iii) Rescheduling foreign government loans;

(iv) Entrusted lending;

(v) Other lending;

(vi) Payment substitution under off-balance sheet commitments;

b) Loans initially agreed upon from December 22, 2023 from the following activities:

(ii) Rescheduling foreign government loans or preferential foreign government loans according to the law;

(iii) Accepting entrusted lending, disbursing funds where the Vietnam Development Bank bears the risk;

(iv) Other lending;

(iv) Entrusted lending;

(v) Selling loans;

(vi) Payment substitution under off-balance sheet commitments, except for payment substitution under off-balance sheet commitments from off-balance sheet commitments defined at point c(i) of this clause, which shall be treated as payment substitution under off-balance sheet commitments defined at point a(vi) of this clause;

(vii) Other credit activities according to the law;

c) Credit guarantees for small and medium-sized enterprises borrowing from commercial banks as decided by the Prime Minister issuing regulations on guaranteeing loans for small and medium-sized enterprises borrowing from commercial banks, other credit commitments (including cases of entrusted guarantees where the Vietnam Development Bank bears the risk) (hereinafter referred to as off-balance sheet commitments) must be classified according to this Circular for managing and monitoring the quality of credit activities of the Vietnam Development Bank, including:

(i) Off-balance sheet commitments initially agreed upon before December 22, 2023;

(ii) Off-balance sheet commitments initially agreed upon from December 22, 2023.

Article 2. Definitions

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

Credit risk

in banking activities

(hereinafter referred to as credit risk) is the possibility of loss occurring to the Vietnam Development Bank's loans due to customers not being able to repay part or all of their debt according to the contract or agreement (hereinafter referred to as agreement) with the Vietnam Development Bank.

Loan amount

1. is the amount of money lent out or disbursed in installments according to the agreement for loans stipulated in this Circular.Overdue loanis a loan that the customer cannot repay on time part or all of the principal and/or interest according to the agreement with the Vietnam Development Bank. Restructured loan term

2. is a loan that the Vietnam Development Bank agrees to adjust the repayment period and/or extend the loan for the customer when the customer is unable to repay the principal and/or interest on time according to the agreement but is assessed by the Vietnam Development Bank as having the ability to fully repay the principal and interest according to the restructured repayment schedule. Non-performing loan

3. is a non-performing loan recorded in the balance sheet (on-balance sheet non-performing loan), including loans belonging to groups 3, 4, and 5.Non-performing loan ratio is the ratio between non-performing loans and the total of loans from group 1 to group 5.

4. Bad credit ratio is the ratio between the total of non-performing loans and off-balance sheet commitments from group 3 to group 5 compared to the total of loans and off-balance sheet commitments from group 1 to group 5.

5. Customer is an organization (including credit organizations, branches of foreign banks), individual, or other subjects under civil law who have obligations or may generate obligations to repay debts or make payments to the Vietnam Development Bank.

6. Ratio ofnon-performing debt is the ratio between non-performing debt and the total amount of debts from category 1 to category 5.

7. Non-performing credit ratio is the ratio between the total of non-performing debt and off-balance sheet commitments from category 3 to category 5 and the total amount of debts and off-balance sheet commitments from category 1 to category 5.

8. Customer is an organization (including credit institutions, foreign bank branches), individual, or other subjects as prescribed by civil laws that have obligations or may incur obligations to repay or pay Vietnam Development Bank.

Article 3. Collection of customer data and information and information technology

The Vietnam Development Bank must implement measures and regularly collect information and data about customers to:

1. Monitor and assess the debt repayment capacity of customers to take appropriate risk management and credit quality management measures.

2. Implement self-classification of debts and off-balance sheet commitments in accordance with this Circular.

3. The Vietnam Development Bank must establish an information technology system that meets the requirements for managing customer data and information, risk management, and implementing debt classification and off-balance sheet commitments throughout the entire system.

Article 4. Internal regulations on credit granting and management of debts

1. The Vietnam Development Bank must issue internal regulations on credit granting and debt management.

2. Minimum requirements for internal regulations on credit granting and debt management must include the following:

a) Based on collected customer information and data;

b) Uniformly applied throughout the entire system, serving as a basis for reviewing and granting credit, and managing debts for specific customers;

c) Include credit policies for customers, including provisions on credit granting conditions, credit limits, interest rates, documentation, procedures, and processes for credit approval and debt management;

d) Specify responsibilities and authorities of units and individuals in the assessment, granting of credit, management of credit quality, and management of collateral assets;

e) Specify procedures and contents for pre-granting, during-granting, and post-granting credit checks and controls;

f) Include provisions on debt recovery measures;

g) Include provisions on guarantee measures, collateral asset assessment, and collateral asset management;

h) Include provisions on collateral asset valuation, including principles, periodicity, methods, processes, and responsibilities of relevant units and individuals involved in collateral asset valuation in accordance with the law.

Article 5. Reporting on internal regulations on credit granting and debt management

Within ten days from the date of issuance, amendment, or supplementation of internal regulations on credit granting and debt management, the Vietnam Development Bank must directly send or mail to the State Bank of Vietnam (through the Credit Institution Management and Supervision Department) and the Ministry of Finance the following documents:

1. A report on the issuance, amendment, or supplementation of internal regulations on credit granting and debt management, clearly stating the reasons and basis for implementation.

2. The internal regulations on credit granting and debt management issued, amended, or supplemented.

Article 6. Time and procedure for debt classification and off-balance sheet commitments

1. At least once a month, within the first seven days of the month, the Vietnam Development Bank must independently classify debts and off-balance sheet commitments up to the end of the last day of the previous month according to this Circular. In addition to the aforementioned classification time, the Vietnam Development Bank may independently classify debts and off-balance sheet commitments at other times according to its internal regulations.

2. The Vietnam Development Bank must submit the results of its independent debt classification and off-balance sheet commitments under Clause 1 of this Article to the National Credit Information Center (hereinafter referred to as CIC) in accordance with point a, Clause 3, Article 15 of Decree No. 46/2021/ND-CP on financial management systems and performance evaluation for the Vietnam Development Bank, as amended and supplemented by Decree No. 266/2025/ND-CP, which includes the results of the independent classification of debts and off-balance sheet commitments specified in points b and c(ii) of Clause 1 of this Circular, not affected by the results of the independent classification of debts and off-balance sheet commitments specified in points a and c(i) of Clause 1 of this Circular.

3. Within three days from the date of receipt of the Vietnam Development Bank's independent debt classification and off-balance sheet commitment results as stipulated in Clause 2 of this Article, CIC will aggregate and provide a list of customers in accordance with point b, Clause 3, Article 15 of Decree No. 46/2021/ND-CP, as amended and supplemented by Decree No. 266/2025/ND-CP.

4. Within three days from the date of receipt of the customer list provided by CIC as stipulated in Clause 3 of this Article, the Vietnam Development Bank shall proceed as follows:

a) Adjust the results of debt classification and off-balance sheet commitments according to the customer's debt group provided by CIC if the customer's independent debt classification and off-balance sheet commitment results under this Circular are lower than the debt group in the customer list provided by CIC;

b) Not adjust the results of debt classification and off-balance sheet commitments according to the customer's debt group provided by CIC if the customer's independent debt classification and off-balance sheet commitment results under this Circular are higher than the debt group in the customer list provided by CIC.

5. Based on inspection, audit, supervision results, and related credit information, the State Bank of Vietnam (hereinafter referred to as the State Bank) has the right to request the Vietnam Development Bank to re-evaluate and reclassify specific debts in accordance with the risk level of those debts.

Chapter II

SPECIFIC PROVISIONS

Section 1

CLASSIFICATION OF DEBTS AND OFF-BALANCE SHEET COMMITMENTS

Article 7. Methods and Principles for Self-Classification

1. The entire outstanding debt and off-balance sheet commitments of a customer at the Vietnam Development Bank must be classified into the same loan category and shall be the highest risk category among the categories of loans and/or off-balance sheet commitments of that customer.

2. For syndicated credit facilities, the Vietnam Development Bank participating in such syndicated credit facilities shall be responsible for notifying commercial banks, non-bank financial institutions, and foreign bank branches participating in the syndicated credit facilities about the results of self-classification of debts as stipulated in Clause 1 of Article 6 of this Circular.

3. For entrusted lending and capital disbursement where the Vietnam Development Bank bears the risk, the Vietnam Development Bank must classify the entrusted amount as a loan to the customer.

For payment on behalf of a guarantee commitment under entrustment where the Vietnam Development Bank bears the risk, the Vietnam Development Bank must classify the payment on behalf as an off-balance sheet payment commitment to the customer.

4. For sold debts (excluding debts already covered by provisions for risk management) but not yet fully recovered from the sale proceeds, the Vietnam Development Bank shall classify the unrecovered amount according to the debt purchase and sale contract as an unsold debt, specifically as follows:

The Vietnam Development Bank shall classify the unrecovered amount for the buyer of the debt into the same loan category that the debt was classified into at the most recent classification point before the sale and shall continue to classify the unrecovered amount based on information about the term, period, and other information in the signed credit agreement with the customer whose debt was sold, in accordance with this Circular.

5. For discounting negotiable instruments:

a) In the form of a term purchase: The Vietnam Development Bank shall classify the discounting as a loan to the beneficiary;

b) In the form of a purchase with recourse: The Vietnam Development Bank shall classify the discounting as a loan to the beneficiary as follows:

Prior to the time when the Vietnam Development Bank has the right to exercise its recourse rights under the discounting contract, the Vietnam Development Bank shall base its classification on the actual performance of the debtor's obligation to repay and pay, according to the negotiable instrument issuance agreement, and information and data on the beneficiary's ability to repay to carry out the classification of the discounting.

From the time when the Vietnam Development Bank has the right to exercise its recourse rights under the discounting contract, the Vietnam Development Bank shall base its classification on the overdue period according to the negotiable instrument issuance agreement and the beneficiary's ability to repay to continue classifying the discounting into an appropriate risk level loan category.

6. For debts violating laws as specified in Point c(iv) Clause 2 Article 9 of this Circular, upon discovery of the violation, the Vietnam Development Bank must immediately issue a recovery decision in accordance with the law.

For debts that must be recovered based on inspection and audit conclusions, administrative penalty decisions (hereinafter referred to as recovery based on inspection and audit conclusions), the Vietnam Development Bank must issue a recovery decision based on the inspection and audit conclusions.

For debts violating laws as specified in Point c(iv) Clause 2 Article 9 of this Circular, debts that must be recovered based on inspection and audit conclusions, the Vietnam Development Bank shall not restructure the repayment terms and during the period when recovery has not been completed according to the recovery decision, the Vietnam Development Bank shall implement debt classification in accordance with this Circular.

7. For debts arising from other credit activities that the Vietnam Development Bank is allowed to conduct in accordance with the law, the Vietnam Development Bank shall implement classification according to the self-classification principles applicable to such activities at commercial banks.

8. For debts that have undergone restructuring of repayment terms, the number of times the repayment terms have been restructured is the total number of times the restructuring of repayment terms has been carried out for each debt, from the date the debt arose until the customer completes all obligations to repay and pay to the Vietnam Development Bank.

Article 8. Classification of Debts and Off-Balance Sheet Commitments signed for the first time before December 22, 2023

1. The Vietnam Development Bank shall classify debts (excluding amounts paid under off-balance sheet commitments) into five groups as follows:

a) Group 1 (Standard Loans) includes:

(i) Intra-term loans and those assessed as fully recoverable both principal and interest on time;

(ii) Overdue loans under 10 days and assessed as fully recoverable both principal and overdue interest, and full recovery of remaining principal and interest on time;

(iii) Loans classified into Group 1 according to Clause 2 of this Article;

b) Group 2 (Substandard Loans) includes:

(i) Overdue loans from 10 to 90 days;

(ii) First-time restructured term loans;

(iii) Loans classified into Group 2 according to Clauses 2 and 3 of this Article;

c) Group 3 (Doubtful Loans) includes:

(i) Overdue loans from 91 to 180 days;

(ii) First-time restructured term loans overdue under 30 days according to the first restructuring term;

(iii) Second-time restructured term loans;

(iv) Loans exempted or reduced interest due to the borrower's inability to pay full interest according to the credit agreement;

(v) Loans classified into Group 3 according to Clauses 2 and 3 of this Article;

d) Group 4 (Loss Loans) includes:

(i) Overdue loans from 181 to 360 days;

(ii) First-time restructured term loans overdue from 30 to under 90 days according to the first restructuring term;

(iii) Second-time restructured term loans overdue under 30 days according to the second restructuring term;

(iv) Loans classified into Group 4 according to Clauses 2 and 3 of this Article;

e) Group 5 (High Loss Loans) includes:

(i) Overdue loans over 360 days;

(ii) First-time restructured term loans overdue 90 days or more according to the first restructuring term;

(iii) Second-time restructured term loans overdue 30 days or more according to the second restructuring term;

(iv) Third-time or subsequent restructured term loans, including those not yet overdue or already overdue;

(v) Loans classified into Group 5 according to Clause 3 of this Article.

2. Debts shall be classified into lower risk debt groups in the following cases:

a) For overdue debts, the Vietnam Development Bank shall reclassify into lower risk debt groups (including Group 1) when meeting all of the following conditions:

(i) The borrower has repaid the full overdue principal and interest (including interest applied to overdue principal) and the principal and interest of subsequent repayment periods for at least three months for medium and long-term debts, one month for short-term debts, starting from the date of full repayment of overdue principal and interest;

(ii) There are documents and records proving the borrower's repayment;

(iii) The Vietnam Development Bank has sufficient information and documentation to assess that the borrower has the ability to repay the remaining principal and interest on time;

b) For restructured term loans, the Vietnam Development Bank shall reclassify into lower risk debt groups (including Group 1) when meeting all of the following conditions:

(i) The borrower has repaid the full principal and interest according to the restructured repayment term for at least three months for medium and long-term debts, one month for short-term debts, starting from the date of full repayment of principal and interest according to the restructured term;

(ii) There are documents and records proving the borrower's repayment;

(iii) The Vietnam Development Bank has sufficient information and documentation to assess that the borrower has the ability to repay the remaining principal and interest on time according to the restructured term.

3. Debts shall be classified into higher risk debt groups in the following cases:

a) Unfavorable changes in the environment or business sector directly impacting the borrower's ability to repay (natural disasters, enemy attacks, war, economic environment);

b) Continuous decline or significant negative fluctuations in profitability indicators, payment capacity, debt-to-equity ratio, cash flow, and debt repayment capability of the borrower over three consecutive assessments and classifications;

c) The borrower fails to provide complete, timely, and truthful financial information as required by the Vietnam Development Bank to assess the borrower's ability to repay.

4. Classification of off-balance sheet commitments and payments made under off-balance sheet commitments:

a) Classification of off-balance sheet commitments:

(i) Classified into Group 1 if the Vietnam Development Bank assesses that the borrower has the ability to fulfill all obligations under the commitment;

(ii) Classified into Group 2 or higher if the Vietnam Development Bank assesses that the borrower does not have the ability to fulfill the obligations under the commitment;

b) Classification of payments made under off-balance sheet commitments:

(i) The overdue date is calculated from the day the Vietnam Development Bank fulfills its obligation under the commitment;

(ii) Payments made under off-balance sheet commitments are classified as follows:

- Classified into Group 3 if overdue under 30 days;

- Classified into Group 4 if overdue from 30 to under 90 days;

- Classified into Group 5 if overdue 90 days or more.

If payments made under off-balance sheet commitments are classified into a lower risk group than the off-balance sheet commitment they are paying for, according to point a(ii) of this clause, they must be transferred to the group that the off-balance sheet commitment was classified into according to point a(ii) of this clause.

Article 9. Classification of debts and off-balance sheet commitments signed for the first time from December 22, 2023

1. Debts and off-balance sheet commitments of the Vietnam Development Bank signed for the first time from December 22, 2023 shall be classified as follows:

a) From the date this Circular takes effect until December 31, 2026, the Vietnam Development Bank shall classify according to the provisions of Article 8 of this Circular;

b) From January 1, 2027, the Vietnam Development Bank shall classify according to the provisions of Clauses 2, 3, 4, and 5 of this Article.

2. The Vietnam Development Bank shall classify debts (excluding amounts paid on behalf of off-balance sheet commitments) into five groups as follows:

a) Group 1 (Standard Loans) includes:

(i) Intra-term loans and those assessed as fully recoverable both principal and interest on time;

(ii) Overdue debt under 10 days and assessed as having the ability to fully recover the principal and overdue interest and to fully recover the principal and remaining interest within the due period;

(iii) Debt classified into Group 1 according to the provisions of Clause 3 of this Article;

b) Group 2 (Substandard Loans) includes:

(i) Overdue debt up to 90 days, except for debt specified in point a(ii) of this clause and Clause 4 of this Article;

(ii) Debt with the repayment term adjusted for the first time still within the limit, except for debt specified in point b of Clause 3 and Clause 4 of this Article;

(iii) Debt classified into Group 2 according to the provisions of Clauses 3 and 4 of this Article;

c) Group 3 (Doubtful Loans) includes:

(i) Overdue debt from 91 to 180 days, except for debt specified in Clause 4 of this Article;

(ii) Debt extended for the first time still within the limit, except for debt specified in point b of Clause 3 and Clause 4 of this Article;

(iii) Debt exempted or reduced interest due to the customer's inability to pay full interest as agreed, except for debt specified in Clause 4 of this Article;

(iv) Debt violating credit granting conditions in the credit granting activities of the Vietnam Development Bank that has not been recovered within 30 days from the date the Vietnam Development Bank signs the recovery notice (hereinafter referred to as the decision date);

(v) Debt within the recovery period according to the inspection and audit conclusion;

(vi) Debt to be recovered according to the early loan recovery decision of the Vietnam Development Bank due to the customer's breach of agreement with the Vietnam Development Bank that has not been recovered within 30 days from the decision date;

(vii) Debt classified into Group 3 according to the provisions of Clauses 3 and 4 of this Article;

(viii) Debt must be classified into Group 3 according to the provisions of Clause 5 of Article 6 of this Circular;

d) Group 4 (Loss Loans) includes:

(i) Overdue debt from 181 to 360 days, except for debt specified in Clause 4 of this Article;

(ii) Debt restructured for the first time overdue up to 90 days according to the restructured repayment term, except for debt specified in Clause 4 of this Article;

(iii) Debt restructured for the second time still within the limit, except for debt specified in point b of Clause 3 and Clause 4 of this Article;

(iv) Debt specified in point c(iv) of this clause has not been recovered within 30 to 60 days from the decision date;

(v) Debt to be recovered according to the inspection and audit conclusion but overdue beyond the recovery period specified in the inspection and audit conclusion by more than 60 days without being recovered;

(vi) Debt to be recovered according to the early loan recovery decision of the Vietnam Development Bank due to the customer's breach of agreement with the Vietnam Development Bank that has not been recovered within 30 to 60 days from the decision date;

(vii) Debt classified into Group 4 according to the provisions of Clauses 3 and 4 of this Article;

(viii) Debt must be classified into Group 4 according to the provisions of Clause 5 of Article 6 of this Circular;

e) Group 5 (High Loss Loans) includes:

(i) Overdue loans over 360 days;

(ii) Debt restructured for the first time overdue from 91 days or more according to the restructured repayment term;

(iii) Debt restructured for the second time overdue according to the restructured repayment term for the second time;

(iv) Debt restructured for the third time or more, except for debt specified in point b of Clause 3 of this Article;

(v) Debt specified in point c(iv) of this clause has not been recovered over 60 days from the decision date;

(vi) Debt to be recovered according to the inspection and audit conclusion but overdue beyond the recovery period specified in the inspection and audit conclusion by more than 60 days without being recovered;

(vii) Debt to be recovered according to the early loan recovery decision of the Vietnam Development Bank due to the customer's breach of agreement with the Vietnam Development Bank that has not been recovered over 60 days from the decision date;

(viii) Debt classified into Group 5 according to the provisions of Clause 4 of this Article;

(ix) Debt must be classified into Group 5 according to the provisions of Clause 5 of Article 6 of this Circular.

3. Debt shall be classified into a lower risk group in the following cases:

a) For overdue debts, the Vietnam Development Bank shall reclassify into lower risk debt groups (including Group 1) when meeting all of the following conditions:

(i) The customer has repaid the full overdue principal and interest (including interest applied to overdue principal) and the principal and interest of subsequent repayment periods (if any) for at least three months for medium-term and long-term loans, and one month for short-term loans, starting from the date of full repayment of overdue principal and interest;

(ii) There are documents and records proving the borrower's repayment;

(iii) The Vietnam Development Bank has sufficient information and documentation to assess that the borrower has the ability to repay the remaining principal and interest on time;

b) For restructured debt, the Vietnam Development Bank shall reclassify into a lower risk group (including Group 1) when meeting all of the following conditions:

(i) The customer has repaid the full principal and interest according to the restructured repayment term (if any) for at least three months for medium-term and long-term loans, and one month for short-term loans, starting from the date of full repayment of principal or interest according to the restructured term; if the principal and interest have the same repayment period, it starts from the date of full repayment of principal and interest;

(ii) There are documents and records proving the borrower's repayment;

(iii) The Vietnam Development Bank has sufficient information and documentation to assess that the borrower has the ability to repay the remaining principal and interest on time according to the restructured term.

4. Debt shall be classified into a higher risk group in the following cases:

a) Indicators of profitability, solvency, debt-to-equity ratio, and cash flow leading to the customer's ability to repay continuously decline through three consecutive evaluations or classifications;

b) The customer does not provide complete, timely, and truthful information as required by the Vietnam Development Bank to assess the customer's ability to repay;

c) Debt classified into Group 2, Group 3, or Group 4 according to the provisions of point a and b of this clause for one year or more but does not meet the conditions to be classified into a lower risk group;

d) Debt where the credit granting behavior is administratively sanctioned according to the law.

5. Classification of off-balance sheet commitments and amounts paid on behalf of off-balance sheet commitments:

a) Classification of off-balance sheet commitments:

(i) Classified into Group 1 if the Vietnam Development Bank assesses that the borrower has the ability to fulfill all obligations under the commitment;

(ii) Classified into Group 2 or higher if the Vietnam Development Bank assesses that the borrower does not have the ability to fulfill the obligations under the commitment;

(iii) Classified into Group 3 or higher for off-balance sheet commitments falling under the case specified in point c(iv) of Clause 2 of this Article;

b) Classification of payments made under off-balance sheet commitments:

(i) The overdue date is calculated from the day the Vietnam Development Bank fulfills its obligation under the commitment;

(ii) Payments made under off-balance sheet commitments are classified as follows:

- Classified into Group 3 if overdue under 30 days;

- Classified into Group 4 if overdue from 30 to under 90 days;

- Classified into Group 5 if overdue 90 days or more.

In the case where the amount paid on behalf is classified into a lower risk group than the off-balance sheet commitment it covers according to the provisions of points a(ii) and a(iii) of this clause, it must be transferred to the group where the off-balance sheet commitment is classified.

Section 2

MANAGEMENT OF DEBT CLASSIFICATION AND OUTSIDE COMMITMENTS

Article 10. Management of debt classification and outside commitments

1. The Vietnam Development Bank must have a department managing debt classification and outside commitments (department, division, or equivalent) at its headquarters to manage the implementation of debt classification and outside commitments throughout the system.

2. Responsibilities of the department managing debt classification and outside commitments:

a) To compile and report to the Board of Directors on the results of debt classification and outside commitments; to propose to the Board of Directors measures for managing non-performing debts and thoroughly recovering debts;

b) To provide information and coordinate with functional units (department, division, or equivalent) at the headquarters in the development, submission to the General Director for approval by the Board of Directors of internal regulations regarding credit granting and debt management of the Vietnam Development Bank for customers;

c) To perform other tasks as stipulated in the internal regulations of the Vietnam Development Bank.

Article 11. Reporting

The Vietnam Development Bank shall report on the results of debt classification and outside commitments, provision setting aside and utilization for risk handling according to the guidelines of the State Bank of Vietnam.

Chapter III

RESPONSIBILITIES OF UNITS UNDER THE STATE BANK OF VIETNAM

Article 12. Inspection by the State Bank of Vietnam

1. To inspect and audit the implementation of debt classification and outside commitments by the Vietnam Development Bank.

2. To inspect and audit the Vietnam Development Bank's development and implementation of internal regulations on credit granting and debt management.

3. To handle administrative violations and resolve matters related to the handling of administrative violations against the Vietnam Development Bank within its authority and in accordance with the law.

Article 13. Department of Management and Supervision of Credit Institutions

1. To receive internal regulations on credit granting and debt management as prescribed in Article 5 of this Circular.

2. To supervise the implementation of debt classification and outside commitments by the Vietnam Development Bank.

3. To apply measures to handle violations or recommend and handle such violations within its authority against the Vietnam Development Bank in accordance with the law.

4. To coordinate with the Forecasting and Statistics - Monetary and Financial Stability Department to develop statistical reporting forms on debt classification and outside commitments, provision setting aside and utilization for risk handling of the Vietnam Development Bank.

Article 14. Forecasting and Statistics - Monetary and Financial Stability Department

The Forecasting and Statistics - Monetary and Financial Stability Department shall be the focal point and coordinate with relevant units to submit to the Governor of the State Bank of Vietnam guidelines for statistical reporting on debt classification and outside commitments, provision setting aside and utilization for risk handling of the Vietnam Development Bank.

Article 15. National Credit Information Center

To coordinate with the Vietnam Development Bank in implementing the provisions of Article 6 of this Circular.

Chapter IV

IMPLEMENTING PROVISIONS

Article 16. Effective Date

1. This Circular takes effect from December 31, 2025, except for the provisions in Clause 2, 3, and 4 of Article 6 of this Circular which will be applied starting from the self-classification period for the date April 30, 2026.

2. This Circular abolishes the following documents:

a) Circular No. 24/2013/TT-NHNN dated December 2, 2013, issued by the Governor of the State Bank of Vietnam on the classification of assets and outside commitments of the Vietnam Development Bank;

b) Circular No. 04/2019/TT-NHNN dated March 29, 2019, issued by the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 24/2013/TT-NHNN dated December 2, 2013, issued by the Governor of the State Bank of Vietnam on the classification of assets and outside commitments of the Vietnam Development Bank.

Article 17. Responsibility for Implementation

Heads of units under the State Bank of Vietnam and the Vietnam Development Bank are responsible for organizing the implementation of this Circular./.