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| THE STATE BANK OF VIETNAM | SOCIALIST REPUBLIC OF VIET NAM |
| No. 198/QD-NH1 | Hanoi, September 16, 1994 |
ON THE PROMULGATION THE REGULATION ON SHORT - TERM CREDITS FOR ECONOMIC ORGANIZATIONS.
THE GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Ordinance on State Bank of Vietnam issued in connection with Order No.37/HDNN8, the ordinance on Banks, Credit Cooperatives and Financial Corporations issued in connection with the Order No.38/HDNN8 dated May 24th, 1990 of the President of the State Council of the Socialist Republic of Vietnam.
Pursuant to the Decree No. 15/CP dated March 2nd, 1993 of the Government stipulating the task, powers and responsibilities for the State management of the Ministries and Ministerial-ranking bodies.
On the proposal of the Director of the Credit Department for economic studies.
DECIDES
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FOR THE STATE BANK OF VIETNAM
GOVERNOR
Cao Sy Kiem
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The provisions of this Regulation are applied to short-term credits in Vietnamese dong (VND)
1.1. The credit organizations offering short-term loans prescribed in this Regulation include State Commercial Banks, Investment and Development Banks, Commercial Stock banks, Financial Corporations, Credit Cooperatives, Joint - venture Banks, branches of Foreign Banks in Vietnam which are established and operated in accordance with the Ordinance on Banks, Credit Cooperatives and Financial Corporations.
1.2. The economic organizations borrowing short-term loans from credit organizations (hereinafter referred to as the borrowing units) are legal entities and persons undertaking a business or a production process in accordance with the laws of Vietnam. These units include the State - owned enterprises, share-holding Companies, Limited Liability Companies cooperatives, private enterprises, Vietnam - foreign joint venture enterprises, the enterprises in Vietnam with 100% foreign owned capital, individuals and production households.
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3.2. Borrowed funds have to be used efficiently and in accordance with the defined purpose.
3.3. Borrowed funds have to be guaranteed with equivalent value in materials and commodities.
Conditions for borrowing funds
4.1. For every borrowing unit :
4.1.1. Having full legal status and operating its production business in accordance with the existing laws of Vietnam.
4.1.2. Operating profit yielding business or being subsidized in accordance with Government policy; having no overdue debts.
4.1.3. Having self possessed capital. The amounts of self possessed capital of different units are determined by General Directors (Directors) of credit organizations.
4.1.4. Organizing the cost accounting and financial management in accordance with the Ordinance on accounting and statistics.
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4.1.6. Recognizing and complying with the regulation on credit of the State Bank of Vietnam and specific regulations of the lending credit organizations.
4.2. For private enterprises, apart from the conditions defined in the above Article 4.1, they must have business licenses, their offices must be in the same vicinity with lending credit organizations. For individuals, the production households, must have permanent living registration in the same vicinity with the lending credit organization.
Each unit, apart from its borrowing from credit organization where it opens an account for financial transaction (where it opens its first financial transaction account) it is eligible to borrow loans from other credit organizations in accordance with the following stipulations :
5.1. A unit borrowing loans from the credit organization where it has an account for financial transaction, is eligible to borrow additional loans from other credit organizations of the same or different credit system.
5.2. When borrowing loans from other credit organizations, the borrowing unit has to list fully the remaining debts from previous credit organizations and commit to deduct money from deposited accounts fro financial transaction or lay down money in cash or cheques to pay for lending credit organizations when debts reach their maturity. This commitment shall be valid until loans are paid (both in principal and interest) or agree upon the lending credit organization to annul.
5.3. When granting loans to a unit which has borrowed money from other credit organization, the lending credit organization has to request a ratification from the credit organization that keeps the deposited account for financial transaction on the conditions for borrowing loans as stipulated in Article 4 of this Regulation and at the same times has to use the information of the TTR computer center of the State Bank in the vicinity to define the conditions for securing capital before deciding to grant the loans.
5.4. Any credit organization can only grant short-term loans for the purpose of operating production/business of a borrowing unit. In case the borrowing unit moves its office to another location and shifts its deposited accounts for financial transaction to another credit organization, it can borrow money from the new credit organization to pay the old debts to the previous credit organization.
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The principles for settlement of some specific cases :
6.1. The credit organization shall collect debts both principal and interest prior to their maturity in the following cases :
6.1.1. The borrowing unit disbands or stops its operations (not because of bankruptcy).
6.1.2. The borrowing unit is divided or merges with a new unit.
6.1.3. The borrowing unit moves its office to another place and opens its deposited account for financial transaction at another credit organization.
6.1.4. The manager of the borrowing unit is subject to criminal prosecution.
6.1.5. There appears law-suits which threaten the mots part of the borrowing unit's assets.
6.1.6. The borrowing unit violates the contract for loan borrowing and credit regulations.
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6.2. If the borrowing unit goes bankrupt, the debts shall be settle in accordance with the Law on Enterprise Bankruptcy.
6.3. In any case, when the borrowing unit replaces its manager, the successor bears full responsibility for the debts (both principals and interests) that his predecessor borrowed from the credit organization.
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Credit organizations are not allowed to offer right of lending preference to their clients as prescribed in Article 30 of Ordinance on banks, credit cooperatives and financial corporations.
Rights and obligations of credit organizations:
12.1. To request their loan borrowing units to provide necessary information and documents relating to borrowed loans.
12.2. Having the right to inspect the loan related issues of the borrowing units before, during and after granting loans.
12.3. When the debts reach their maturity, if the borrowing units do not actively pay them, the credit organization has the right to deduct money from the deposited account for financial transaction or ask other credit organization, which holds deposited account for financial transaction of the borrowing unit to deduct money from that account for paying the debts. The credit organization which holds the deposited account of the borrowing unit is obliged to carry out the request of the lending credit organization.
12.4. In the case that, the debts reach their maturity but the borrowing unit is unable to pay, neither has an explanation of legitimate reasons for debts extension, the credit organization has a right to shift those debts to the account of overdue debts and the borrowing unit is obliged to pay the interests of overdue debts.
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12.6. Having rights and obligations to collect debts prior to their maturity in accordance with Article 6 of this regulations.
12.7. Having right to hold auction the collateral assets, to request guarantor to carry out guaranty obligations and to take part in the assets liquidation to collect debts when the borrowing unit is unable to pay them.
The loan - borrowing unit has the following responsibilities and obligations :
13.1. To use the borrowed loan efficiently and in accordance with the defined purpose, to take initiative in paying full debts (both principals and interests) according to their maturity as committed in application and contract for borrowing loans.
13.2. To provide necessary information and documents relating to the loans as requested by the credit organization and create favorable condition for inspection by credit organization when it requests.
13.3. To inform its lending credit organization of the events as defined in Article 6 of this regulation and other changes relating to the enterprise and its manager.
Forms of lending short-term loans :
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14.1. Granting loans to meet the shortage in floating capitals.
14.2. Deducting money from the money - bearing documents.
A. GRANTING LOANS TO ADD TO THE FLOATING CAPITAL
The methods of loan - granting
16.1. The loan borrowing units belonging to a type of stable production/business, if they have the demand for regular loans, they can work out the plan for borrowing and paying for the whole quarter, season or crop together with the application for borrowing the first loan. If the credit organization agrees to offer, it shall (within the period of time prescribed by itself) inform the borrowing unit to launch the procedures for borrowing loans.
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16.3. For all borrowing units following either or both the above - mentioned methods, after being approved by the credit organization, they have to work out contracts for borrowing money with a plan for paying debts in each as guided by the credit organization, each time they receive loans, they have to attest their signatures on the contracts.
16.4. The borrowed money is transferred to pay directly for the enterprises which provide materials, commodities or services for the borrowing unit. In the case that the borrowing unit has used other sources of funds to pay for the supplier or if the supplier does not have an account at the bank, it shall then be transferred to a deposit account, offering cheques or cash to the borrowing unit.
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B. DEDUCTION FROM MONEY - BEARING DOCUMENT
23.1. The borrowing unit has to submit to the credit organization a dossier for deduction, which includes : an application for deduction, a list of documents for deduction together with the original documents to apply for deduction.
23.2. The credit organization shall examine the dossier for deduction, consider and let the unit know the documents and total value accepted for deduction.
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The deducted money is discounted from the amount of money applied for deduction, the amount of remaining money shall be noted down in the deposited, paid out in cash or in credits for the unit.
23.4. The term for deduction shall be defined for each document in the scope of remaining valid time but it can not exceed the maximum of 90 days.
23.5. The credit organization has to preserve carefully the document accepted for deduction as it does to the money bearing documents.
If they are transferable documents, the credit organization has the right of ownership over them and shall carry out the procedures with the issuing unit for liquidating and collecting debts when those documents reach their terms for liquidating.
III/ INSPECTION AND SETTLEMENT OF GRANTED DEBTS
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IV/ PROVISIONS FOR IMPLEMENTATION
Heads of the concerned units belonging to the Central State Bank, Directors of the provincial and city state supervision over the implementation of this regulation.
Decision No. 198/QD-NH1 of September 16, 1994, on the promulgation the regulation on short - term credits for economic organizations.
- Số hiệu: 198/QD-NH1
- Loại văn bản: Quyết định
- Ngày ban hành: 16/09/1994
- Nơi ban hành: Ngân hàng Nhà nước
- Người ký: Cao Sĩ Kiêm
- Ngày công báo: Đang cập nhật
- Số công báo: Đang cập nhật
- Ngày hiệu lực: Kiểm tra
- Tình trạng hiệu lực: Kiểm tra