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Repayment term restruction for customers affected by Covid-19 until June 30, 2022

08/09/2021

On September 7, 2021, the State Bank of Vietnam issued Circular No. 14/2021/TT-NHNN amending Circular No. 01/2020/TT-NHNN on rescheduling of debt repayment, exemption, reduce interest and fees, maintain the same debt group to support customers affected by Covid-19 epidemic.


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Credit institutions, foreign bank branches restructure the repayment term for the outstanding balance of principal and/or interest of the debt (including debts under the scope of Decree No. 55/2015) /ND-CP dated June 9, 2015 of the Government on credit policies for agricultural and rural development (amended and supplemented)) when the following conditions are fully satisfied:

1. Incurred before August 1, 2021 from lending and financial leasing activities.

2. Having an obligation to repay principal and/or interest in the period from January 23, 2020 to June 30, 2022.

3. Debt balance of a debt whose repayment term is restructured in one of the following cases:

January 23, 2020 to before June 10, 2020 and overdue before May 17, 2021;

d) The outstanding balance of the debt arising from June 10, 2020 to before August 1, 2021 and overdue from July 17, 2021 to before September 7, 2021.

4. Being assessed by a credit institution, foreign bank branch's customer's inability to repay the loan principal and/or interest on time according to the contract or agreement due to a decrease in revenue and income due to the influence of Covid-19 pandemic.

5. The customer requests to be restructured the repayment term and the credit institution, foreign bank branch evaluates the customer's ability to fully repay the principal and/or interest according to the agreed repayment term. restructure.

6. Credit institutions, foreign bank branches fail to restructure debt repayment terms for debts in violation of law provisions.

7. The time for debt rescheduling (including debt extension) is suitable to the extent of the impact of the Covid-19 epidemic on customers and must not exceed 12 months from the date the credit institution, foreign bank's branch shall restructure the repayment term or from the due date of each debt balance the repayment term shall be restructured.

8. The restructuring of the repayment term for customers will be carried out until June 30, 2022.”

This Circular takes effect from September 7, 2021.