Accordingly, on June 28, 2023, the State Bank of Vietnam (SBV) issued Circular No. 06/2023/TT-NHNN, effective from September 1, 2023.
This Circular has added regulations on lending in line with the digital transformation process in banking operations and other regulations to remove obstacles and create more favorable conditions for customers to access bank loans. At the same time, the Circular adds a number of regulations to control risks arising in lending activities, contributing to ensuring the operational safety of the credit institution system.
However, in the context of the economy still facing many difficulties, to further prioritize promoting economic growth, the State Bank of Vietnam issued Circular No. 10/2023/TT-NHNN dated August 23, 2023, suspending the implementation of Clauses 8, 9 and 10, Article 8 of Circular No. 39/2016/TT-NHNN (supplemented by Clause 2, Article 1 of Circular No. 06/2023/TT-NHNN) from September 1 until the effective date of the new legal document regulating these issues.
In the coming time, the State Bank will coordinate with relevant agencies and units to research and consider appropriate solutions to control risks, ensure the safety of credit institutions' operations, and support in removing difficulties for people and businesses.
Many real estate businesses expressed concerns due to issues in Circular 06 of the State Bank.
Previously, regarding Circular 06, Prime Minister Pham Minh Chinh issued a document requesting the State Bank of Vietnam to urgently review and amend this Circular in the direction of suspending the implementation of regulations causing difficulties, to be completed by August 25 to create favorable conditions for businesses and people to access credit capital.
The Prime Minister also assigned Deputy Prime Minister Le Minh Khai to direct the State Bank to preside over and coordinate with relevant agencies, based on regulations and actual situations, to urgently review, amend and supplement Circular No. 06.
In Official Dispatch No. 115/TTg-KTTH dated August 22, Deputy Prime Minister Le Minh Khai also requested the State Bank to urgently implement the direction in Notice No. 138/TB-VPCP dated August 18, 2023, and report the implementation results to the Prime Minister before August 24.
Some contents related to the "loan ban" in Circular 06 are also considered by many experts to be a barrier to the real estate market. Especially in the period when the market is frozen, many businesses are facing difficulties in doing business and accessing cash flow.
Article 8. Capital needs that are not eligible for loans
8. To pay for capital contributions, purchase, or receive transfers of capital contributions of limited liability companies or partnerships; to contribute capital, purchase, or receive transfers of shares of joint stock companies that are not listed on the stock market or have not registered for trading on the UPCoM trading system.
9. To pay for capital contributions under capital contribution contracts, investment cooperation contracts or business cooperation contracts to implement investment projects that do not meet the conditions for putting into business according to the provisions of law at the time the credit institution decides to lend.
10. For financial compensation, unless the loan fully meets the following conditions:
a) The customer has advanced his/her own capital to pay for the costs of implementing a business project, and the costs of implementing this business project have arisen within 12 months from the time the credit institution decides to lend;
b) Expenses paid and disbursed with the customer's own capital to implement the business project are expenses using the credit institution's loan capital according to the capital use plan submitted to the credit institution for consideration of medium and long-term loans to implement that business project".
Source
Comment (0)