- 1Law No. 32/2001/QH10 of December 25, 2001 on organization of the Government
- 2Law No. 20/2004/QH11 of June 15, 2004 amending and supplementing a number of articles of The Law on credit institutions
- 3Law No. 10/2003/QH11 of June 17, 2003, amending and supplementing a number of articles of the Vietnam State Bank Law
- 4Law No. 06/1997/QH10 of December 12, 1997 on The State Bank of Vietnam
- 1Circular No. 07/2006/TT-NHNN of September 07, 2006, providing guidance on purchase and subleasing activity in form of finance leasing in accordance with the provisions of the Decree No. 16/2001/ND-CP dated 02/5/2001 and the Decree No. 65/2005/ND-CP dated 19/5/2005 of the Government
- 2Circular No. 09/2006/TT-NHNN of October 23, 2006, providing guidance to the sale of receivables from a finance leasing contract in accordance with provisions of the Decree No. 65/2005/ND-CP dated 19/5/2005 of the Government “providing for the amendment, supplement of several articles of the Decree No. 16/2001/ND-CP dated 2 May 2001 of the Government on the organization and operation of finance leasing companies”
- 3Circular No. 05/2006/TT-NHNN of July 25, 2006 guiding some provisions of The Government''s Decree No. 16/2001/ND-CP of may 2, 2001, and Decree No. 65/2005/ND-CP of May 19, 2005, on financial leasing activities and financial-leasing entrustment services
- 4Circular No. 02/2007/TT-NHNN of May 21, 2007, on amendment of paragraph 5 in the Circular No. 07/2006/TT-NHNN of September 07th, 2006 of the State Bank providing guidance on purchase and subleasing activity in form of finance leasing as provided for in the Decree No. 16/2001/ND-CP of 02/5/2001 and the Decree No. 65/2005/ND-CP of 19/5/2005 of The Government.
- 5Joint Circular No. 08/2007/TTLT-NHNN-BCA-BTP of December 10, 2007, guiding the recovery and disposal of financially leased assets by financial leasing companies.
- 6Circular No. 06/2005/TT-NHNN of October 12, 2005, guiding the implementation of several contents stipulated in the Decree No. 16/2001/ND-CP dated 2 May 2001 of the Government on the organisation and operation of finance leasing companies" and the Decree No. 65/2005/ND-CP dated 19 May 2005 of the Government providing for the amendment, supplement of several articles of the Decree No. 16/2001/ND-CP dated 2 May 2001 of the Government on the organization and operation of finance leasing companies
THE GOVERNMENT | SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness |
No. 65/2005/ND-CP | Hanoi, May 19th, 2005 |
DECREE
ON AMENDMENT OF AND ADDITION TO A NUMBER OF ARTICLES OF DECREE 16-2001-ND-CP OF THE GOVERNMENT DATED 2 MAY 2001 ON ORGANIZATION AND OPERATION OF FINANCE LEASING COMPANIES
THE GOVERNMENT
Pursuant to the Law on Organization of the Government dated 25 December 2001; Pursuant to the Law on the State Bank of Vietnam 01-1997-QH10 dated 12 December
1997 as amended by Law 10-2003-QH11 dated 17 June 2003;
Pursuant to the Law on Credit Institutions 02-1997-QH10 dated 12 December 1997 as amended by Law 20-2004-QH11 dated 15 June 2004;
On the proposal of the Governor of the State Bank of Vietnam:
DECREES:
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1. To amend article 1.2 as follows:
"A finance leasing transaction must satisfy one of the following conditions:
(a) Upon expiry of the lease duration under the contract, ownership of the leased assets is transferred to the lessee or the lessee continues to lease the assets as agreed by the two parties;
(b) Upon expiry of the lease duration under the contract, the lessee has the preferential right to purchase the leased assets at a par price less than the actual value at the time of [such] acquisition;
(c) The lease duration of each leased asset must be at least sixty (60) per cent of the period required for amortization of the leased asset;
(d) The total lease payments for each asset set out in the finance leasing contract must be at least equivalent to the value of such asset at the time of signing of the contract1."
2. To add the following clauses 4 and 5 to article 7:
"4. Lease payments are the purchase price of the leased assets plus reasonable leasing fees and interest which the lessee must pay to the lessor in accordance with the leasing contract.
5. Operational leasing is a form of leasing assets under which the lessee uses the leased assets of the lessor for a fixed duration returns such assets to the lessor upon expiry of the lease duration. The lessor retains ownership of the leased assets and receives lease payments in accordance with a leasing contract."
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"A finance leasing company to which the State Bank issues an establishment and perating licence shall be liable to pay a fee in accordance with the provisions of the law on fees and charges."
4. To add the following paragraph to clause 3 of article 16:
"The Ministry of Finance shall provide guidelines on payment of tax pursuant to the tax laws by finance leasing companies applicable to purchase-and-lease-back in the form of finance leasing."
5. To add the following clauses 7 and 8 to article 16:
"7. Provide operational leasing services in accordance with regulations of the State Bank.
8. Sell items receivable from finance leasing contracts to organizations and individuals in accordance with regulations of the State Bank."
6. To amend article 19 as follows:
"All finance leasing transactions must be registered at the centre for registration of security transactions. The Ministry of Justice shall provide detailed guidelines on registration of finance leasing transactions and on the legal validity of such registration.
If finance leased assets the subject of a registered security transaction are seized by a competent State body due to a breach of law by the lessee, the finance leasing company shall be entitled to receive back the leased assets in order to continue to lease them. The lessee shall bear all responsibility for breach of law during the process of use of the assets."
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"A finance leasing company shall register ownership of leased assets at the competent body in the place where the finance leasing company has its head office or branch or in the place where the lessee resides or has its operational office. The Ministry of Police, the Ministry of Justice and the Ministry of Transport and Communications shall be responsible to provide guidelines on implementation of this provision."
8. To amend article 23.7 as follows:
"7. To reduce lease interest payments, to extend or amend the time-limit for lease payments, or to transfer debts being overdue lease payments in accordance with the regulations of the State Bank."
9. To amend article 28.1 as follows:
"In the event of a finance leasing contract being terminated prior to its expiry in any of the circumstances stipulated in article 27.1 of Decree No. 16-2001-ND-CP of the Government dated 2 May 2001 on organization and operation of finance leasing companies, the lessee shall pay immediately all outstanding lease payments. If the lessee fails to pay the lease payments then the finance leasing company shall deal with the leased assets as follows:
(a) The finance leasing company shall have the right to recover the leased assets immediately without waiting for a court decision and to require the lessee to pay immediately all lease payments remaining unpaid under the contract. It shall be strictly prohibited to detain, withhold or use leased assets without returning them to the lessor;
(b) Within a time-limit of sixty (60) days after the date of recovery of leased assets, the lessor must complete realization of the leased assets. The proceeds collected from
realization of leased assets shall be used to pay items remaining unpaid by the lessee plus the expenses arising during the process of realization of the leased assets. If the proceeds collected are insufficient to pay out these items, then the lessee shall be liable to pay the deficit to the lessor;
(c) Where the lessee pays part of the payable lease payments and on realization of the leased assets the lessor collects proceeds in excess of the lease payments due under the contract plus expenses arising during the process of realization of the leased assets, the lessor must repay such excess to the lessee;
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(dd) Within a time-limit of thirty (30) days from the date of receipt of a request to return leased assets to the lessor, the lessee shall be responsible to return the leased assets to the lessor;
(e) The State Bank of Vietnam, the Ministry of Police, the Ministry of Justice and relevant local authorities are assigned the task of guiding finance leasing companies to recover and realize leased assets."
10. To amend article 37 as follows:
"A finance leasing company may not purchase or invest in fixed assets the value of which exceeds fifty (50) per cent of its equity. Assets used for finance leasing and for operational leasing shall not be included when calculating the fixed assets to which the above provision applies."
11. To add the following clause 3 to article 39:
"3. A foreign credit institution [owning] a one hundred (100) per cent foreign owned finance leasing company shall conduct inspections of internal operations of the (100) per cent foreign owned finance leasing company in Vietnam.
Prior to conducting an internal inspection, a foreign credit institution shall provide written notice to the State Bank of the matters to be inspected and of the times for commencing and finishing the inspection. Within a time-limit of thirty (30) days from the date of finishing an internal inspection of a (100) per cent foreign owned finance leasing company in Vietnam, the foreign credit institution shall forward a report on the results of the inspection to the State Bank."
Article 2
The expressions "the total value of the assets leased" in article 30.2 and "the total amount of finance leasing" in article 31.2(a) shall be changed to "the total balance of outstanding finance leasing".
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1. This Decree shall be of full force and effect after fifteen (15) days from the date of its proclamation in the Official Gazette.
2. The State Bank and relevant ministries and branches shall be responsible to provide guidelines for the implementation of this Decree.
3. Ministers, heads of ministerial equivalent bodies, heads of Government bodies and chairmen of peoples committees of provinces and cities under central authority shall be responsible for the implementation of this Decree.
FOR THE GOVERNMENT
PRIME MINISTER
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Phan Van Khai
- 1Circular No. 07/2004/TT-NHNN of November 01st, 2004, on the amendment of point 17.2 of the Circular No. 08/2001/TT-NHNN of September 06th, 2001 of the Governor of The State Bank guiding the implementation of the Decree No. 16/2001/ND-CP of May 02nd, 2001 on the organisation and operation of finance leasing companies.
- 2Decision No. 731/2004/QD-NHNN of June 15th, 2004, on the issuance of the temporary regulation on the operation lease of finance leasing companies.
- 3Circular No. 08/2001/TT-NHNN of September 06, 2001, guiding the implementation of The Government’s Decree No. 16/2001/ND-CP of May 2, 2001 on the Organization and Operation of Financial Leasing Companies.
- 4Circular No. 07-BKH/DN of September 11, 1996, guiding business registration of finance leasing companies in Vietnam.
- 5Circular No. 03/TT-NH5 of September 09, 1996, guiding for the implementation of temporary Regulation on the organization and operation of Finance Leasing Companies in Vietnam issued under the Decree No.64/CP on 9 October, 1995.
- 1Decree No. 16/2001/ND-CP of May 02, 2001 promulgated by The Government, on the organization and operation of financial leasing Companies
- 2Decree No. 39/2014/ND-CP dated May 07, 2014, on operation of financial company and financial leasing company
- 3Decree No. 39/2014/ND-CP dated May 07, 2014, on operation of financial company and financial leasing company
- 1Joint Circular No. 08/2007/TTLT-NHNN-BCA-BTP of December 10, 2007, guiding the recovery and disposal of financially leased assets by financial leasing companies.
- 2Circular No. 02/2007/TT-NHNN of May 21, 2007, on amendment of paragraph 5 in the Circular No. 07/2006/TT-NHNN of September 07th, 2006 of the State Bank providing guidance on purchase and subleasing activity in form of finance leasing as provided for in the Decree No. 16/2001/ND-CP of 02/5/2001 and the Decree No. 65/2005/ND-CP of 19/5/2005 of The Government.
- 3Circular No. 09/2006/TT-NHNN of October 23, 2006, providing guidance to the sale of receivables from a finance leasing contract in accordance with provisions of the Decree No. 65/2005/ND-CP dated 19/5/2005 of the Government “providing for the amendment, supplement of several articles of the Decree No. 16/2001/ND-CP dated 2 May 2001 of the Government on the organization and operation of finance leasing companies”
- 4Circular No. 07/2006/TT-NHNN of September 07, 2006, providing guidance on purchase and subleasing activity in form of finance leasing in accordance with the provisions of the Decree No. 16/2001/ND-CP dated 02/5/2001 and the Decree No. 65/2005/ND-CP dated 19/5/2005 of the Government
- 5Circular No. 05/2006/TT-NHNN of July 25, 2006 guiding some provisions of The Government''s Decree No. 16/2001/ND-CP of may 2, 2001, and Decree No. 65/2005/ND-CP of May 19, 2005, on financial leasing activities and financial-leasing entrustment services
- 6Circular No. 06/2005/TT-NHNN of October 12, 2005, guiding the implementation of several contents stipulated in the Decree No. 16/2001/ND-CP dated 2 May 2001 of the Government on the organisation and operation of finance leasing companies" and the Decree No. 65/2005/ND-CP dated 19 May 2005 of the Government providing for the amendment, supplement of several articles of the Decree No. 16/2001/ND-CP dated 2 May 2001 of the Government on the organization and operation of finance leasing companies
- 7Decision No. 731/2004/QD-NHNN of June 15th, 2004, on the issuance of the temporary regulation on the operation lease of finance leasing companies.
- 8Law No. 32/2001/QH10 of December 25, 2001 on organization of the Government
- 9Circular No. 08/2001/TT-NHNN of September 06, 2001, guiding the implementation of The Government’s Decree No. 16/2001/ND-CP of May 2, 2001 on the Organization and Operation of Financial Leasing Companies.
- 10Law No. 06/1997/QH10 of December 12, 1997 on The State Bank of Vietnam
- 11Law No. 07/1997/QH10 of December 12, 1997 on credit institutions
- 12Circular No. 07-BKH/DN of September 11, 1996, guiding business registration of finance leasing companies in Vietnam.
- 13Circular No. 03/TT-NH5 of September 09, 1996, guiding for the implementation of temporary Regulation on the organization and operation of Finance Leasing Companies in Vietnam issued under the Decree No.64/CP on 9 October, 1995.
Decree No. 65/2005/ND-CP of May 19th, 2005, on amendment of and addition to a number of articles of Decree 16/2001/ND-CP of the Government of May 02nd, 2001 on organization and operation of finance leasing companies.
- Số hiệu: 65/2005/ND-CP
- Loại văn bản: Nghị định
- Ngày ban hành: 19/05/2005
- Nơi ban hành: Chính phủ
- Người ký: Phan Văn Khải
- Ngày công báo: Đang cập nhật
- Số công báo: Đang cập nhật
- Ngày hiệu lực: 11/06/2005
- Tình trạng hiệu lực: Ngưng hiệu lực