Circular No. 85/2025/TT-NHNN Amending and supplementing certain circulars issued by the Governor of the State Bank of Vietnam on documentary credit operations and guiding the implementation of certain credit programs due to changes in organizational structure and staffing

CIRCULAR

Amending and supplementing some circulars of the Governor of the State Bank of Vietnam
on letter of credit operations and guiding the implementation of certain credit programs due to changes in organizational structure
Article 1. Amending and supplementing Clause 5 of Article 8 

"5. Procedures and formalities for refinancing:

a) The State Bank signs a principle refinancing loan agreement with each bank regarding housing support loans; b) Monthly, no later than the fifth day of the following month after the reporting month, the bank sends a letter and report on the results of housing support loans according to Model Form No. 02 issued together with this Circular to the State Bank (Department of Credit for Economic Sectors) as the basis for the State Bank to disburse funds or recover refinancing loans; c) In case of disbursement of refinancing loans:;

i) The bank submits a request for refinancing loan according to Model Form No. 01 issued together with this Circular, accompanied by a report on the results of housing support loans;;

ii) Within one working day from the date of receiving the complete file from the bank, the Department of Credit for Economic Sectors takes the lead in seeking opinions from the Monetary Policy Department, the State Bank Inspectorate, and the Credit Institution Management and Supervision Department on the bank's request for refinancing loans;

iii) Within a maximum of four working days from the date of receiving the opinion-seeking document from the Department of Credit for Economic Sectors, the State Bank Inspectorate, the Credit Institution Management and Supervision Department, and the Monetary Policy Department provide their written opinions to the Department of Credit for Economic Sectors. Within two working days from the date of receiving the written opinions of these units, the Department of Credit for Economic Sectors compiles and reports to the Governor of the State Bank for approval of the amount of refinancing loans for the bank; iv) Based on the decision of the Governor of the State Bank and the principle refinancing loan agreement between the State Bank and the bank, within three working days from the date of receiving the refinancing loan notification document from the State Bank and the bank's files, the State Bank Trading Department implements the approval of the debt acceptance agreement and disburses funds to the banks for the approved amount of refinancing loans. d) In case of recovery of refinancing loans:.

i) Within two working days from the date of receiving the report on the results of housing support loans from the bank, the State Bank (Department of Credit for Economic Sectors) determines and notifies the State Bank Trading Department and the bank of the principal amount of refinancing loans that the bank must repay to the State Bank;

ii) Within one working day from the date of receiving the notification from the State Bank (Department of Credit for Economic Sectors), the bank is responsible for repaying the principal amount of refinancing loans to the State Bank;
iii) The recovery of the principal amount of refinancing loans is deducted sequentially from the debt acceptance agreements of the bank at the State Bank in chronological order of the agreements, starting from the first debt acceptance agreement;
At the time of repaying the principal amount of refinancing loans to the State Bank, the bank is responsible for paying all interest on the debt acceptance agreements where the full principal has been paid off. For partial repayment debt acceptance agreements, the State Bank collects interest as stipulated in Point b Clause 2 Article 8 of this Circular;

iv) By no later than June 1, 2031, the bank must fully repay the principal and interest of refinancing loans to the State Bank."

Article 2. Amending and supplementing Clause 3 of Article 10

Replace the phrase "Credit Department" with the phrase "Department of Credit for Economic Sectors".

Article 3. Amending and supplementing Article 11

"Article 11. Responsibilities of units under the State Bank

1. Department of Credit for Economic Sectors:

a) Take the lead and coordinate with the Monetary Policy Department, the State Bank Inspectorate, and the Credit Institution Management and Supervision Department in advising the Governor of the State Bank on handling issues arising during the implementation of this Circular;

b) Regularly monthly compile and report to the Governor of the State Bank, simultaneously sending to the Monetary Policy Department, the State Bank Inspectorate, and the Credit Institution Management and Supervision Department on the results of housing support loans by banks;

c) Propose measures to monitor and advise the Governor of the State Bank to decide on the specific total amount of refinancing loans and the end date of refinancing disbursement as stipulated in this Circular;

d) Monitor and compile the capital demand for lending by banks to enterprises. Within a maximum of three working days from the date of receiving the bank's report as stipulated in Clause 4 Article 10 of this Circular, notify the bank about the refinancing source allocated for this category.

2. Monetary Policy Department:

a) Coordinate with the Department of Credit for Economic Sectors and related units in handling issues arising during the implementation of this Circular;

b) Take the lead and coordinate with the Department of Credit for Economic Sectors, the State Bank Inspectorate, and the Credit Institution Management and Supervision Department to determine and report to the Governor of the State Bank the interest rate for housing support loans as stipulated in Clause 3 Article 4 of this Circular.

3. Trading Department:

a) Draft and implement the signing of principle loan agreements for housing support between the State Bank and banks; disburse funds, collect principal; calculate, notify, and collect interest; record and monitor the refinancing capital for housing support loans provided to banks;

b) Coordinate with the Department of Credit for Economic Sectors and related units in handling issues arising during the implementation of this Circular.

4. Financial Accounting Department:

Lead in accounting matters related to housing support loans as stipulated in this Circular.

5. State Bank Inspectorate:

a) Inspect banks' lending to customers as stipulated in this Circular and relevant laws;

b) Coordinate with the Department of Credit for Economic Sectors and related units in handling issues arising during the implementation of this Circular.

6. Credit Institution Management and Supervision Department:

a) Supervise banks' implementation of this Circular according to their functions and responsibilities;

b) Coordinate with the Department of Credit for Economic Sectors and related units in handling issues arising during the implementation of this Circular.

7. Branches of the State Bank in regions monitor and coordinate in handling issues arising during the implementation of housing support loans in their respective areas."

a) Coordinate with the Department of Credit for Economic Sectors and relevant units to handle issues arising during the implementation of this Circular;

b) Take the lead and coordinate with the Department of Credit for Economic Sectors, the State Bank of Vietnam Inspectorate, and the Credit Institution Supervision Department to determine and submit to the Governor of the State Bank of Vietnam the interest rate for housing support loans as stipulated in Clause 3, Article 4 of this Circular.

3. Trading Department:

a) Draft and execute the principle loan agreement on housing support loans between the State Bank of Vietnam and the bank; disburse funds, collect principal; calculate, notify and collect interest; record and monitor the housing support loan refinancing amount for the bank;

b) Coordinate with the Department of Credit for Economic Sectors and relevant units to handle issues arising during the implementation of this Circular.

4. Financial Accounting Department:

Take the lead in handling accounting entries related to housing support loans as prescribed in this Circular.

5. State Bank of Vietnam Inspectorate:

a) Inspect banks' lending activities to customers according to this Circular and relevant laws;

b) Coordinate with the Department of Credit for Economic Sectors and relevant units to handle issues arising during the implementation of this Circular.

b) Coordinate with the Credit Industry Department and other relevant units to handle issues arising during the implementation of this Circular.

5. State Bank of Vietnam Branches in Regions:

a) Monitor and summarize the lending situation of credit institutions and foreign bank branches to implement support industry development policies at the local level;

b) Coordinate with provincial departments and agencies to handle any difficulties arising during the implementation of lending to implement support industry development policies at the local level. In cases exceeding authority, promptly report to the People's Committee of the province or centrally-administered city, and the State Bank of Vietnam (Credit Industry Department) for consideration and resolution."

Article16. Amend and supplement Article 11

"Article 11. Responsibility for Implementation

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

Chapter VI

AMENDMENTS AND SUPPLEMENTS TO CERTAIN ARTICLES OF Circular No. 45/2018/TT-NHNN GUIDING CREDIT ORGANIZATIONS IN LOANS GUARANTEED BY THE CREDIT GUARANTEE FUND PURSUANT TO Decree No. 34/2018/NĐ-CP ON THE ESTABLISHMENT, ORGANIZATION, AND OPERATIONS OF THE CREDIT GUARANTEE FUND FOR SMALL AND MEDIUM-SIZED ENTERPRISES

Article 17. Amend and supplement Article 8

"1. Credit Industry Department:

a) The focal point for monitoring and summarizing the implementation of lending activities by lenders to small and medium-sized enterprises guaranteed by the Credit Guarantee Fund;

b) Take the lead and coordinate with relevant units to handle any difficulties arising during the implementation of this Circular.

2. State Bank of Vietnam Inspectorate shall inspect the implementation of the provisions of this Circular and handle violations according to its functions and tasks.

3. Credit Institution Management and Supervision Department shall supervise credit institutions in implementing this Circular according to its functions and tasks.

4. State Bank of Vietnam Branches in Regions where the Credit Guarantee Fund is located shall have the responsibility:

a) Coordinate with provincial departments and agencies to handle any difficulties arising during the implementation of guaranteed lending by the Credit Guarantee Fund in the region. In cases exceeding authority, promptly report to the People's Committee of the province, centrally-administered city, and the State Bank (through the Credit Industry Department);