Official Dispatch No. 2506/NHNN-CSTT dated April 24, 2012 of the State Bank of Vietnam on solutions on credit activities
To: Credit institutions
Foreign bank branches
In order to implement the Resolution No. 01/NQ-CP dated January 03, 2012 of the Government on some main solutions to realize the socio-economic development plan and state budgeting for 2012, the Banking system actively implement synchronous measures on interest and credit rates to support enterprises and households access to the bank credit loan to serve for their prodution and business. In order to continue taking effective measures of credit extension with the aim of facilitating enterprises and households to gradually restore and maintain production and business, the State Bank of Vietnam requires credit institutions and foreign bank branches (hereafter called as credit institutions) to performs the following tasks:
1. To actively coordinate with their borrowers in assessment of repayment capacity of the borrowers in order to cope with difficulties in repaying the debts in accordance with the cycle of production, business, the timeline of capital recovery of the projects, loan utilizing plan, and the repayment capacity of borrowers. Based on assessment of repayment capacity of the borrowers and their financial capacity, credit institutions reschedule loans for those borrowers who are unable to repay debts on due date as agreed in the credit contracts as stipulated in Decision No. 783/2005/QD-NHNN dated May 31, 2005:
a. The borrowers are unable to repay the principal or interest of their loans within the loan term as agreed in the credit contract and are evaluated by credit institutions to have good debt repayment capacity in the following periods. Credit institutions consider adjusting the schedule of debt repayment (the principal and/or interest of loans).
b. The borrowers are unable to repay the principal or interest of their loans within the loan term as agreed in the credit contract and are evaluated by credit institutions to have good debt repayment capacity in a fixed period after the loan term. Credit institutions consider extending debt repayment period for the borrowers in accordance with the repayment source of customers.
2. To perform the classification of rescheduled loans as stipulated in Decision No. 780/QD-NHNN dated April 23, 2012 on classification of rescheduled loans....
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