This post is also available in: Tiếng Việt (Vietnamese)
Dear members and partners of Vietnam Microfinance Working Group,
Vietnam Microfinance Working Group would like to send to you the information on legal documents related to microfinance activities
1) Correct Resolution No. 01/2019 / NQ-HDTP guiding the application of a number of provisions of the law on interest, interest rates and violation violations issued by the Supreme People’s Court Judges (SPC)
On 11/01/2019, HDTP of the SPC issued Resolution 01/2019 / NQ-HDTP guiding the application of a number of provisions of the law on interest, interest rates and violations.
However, due to negligence in typing and reviewing, Resolution 01 has some technical errors, now the SPPC has issued the following Notice 15 / TB-HDTP as follows:
Correction Example 2, Point c, Clause 1, Article 2 of Resolution 01 is as follows:
“Example 2: On January 1, 2003, Mr. A lent her VND 100,000,000 (contract of demand loan), the negotiated interest rate is 08% / year. On January 1, 2016, Mr. A sued to request Mrs. B to pay principal and interest according to the contract … ”.
Correction of point b, clause 2, Article 3 of Resolution 01 is as follows:
“Interest on overdue principal debts not yet paid according to the overdue debt interest rates set by the State Bank at the time of debt repayment corresponding to the time of late payment.
Interest on outstanding overdue principal = (overdue principal has not yet been paid) x (interest rate of overdue debt of the State Bank prescribed at the time of debt repayment) x (time of late payment of principal)
2) Circular Circular 49/2018 / TT-NHNN takes effect from July 5, 2019
On December 31, 2018, the State Bank issued Circular 49/2018 / TT-NHNN regulating term deposits.
Accordingly, the term depositors are stipulated as follows:
– Residents are organizations and individuals.
– Non-residents include:
+ Diplomatic missions, consulates, representative offices of international organizations in Vietnam; Representative offices, project offices of foreign organizations in Vietnam;
+ Vietnamese citizens do not fall into the cases prescribed at Points e and g, Clause 2, Article 4 of the Ordinance on Foreign Exchange (amended and supplemented);
+ Foreign individuals are allowed to reside in Vietnam for a period of 6 months or more.
In addition, supplementing regulations that residents are allowed to use foreign currency accounts at licensed banks to carry out the following collection transactions:
Foreign currency revenue transferred from bank accounts arising from transactions of receiving principal and interest on term deposits in foreign currencies in accordance with the law on term deposits.
Circular 49/2018 / TT-NHNN officially will take effect on July 5, 2019.
Best regards.