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GOVERNMENT
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SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No. 31/2022/ND-CP
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Hanoi, May 20, 2022
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DECREE
INTEREST SUBSIDIES PROVIDED BY STATE BUDGET FOR LOANS OF ENTERPRISES, COOPERATIVES, AND HOUSEHOLD BUSINESSES
Pursuant to Law on Governmental Organization dated June 19, 2015; Law on amendments to Law on Government Organization and Law on Local Governmental Organization dated November 22, 2019;
Pursuant to Law on State Budget dated June 25, 2015;
Pursuant to Law on Public Investment dated May 13, 2019;
Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to Law on Credit Institutions dated June 16, 2010 and Law on amendments to the Law on Credit Institutions dated November 20, 2017;
Pursuant to Resolution No. 43/2022/QH15 dated January 11, 2022 of the National Assembly on fiscal and monetary policies supporting Socio-economic recovery and development program;
At request of Governor of the State Bank of Vietnam;
The Government promulgates Decree on interest subsidies provided by state budget for loans of enterprises, cooperatives, and household businesses.
Article 1. Scope
This Decree prescribes interest subsidies for loans granted by commercial banks in VND for borrowers which are enterprises, cooperatives, and household businesses in accordance with Resolution No. 43/2022/QH15 dated January 11, 2022 of the National Assembly and Resolution No. 11/NQ-CP dated January 30, 2022 of the Government.
Article 2. Regulated entities
1. Commercial banks established and operating in accordance with Law on Credit Institutions.
2. Enterprises, cooperatives, and household businesses receiving interest subsidies (hereinafter referred to as “borrowers”) which:
a) Wish to use loans in any of the registered sectors mentioned under Decision No. 27/2018/QD-TTg dated July 6, 2018 of the Prime Minister on Vietnam's economic sectors, including: aviation, transport and storage (H), tourism (N79), accommodation and food and beverage services (I), education and training (P), agriculture, forestry ,and fishery (A), processing and manufacturing industries (C), software publishing (J582), computer coding and relevant activities (J-62), information service activities (J-63); including construction activities serving the aforementioned economic sectors but excluding construction activities serving real estate trading mentioned under code (L) according to Decision No. 27/2018/QD-TTg; or
b) Wish to use loans to execute projects for construction of social housing, worker houses, renovation of old apartment buildings in lists of projects consolidated and announced by Ministry of Construction.
3. Other relevant organizations and individuals.
Article 3. Rules of providing interest subsidies
1. Interest subsidies must be transparent, adequate, provided for the right beneficiaries and for the right purposes in order to avoid exploiting of the policy.
2. State budget shall adequately and promptly prepare funding sources in order to provide interest subsidies for financial institutions.
3. Financial institutions shall provide interest subsidies in a law-compliant and borrower-friendly manner.
4. Customers must be able to repay debt and recover financially according to internal assessment of commercial banks, use loans for the right purpose, and be responsible for cooperating with financial banks in implementation of interest subsidies.
5. The provision of interest subsidies applies to interests that are due during the period between the effective date hereof and December 31, 2023.
6. Commercial banks shall cease to provide interest subsidies after December 31, 2023 or until the funding (interest subsidy quota) runs out, whichever comes first.
Article 4. Eligibility for interest subsidies
1. Borrowers which wish to receive interest subsidies and satisfy loan conditions in accordance with applicable laws on lending operation of credit institutions, foreign bank branches to borrowers.
2. Loans benefiting from interest subsidies must be in VND. The loans must have their lending and disbursement agreements signed in the period between January 1, 2022 and December 31, 2023. The loans must be used for the purposes mentioned under Clause 2 Article 2 hereof and are not benefiting from interest subsidies provided by state budget via any other policy.
3. A loan shall cease to benefit from interest subsidies when:
a) The interests are due in the period in which overdue principle and/or late interest amount not benefiting from interest subsidies occur. The loan shall only be eligible for interest subsidies again for subsequent due interests after the borrowers have paid all overdue principles and/or late interests.
b) The loan is deferred without benefiting from interest subsidies for the deferred period.
Article 5. Subsidy period and rate of interest subsidies
1. Period of interest rate subsidies shall start from the date on which the loan is disbursed to the date on which the borrowers have paid all principal loans and/or interest as per agreements between commercial banks and the borrowers or the date on which announced funding sources for interest rate subsidies are depleted or December 31, 2023, whichever comes first.
2. Rate of interest subsidies shall be 2%/year of the outstanding debt. Loans benefiting from interest rate subsidies must be granted during the periods mentioned under Clause 1 of this Article.
Article 6. Methods of subsidizing interest rate
At the end of each interest payment period, commercial banks shall offset interest rate subsidies against borrower's loan interest in accordance with guidelines of State Bank of Vietnam.
Article 7. Interest rate subsidy estimates, implementation of interest rate subsidy estimates, and finalization of interest rate subsidies
1. Produce state budget estimates for interest rate subsidies
a) State budget estimates for interest rate subsidies shall be produced in accordance with the Law on State Budget, Law on Public Investment, this Decree, and relevant law provisions.
b) Within 15 days from the effective date hereof, commercial banks shall register plans for providing interest rate subsidies from state budget for the years of 2022 and 2023 as well as detail plans for each year using Form No. 1 under Appendix attached hereto to the State Bank of Vietnam.
c) Within 20 days from the effective date hereof, the State Bank of Vietnam shall consolidate plans for providing interest rate subsidies of commercial banks, stay within the total budget of 40.000 billion VND, specify in details for each commercial bank and each year, then submit to Ministry of Planning and Investment and Ministry of Finance.
d) Based on consolidated plans of the State Bank of Vietnam, Ministry of Planning and Investment shall take charge reporting to the Government in order to request Standing Committee of the National Assembly to permit the increase of estimates of expenditure on development of state budget funding sources for implementing interest rate subsidies in 2022 and consolidate, prepare state budget estimates in 2023 and request the National Assembly to decide.
2. Implement state budget estimates for interest rate subsidies
a) Based on Resolution of Standing Committee of the National Assembly on increasing estimates in 2022, the Prime Minister shall decide to hand central government budget to the State Bank of Vietnam to add to public investment plans in 2022. The assignment of public investment plan in 2023 shall be carried out in accordance with applicable laws.
The State Bank of Vietnam shall notify commercial banks of interest subsidy quota and send to Ministry of Finance, Ministry of Planning and Investment.
b) Before the 20th of the first month of a quarter, commercial banks shall submit application for advance of interest rate subsidies to the State Bank of Vietnam and Ministry of Finance in accordance with this Decree for the preceding quarter; applications for advance of interest rate subsidies of the fourth quarter must be submitted before January 5 of the following year. Application consists of:
- Documents requesting advance of interest rate subsidies which contain interest deducted from borrowers’ interest by commercial banks in the quarter, requested advance amount which equals 85% of the interest deducted from borrowers’ interest in the quarter, and receiving accounts of commercial banks;
- Reports on provision of interest rate subsidies for borrowers of commercial banks using Form No. 2 under Appendix attached hereto;
- List of documents proving that borrowers have benefited from interest rate subsidies in the quarter using Form No. 3 under Appendix attached hereto.
c) Within 10 working days from the date on which application for quarterly advance of interest rate subsidies submitted by commercial banks is received, the State Bank of Vietnam shall remark on list of documents, whether requested advance of interest rate subsidies exceeds the announced interest subsidy quota and transfer to Ministry of Finance. Regarding application of the fourth quarter, the State Bank of Vietnam shall transfer to Ministry of Finance within 5 working days from the date on which the State Bank of Vietnam receives application of commercial banks.
d) Within 15 working days from the date on which Ministry of Finance receives application transferred by the State Bank of Vietnam, the Ministry of Finance shall provide the requesting commercial banks with advance of interest rate subsidies in accordance with this Decree in form of payment order and notify the State Bank of Vietnam of cooperation.
dd) The total advance given to commercial banks under Point d of this Clause in a fiscal year must not exceed the interest subsidy quota announced for that year. By January 31, 2023, unused estimates of interest rate subsidies of 2022 shall be transferred to 2023 for further use as interest rate subsidies as per the law.
e) During implementation, the State Bank of Vietnam shall consider revising the interest subsidy quota provided for commercial banks if necessary and send to Ministry of Planning and Investment and Ministry of Finance for cooperation.
3. Finalize annual interest rate subsidies
a) Commercial banks are responsible for finalizing annual interest rate subsidies and producing documents on finalization of interest rate subsidies in which loans benefiting from interest rate subsidies are granted to the right borrowers and meet all requirements for interest rate subsidies according to this Decree, subsidized interests of each customer and each bank are accurately determined, and subsidized interests granted to borrowers have adequate required documents.
b) Interest rate subsidies are calculated as follows:
- Formula for calculating interest rate subsidies of a disbursed amount:
I = 2% x ∑(DixTi)/365
In which: - I refers to the interest rate subsidies provided for a disbursed amount in reality;
- ∑(DixTi) refers to the sum of products of total outstanding debt and number of days in which the outstanding debt is benefiting from interest rate subsidies of a disbursed amount.
- Interest rate subsidies provided for a loan in reality refers to the total interests of all disbursed amounts of the loan.
- Interest rate subsidies requested for payment by the state budget in reality refers to the total interests of all eligible loans under this Decree. Total interest rate subsidies requested for payment by the state budget of all commercial banks shall not exceed 40.000 billion VND.
4. Consolidate annual finalization reports on interest rate subsidies
a) Commercial banks shall submit annual finalization documents for interest rate subsidies (3 documents) to the State Bank of Vietnam before February 10, 2023 (for interest rate subsidies of 2022) and before February 10, 2024 (for interest rate subsidies of 2023). Documents consist of: Official Dispatch on finalization of annual interest rate subsidies which specifies amount deducted from borrowers’ interests by commercial banks, recollected interest rate subsidies, advance subsidies provided by state budget each quarter, remaining amount requested for payment from state budget; Report using Form No. 4 under Appendix attached hereto; list of documents using Form No. 5 under Appendix attached hereto.
Commercial banks are responsible for legitimacy and accuracy of documents and finalized data on interest rate subsidies.
b) Within 20 working days from the date on which adequate documents on annual finalization of interest rate subsidies submitted by commercial banks are received, the State Bank of Vietnam shall consolidate reports on finalization of interest rate subsidies of each commercial bank using Form No. 6 attached hereto and send to State Audit of Vietnam for audit in accordance with Law on State Audit and relevant documents.
c) Within 20 days from the date on which audit results of State Audit of Vietnam under Point b of this Clause are received, the State Bank of Vietnam shall consolidate reports on finalization of interest rate subsidies of each commercial banks (using audited data) and submit to Ministry of Finance and commercial banks based on documents on finalization of interest rate subsidies of commercial banks, audit results of State Audit of Vietnam, and document inspection results under Point d of this Clause (if any). Details in consolidation of reports on finalization of interest rate subsidies include:
- Cross-check data when consolidating finalization reports, including: interest rate subsidies provided by commercial banks in the year within the announced quota, recollected interest rate subsidies, advance interest rate subsidies of the year; and ensure compliance with audit results of State Audit of Vietnam.
- Excess or deficit of interest rate subsidies (if any); if the advance interest rate subsidies of the year is lower than the consolidated and finalized value, additional payments will be made; if the advance interest rate subsidies of the year is higher than the consolidated and finalized value, the differential will be recollected or deducted from next year’s interest rate subsidies.
- Issues discovered via consolidation of finalization reports, inspection, examination, and supervision (if any);
- Other remarks (if any).
d) If necessary, the Task force mentioned under Point dd Clause 1 Article 10 hereof shall inspect documents of loans benefiting from interest rate subsidies in accordance with operation rules of the Task force and this Decree.
5. State Audit of Vietnam shall organize audit of interest rate subsidy implementation in accordance with Clause 3 Article 7 of Resolution No. 43/2022/QH15 of the National Assembly and relevant legislative documents.
6. Appraise annual reports on consolidated statement of interest rate subsidies
a) Before October 1 of the year following finalization year, the State Bank of Vietnam shall request the Ministry of Finance in writing to appraise reports on finalization of interest rate subsidies using Form No. 6 under Appendix attached hereto, attach documents of State Audit of Vietnam regarding audit results in accordance with Clause 4 and Clause 5 hereof, and send to commercial banks.
b) Within 15 working days from the date on which written request for appraisal of reports on consolidated statement of interest rate subsidies of State Bank of Vietnam are received, the Ministry of Finance shall appraise reports on consolidated statement of interest rate subsidies as follows:
- Inspect the advance made from state budget;
- Inspect the number of request for appraisal of reports on consolidated statement within the central government budget capital for increase of public investment plans assigned to the State Bank of Vietnam and announced subsidy quota for each commercial bank in accordance with Point a Clause 2 of this Article;
- Excess or deficit of advance given to commercial banks by state budget (if any) compared to the appraised value; if the advance is lower than the appraised value, the differential will be paid; if the advance is higher than the appraised value, the differential will be covered or deducted from interest rate subsidies of the following year;
- Other remarks (if any).
c) Based on appraisal results under Point b of this Clause, the Ministry of Finance shall send appraisal notice to the State Bank of Vietnam and commercial banks to announce the following data:
- Interests subsidized by state budget according to appraisal results, in which the data used for finalization of state budget in budget year shall be the amount which is given to commercial banks by state budget from January 1 of the budget year to December 31, 2023 inclusive for interest rate subsidies in 2022 and January 31, 2024 inclusive for interest rate subsidies in 2023;
- Amount to be settled by state budget for commercial banks, or recollected, or deducted from next year’s interest rate subsidies.
Article 8. Report on consolidated results of interest rate subsidy program
1. Within 30 working days from the date on which documents of Ministry of Finance notifying appraised data of 2023 according to Point c Clause 6 Article 7 hereof, commercial banks shall send reports on results of interest rate subsidy program (including data of 2022-2023 which have been appraised by Ministry of Finance) to Ministry of Finance, including: Assessment report on interest rate subsidies for borrowers in each sector and line of business; Report on consolidated results of interest rate subsidy program for 2 years of 2022 and 2023 using Form No. 7 under Appendix attached hereto.
2. The State Bank of Vietnam shall consolidate reports on results of interest rate subsidy program, including the use of funding sources for interest rate subsidy, and report to the Government and later the National Assembly.
Article 9. Recollection of paid interest subsidies
1. If, during implementation, a borrower’s loan is identified to be ineligible for interest subsidies or using for incorrect purposes or unqualified for interest subsidies, the commercial bank shall inform the borrower and convert the loan benefiting from interest subsidies to a regular loan while recollecting all interest subsidies paid by the commercial bank within 30 days since notice.
2. In case the state budget has paid interest subsidies or finalized interest subsidies for loans such as one under Clause 1 of this Article, commercial banks shall return the subsidies to state budget or report in order to deduct from the state budget covering interest subsidies.
3. If a borrower is unable to return the received interest subsidies in accordance with Clause 1 of this Article, commercial banks shall request the State Bank of Vietnam branches of provinces and central-affiliated cities (where the borrower is based in) in writing to report to the respective People’s Committees of provinces and central-affiliated cities in order to allow competent authorities to cooperate with financial banks to recollect interest subsidies.
Article 10. Organization for implementation
1. The State Bank of Vietnam is responsible for:
a) promulgating Circular guiding commercial banks to provide interest subsidies in accordance with this Decree, which stipulates management so as to prevent the total interest subsidy quota from exceeding 40.000 billion VND.
b) consolidating interest subsidy plans, notifying, and adjusting interest subsidy quotas for commercial banks in accordance with this Decree.
c) inspecting and supervising the provision of interest subsidies of commercial banks.
d) consolidating finalization reports on interest subsidies of 2022 and 2023 of commercial banks; producing reports on results of interest subsidy program in accordance with this Decree.
dd) taking charge and establishing Interdisciplinary task force for support of interest rate subsidies (hereinafter referred to as “Task force”) consisting of the State Bank of Vietnam, Ministry of Finance, Ministry of Planning and Investment, and Ministry of Construction in order to examine documents of loans benefiting from interest rate subsidies in accordance with Point d Clause 4 Article 7 hereof; promulgating operation rules of the Task force, including principles and methods of examining documents of loans benefiting from interest rate subsidies, tasks of the Task force members and other related details.
e) taking charge and cooperating with relevant authorities in dealing with difficulties that arise during implementation of interest rate subsidies under this Decree.
2. Ministry of Finance is responsible for:
a) ensuring adequate and timely funding sources for interest subsidies.
b) appraising consolidated reports on finalized interest subsidies of 2022 and 2023 under this Decree.
c) cooperating with the State Bank of Vietnam in dealing with difficulties that arise during implementation of interest rate subsidy in accordance with this Decree.
3. Ministry of Planning and Investment is responsible for:
a) dealing with difficulties related to beneficiaries of interest rate subsidies under Point a Clause 2 Article 2 hereof; difficulties and cases that exceed the Ministry’s competence must be reported to the Prime Minister.
b) cooperating with the State Bank of Vietnam in dealing with difficulties that arise during implementation of interest rate subsidy in accordance with this Decree.
4. Ministry of Construction is responsible for:
a) consolidating list of projects for construction of social housing, worker houses, renovation of old apartment buildings; publicizing the lists in form of documents and on website of Ministry of Construction within 30 days from the effective date hereof and adjusting the list according to propositions of the People’s Committees of provinces and central-affiliated cities.
b) dealing with difficulties relating to beneficiaries of interest subsidies under Point b Clause 2 Article 2 hereof.
c) cooperating with the State Bank of Vietnam in dealing with difficulties that arise during implementation of interest rate subsidy in accordance with this Decree.
5. People’s Committees of provinces and central-affiliated cities are responsible for
a) producing list of projects for construction of social housing, worker houses, renovation of old apartment buildings and submitting to Ministry of Construction within 15 days from the effective date hereof and adjusting the list when necessary. The list must contain the following publicized information: Project developers of projects; In case of projects for construction of social housing and worker houses: Projects have been approved by competent authorities, assigned with land or leased with land and have finished with clearance, granted or exempt from construction permit in accordance with construction laws; In case of projects for renovation of old apartment buildings: Projects have had their investment guidelines approved by competent authorities; other information required by relevant laws.
b) directing competent authorities of provinces and cities to cooperate with commercial banks to recollect interest subsidies from borrowers in accordance with Clause 3 Article 9 hereof.
c) cooperating with relevant ministries and authorities in dealing with difficulties that arise in the implementation of interest subsidies in accordance with this Decree.
6. Commercial banks are responsible for
b) granting loans, identifying borrowers eligible for interest rate subsidies, paying and finalizing interest subsidies in accordance with this Decree.
b) adequately and promptly reporting to the State Bank of Vietnam, Ministry of Finance, and assuming responsibilities for legitimacy and accuracy of documents, data requesting payment of interest subsidies in accordance with this Decree.
c) providing documents relating to interest subsidies at request of competent authorities (original copies or copies sealed by commercial banks), including: leasing agreements, promissory notes or equivalent documents in order to identify eligibility of borrowers, leasing situation, outstanding debt, debt recovery, multiplication tables for calculating interest subsidies, documents proving that borrowers have received interest subsidies (produce bank statement of checking accounts of borrowers in order determine interest subsidies or records of transfer of interest subsidies to borrowers or other proof).
d) retuning to state budget and recollecting interest subsidies for loans of borrower which are deemed ineligible for interest subsidies or using loans for incorrect purposes or unqualified for interest subsidies in accordance with Article 9 hereof.
dd) announcing date of suspension of interest subsidy in accordance with Clause 6 Article 3 hereof.
7. Borrowers are responsible for
a) applying for interest subsidies; providing information, documents, and papers necessary at request of commercial banks in interest subsidy process and finalization of interest subsidy; assuming responsibilities for accuracy, legitimacy, and adequacy of information, data, and documents provided for commercial banks.
b) using loans for the right purposes agreed upon with commercial bank.
c) returning received interest subsidies which are considered granted to borrowers which are ineligible, unqualified, or using for the incorrect purposes according to Article 9 hereof. Failure to return the received interest subsidies shall be met with legal actions.
8. Ministry of Information and Communications, Vietnam Television, Voice of Vietnam, and Vietnam News Agency are responsible for
Informing and communicating interest rate subsidy policies according to this Decree.
Article 11. Implementation
1. This Decree comes into force from the day of signing.
2. Governor of State Bank of Vietnam, Minister of Planning and Investment, Minister of Finance, Minister of Construction, Minister of Information and Communications, Chairpersons of People’s Committees of provinces and central-affiliated cities, Chairpersons of Board of directors/Board of members, General Directors/Directors of commercial banks and relevant organizations, individuals are responsible for implementation of this Decree.
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ON BEHALF OF GOVERNMENT
PP. PRIME MINISTER
DEPUTY PRIME MINISTER
Le Minh Khai
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Tìm kiếm
Nghị định 31/2022/NĐ-CP (Bản Word)
Nghị định 31/2022/NĐ-CP (Bản Pdf)
