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STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No. 03/2022/TT-NHNN
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Hanoi, May 20, 2022
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CIRCULAR
GUIDING COMMERCIAL BANKS TO PROVIDE INTEREST RATE SUBSIDIES IN ACCORDANCE WITH DECREE NO. 31/2022/ND-CP DATED MAY 30, 2022 OF THE GOVERNMENT ON INTEREST RATE SUBSIDIES PROVIDED BY STATE BUDGET FOR LOANS OF ENTERPRISES, COOPERATIVES, AND HOUSEHOLD BUSINESSES
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;
Pursuant to Decree No. 31/2022/ND-CP dated May 20, 2022 of the Government on interest subsidies provided by state budget for loans of enterprises, cooperatives, and household businesses;
Pursuant to Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
At request of Director of Department of Credit for Economic Sectors;
The Governor of State Bank of Vietnam promulgates Circular guiding commercial banks to provide interest rate subsidies in accordance with Decree No. 31/2022/ND-CP dated May 20, 2022 of the Government on interest subsidies provided by state budget for loans of enterprises, cooperatives, and household businesses.
Article 1. Scope and regulated entities
1. Scope: This Circular guides the provision of interest rate subsidies by commercial banks for borrowers in accordance with Decree No. 31/2022/ND-CP dated May 20, 2022 of the Government on interest subsidies provided by state budget for loans of enterprises, cooperatives, and household businesses.
2. Regulated entities: Commercial banks and borrowers according to Clause 1 and Clause 2 Article 2 of Decree No. 31/2022/ND-CP; other relevant organizations and individuals.
Article 2. Rules of providing interest rate subsidies
Commercial banks shall provide interest rate subsidies in accordance with applicable laws on granting of loan of credit organizations, foreign bank branches for borrowers according to Decree No. 31/2022/ND-CP, this Decree, and relevant law provisions.
Article 3. Methods of providing interest rate subsidies
When an interest is due, a commercial bank shall choose one of the methods below to provide interest rate subsidies for customers
1. Directly deduct interest rate subsidies from payable interests of borrowers.
2. Collect due interests of borrowers and refund interest rate subsidies in the same interest collection date. In case interests are collected after working hours of commercial banks, the refund of interest rate subsidies can be carried out on the next day.
Article 4. Determination and declaration of interest rate subsidies of each commercial bank
1. Commercial banks shall register plans for providing interest rate subsidies from state budget for the year of 2022 and 2023 in detail in accordance with Point b Clause 1 Article 7 of Decree No. 31/2022/ND-CP.
2. If total interest rate subsidies registered by commercial banks in the year 2022 and 2023 are smaller than or equal to 40.000 billion VND, the State Bank of Vietnam (SBV) shall determine interest rate subsidy quota of each commercial bank that has registered.
3. If total interest rate subsidies registered by commercial banks in the year 2022 and 2023 are greater than 40.000 billion VND, the State Bank of Vietnam (SBV) shall determine interest rate subsidy quota of each commercial bank as follows:
a) Quota for the 2 years of 2022 and 2023 shall be result of 40.000 billion VND multiplied by outstanding loan balance by December 31, 2021 of each commercial bank divided by total outstanding loan balance of all commercial banks which register for interest rate subsidies without exceeding the interest rate subsidies registered by each commercial bank and determined according to Appendix 1 attached hereto.
b) Based on quota of the 2 years of 2022 and 2023 mentioned under Point a of this Clause, SBV shall determine interest rate subsidy quota in 2022 for each commercial bank using interest rate subsidies registered for the year of 2022. If interest rate subsidies registered for the year of 2022 is greater than or equal to the quota determined for the 2 years of 2022 and 2023, interest rate subsidy quota for the year of 2022 shall equal the quota determined for the 2 years of 2022 and 2023.
Quota for the year of 2023 shall equal the quota of the 2 years of 2022 and 2023 minus the quota of the year 2022.
4. During the period in which decision on allocation of central government budget for public investment plans of the year 2022 of the Prime Minister according to Point a Clause 2 Article 7 of Decree No. 31/2022/ND-CP and Clause 5 of this Article, SBV shall notify commercial banks expected interest rate subsidy quota of the year 2022 based on the quota determined under Clause 2 and Clause 3 of this Article.
5. Based on decision on allocation of central government budget for public investment plans of the year 2022 and decision on allocation of central government budget for public investment plans of the year 2023 of the Prime Minister, SBV shall notify commercial banks, Ministry of Finance, and Ministry of Planning and Investment the interest rate subsidy quota of the year 2022 and 2023.
6. Based on approval of competent authorities regarding carry-over of state budget revenue sources of the year 2022 to the year of 2023 according to Point dd Clause 2 Article 7 of Decree No. 31/2022/ND-CP, SBV shall notify commercial banks and Ministry of Finance the interest rate subsidies of the year 2022 that are carried over to the year of 2023.
7. In the 3rd Quarter of 2023, if necessary, based on reports submitted by commercial banks according to Appendix 4 attached hereto, SBV shall consider and adjust interest rate subsidy quota among commercial banks by carrying unused interest rate subsidies of commercial banks (if any) over to commercial banks that request additional quota (if any). If the requested additional interest rate subsidy quota exceeds the unused interest rate subsidy quota, SBV shall prioritize commercial banks that request additional quota based on interest rate subsidy provision results until the end of June 2023 of these commercial banks.
Article 5. Management of interest rate subsidy quota of commercial banks
1. The total interest rate subsidies provided by commercial banks and requested for funding from the state budget annually shall not exceed the interest rate subsidy quota declared for that year.
2. Commercial banks shall provide interest rate subsidies for borrowers whose interest due date comes first within the notified interest rate subsidy quota. If, during implementation, the remaining interest rate subsidy quota is insufficient to cover debt repayment obligations, commercial banks shall provide interest rate subsidies in a first come first serve manner for borrowers who sign loan agreements benefiting from interest rate subsidies and publicly post on website of the commercial banks.
3. Based on results of interest rate subsidy provision, each commercial bank shall publicly post end date of interest rate subsidy provision on their website and submit reports on end date interest rate subsidy provision to SBV in accordance with Clause 6 Article 3 of Decree No. 31/2022/ND-CP.
4. Upon receiving notice about additional interest rate subsidies in accordance with Clause 7 Article 4 hereof, commercial banks shall publicly post the notice on their website and continue to provide interest rate subsidies upon receiving the notice of SBV.
5. Commercial banks shall round the money related to interest rate subsidies in accordance with Decree No. 31/2022/ND-CP and this Circular.
Article 6. Clearance and accounting
1. Commercial banks shall record and keep account of interest rate subsidies and provide interest rate subsidies in accordance with Decree No. 31/2022/ND-CP, this Circular, and relevant law provisions.
2. Regarding interest rate subsidies to be recollected from borrowers in accordance with Article 9 of Decree No. 31/2022/ND-CP, commercial banks shall record collectible interest of borrowers. If the collectible subsidies are later deemed irrecoverable, commercial banks shall comply with applicable laws regarding financial regulations for credit institutions and branches of foreign banks.
Article 7. Communication and report
1. On the 20th of each month, commercial banks shall submit reports on interest rate subsidy provision results to SBV (via Department of Credit for Economic Sectors) using form under Appendix 2 attached hereto while ensuring adherence to report data in schedules under Decree No. 31/2022/ND-CP.
2. Before the 20th of October, November, and December of 2022 (corresponding to report data of September, October, and November of 2022), commercial banks shall submit reports on potential carry-over of interest rate subsidy of 2022 to 2023 according to Appendix 3 attached hereto.
3. Before July 20, 2023, commercial banks shall submit reports on expected interest rate subsidies for the rest of 2023 to SBV (via Department of Credit for Economic Sectors) according to Appendix 4 attached hereto.
Article 8. Responsibilities of commercial banks
1. Promulgate documents guiding provision of interest rate subsidies in accordance with Decree No. 31/2022/ND-CP and this Circular in order to organize synchronous implementation across the system and regulate the followings:
a) Details regarding provision of interest rate subsidies, appendices amending, adjusting loan agreements and promissory notes between commercial banks and borrowers;
b) Details agreed upon by commercial banks and borrowers regarding methods for recollecting interest rate subsidies in accordance with Article 9 of Decree No. 31/2022/ND-CP.
2. Determine and specify purpose of loan in accordance with Clause 2 Article 2 of Decree No. 31/2022/ND-CP under loan agreements or appendices amending loan agreements or promissory notes between commercial banks and borrowers.
3. Provide interest rate subsidies in accordance with Decree No. 31/2022/ND-CP and this Decree; notify the borrowers if interest rate subsidy is rejected.
4. Inspect and supervise the use of loan for the right purposes.
5. Monitor, keep documents, keep account, and record loans benefiting from interest rate subsidies in accordance with Decree No. 31/2022/ND-CP and this Circular.
6. Communicate policies on interest rate subsidies at commercial banks in accordance with Decree No. 31/2022/ND-CP and this Circular.
7. Publicize the end date of interest date subsidy on website of the commercial banks.
Article 9. Responsibilities of entities affiliated to SBV
1. Credit Departments of Economic Sectors
a) Act as contact point to monitor results of interest rate subsidies of commercial banks and advise Governor of SBV to implement details under Points a, b, d, dd, and e Clause 1 Article 10 of Decree No. 31/2022/ND-CP;
b) Participate in the task force for support of interest rate subsidies in accordance with Point dd Clause 1 Article 10 of Decree No. 31/2022/ND-CP.
2. Monetary Policy Department:
a) Cooperate with Department of Credit for Economic Sectors in dealing with difficulties that arise during implementation of Decree No. 31/2022/ND-CP and this Circular;
b) Participate in the task force for support of interest rate subsidies in accordance with Point dd Clause 1 Article 10 of Decree No. 31/2022/ND-CP.
3. Accounting and Finance Department:
a) Provide guidance for issues regarding recording and finalization relating to granting loans under interest rate subsidy, payment, finalization of interest rate subsidies, recollection of loans benefiting from interest rate subsidies in accordance with Decree No. 31/2022/ND-CP and this Circular;
b) Cooperate with Department of Credit for Economic Sectors in dealing with difficulties that arise during implementation of Decree No. 31/2022/ND-CP and this Circular;
c) Participate in the task force for support of interest rate subsidies in accordance with Point dd Clause 1 Article 10 of Decree No. 31/2022/ND-CP.
4. Department of Statistics and Forecasting
a) Cooperate with Department of Credit for Economic Sectors in dealing with difficulties that arise during implementation of Decree No. 31/2022/ND-CP and this Circular;
b) Participate in the task force for support of interest rate subsidies in accordance with Point dd Clause 1 Article 10 of Decree No. 31/2022/ND-CP.
5. Central Banking Inspection and Supervision Authority
a) Inspect and supervise the granting of loans benefiting from interest rate subsidies of commercial banks;
b) Cooperate with Department of Credit for Economic Sectors in dealing with difficulties that arise during implementation of Decree No. 31/2022/ND-CP and this Circular;
c) Participate in the task force for support of interest rate subsidies in accordance with Point dd Clause 1 Article 10 of Decree No. 31/2022/ND-CP.
6. Department of Communication
a) Communicate and publicize interest rate subsidy policies in accordance with Decree No. 31/2022/ND-CP and this Circular;
b) Cooperate with Department of Credit for Economic Sectors in dealing with difficulties that arise during implementation of Decree No. 31/2022/ND-CP and this Circular.
7. SBV branches in provinces and central-affiliated cities
a) Monitor the implementation of interest rate subsidies and results thereof of branches of commercial banks in provinces and central-affiliated cities and produce reports; request Governor of SBV, Chairpersons of People’s Committees of provinces and central-affiliated cities to handle arising issues;
b) Inspect and supervise the granting of loans benefiting from interest rate subsidies of commercial banks and branches of commercial banks in provinces and central-affiliated cities and produce reports; request Governor of SBV to handle arising issues;
c) Report to People’s Committees of provinces and cities to request cooperation between local authorities and commercial banks in recollecting granted interest subsidies in accordance with Clause 3 Article 9 of Decree No. 31/2022/ND-CP.
Article 10. Implementation
This Circular comes into force from May 20, 2022.
Article 11. Organization for implementation
Chief of Office, Director of Department of Credit for Economic Sectors, heads of entities affiliated to SBV, and commercial banks are responsible for implementation of this Circular./.
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PP. GOVERNOR
DEPUTY GOVERNOR
Dao Minh Tu
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APPENDIX 01
(Attached to Circular No. 03/2021/TT-NHNN dated May 20, 2022 of Governor of State Bank of Vietnam)
DETERMINING INTEREST RATE SUBSIDY QUOTA FOR COMMERCIAL BANKS
Step 1: Determine interest rate subsidy quota of each commercial bank in 2022 and 2023 based on outstanding debt balance:
Ii = 40.000 x Ci/ΣCi (billion VND)
In which: - Ii refers to interest rate subsidy quota of the commercial bank i in the year 2022 and 2023 determined based on outstanding debt balance ratio;
- Ci refers to outstanding debt balance of the commercial bank i by December 31, 2021;
- ΣCi refers to total outstanding debt balance of all commercial banks which register interest rate subsidy plans;
Step 2: If interest rate subsidies registered under the plan by a commercial bank is less than or equal to the quota under step 1, interest rate subsidy quota of the commercial bank shall equal that registered under the plan;
Step 3: If interest rate subsidies registered by a commercial bank is greater than the quota determined under step 1, interest rate subsidy quota of this commercial bank shall be:
Iii = (40.000 - ΣIi) x Cii/ΣCii
In which: - Iii refers to interest rate subsidy quota for the commercial bank under step 3 (the commercial bank ii) in 2022 and 2023 determined based on outstanding debt balance ratio;
- ΣIi refers to total interest rate subsidy quotas of commercial banks under step 2;
- Cii refers to outstanding debt balance of the commercial bank ii by December 31, 2021;
- ΣCii refers to total outstanding debt balance of commercial banks ii by December 31, 2021;
Step 4: If interest rate subsidies registered under the plan by a commercial bank is less than or equal to the quota under step 3, interest rate subsidy quota of the commercial bank shall equal that registered under the plan;
Step 5: If interest rate subsidies registered under the plan of a commercial bank is greater than the quota under step 3, continue to use methods mentioned under step 3 and step 4 until the 40.000 billion VND runs out.
APPENDIX 02
(Attached to Circular No. 03/2021/TT-NHNN dated May 20, 2022 of Governor of State Bank of Vietnam)
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NAME OF COMMERCIAL BANK
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REPORT ON RESULTS OF GRANTING LOANS UNDER INTEREST RATE SUBSIDY
IN ACCORDANCE WITH DECREE NO. 31/2022/ND-CP AND CIRCULAR NO. 03/2022/TT-NHNN
Report data of: ……… (month), …… (year)
Unit: VND, borrower
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No.
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Sector
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Outstanding debt balance benefiting from interest rate subsidy on the last day of the reporting month
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In the reporting month alone
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From the beginning of the program to the end of the reporting month
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Loan amount benefiting from interest rate subsidies
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Number of borrowers benefiting from interest rate subsidies
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Interest rate subsidies provided
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Loan amount benefiting from interest rate subsidies
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Number of borrowers benefiting from interest rate subsidies
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Interest rate subsidies provided
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(1)
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(2)
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(3)
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(4)
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(5)
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(6)
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(7)
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(8)
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(9)
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I
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Interest rate subsidy for economic sectors
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1
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Economic sectors
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1.1
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Aviation, warehouse transport (H)
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1.1.1
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In which: Aviation
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1.2
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Tourism (N79)
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1.3
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Accommodation and food and drink services (I)
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1.4
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Education and training (P)
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1.5
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Agriculture, forestry, and aquaculture (A)
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1.6
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Processing and manufacturing industry (C)
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1.7
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Software publishing (J582)
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1.8
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Computer programming and related activities (J62)
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1.9
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Information service activities (J63)
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2
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Execution of projects for social housing, worker’s house construction, and old apartment renovation
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2.1
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Social houses
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2.2
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Worker’s houses
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2.3
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Renovation of old apartments
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II
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Borrowers
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1
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Enterprise
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2
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Cooperative
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3
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Household businesses
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III
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Total (=I=II)
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How to fill in the report:
1. Regulated entities: Commercial banks that receive notice on interest rate subsidy quota.
2. Submission deadline: The 20th of each month.
3. Requirements for report data:
- Head offices of commercial banks shall submit reports to SBV via the consolidated report system of SBV, including:
+ Data of the whole system.
+ Data of each branch of each commercial bank in the system.
- Data type: integer, up to 20 digits.
4. Entities receiving and approving the report: Department of Credit for Economic Sectors, branches of SBV of provinces and cities.
5. Specific guidance:
- Report data do not include loans whose paid interest rate subsidies must be recollected in accordance with Article 9 of Decree No. 31/2022/ND-CP.
- Column (3): Outstanding loan balance benefiting from interest rate subsidies at the final date of the reporting month.
- Column (4): Loan amount benefiting from interest rate subsidies in the reporting month.
- Column (5): Number of borrowers benefiting from interest rate subsidy in the reporting month (corresponding to column 4).
- Column (6): Interest rate subsidies provided by the commercial bank in the reporting month.
- Column (7): Loans benefiting from interest rate subsidy accumulated from the beginning of the program until the end of the reporting month.
- Column (8): Number of borrowers benefiting from interest rate subsidies accumulated from the beginning of the program until the end of the reporting month (corresponding to column 7).
- Column (9): Total interest rate subsidies provided by the commercial bank accumulated from the beginning of the program to the end of the reporting month.
APPENDIX 03
(Attached to Circular No. 03/2021/TT-NHNN dated May 20, 2022 of Governor of State Bank of Vietnam)
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NAME OF COMMERCIAL BANK
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REPORT ON TRANSFERING INTEREST RATE SUBSIDY QUOTA OF 2022 TO 2023 IN ACCORDANCE WITH DECREE NO. 31/2022/ND-CP AND CIRCULAR NO. 03/2022/TT-NHNN
(attached to Official Dispatch No. …………… of commercial bank)
Report data of: ……… (month), …… (year)
Unit: VND
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Interest rate subsidies accumulated from the beginning of the program to the end of the reporting month (month T)
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Interest rate subsidies expected to arise from the beginning of month T+1 to December 31, 2022
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Interest rate subsidies expected to be accumulated from the beginning of the program until December 31, 2022
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Interest rate subsidy quota of 2022
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Expected unused interest rate subsidy quota of 2022 requested for transfer to 2023
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(1)
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(2)
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(3) = (1)+(2)
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(4)
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(5)=(4)-(3)
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Record maker
(Signature and full name)
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Control
(Signature and full name)
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(Location and date)
General Director
(Signature and seal)
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How to fill in the report:
1. Regulated entities: Commercial banks that receive notice on interest rate subsidy quota.
2. Submission deadline: Before the 20th of October, November, and December of 2022 (for reports of September data, October data, and November data of 2022 respectively).
3. Commercial banks shall submit written reports to the State Bank of Vietnam (via Department of Credit for Economic Sectors).
4. Specific guidance:
Report data do not include loans whose paid interest rate subsidies must be recollected in accordance with Article 9 of Decree No. 31/2022/ND-CP.
APPENDIX 04
(Attached to Circular No. 03/2021/TT-NHNN dated May 20, 2022 of Governor of State Bank of Vietnam)
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NAME OF COMMERCIAL BANK
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REPORT ON EXPECTED INTEREST RATE SUBSIDY PROVIDED BY STATE BUDGET IN ACCORDANCE WITH DECREE NO. 31/2022/ND-CP
(attached to Official Dispatch No. ……… of the commercial bank)
Unit: VND, borrower
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Accumulated results from January 1, 2023 to June 30, 2023
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Expected results from July 1, 2023 to December 31, 2023
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Expected accumulated results from January 1, 2023 to December 31, 2023
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Interest rate subsidy quota of 2023
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Loan amount benefiting from interest rate subsidies
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Number of borrowers benefiting from interest rate subsidies
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Interest rate subsidies provided by the commercial bank
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Loan amount benefiting from interest rate subsidies
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Number of borrowers benefiting from interest rate subsidies
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Interest rate subsidies provided by the commercial bank
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Loan amount benefiting from interest rate subsidies
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Number of borrowers benefiting from interest rate subsidies
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Interest rate subsidies provided by the commercial bank
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(1)
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(2)
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(3)
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(4)
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(5)
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(6)
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(7)=(1)+(4)
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(8)=(2)+(5)
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(9)=(3)+(6)
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(10)
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Additional interest rate subsidy quota required: ………………… (VND)
Unused interest rate subsidy quota: ………………… (VND)
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Record maker
(Signature and full name)
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Control
(Signature and full name)
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(Location and date)
General Director
(Signature and seal)
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How to fill in the report:
1. Regulated entities: Commercial banks that receive notice on interest rate subsidy quota.
2. Submission deadline: Before the end of July 20, 2023.
3. Commercial banks shall submit written reports to the State Bank of Vietnam (via Department of Credit for Economic Sectors).
4. Specific guidance:
- Columns (1) through (6) do not include loans whose interest rate subsidies must be collected in accordance with Article 9 of Decree No. 31/2022/ND-CP;
- Column (10): includes interest rate subsidy quota of 2023 according to notice of State Bank of Vietnam in accordance with Clause 5 Article 4 hereof and unused quota of 2022 transferred to 2023 in accordance with Clause 6 Article 4 hereof.
Tìm kiếm
Thông tư 03/2022/TT-NHNN (Bản Pdf)
Thông tư 03/2022/TT-NHNN (Bản Word)