Banks permitted to reschedule borrowers' debts until June 30, 2024
To implement the directive of the Government of Vietnam in Resolution No. 50/NQ-CP 2023 and Resolution No. 59/NQ-CP 2023, the State Bank of Vietnam promulgates regulations on the rescheduling of debt payments and debt category retention to support borrowers in difficulties.
According to the Circular, a bank shall consider rescheduling principal and/or debt interests on the basis of borrowers’ requests, the financial capacity of the bank and compliance with the following regulations:
- Debts that are rescheduled and have debt categories retained are principal of loans granted before April 24, 2023, and from lending and finance lease.
The State Bank of Vietnam authorizes banks to proactively consider, assess borrowers' difficulties, and decide on the rescheduling of their debts.
- The principal and/or interest have to be paid within the period from April 24, 2023 to June 30, 2024.
- Rescheduling time shall be decided by the banks and shall not exceed 12 months from the due date of the outstanding debt to be rescheduled.
- The debt rescheduling according to Circular No. 02/2023/TT-NHNN shall be implemented from April 24, 2023 to June 30, 2024.
According to the State Bank of Vietnam, policies on the rescheduling of debt payment and debt category retention according to Circular No. 02/2023/TT-NHNN will directly contribute to the solution to difficulties of the people and enterprises and prolong the bank loan deferral periods.
These policies also enable enterprises and people to continue to reinvest and obtain new business loans and consumer loans, thereby contributing to the development of production and promoting economic development according to the set objectives of 2023 and the whole period of 2021-2025.
See more details in Circular No. 02/2023/TT-NHNN of the State Bank of Vietnam, effective as of April 24, 2023.
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