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| THE STATE BANK OF VIETNAM | THE SOCIALIST REPUBLIC OF VIET NAM |
| No. 16/VBHN-NHNN | Hanoi, June 13, 2024 |
CIRCULAR
PRESCRIBING PURCHASE, SALE AND SETTLEMENT OF BAD DEBTS OF VIETNAM ASSET MANAGEMENT COMPANY
The Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from September 15, 2013, is amended by:
1. The Circular No. 14/2015/TT-NHNN dated August 28, 2015 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from October 15, 2015;
2. The Circular No. 08/2016/TT-NHNN dated June 16, 2016 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
3. The Circular No. 09/2017/TT-NHNN dated August 14, 2017 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
4. The Circular No. 32/2019/TT-NHNN dated December 31, 2019 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
5. The Circular No. 03/2024/TT-NHNN dated May 16, 2024 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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Pursuant to the Law on Credits Institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Enterprises No. 60/2005/QH11 dated November 29, 2005;
Pursuant to the Government’s Decree No. 96/2008/ND-CP dated August 26, 2008 defining functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV);
Pursuant to the Government’s Decree No. 53/2013/ND-CP dated May 18, 2013 prescribing establishment, organization and operation of Vietnam Asset Management Company;
At the request of the Head of the SBV Banking Supervision Agency;
The Governor of the State Bank of Vietnam promulgates a Circular prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company[1],[2],[3],[4], [5]
Chapter I
GENERAL PROVISIONS
Article 1. Scope [6]
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Article 2. Regulated entities
1. VAMC.
2.[8] Credit institutions and FBBs.
3. Borrowers.
4. Guarantors.
5.[9] Other organizations and individuals involved in the purchase, sale, and settlement of bad debts; issuance, management, and payment for special bonds and bonds directly issued to debt-selling credit institutions and FBBs [10] to purchase bad debts at market prices of VAMC.
Article 3. Definitions
For the purposes of this Circular, these terms are construed as follows:
1. Debt-selling credit institutions and FBBs[11] mean the credit institutions and FBBs[12] that sell bad debts to VAMC.
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2.[14] Bad debt restructuring means installment revision or extension of repayment period; reduction or waiving of a portion or the entire of overdue interests, late fees or overdue fines; adjustment of the interest rate of a bad debt.
3.[15] Installment revision means an agreement to lengthen the agreed period for making an installment, including principal and/or interest, in part or in full (including cases in which there is no change in the number of the agreed installments) while the agreed repayment period specified in the credit contract, loan agreement, entrustment contract for credit extension, corporate bond purchase contract or entrustment contract for purchasing corporate bonds, and the due date of the last installment are kept unchanged.
4.[16] Extension of repayment period means an agreement to extend the repayment period of principal and/or interest in excess of the agreed repayment period specified in the credit contract, loan agreement, entrustment contract for credit extension, corporate bond purchase contract or entrustment contract for purchasing corporate bonds.
5. Authorized Vietnamese credit institution[17] means a Vietnamese credit institution[18] that is authorized by VAMC to perform one or some operations of VAMC.
6.[19] Book value of outstanding principal of a bad debt at a credit institution or FBB means the outstanding principal amount of the bad debt recorded on the balance sheet of that credit institution or FBB; the book value of outstanding principal of a bad debt at VAMC is the purchase price or the outstanding principal amount of the bad debt recorded on the balance sheet of VAMC.
7.[20] Debt means the sum of the principal, the interest and other liabilities related to the debt that is yet to be paid by the borrower under the credit extension contract or agreement, entrustment contract for credit extension, debt purchase contract, contract for purchase or entrustment contract for purchasing corporate bonds which are unlisted on the securities market or unregistered for trading of unlisted public companies and is recorded by the credit institution or FBB[21], or VAMC on their balance sheet or as off-balance-sheet (OBS) item.
7a.[22] Bad debts mean:
a) Bad debts of a credit institution or FBB which include bad debts recorded on its balance sheet according to regulations on classification of assets adopted by the SBV’s Governor, and bad debts which have been settled using risk provisions but have not been recovered and recorded as OBS items;
b) Bad debts which have been purchased from credit institutions and FBBs by VAMC but have not been recovered.
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8a.[24] Bonds directly issued to debt-selling credit institutions and FBBs[25] to purchase bad debts at market prices (hereinafter referred to as bonds) are term valuable papers issued by VAMC directly to debt-selling credit institutions and FBBs[26] when purchasing bad debts at market prices.
9.[27] Date of issue of bonds or special bonds is the day on which the bonds or special bonds become effective and is the basis for determining the payment date of bonds.
10.[28] Extension of special bonds means the act of extending the duration of the issued special bonds provided that the sum of the extension period and the original term of special bonds shall not exceed 10 years counting from the date of issue.
11.[29] Original term of special bonds means the duration of the special bonds determined when they are issued by VAMC to purchase bad debts from Vietnamese credit institutions[30].
Article 4. Promulgation and announcement of policies and internal regulations on purchase, sale and settlement of bad debts
1. VAMC shall promulgate and implement the policies and internal regulations on:
a) Permitted operations as prescribed in clause 1 Article 12 of the Government’s Decree No. 53/2013/ND-CP dated May 18, 2013 prescribing establishment, organization and operation of Vietnam Asset Management Company (hereinafter referred to as “Decree No. 53/2013/ND-CP”);
b) [31] Issuance, management and payment of bonds and special bonds;
c) Transparency of purchase, sale, and settlement of bad debts;
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dd) [32] Internal regulations on establishment and use of risk provisions to manage risks associated with the bad debts purchased at market prices.
e) [33] Internal regulations on valuation of bad debts and collateral for such bad debts.
2. Within 05 working days from the date of promulgation, modification, abrogation or replacement of any of the policies and internal regulations in clause 1 of this Article, VAMC shall publish them on its website and also send them to SBV (via the SBV Banking Supervision Agency) directly or by post for inspection and supervision.
Article 4a. Regulations on foreign currency management in purchasing and selling bad debts by VAMC[34]
1. VAMC, debt-selling credit institutions and FBBs[35], purchasers of debts from VAMC, borrowers and other relevant parties have the responsibility to comply with law regulations on restricted use of foreign currencies within the territory of Vietnam when purchasing and selling bad debts, and collecting purchased debts.
2. When conducting debt purchasing and selling transactions with VAMC:
a) The debt buyer shall use a checking account in VND opened at a commercial bank or FBB in Vietnam to pay VAMC for the purchased debts and relevant costs under the debt purchase contract if the currency used for purchasing debts is VND;
b) The debt buyer who is a non-resident shall use a checking account in a foreign currency opened at a commercial bank or FBB licensed to do foreign exchange activities in the territory of Vietnam or a foreign currency account opened overseas to pay VAMC for the purchased debts and relevant costs under the debt purchase contract if the currency used for purchasing debts is a foreign currency.
3. When collecting debts purchased from VAMC, the collected debts must be transferred to 01 (one) checking account in VND or 01 (one) checking account in a foreign currency (for the debts collected in foreign currency) opened by the debt buyer at a commercial bank or FBB licensed to do foreign exchange activities within the territory of Vietnam.
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a) The debt seller (a debt-selling credit institution or FBB[36] that sells debts to VAMC or VAMC when it sells debts) shall register a change to the overseas loan or collection of guaranteed debts according to applicable regulations on foreign currency management applied to overseas lending and collection of guaranteed debts for non-resident principal debtors;
b) The debt buyer (VAMC when it purchases debts or the resident that purchases debts from VAMC) shall register a debt collection plan according to applicable regulations on foreign currency management applied to collection of foreign debts derived from purchase or sale of debts.
Chapter II
PURCHASE AND SALE OF BAD DEBTS BETWEEN VAMC AND CREDIT INSTITUTIONS OR FOREIGN BANK BRANCHES[37]
Section 1. GENERAL PROVISIONS
Article 5. Power to purchase, sell bad debts
The power to decide the purchase and sale of bad debts, and the power to conclude and execute debt purchase contracts of VAMC, credit institutions and FBBs[38] shall be determined in accordance with regulations of law and the charters of VAMC, credit institutions and FBBs[39].
Article 6. Currency
1. The currency used for the purchase and sale of bad debts between VAMC and credit institutions or FBBs[40] is VND.
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a) If the purchased bad debt is in USD, the official exchange rate announced by SBV at the time of conclusion of the debt purchase contract shall apply;
b) If the purchased bad debt is in a foreign currency other than USD, the applied exchange rate shall be the cross rate between that currency and VND which is calculated from the exchange rate between USD and VND, that is also the official exchange rate announced by SBV, and the exchange rate between that currency and USD posted on Reuters or Bloomberg display or on other means, if the exchange rate of that currency is available on neither Reuters nor Bloomberg display, at the time of conclusion of the debt purchase contract.
3. When VAMC[44] purchases bad debts in gold from credit institutions, the gold purchase price announced by Saigon Jewelry Holding Company (SJC) at the time of conclusion of the debt purchase contract shall apply.
Article 7. Transferring rights and interests associated with bad debts
1. When a bad debt is sold and purchased between VAMC and a credit institution or FBB[45], all rights and interests associated with the bad debt, collateral, and other security measures shall be preserved in status quo and transferred to the debt buyer under the debt purchase contract.
2. When VAMC and the credit institution or FBB[46] reach an agreement on adjusting the security conditions of the bad debt, written consents from the borrower and the guarantor shall be obtained.
Article 8. Rules for purchase and sale of bad debts
1. Transparency.
2. Compliance to regulations of law and the debt purchase contract.
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4. The purchase and sale of bad debt shall be made with regard to each bad debt or borrower, if a borrower has multiple bad debts at a credit institution of FBB[47], or group of borrower, if an asset is put up as collateral for multiple bad debts of multiple borrowers at a credit institution or FBB[48], or in other legitimate methods as agreed upon by both parties in conformity with regulations of law.
5.[49] VAMC may only purchase bad debts from joint-venture credit institutions, wholly foreign-owned credit institutions or FBBs at the market prices.
Article 9. Extension of credit to borrowers that sell bad debts to VAMC[50]
A borrower whose bad debt has been sold to VAMC and whose business plan or investment project is assessed efficient shall be eligible to get loans granted by credit institutions or FBB under specific agreement and in accordance with regulations of law.
Section 2. ISSUANCE OF BONDS AND SPECIAL BONDS OF VAMC[51]
Article 10. Issuer, purposes and principles of issuance of bonds and special bonds[52]
1. The issuer of bonds and special bonds is VAMC. VAMC shall authorize the SBV’s Operations Center to organize the issuance of bonds and special bonds in accordance with this Circular.
2. VAMC shall issue bonds and special bonds to pay credit institutions and FBBs[53] for the purchase of their bad debts[54].
3. Bonds and special bonds used for purchase of bad debts of debt-selling credit institutions and FBBs[55] shall be issued separately depending on the actual demand and the bond issuance plan in the Scheme for purchasing bad debts at market prices, the special bond issuance plan approved by SBV.
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Article 11. Terms and conditions of bonds and special bonds[57]
1. Face value of bonds and special bonds
a) The face value of a bond is equal to the purchase price of the bad debt. The face value of a special bond equals the purchase price of the bad debt as prescribed in clause 1 Article 14 of Decree No. 53/2013/ND-CP;
b) If the purchased bad debt is a syndicated loan, the face value of bonds/special bonds issued to each of the credit institutions and FBBs[58] that engage in the grant of the syndicated loan will be:
(i) The book value of outstanding principal of the bad debt after deducting the unused amount of provision for such bad debt which is monitored by the credit institution or FBB[59] that engages in the grant of the syndicated loan in case VAMC purchases the bad debt with special bonds;
(ii) The purchase price of the bad debt determined according to the holding of each of the credit institutions and FBBs[60] that engage in the grant of the syndicated loan if VAMC purchases bad debts at market prices with bonds.
2. Bonds and special bonds are issued in VND. Bonds may be transferred between SBV and credit institutions or FBBs[61] and among credit institutions and FBBs[62]. Special bonds may not be transferred.
3. Bonds and special bonds are issued in the form of book entries or identified electronic data or registered certificates. VAMC shall decide the forms of bonds and special bonds.
4. The interest rate of bonds and special bonds is 0%.
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a) VAMC and the debt-selling credit institution or FBB[63] shall reach an agreement on the duration of bonds which shall not be shorter than 01 year. If the collected debt is not sufficient to pay the bonds when they mature, VAMC shall make extension of bonds for up to 03 more years. The extension of bonds for more than 03 years requires the consent from the bondholder. VAMC is not allowed to make extension of bonds used for performing open market operations;
b) The maximum duration of special bonds is 05 years. In case special bonds are issued to purchase bad debts of credit institutions that are undergoing restructuring[64] or facing financial difficulties, the maximum duration of special bonds shall be 10 years.
6. Bonds and special bonds must be deposited at SBV in accordance with SBV’s regulations on depositing of valuable papers, and used in refinancing transactions with SBV. Bonds are used for performing open market operations as prescribed by law.
7. Bonds and special bonds must be deposited at SBV free of charge.
8. Credit institutions and FBBs[65] holding bonds are not required to make risk provisions for bonds.
Article 12. Special bond issuance plan
1. The special bond issuance plan is a collection of analyses, assessments, and suggestions pertaining to the issuance of special bonds of VAMC.
2. A special bond issuance plan shall, inter alia, include the following contents:
a) The estimated volume, value of bad debts being bought and the debt-selling Vietnamese credit institution[66];
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c) Suggested structuring of special bond duration;
d) Assessment of VAMC’s capacity for buying, managing and settling bad debts;
dd) Other contents as required by SBV.
Article 13. Procedures for requesting approval of special bond issuance plan
1. VAMC shall make an application for approval of special bond issuance plan and send it to SBV (via Banking Supervision Agency) directly or by post. Such an application includes:
a) An application form for approval of special bond issuance plan which must bear the signature of the lawful representative of VAMC;
b) The resolution of the Board of Members of VAMC on ratification of the special bond issuance plan enclosed with the special bond issuance plan specified in Article 12 of this Circular.
2. Before December 15 each year, VAMC shall make the application specified in clause 1 of this Article to request SBV to approve the special bond issuance plan of the next year, except for the case in clause 3 of this Article.
3. The time to make the application for approval of special bond issuance plan in 2013 of VAMC shall be decided by the Board of Members of VAMC.
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5. Based on the special bond issuance plan approved by SBV, the capacity of VAMC, and the demand for settling bad debts of Vietnamese credit institutions[67], VAMC shall decide the issuance of special bonds to buy bad debts of Vietnamese credit institutions[68].
6. Based on the monetary policy targets, the requirements for restructuring of Vietnamese credit institutions[69], and the bad debt settlement targets in each period, SBV shall consider amending, superseding, or annulling the approved special bond issuance plan where necessary.
Article 14. Elements of bonds and special bonds[70]
1. A bond/special bond shall contain at least:
a) The name, address, number of the Decision on establishment, and business registration number of VAMC;
b) Face value;
c) Interest rate;
d) Duration;
dd) Date of issue;
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g) Information about the organization that holds the bonds/special bonds: Name, number of the establishment license or business registration certificate, and address.
h) If the bonds or special bonds are issued in the form of certificates, they must bear the symbol, serial numbers, signature of the lawful representative of VAMC, other signatures required by VAMC, and the seal of VAMC.
2. Apart from the information in Clause 1 of this Article, VAMC may add more information on the bond/special bond as long as it does not contravene regulations of law.
Article 15. Rights and obligations to manage and use bonds/special bonds[71]
1. Rights and obligations of VAMC
a) Establish a system to manage and monitor the bonds/special bonds issued;
b) Perform the rights and duties pertaining to bonds/special bonds;
c) Receive and pay bonds/special bonds as prescribed by law;
d) Submit reports on issuance and payment of bonds/special bonds to SBV;
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e) Repay refinancing loans based on bonds on behalf of the credit institution or FBB[72] holding bonds according to Point c Clause 1 Article 43a and Point c Clause 2 Article 44a of this Circular, and SBV’s regulations on refinancing based on bonds.
g) Act on behalf of the debt-selling Vietnamese credit institution[73] to use the collected amount of bad debts purchased with special bonds by VAMC to which the debt-selling Vietnamese credit institution[74] is entitled to repay the special bonds-based refinancing loans as prescribed in Point b Clause 1 Article 43 and Clause 3 and 44 of this Circular, and SBV’s regulations on special bonds-based refinancing loans.
h) Make extension of bonds as prescribed in Point a Clause 5 Article 11 of this Circular.
2. Rights and obligations of credit institutions and FBBs[75] holding bonds/special bonds:
a) Perform the rights and duties pertaining to bonds/special bonds;
b) Carry out transfer and payment of bonds/special bonds with VAMC as prescribed by law;
c) Set the risk factor of bonds to 0% and that of special bonds to 20% when calculating their capital adequacy ratio[76];
d) Use special bonds to repurchase the bad debts sold to VAMC as prescribed by this Circular;
dd) Use bonds/special bonds for refinancing at SBV according to SBV’s regulations; use bonds to participate in open market operations;
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Article 15a. Extension of special bonds[77]
1. The following Vietnamese credit institutions[78] may request extension of special bonds issued by VAMC:
a) Vietnamese credit institutions[79] are undergoing restructuring under schemes or plans approved by competent authorities;
b) A Vietnamese credit institution[80] is facing financial difficulties and, as a result of setting aside risk provision for special bonds issued by VAMC, incurs a negative difference between estimated pre-tax earnings and costs in the year in which an application for extension of special bonds is submitted.
2. The Vietnamese credit institution[81] shall prepare an application for SBV’s approval of extension of special bonds issued by VAMC to it[82] as prescribed in Article 17b of this Circular.
Section 3. VAMC’S PURCHASE OF BAD DEBTS WITH SPECIAL BONDS
Article 16. Conditions for bad debts to be bought by VAMC with special bonds
1.[83] A bad debt shall be bought by VAMC with special bonds when it meets all of the following conditions:
a) It is a bad debt as defined in Clause 7a Article 3 hereof;
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c) The bad debt and its collateral must be lawful and supported by valid documents, and meet the following conditions:
(i) The credit contract or loan agreement, the entrustment contract for credit extension, the debt purchase contract, corporate bond purchase contract or entrustment contract for purchasing corporate bonds or the guarantee contract must specify rights of the creditor that is the Vietnamese credit institution[84], and repayment responsibility and obligations of the borrower, guarantor and debt payer towards the Vietnamese credit institution[85];
(ii) The bad debt is not yet used for guaranteeing the fulfillment of obligations of the Vietnamese credit institution[86];
(iii) The collateral for the bad debt is not in any dispute case which has been accepted but is not yet settled or is under the consideration by a competent court; is not subject to any interim injunctions applied by the Court; is not seized or subject to any security measures for judgment enforcement as prescribed by law at the time of purchasing and selling the debt.
Pursuant to relevant laws, VAMC shall determine whether the bad debt and its collateral are lawful and supported by valid documents or not.
d) The borrower still exists;
dd) The book value of outstanding principal of the bad debt or the bad debts of a borrower or a group of borrowers as prescribed in Clause 4 Article 8 hereof at the time of selling the debt is not lower than VND 3 billion, for a group of borrowers and borrowers that are organizations, or VND 1 billion, for borrowers that are individuals, or another amount decided by SBV's Governor.
2. Based on the conditions in Clause 1 of this Article, the special bond issuance plan approved by SBV, the capacity of VAMC, and the market developments, VAMC shall decide the bad debts to be bought in each period.
3. SBV shall consider and request the Prime Minister to allow VAMC to buy bad debts of Vietnamese credit institutions[87] that fail to satisfy all conditions in Clause 1 of this Article at the request of VAMC in order to ensure the safe operation of these Vietnamese credit institutions[88] and quickly settle bad debts.
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1. Each Vietnamese credit institution[89] shall review the bad debts that meet the conditions in clause 1 Article 16 of this Circular, then make and send an application for debt purchase to VAMC. Such an application includes:
a) The application form which is made using the form provided by VAMC;
b) The list of bad debts which indicates information about bad debts as requested by VAMC; assessment of each borrower and bad debt that the Vietnamese credit institution[90] wishes to sell to VAMC (overdue period, actual nature of finance and operations of the borrower, guarantor, collateral, recovery probability); suggested duration of the special bonds corresponding to each bad debt;
c) A written commitment that the bad debts are not used to secure obligations of the debt-selling Vietnamese credit institution[91], and their collateral are not in any dispute when they are sold;
d) [92] Copies of credit contracts or loan agreements, entrustment contracts for credit extension, debt purchase contracts, corporate bond purchase contracts or entrustment contracts for purchasing corporate bonds or guarantee contracts bearing certification of the lawful representative of the debt-selling Vietnamese credit institution[93];
dd) Copies of the papers related to the bad debts, collateral, borrowers, guarantors, and debt payers bearing certification of the lawful representative of the debt-selling Vietnamese credit institution[94] at the request of VAMC.
2. The documents stipulated in Point a, Point b, and Point c Clause 1 of this Article must be signed by the lawful representative of the debt-selling Vietnamese credit institution[95]. The documents stipulated in Point d and Point dd Clause 1 of this Article must be concluded by lawful representatives of the parties, and notarized, authenticated and/or registered as prescribed by law (if any).
3. If VAMC does not authorize the debt-selling Vietnamese credit institution[96] to perform some operations as prescribed in clause 2 Article 12 of the Decree No. 53/2013/ND-CP, the debt-selling Vietnamese credit institution[97] shall submit the original copies of the documents stipulated in Point d and dd Clause 1 of this Article to VAMC.
4. The debt-selling Vietnamese credit institution[98] is responsible for the adequacy, accuracy and truthfulness of the documents and papers related to collateral, borrowers, guarantors, debt payers, and the bad debts sold to VAMC.
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1. When selling bad debts to VAMC, a Vietnamese credit institution[100] that is undergoing restructuring according to a scheme or plan approved by a competent authority or facing financial difficulties shall submit an application as prescribed in clause 2 of this Article to SBV for its permission to apply a specific duration of special bonds issued by VAMC to the Vietnamese credit institution[101] in the year of application.
2. The Vietnamese credit institution[102] shall submit an application directly or by post to SBV (via SBV Banking Supervision Agency), which consists of:
a) An application form for permission to apply a specific duration of special bonds when selling bad debts to VAMC;
b) An explanatory report of the Vietnamese credit institution[103] for the suggested duration of special bonds, which contains:
(i) The actual nature of finance and operations, and adequacy ratios and limits in operations of the Vietnamese credit institution[104];
(ii) The amount of bad debts that have been sold and intended to be sold to VAMC; risk provisions for special bonds that have been made and will be made corresponding to the amount of bad debts intended to be sold;
(iii) A plan for setting up risk provision for special bonds for the proposed duration that is considered appropriate for the business plan of the Vietnamese credit institution[105];
(iv) Reasons and necessity of the specific duration of special bonds;
(v) Impact of selling bad debts to VAMC to receive special bonds on cost contingency, financial conditions, prudential ratios and limits of the Vietnamese credit institution[106] in case 05-year duration is applied and in case the proposed duration is applied.
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3. Within 15 working days from its receipt of an adequate and valid application from the Vietnamese credit institution[107] as prescribed in Clause 2 of this Article, SBV shall send the Vietnamese credit institution[108] a written response indicating the specific duration of special bonds as proposed by the Vietnamese credit institution[109] in the following order:
a) Within 03 working days from its receipt of an adequate and valid application from the Vietnamese credit institution[110], the SBV Banking Supervision Agency shall send written request accompanied with the documents mentioned in Clause 2 of this Article to the Financial Policy Department and VAMC for their opinions about the proposed duration of special bonds. Within 03 working days from the receipt of the written request from the SBV Banking Supervision Agency, the Financial Policy Department and VAMC must send their written opinions to the SBV Banking Supervision Agency.
b) Within 07 working days from the receipt of adequate written opinions from the Financial Policy Department and VAMC, the SBV Banking Supervision Agency shall request the SBV’s Governor to consider sending a response to the Vietnamese credit institution[111] and VAMC regarding the specific duration of special bonds proposed by the Vietnamese credit institution[112].
4. Based on the response given by SBV, the Vietnamese credit institution[113] and VAMC shall carry out the purchase and sale of bad debts with special bonds with the approved duration.
Article 17b. Document requirements and procedures for applying for extension of special bonds [114]
1. Each Vietnamese credit institution[115] shall prepare and submit an application to SBV directly or by post. Such an application includes:
a) An application form for extension of the issued special bonds and the list of special bonds whose duration is to be extended as requested, indicating the following information: ticker symbol, face value, date of issue, original term, proposed extension period, and the use of special bonds for obtaining refinancing loans;
b) An explanatory report of the Vietnamese credit institution[116] on the suggested extension of special bonds, which contains:
(i) Reasons and necessity of the extension of special bonds;
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(iii) A report on risk provisions for special bonds as prescribed in Appendixes 01 and 02 of this Circular;
(iv) Impact of the extension of special bonds on cost contingency, financial conditions, prudential ratios and limits of the Vietnamese credit institution[118] before and after the extension of special bonds is granted;
(v) Any other contents as required by SBV.
2. Within 15 working days from its receipt of an adequate and valid application from the Vietnamese credit institution[119] as prescribed in Clause 1 of this Article, SBV shall consider approving extension of special bonds as proposed by the Vietnamese credit institution[120] in the following order:
Within 03 working days from its receipt of an adequate and valid application from the Vietnamese credit institution[121], the SBV Banking Supervision Agency shall send written request accompanied with the documents mentioned in Clause 1 of this Article to the Financial Policy Department, SBV’s Operations Center and VAMC for their opinions about the requested extension of special bonds;
b) Within 03 working days from the receipt of the written request from the SBV Banking Supervision Agency, the Financial Policy Department, SBV’s Operations Center and VAMC must send their written responses to the SBV Banking Supervision Agency. Such written response shall, inter alia, include the following contents:
(i) The Financial Policy Department shall provide assessment of impact on monetary policies of the extension of term of the refinancing loan on the basis of the special bonds to be extended;
(ii) VAMC and SBV’s Operations Center shall provide assessment of holding and use of special bonds by the Vietnamese credit institution[122].
c) Within 07 working days from the receipt of adequate written opinions from the Financial Policy Department, SBV’s Operations Center and VAMC, the SBV Banking Supervision Agency shall request the SBV’s Governor to consider granting a written response indicating its approval or refusal to approve the application for extension of special bonds. In case of refusal, SBV must give a written response indicating reasons for such refusal.
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Article 18. Procedure for buying bad debts with special bonds
1. Within 05 working days from its receipt of an application for purchase of bad debts from the Vietnamese credit institution[124], VAMC shall examine it and request the debt-selling Vietnamese credit institution[125] to modify its application where necessary.
2. Within 10 working days from its receipt of an adequate and valid application as prescribed in Article 17 of this Circular, VAMC shall examine the adequacy and validity of the received application, and send a written response indicating its consent or refusal to buy bad debts to the Vietnamese credit institution[126]. In case of refusal, a written response indicating reasons for such refusal shall be provided.
3. Within 05 working days from its receipt of the notice of consent to buy bad debts from VAMC, the Vietnamese credit institution[127] and VAMC shall conclude a debt purchase contract.
4. Within 10 working days from the day on which the debt purchase contract is signed, the debt-selling Vietnamese credit institution[128] shall notify its borrowers, debt payers, and guarantors of the contract so that they could fulfill their liabilities to VAMC.
5. After the debt purchase contract is concluded, VAMC shall keep checking, collecting information, and assessing borrowers, bad debts, the accuracy and truthfulness of the documents and papers related to the bad debts and collateral.
Article 19. VAMC’s right to unilaterally terminate debt purchase contracts
1. VAMC is entitled to unilaterally terminate the debt purchase contract in the cases below:
a) There are reasonable grounds to believe that the bad debts bought do not meet the conditions set out in Clause 1 Article 16 of this Circular, except for the cases in Clause 3 Article 16 of this Circular;
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2. The debt purchase contract shall be unilaterally terminated in the following order:
a) VAMC shall send a written notice to the debt-selling credit institution or FBB[130], specifying the reasons for unilateral termination of the debt purchase contract;
b) Within 05 working days from its receipt of the written notice from VAMC, the debt-selling credit institution or FBB[131] shall repay the refinancing loan to SBV and have its special bonds unblocked by SBV (SBV’s Operations Center) as prescribed. The debt-selling credit institution or FBB[132] shall return the special bonds to VAMC and take back the sold bad debts.
c) After taking back the bad debts from VAMC, the debt-selling credit institution or FBB[133] shall record and classify them into the debt group with a risk level that is not lower than that of the debt group into which such bad debts are classified by the debt-selling credit institution or FBB[134] when they are sold to VAMC.
3. The amount of debts collected during the period from the day VAMC buys bad debts to the day VAMC returns the bad debts to the debt-selling credit institution or FBB[135] shall be settled in accordance with clause 2 Article 43 of this Circular.
Article 20. Contract to buy bad debts with special bonds
1. The debt purchase contract shall be made in writhing and signed by VAMC, the Vietnamese credit institution[136] and relevant parties (if any). The debt purchase contract shall, inter alia, include:
a) Names and addresses of the debt buyer and debt seller;
b) Names and addresses of borrowers, guarantors, and other parties (if any) related to the bad debts being sold;
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d) The purchase price and method of payment;
dd) Security measures, and values of collateral for bad debts determined by the Vietnamese credit institution[137] or a valuation firm[138] at the nearest time before the debt purchase is requested;
e) Validity period of the debt purchase contract;
g) Payment of special bonds, settlement of collected debts, and repurchase of bad debts sold to VAMC;
h) Provision on VAMC’s acting on behalf of the debt-selling Vietnamese credit institution[139] to use the collected amount of bad debts purchased with special bonds by VAMC to which the debt-selling Vietnamese credit institution[140] is entitled to repay the special bonds-based refinancing loans as prescribed in Point b Clause 1 Article 43 and Clause 3 and 44 of this Circular, and SBV’s regulations on special bonds-based refinancing loans.
i) Rights and obligations of the parties, including the VAMC’s right to carry out bad debt restructuring and unilaterally terminate the debt purchase contract, the obligation of the debt-selling Vietnamese credit institutions[141] to accept VAMC’s bad debt restructuring and repurchase bad debts when special bonds are paid as prescribed in this Circular, the obligation of the debt-selling Vietnamese credit institution[142] to pay the amounts mentioned in Point a Clause 2 Article 43 of this Circular and other amounts prescribed by law to VAMC.
k) The method and time for completing the procedure for transferring debts, collateral, documents and papers related to the bad debts, collateral, borrowers, guarantors, and debt payers.
2. If the bad debt being bought is a syndicated loan, VAMC shall work with the Vietnamese credit institution[143] that acts as the lead lender; the debt purchase contract must be signed by VAMC and all Vietnamese credit institutions[144] that engage in the grant of the syndicated loan or the Vietnamese credit institution[145] that acts as the lead lender and is authorized by the other Vietnamese credit institutions[146] to sign the debt purchase contract with VAMC.
Article 21. Selling bad debts at request of SBV
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Based on the result of inspection and independent audit, SBV shall compel the credit institution or FBB[149] to sell debts to VAMC to ensure the safe ratio of bad debts of the credit institution or FBB[150] and take necessary measures as prescribed by law.
2. Within 05 working days from the day on which the credit institution or FBB[151] is requested in writing by the SBV’s Governor to sell its debts to VAMC, the credit institution or FBB[152] shall send an application for purchase of bad debts, as prescribed in Article 17 of this Circular, to VAMC.
3. VAMC and the debt-selling credit institution or FBB[153] shall follow the procedures for selling and buying debts specified in Article 18 of this Circular.
Article 22. Cooperation in exchanging information about bad debts bought with special bonds
1. VAMC shall take charge and cooperate with debt-selling Vietnamese credit institutions[154] and authorized Vietnamese credit institutions[155] in developing the database and IT system to serve the management and settlement of bad debts, payment of special bonds, and repurchase of bad debts.
2. Authorized Vietnamese credit institutions[156] shall process the information below and send written reports to VAMC:
a) The measures for collecting bad debts;
b) The cases in which the borrowers request that debts be changed into capital contribution, share capital, investment, financial support, or change of debt repayment conditions; bad debt restructuring and request VAMC to provide guarantee;
c) Other information requested by VAMC.
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Article 23. Conditions for bad debts to be bought by VAMC at market prices[157]
A bad debt may be bought by VAMC at the market price if:
1. It meets the conditions set out in Clause 1 Article 16 of this Circular.
2. VAMC considers that the investment in purchasing the bad debt can be completely recovered.
3. The collateral for the bad debt is liquid or the borrower has the possibility of recovering their solvency.
4. Where a bad debt purchased with special bonds is converted into a bad debt purchased at the market price, the special bonds corresponding to such bad debt must be immature and not blocked by SBV.
Article 24. Plans for purchase of debts at market prices
1. The plan for purchase of debts at market prices is a collection of analyses, assessments, and recommendations pertaining to the sale, purchase and settlement of bad debts according to market rules.
2.[158] The plan for purchase of debts at market prices shall specify the following information:
a) The bad debts being purchased at market prices (sorted by borrower, field or sector, and type of collateral);
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c) Plan for issuance of bonds to purchase bad debts at market prices (if any);
d) Analyses and assessment of efficiency, risks, and probability of recovering the investment in purchasing debts at market prices;
dd) Measures for selling, settling debts and collateral.
Article 25. Procedures for applying for approval of plans for purchase of debts at market prices
1. VAMC shall make an application for approval of plan for purchase of debts at market prices and send it to SBV (via Banking Supervision Agency) directly or by post. Such an application includes:
a) An application form for approval of plan for purchase of debts at market prices which must bear the signature of the lawful representative of VAMC;
b) The resolution of the Board of Members of VAMC on ratification of the plan for purchase of debts at market prices enclosed with the plan for purchase of debts at market prices specified in Article 24 of this Circular.
2. Before December 15 each year, VAMC shall make the application specified in clause 1 of this Article to request SBV to approve the plan for purchase of debts at market prices of the next year.
3. Within 15 working days from the date of its receipt of an adequate and valid application as prescribed in Clause 1 of this Article, SBV shall send VAMC a written response indicating its approval or refusal to approve the plan for purchase of debts at market prices. In case of refusal, a written response indicating reasons for such refusal shall be given to VAMC.
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Article 26. Purchasing bad debts at market prices[159]
1. Based on the plan for purchase of bad debts at market prices approved by SBV, its financial capacity, economic efficiency and market developments, VAMC shall decide to purchase bad debts at market prices and assume responsibility for its decision.
2. VAMC may only purchase the bad debts prescribed in Point a Clause 7a Article 3 of this Circular at market prices after the following tasks have been fulfilled:
a) Determining whether the bad debt meets the conditions in Clauses 1, 2, 3 Article 23 of this Circular;
b) Determining the market price of the bad debt, including the collateral for that bad debt. VAMC shall itself carry out valuation of the bad debt and its collateral or hire a qualified valuation firm to do so;
c) Assessing economic efficiency, risks and probability of investment recovery;
d) Analyzing and assessing the status and potential of the bad debt, the borrower, guarantor, debt payer and agreements with the debt-selling credit institution or FBB;
dd) Drawing up feasible plans for settling debts and their collateral.
3. When converting a bad debt purchased with special bonds into a bad debt purchased at the market price, VAMC must fulfill the tasks in Clauses 2, 3 Article 23 of this Circular, reach agreements on the purchase price of bad debt at the market price with the Vietnamese credit institution, enter into a debt purchase contract, and perform the following tasks:
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b) VAMC shall make payment of the purchase price of the bad debt to the Vietnamese credit institution under terms and conditions of the contract for purchase of bad debts at market price;
c) The Vietnamese credit institution shall return special bonds to VAMC and receive the selling price of the bad debt sold at the market price, the stake/shares at the borrower, and an amount of the collected debt as prescribed in Points a, b of this Clause, and fulfill the following tasks:
(i) If the sum of the selling price of the bad debt, the amount of the collected debt and the value of the stake/shares received from VAMC is higher than the face value of special bonds, the Vietnamese credit institution shall record the difference as its income in the fiscal year;
(ii) If the sum of the selling price of the bad debt, the amount of the collected debt and the value of the stake/shares received from VAMC is lower than the face value of special bonds, the Vietnamese credit institution shall use the risk provision which is set aside against special bonds to offset the difference. If the risk provision is not sufficient to fully cover the difference, the remaining amount shall be recorded as its business expenses in the period.
d) The Vietnamese credit institution shall reserve the provision for special bonds that remains after fulfilling the tasks in points c(i), c(ii) of this clause.
4. The sale and purchase of a bad debt at the market price must be made in a written contract in conformity with provisions of this Circular and relevant laws. In case a bad debt purchased with special bonds is converted into a bad debt purchased at the market price as prescribed in Clause 3 of this Article, the contract for purchase of bad debt with special bonds shall cease to have effect from the date of entry into force of the contract for purchase of bad debt at market price. VAMC may reach an agreement with the credit institution or FBB on distribution of the remaining value of the collected amount of the bad debt after deducting the purchasing price and relevant costs.
5. The credit institution or FBB shall transfer all original documents concerning the bad debt to VAMC. In case where a bad debt purchased with special bonds is converted into a bad debt purchased at the market price as prescribed in Clause 3 of this Article, VAMC shall transfer all documents concerning the collected debt amount, and the stake/shares at the borrower to Vietnamese credit institution.
Chapter III
SETTLEMENT OF BAD DEBTS AND COLLATERAL BY VAMC
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Article 27. Principles for restructuring of bad debts purchased[160]
1. The bad debt restructuring must conform to provisions of the Decree No. 53/2013/ND-CP, this Circular and terms and conditions of the credit contract, loan agreement, entrustment contract for credit extension, corporate bond purchase contract or entrustment contract for purchasing corporate bonds and the debt purchase contract.
2. VAMC shall consider, decide, and take responsibility for restructuring of the bad debts purchased at market prices at borrowers’ written request.
3. VAMC shall carry out the restructuring of the bad debts purchased with special bonds according to borrowers’ written request and this Circular.
4. It is prohibited to take advantage of bad debt restructuring for illegal self-seeking purposes.
Article 28. Adjustment of interest rates of bad debts bought with special bonds by VAMC[161]
1. VAMC shall decide to adjust the interest rate imposed on each bad debt bought with special bonds and assume responsibility for its decision.
2. The adjusted interest rate prescribed in clause 1 of this Article must suit the solvency of the borrower and the reference rates specified in clause 3 of this Article.
3. Based on the market developments, VAMC shall quarterly announce the reference rates and grounds thereof.
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Article 29. Remission of late payment interest on bad debts purchased with special bonds, relevant fees and fines [163]
1. VAMC shall consider reducing or removing the outstanding late payment interest, fees and fines when the borrower fully pays the principal of all bad debts at VAMC or satisfies the following conditions:
a) The borrower cooperates with VAMC and the authorized Vietnamese credit institution[164];
b) The remission helps the borrower alleviate its financial difficulties or restore its business;
c) The borrower has a feasible plan for paying the debt or financial restructuring serving debt repayment.
2. VAMC shall discuss with the debt-selling Vietnamese credit institution[165] before granting the remission.
The debt-selling Vietnamese credit institution[166] shall comment on the issues raised by VAMC within 10 working days from the day on which VAMC makes a written request for comments. After the aforementioned period, VAMC shall decide and take responsibility for the remission.
3. Within 05 working days from the day on which the remission is granted, VAMC shall notify the debt-selling Vietnamese credit institution[167] and the borrower in writing.
Article 30. Measures for rescheduling bad debts purchased with special bonds[168]
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a) The borrower has a feasible repayment plan;
b) In case of installment revision, the borrower is incapable of paying an installment, including the debt principal and/or interest, within the agreed repayment period specified in the credit contract, loan agreement, entrustment contract for credit extension, corporate bond purchase contract or entrustment contract for purchasing corporate bonds, and is considered by VAMC as capable of paying the next installments after the installment revision is made;
c) In case of extension of repayment period, the borrower is incapable of fully repaying the principal and/or interest within the agreed repayment period specified in the credit contract, loan agreement, entrustment contract for credit extension, corporate bond purchase contract or entrustment contract for purchasing corporate bonds, and is considered by VAMC as capable of fully paying debts within a certain period of time after the agreed repayment deadline;
d) The extension period shall not exceed the remaining duration of the corresponding special bonds. VAMC must reach a written agreement with the debt-selling Vietnamese credit institution[169] before deciding an extension period exceeding the remaining duration of the corresponding special bonds.
2. VAMC shall discuss with the debt-selling Vietnamese credit institution[170] before deciding the rescheduling of bad debts.
The debt-selling Vietnamese credit institution[171] shall comment on the issues raised by VAMC within 10 working days from the day on which VAMC makes a written request for comments. After the aforementioned deadline, VAMC shall make decision and take responsibility for the rescheduling of the debt, except the case prescribed in point d clause 1 of this Article.
3. Within 05 working days from the day on which the debt rescheduling decision is issued, VAMC shall notify the debt-selling Vietnamese credit institution[172] and the borrower in writing.
Article 31. Financial support for borrowers
1. VAMC shall consider taking one or some of the following measures for financially supporting borrowers:
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b) Make investment and provide financial support by giving loans or buying corporate bonds;
c) Other forms of investment and financial support approved by the SBV’s Governor.
VAMC shall use assets (excluding the bad debts bought with special bonds) and lawful capital sources to provide financial support as prescribed in Point b and Point c Clause 1 of this Article.
2. VAMC shall consider making investment and providing financial support when the borrower meets the conditions below:
a) The borrower is likely to recover or have an efficient business plan or investment project;
b) Measures are taken to ensure the recovery of investments and financial support;
c) The plan for investment and financial support is safe and feasible, which includes analysis and assessment of the risks, economic efficiency of investments, financial support, guarantee, capital sources, probability of capital recovery, measures for capital recovery, measures for ensuring capital adequacy and solutions for new risks;
d) Other conditions imposed by VAMC.
3. The borrower of a credit institution or FBB[174] shall be provided with loan guarantee by VAMC when the conditions below are met:
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b) The borrower has legitimate assets as security for loan guarantee;
c) The plan for provision of guarantee for the borrower of the credit institution or FBB[175] is safe and feasible, which includes analysis and assessment of the risks, economic efficiency of investments, financial support, guarantee, capital sources, probability of capital recovery, measures for capital recovery, measures for ensuring capital adequacy and solutions for new risks;
d) Other conditions imposed by VAMC.
4. Based on the conditions in Clause 2 and Clause 3 of this Article, capital sources and financial capacity of VAMC, VAMC shall request the SBV’s Governor to consider giving an approval before making investment and providing financial support and guarantee to the borrower.
Article 32. Procedures for applying for approval of plan for financial support for borrowers
1. VAMC shall make an application for approval of the plan for investment, financial support, the plan for providing guarantee for borrowers of credit institutions and FBBs[176] (hereinafter referred to as “plan for financial support for borrowers”) and send it to SBV (via SBV Banking Supervision Agency) directly or by post. Such an application includes:
a) An application form for approval for the plan for financial support for borrowers, capital contribution, and purchase of shares of borrowers, which is signed by the lawful representative of VAMC;
b) The resolution of the Board of Members of VAMC on ratification of the plan for financial support for borrowers enclosed with the plan for financial support for borrowers specified in point c clause 2, point c clause 3 Article 31 of this Circular.
2. Within 15 working days from the date of its receipt of a valid application for approval of the plan for financial support for borrowers as prescribed in Clause 1 of this Article, SBV shall send VAMC a written response indicating its approval or refusal to approve the plan for financial support for borrowers. In case of refusal, a written response indicating reasons for such refusal shall be given to VAMC.
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1. The total investment, financial support and guarantee provided by VAMC for a borrower shall not exceed 50% of the charter capital of VAMC.
2. The total contribution to charter capital and share capital mentioned in Point b Clause 1 Article 36 of this Circular shall not exceed 50% of the charter capital of VAMC.
3.[177] VAMC shall not consider restructuring bad debts or giving financial supports to borrowers that are following procedures for dissolution or bankruptcy or have their operating license revoked.
Section 2. SETTLEMENT OF BAD DEBTS AND COLLATERAL
Article 34. Rules for selling purchased bad debts[178]
1. General rules:
a) Compliance with law;
b) Objectivity, openness and transparency;
c) Maximum collection of debts, including interest and fees (if any);
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2. VAMC shall itself determine the offer price, in case of competitive offering, or the expected selling price, in case of direct negotiation with the debt buyer, or hire a valuation firm[179] to do so. Where necessary, VAMC may refer to the selling/buying prices of similar bad debts available on the market (if any) to determine the offer price or expected selling price.
Where a bad debt is sold at auction, VAMC shall comply with regulations of law on property auction.
3. The debt selling price is the highest price which is determined on the basis of comparison and reference to the offered prices for the bad debt in order to minimize loss during the settlement of bad debts.
4. A contract for sale of debts must be made.
5. VAMC may authorize the debt-selling credit institution or FBB[180] to sell the bad debt according to requirements and conditions set out by VAMC and in conformity with provisions of this Circular.
6.[181] VAMC may sell bad debts to juridical persons or individuals at the selling price which is either higher or lower than the outstanding principal of the bad debt.
Article 35. Selling bad debts purchased with special bonds[182]
1. VAMC and the debt-selling Vietnamese credit institution[183] shall reach an agreement on the method for selling debts (auction or competitive offering) and the conditions for selling bad debts (including the starting price or offer price), except the case in clause 5 of this Article.
2. If the first auction or competitive offering as prescribed in clauses 1, 3 of this Article is unsuccessful, VAMC and the debt-selling Vietnamese credit institution[184] shall reach another agreement on the method for selling debts (auction or competitive offering or direct negotiation with the debt buyer) and the conditions for selling bad debts (including the starting price or offer price or expected selling price), unless these contents have been agreed upon between VAMC and the debt-selling Vietnamese credit institution[185].
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4. The sale of bad debts in the form of competitive offering must be carried out with participation by at least 02 buyers that are not related to each other according to the Law on credit institutions and follow these procedures:
a) VAMC itself carries out valuation of the bad debt to determine its offer price or hires a valuation firm[187] to do so.
b) VAMC publishes information on the sale of bad debts in the form of competitive offering on the websites of SBV and the debt-selling Vietnamese credit institution[188], and on its website. VAMC shall decide the information to be disclosed which must ensure openness and transparency and include the following as a minimum: detailed information on the bad debt to be sold and its collateral; offer price; location and time for information disclosure and examination of legal documents; location and deadline for submission of price offers.
The minimum period for information disclosure and examination of legal documents shall be 05 working days, if the bad debt is secured with movable property, or 15 working days, if the bad debt is secured with real estate. Price offers shall be submitted after the end of the period of information disclosure and examination of legal documents and within a period not shorter than 03 working days.
c) Within 03 working days from the deadline for submitting offers, VAMC shall sell the bad debt to the entity that offers the highest price. If 02 or more entities have offered the same price which is considered the highest one, VAMC shall draw lots to select the buyer;
d) The sale of bad debts adopting the competitive offering method is considered unsuccessful in the following cases:
(i) Only one offer is submitted;
(ii) The offered highest price is still lower than the offer price set by VAMC;
(iii) The entity offering the highest price refuses to buy the bad debt.
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5. Where special bonds are immature, VAMC shall be allowed to re-sell bad debts bought with special bonds to the Vietnamese credit institution[189] that sold such bad debts to VAMC by reaching an agreement on conditions and prices for selling debts.
6. Within 05 working days from the day on which the debt sale contract is signed, VAMC shall send 01 copy of the debt sale contract to the debt-selling Vietnamese credit institution[190] and also notify this debt-selling Vietnamese credit institution[191] of the amount of selling price to which it[192] is entitled.
Article 35a. Selling bad debts purchased at market prices[193]
1. VAMC shall decide and take responsibility for the sale of bad debts purchased at market prices by direct negotiation with buyers or auction or competitive offering.
2. VAMC shall sell a bad debt by carrying out direct negotiation with the buyer if the selling price is not smaller than the book value of outstanding principal of the bad debt or after the sale of debt by auction or competitive offering is unsuccessful.
3. The sale of a bad debt at auction shall comply with regulations of law on selling assets of VAMC at auction.
4. The sale of a bad debt adopting the competitive offering method shall comply with provisions of clause 4 Article 35 of this Circular.
Article 36. Making contributions to charter capital or share capital of borrowers that are enterprises[194]
1. VAMC is entitled to make contribution to charter capital or share capital of the borrower that is an enterprise in the following forms:
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b) Use assets (except the bad debt purchased with special bonds) and/or lawful funds to make contribution to charter capital or share capital of the borrower (including conversion of the bad debt purchased at the market price into the charter capital or share capital of the borrower).
2. The conversion of bad debts purchased with special bonds into the charter capital or share capital of the borrower shall only be made in the following cases:
a) The borrower is a domestic enterprise engaging in business lines other than insurance, securities, money remittance, foreign exchange, gold trading, factoring, issuance of credit cards, consumer credit, intermediary payment services, and credit information provision;
b) VAMC reaches a written agreement with the debt-selling Vietnamese credit institution[195] on the conversion of the bad debt purchased with special bonds into the charter capital or share capital of the borrower before carrying out that conversion.
c) [196] The debt-selling credit institution is a commercial bank that meets the following requirements:
(i) It is allowed to contribute capital and purchase shares according to its establishment and operation license;
(ii) It maintains the minimum capital adequacy ratio as prescribed in Point b Clause 1 Article 138 of the Law on Credit Institutions, and the limits on capital contribution/share purchase as prescribed in Article 137 of the Law on Credit Institutions, and ensures that the actual value of its charter capital is not lower than the legal capital (the stake/share capital converted from bad debts purchased with special bonds must be taken into accounts when calculating the ratio/value of the charter capital as mentioned above) at the time of obtaining the document specified in point b of this Clause;
(iii) It earns profits as shown in its financial statements, which have been audited by an independent audit organization, of the year preceding the year in which it obtains the document specified in Point b of this Clause;
(iv) It did not incur any penalties for administrative violations against debt classification, setting aside and use of provisions for risks, capital contribution and share purchase within the consecutive period of 12 months preceding the month in which it obtains the document specified in Point b of this Clause;
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3. Within 05 working days from the day on which the bad debt purchased with special bonds is converted into the charter capital or share capital of the borrower, VAMC shall resell the stakes/shares to the debt-selling Vietnamese credit institution[197] at their values and make payment of special bonds.
4. The amount of debt collected during the period commencing from the day on which VAMC purchases the bad debt with special bonds to the day on which the bad debt is converted into the charter capital or share capital shall be settled according to Clause 2 Article 43 hereof.
5. In case of contribution to charter capital/ share capital of the borrower that is an enterprise as prescribed in Point b Clause 1 of this Article, VAMC must satisfy the following requirements:
a) The plan for making contribution to charter capital/share capital of the borrower is feasible and approved by SBV. The approved plan must include analysis and assessment of efficiency of the contribution of charter capital/share capital, financial status and business results of the borrower, funding sources for making capital contribution, possibility of recovering contributed capital and proposed measures for recovering contributed capital and restructuring of the borrower;
b) VAMC is entitled to engage in the restructuring of the borrower after making contribution to its charter capital/share capital;
c) The contribution of charter capital/share capital does not result in breach of regulations on limits of the charter capital/share capital contribution by VAMC as prescribed in Clause 2 Article 33 of this Circular;
d) The borrower has the possibility of recovering its solvency and business after VAMC contributes charter capital/share capital;
dd) The borrower is not under the process of dissolution or bankruptcy and does not have its operation license revoked.
Article 37. Procedures for applying for approval of plan to make contributions to charter capital or share capital of borrowers that are enterprises
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a) An application form for approval for the plan to make contributions to charter capital/share capital of borrowers which is signed by the lawful representative of VAMC;
b) The resolution of the Board of Members of VAMC on ratification of the plan to make contributions to charter capital/share capital of borrowers, enclosed with the plan to make contributions to charter capital/share capital of borrowers as prescribed in clause 3 Article 36 of this Circular.
2. Within 15 working days from the date of its receipt of an adequate and valid application as prescribed in Clause 1 of this Article, SBV shall send VAMC a written response indicating its approval or refusal to approve the plan to make contributions to charter capital/share capital of borrowers. In case of refusal, a written response indicating reasons for such refusal shall be given to VAMC.
Article 38. Disposition and sale of collateral for purchased bad debts
1. VAMC shall cooperate with relevant authorities and organizations to complete procedures and legal documents relating to the collateral for the bad debts that it purchased.
2. VAMC shall dispose of the collateral for its purchased bad debts in accordance with Article 18 of the Decree No. 53/2013/ND-CP and relevant laws.
3.[198] With regard to the collateral for a bad debt purchased with special bonds, VAMC must discuss with the debt-selling Vietnamese credit institution[199] before reaching an agreement on disposition of the collateral with the guarantor on the following:
a) The selling price, if the collateral is sold by negotiation with the buyer, or the starting price if the collateral is sold at auction, including the case where VAMC has to re-negotiate the starting price with the guarantor in accordance with regulations of law on property auction, or
b) The value of the collateral if VAMC receives the collateral as a substitute for fulfillment of the guarantor’s liabilities.
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4. Where VAMC receives collateral as substitute for the fulfillment of the guarantor’s liabilities, VAMC shall itself determine or hire a qualified valuation firm[201] to determine the market value of the collateral as the basis for offsetting the debt repayment liabilities of the borrower/the debt payer.
5.[202] VAMC may sell the collateral for a bad debt at the selling price which is either higher or lower than the outstanding principal of such bad debt.
Section 3. VAMC’S AUTHORIZATION AND INSPECTION OF PERFORMANCE OF AUTHORIZED OPERATIONS
Article 39. Contents and methods of authorization
1. VAMC shall consider authorizing the debt-selling credit institution or FBB[203] to undertake one or some operations in clause 2 Article 12 of the Decree No. 53/2013/ND-CP.
2. The authorization mentioned in Clause 1 of this Article shall be made into an authorization contract. The authorization contract shall, inter alia, include:
a) Names and addresses of the principal and the agent;
b) Contents and scope of authorization;
c) Validity period of the authorization contract;
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3. VAMC shall authorize part or all of the operations in Clause 1 of this Article to the debt-selling credit institution or FBB[204] in accordance with this Circular and relevant laws.
4. Within 10 working days from the day on which the authorization contract is signed, the authorized credit institution or FBB[205] shall notify borrowers, debt payers, guarantors, and relevant parties of the contents and operations authorized by VAMC to the debt-selling credit institution[206].
Article 40. Inspection of performance of authorized operations
1. VAMC shall develop database, IT system and requirements regarding reporting and exchange of information with authorized credit institutions and FBBs[207] in order to supervise them[208] performing the authorized operations as prescribed in clause 1 Article 39 of this Circular.
2. VAMC shall regularly inspect and supervise authorized credit institutions and FBBs[209] performing the operations authorized by VAMC under authorization contracts.
Article 41. Rights and obligations of VAMC and authorized credit institutions and FBBs[210]
1. Rights and obligations of VAMC:
a) Request authorized credit institutions and FBBs[211] to submit reports and provide information and documents on their performance of authorized operations;
b) Request authorized credit institutions and FBBs[212] to perform authorized operations under the authorization contracts and in accordance with regulations of law;
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d) Submit reports to SBV (via SBV Banking Supervision Agency) immediately upon discovery of any violations against law committed by authorized credit institutions and FBBs[215];
dd) For bad debts bought at market prices, VAMC and the authorized credit institution or FBB[216] shall reach an agreement on the expenditure on authorized operations and relevant contents in the authorization contract;
e) Other rights and obligations as prescribed in authorization contracts and law.
g) [217] Post and publish information on purchased bad debts and their collateral on VAMC - Loan Transaction Platform and VAMC’s website. Posting and publishing of information must comply with regulations of law on protection of personal data.
2. Rights and obligations of authorized credit institutions and FBBs[218]:
a) Submit reports and provide information and documents in a truthful, adequate and timely manner at the request of VAMC; take responsibility for the accuracy of the information, documents, and reports provided for VAMC;
b) Cooperate with VAMC and facilitate the inspection and supervision carried out by VAMC during the performance of authorized operations;
c) Comply with the requests made by VAMC to ensure the safety of assets, take remedial measures, and compensate for the damage suffered by VAMC due to breaches of authorization contracts or law during their performance of authorized operations;
d) Immediately notify VAMC of any collected repayments;
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e) Rights and obligations specified in authorization contracts, clause 4 Article 31 of the Decree No. 53/2013/ND-CP and relevant laws.
Chapter IV
SETTLEMENT OF DEBT REPAYMENT, PAYMENT OF BONDS/SPECIAL BONDS, AND REPURCHASE OF BAD DEBTS PURCHASED WITH SPECIAL BONDS[220]
Article 42. Order of priority for repayment of bad debts purchased[221]
Total amount collected in the form of cash or assets from recovery, settlement, and sale of debts and collateral that remains after deducting the costs of the sale of debts/collateral, preservation, repair or upgrade of collateral shall be paid by VAMC in the following order:
1. Outstanding principal;
2. Undue interest;
3. Overdue interest;
4.[222] Fines (if any);
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Article 43. Settling repayments of bad debts bought with special bonds
1. The collected amount of the bad debts bought with special bonds to which the Vietnamese credit institution[223] is entitled as prescribed in Point b Clause 2 this Article shall be settled as follows:
a) [224] Within 05 working days from the day on which the debt is collected, VAMC shall deposit the collected amount at the debt-selling Vietnamese credit institution[225] as interest-free deposit and must not withdraw it before payment date of special bonds, except for the case specified in Point b of this Clause, Article 19 and Clause 5 Article 26 of this Circular;
b) If the debt-selling Vietnamese credit institution[226] takes a special bonds-based refinancing loan, within the first 05 working days of the next quarter, VAMC shall use the amount of debts collected in cash in the quarter to which the Vietnamese credit institution[227] is entitled to repay the special bonds-based refinancing loan, and deduct this amount against the total amount of collected debts to which the Vietnamese credit institution[228] is entitled when paying such special bonds.
2. Collected amount of a bad debt bought with special bonds shall be settled as follows:
a) VAMC shall be entitled to a portion of the collected amount of debt in accordance with SBV’s regulations that are adopted after reaching an agreement with the Ministry of Finance;
b) The debt-selling Vietnamese credit institution[229] is entitled to the collected amount of debt which remains after deducting the amount received by VAMC as prescribed in Point a Clause 2 of this Article.
Article 43a. Settling repayments of bad debts bought with bonds at market prices[230]
1. If the bond-holding credit institution or FBB[231] does not take a refinancing loan based on the bonds issued to purchase the bad debt, or bonds which are subject to a valuable paper repo agreement made between SBV and the credit institution or FBB[232] and do not reach maturity, within 05 working days from the day on which the debt is collected in cash and/or assets, VAMC shall deposit an amount equivalent to the amount of debt collected in cash and/or assets (which shall not exceed the face value of bonds) at the bond-holding credit institution or FBB[233] in the form of interest-free deposit and must not withdraw it before the payment date of bonds, except the cases prescribed in clauses 2, 3 of this Article.
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a) Within 03 working days from the receipt of SBV's notification of the use of bonds as the collateral for a refinancing loan granted by SBV, VAMC shall use an amount of money equivalent to the accumulated amount collected in cash and/or assets of the bad debt purchased with bonds at market price (which shall not exceed the face value of bonds) to repay the bonds-based refinancing loan;
b) Within 05 working days from the day on which the bad debt purchased with bonds at market price is collected in cash and/or assets, VAMC shall use the amount of money equivalent to the amount of the bad debt collected in cash and/or assets (which shall not exceed the face value of bonds) to repay the bonds-based refinancing loan;
c) SBV shall release the bonds pledged for the refinancing loan only after the bonds-based refinancing loan has been fully repaid;
d) VAMC shall deduct the amounts of money specified in Points a, b of this Clause from the total amount which is paid by VAMC to the bond-holding credit institution or FBB[236] when making payment of bonds.
3. If bonds are held by SBV (except bonds which are subject to a valuable paper repo agreement between SBV and the credit institution or FBB[237] and do not reach maturity), VAMC shall:
a) Within 03 working days from the receipt of SBV's notification of the SBV’s definitive purchase of bonds or the failure of the credit institution or FBB[238] to pay, or to make full payment of, bond repurchase amount under terms and conditions of the valuable paper repo agreements between SBV and the credit institution or FBB[239], VAMC shall use an amount of money equivalent to the accumulated amount collected in cash and/or assets of the bad debt purchased with bonds at the market price (which shall not exceed the face value of bonds) to meet payment obligations which are not yet fulfilled by the credit institution or FBB[240] under terms and conditions of the financial instrument repo agreement between SBV and the credit institution or FBB[241] or to meet debt repayment obligations towards SBV under the bond issuance contract;
b) Within 05 working days from the day on which the bad debt purchased with bonds at the market price is collected in cash and/or assets, VAMC shall use an amount of money equivalent to the accumulated amount of the bad debt collected in cash and/or assets (which shall not exceed the face value of bonds) to meet payment obligations which are not yet fulfilled by the credit institution or FBB[242] under terms and conditions of the valuable paper repo agreement between SBV and the credit institution or FBB[243] or to meet debt repayment obligations towards SBV under the bond issuance contract;
c) VAMC shall deduct the amounts of money specified in Points a, b of this Clause from the total amount which is paid by VAMC to the bond-holding organization when making payment of bonds.
4. If the amount of a bad debt collected in cash and/or assets is not lower than the face value of bonds, VAMC and the bond-holding organization shall make payment of bonds according to Article 44a of this Circular.
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1. The special bonds become due in the following cases:
a) The balance on the risk provision for special bonds is not lower than the book value of outstanding principal of the bad debts being monitored by VAMC, including the cases below:
(i) VAMC sells bad debts to other organizations and individuals, including re-selling of the bad debts bought with special bonds to debt-selling Vietnamese credit institutions[244] at market prices or agreed prices;
(ii) VAMC converts all bad debts bought into charter capital or share capital of borrowers that are enterprises.
b) The special bonds reach maturity.
2.[245] Within 05 working days from the day on which special bonds become due as prescribed in Clause 1 of this Article, the debt-selling credit institution[246] shall fully repay the special bonds-based refinancing loan (if any), have the special bonds released by SBV (the SBV’s Operations Center) as prescribed, and cooperate with VAMC to make payment of special bonds as follows:
a) In case the bad debt is not fully collected (including principal, interest, and relevant financial obligations) under the credit contract, loan agreement, entrustment contract for credit extension, debt purchase contract, corporate bond purchase contract or entrustment contract for purchasing corporate bond, the debt-selling Vietnamese credit institution[247] shall use corresponding special bonds to repurchase the bad debt from VAMC at the book value of outstanding principal on VAMC’s accounting books and the stake/shares in the borrower at the book value recorded on the balance sheet of VAMC in case a part of the bad debt is converted into charter capital or share capital of the borrower (if any), and shall receive the amount of the collected debt to which it is entitled from VAMC according to Point b Clause 2 Article 43 of this Circular (if any);
b) In case the bad debt has been fully collected (including principal, interest, and relevant financial obligations) under the credit contract, loan agreement, entrustment contract for credit extension, debt purchase contract, corporate bond purchase contract or entrustment contract for purchasing corporate bond (even if the bad debt has been sold to another entity), the debt-selling Vietnamese credit institution[248] shall use corresponding special bonds to repurchase the stake/shares in the borrower at the book value recorded on the balance sheet of VAMC in case a part of the bad debt is converted into charter capital or share capital of the borrower (if any), and shall receive the amount of the collected debt to which it is entitled from VAMC according to Point b Clause 2 Article 43 of this Circular (if any);
c) If the bad debt is entirely converted into charter capital/ share capital of the borrower that is an enterprise, the debt-selling Vietnamese credit institution[249] shall use corresponding special bonds to repurchase the stake/shares in the borrower at the book value recorded on the balance sheet of VAMC, and pay the VAMC an amount of the collected debt to which VAMC is entitled according to Point a Clause 2 Article 43 of this Circular.
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Article 44a. Payment of bonds[254]
1. Bonds (except bonds which are subject to a valuable paper repo agreement between SBV and the credit institution or FBB[255] and do not reach maturity) shall be paid in the following cases:
a) The amount of the bad debt collected in cash and/or assets is not lower than the face value of bonds;
b) VAMC sells the bad debt or converts a part or the whole of the bad debt into the stake/shares;
c) VAMC has made full payment of the face value of bonds;
d) The bonds reach maturity.
2. Within 05 working days from the day on which bonds become due as prescribed in Clause 1 of this Article, VAMC shall:
a) If bonds are held by a credit institution or FBB[256] that does not take bonds-based refinancing loan, VAMC shall pay the face value of bonds to the bond-holding credit institution or FBB[257] and this credit institution or FBB[258] shall return the bonds to VAMC;
b) If bonds are held by a credit institution or FBB[259] that has taken bonds-based refinancing loan, VAMC shall make repayment of the bonds-based refinancing loan (which shall not exceed the face value of bonds) to SBV on behalf of that credit institution or FBB[260]; VAMC shall make the remaining payment of bonds (if any) to the bond-holding credit institution or FBB[261] and have bonds returned by bond-holding credit institution or FBB[262];
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3. If bonds are subject to a valuable paper repo agreement between SBV and the credit institution or FBB[263], do not yet reach maturity and fall in one of the cases in Points a, b, c Clause 1 of this Article, at the maturity date, VAMC shall:
a) If the credit institution or FBB[264] makes full payment of the repurchase amount specified in the valuable paper repo agreement between SBV and the credit institution or FBB[265], in which bonds are used, within 05 working days from the prescribed repurchase date, VAMC shall make full payment of the face value of bonds to the credit institution or FBB[266] and also have bonds returned by the credit institution or FBB[267];
b) If the credit institution or FBB[268] fails to pay, or to make full payment of, the repurchase amount specified in the valuable paper repo agreement between SBV and the credit institution or FBB[269], in which bonds are used, within 05 working days from the prescribed repurchase date, VAMC shall pay the amount of money which is not yet paid by the credit institution or FBB[270] to SBV under terms and conditions of the valuable paper repo agreement between SBV and the credit institution or FBB[271]; VAMC shall make the remaining payment of bonds (if any) to the bond-holding credit institution or FBB[272] and have bonds returned by that bond-holding credit institution or FBB[273].
Article 45. Repurchase of bad debts when making payment of special bonds
1. When repurchasing bad debts as prescribed in Point a Clause 2 Article 44 of this Circular, the debt-selling Vietnamese credit institution[274] shall fully pay VAMC amounts to which it is entitled according to Point a Clause 2 Article 43 of this Circular. VAMC shall provide the debt-selling Vietnamese credit institution[275] with information and documents about the outstanding debt, interest, fines, and fees that are not paid by borrowers, and other information and documents related to the debts, borrowers, guarantors, and debt payers.
2. The debt-selling Vietnamese credit institution[276] shall repurchase the bad debts from VAMC without the consent of borrowers, debt payers, and guarantors.
3. Within 10 working days from the day on which the debt purchase contract is signed, the debt-selling Vietnamese credit institution[277] shall notify relevant borrowers, debt payers, and guarantors of its repurchase of debts from VAMC for them to fulfill their liabilities to the Vietnamese credit institution[278].
4.[279] When the debt-selling Vietnamese credit institution[280] repurchases a bad debt corresponding to a special bond becoming due for which the collateral is also used for other debts sold to VAMC, VAMC and the debt-selling Vietnamese credit institution[281] shall reach an agreement on management of the collateral and its related documents and papers (if any).
Chapter V
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Article 46. Establishment of risk provisions for special bonds and use of provisions for managing risks associated with bad debts
1. During the term of special bonds, the debt-selling Vietnamese credit institution[282] shall establish and record risk provision for special bonds as its business expenses.
2.[283] Every year, within 05 working days before the maturity date of special bonds, the debt-selling Vietnamese credit institution[284] shall fully set aside a specific risk provision for each special bond in the year using the formula below:
Where:
X(m): required risk provision for the special bond in the year m;
Xm-1: risk provision for the special bond accrued by the end of the year m-1;
Y: face value of the special bond;
n: duration of the special bond (expressed in years);
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Zm: collected amount of the bad debt accrued by the time of establishing the risk provision (the year m). The debt-selling Vietnamese credit institution[285] shall cooperate with VAMC to determine this amount.
If (Zm + Xm-1) ≥ (
X m) , the specific provision (X(m)) will be 0.
2a.[286] The debt-selling Vietnamese credit institution[287] shall decide whether to gradually add annual provision for each special bond to the periods in the year so that 05 working days before the maturity date of special bonds, the debt-selling Vietnamese credit institution[288] has fully set aside the minimum level of provision for each special bond as determined in clause 2 of this Article.
2b.[289] The Vietnamese credit institutions[290] that are implementing a restructuring plan[291] or facing financial difficulties and are unable to make annual risk provision for special bonds as sufficiently as prescribed in Clause 2 of this Article shall submit reports to SBV for considering and taking appropriate actions to ensure that the debt-selling Vietnamese credit institutions[292] have sufficient provision to settle all bad debts after carrying out payment of special bonds with VAMC.
2c.[293] Every year, if the actual difference between revenues and expenses before tax of a Vietnamese credit institution[294] that is granted SBV's approval to make extension of special bonds is higher than the expected difference between revenues and expenses before tax which has been reported to SBV (i.e. item 5 in Appendix 2 enclosed herewith), the Vietnamese credit institution[295] shall:
a) Use the entire difference between the actual difference between revenues and expenses before tax and the expected difference between revenues and expenses before tax reported to SBV for making additional contribution to the risk provision for extended special bonds in the year until the risk provision for special bonds after making additional contributions reaches the minimum level of risk provision for special bonds determined according to the original term of special bonds;
b) The Vietnamese credit institution[296] decides to use the difference that remains after making additional contribution to the risk provision as prescribed in point a of this clause for making additional contribution to the risk provision for extended special bonds or record such difference as difference between revenues and expenses before tax.
3. The debt-selling Vietnamese credit institution[297] shall not make general provision for special bonds.
4. The risk provision for special bonds set aside by the debt-selling Vietnamese credit institution[298] shall be used to:
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5.[299] The debt-selling Vietnamese credit institution[300] shall reverse the risk provision for special bonds that remains after all risks are controlled according to Clause 4 of this Article as other incomes, or include the difference in its expenses if the risk provision made is not sufficient to control risks according to Clause 4 of this Article.
6. The debt-selling Vietnamese credit institution[301] shall record the bad debt for which the risk provision has been used as OBS item, and continue monitoring and taking measures to collect the debt in accordance with law and agreements with borrowers.
7.[302] Removal of debts for which risks have been controlled as prescribed in clause 6 of this Article from the balance sheet shall comply with SBV’s regulations on classification of assets, and the Government’s regulations on amounts and method of establishment of risk provisions, and use of provisions for settling risks of credit institutions and FBBs.
8.[303] Documents about risk control of the debt-selling Vietnamese credit institution[304] after using the provision for special bonds to control risks to the bad debt after it is purchased from VAMC include:
a) Documents about the bad debt transaction between the debt-selling Vietnamese credit institution[305] and VAMC;
b) Documents about VAMC’s debt restructuring and conversion of debt into stake or shares of the borrowers;
c) Documents proving repayment of the bad debt after it has been sold to VAMC;
d) Documents proving the risk provision for special bonds corresponding to the bad debt sold to VAMC;
dd) A decision or approval of the risk control council of the Vietnamese credit institution[306] about the risk control;
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g) Relevant documents.
Article 47. Rules for establishment and use of risk provisions to manage risks associated with the bad debts purchased at market prices[308]
1. The Board of Members of VAMC shall decide and take responsibility for establishing and using provisions to control risks to bad debts in accordance with its internal regulations on establishment and use of provisions to control risks to bad debts purchased at market price, provisions of this Circular, and relevant regulations of law.
2. After risks are controlled, VAMC shall record the outstanding amount of the debt for which risk provision has been used as an OBS item, and monitor, urge and take all necessary measures to collect the debt, except the case in point a clause 1 Article 47b of this Circular. The use of provision for controlling risks is an internal task of VAMC and shall not affect the borrower’s obligation to repay the risk-controlled debt.
3. After at least 05 years from the day on which provision is used to control risk and after all necessary measures taken to collect debts are unsuccessful, VAMC may decide to remove the risk-controlled debts which have been monitored as OBS items after obtaining written approval from the Ministry of Finance and SBV.
4. The amount collected from the risk-controlled debts shall be included in the VAMC’s revenues in the period.
Article 47a. Establishment of risk provisions for bad debts purchased at market prices[309]
1.[310] VAMC shall establish risk provision for each bad debt purchased at the market price (R) using the following formula:
R = (A-C) x r
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a) A is the book value of outstanding principal of the bad debt at VAMC on December 31 every year; C is the deducted value of collateral for the bad debt; r is the provision ratio which is decided by the Board of Members but shall not be lower than 5%.
b) R will be 0 if C > A.
c) If a piece of property is put up as collateral for multiple bad debts, VAMC shall determine the ratio of collateral for each bad debt. C equals (=) deducted value of collateral multiplied by (x) ratio of collateral for the bad debt.
2.[311] By December 31 every year, VAMC shall re-carry out valuation of the collateral for each bad debt, determine the annual provision for each bad debt according to Clause 1 of this Article, and perform the following tasks:
a) If the required risk provision to be established in the year is smaller than the existing balance on the risk provision, VAMC may reverse the difference.
b) If the required risk provision to be established in the year is higher than the existing balance on the risk provision, VAMC shall make additional contribution to the risk provision.
3. Collateral to be deducted when calculating provision (R) mentioned in Clause 1 of this Article must satisfy all of the following conditions:
a) VAMC is entitled to dispose of collateral according to the guarantee contract and regulations of law if the borrower fails to fulfill their obligations as agreed;
b) The collateral must satisfy relevant conditions set out in regulations of law on secured transactions
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If the collateral does not meet all of the conditions in Point a, Point b, and Point c of this Clause, its deducted value is zero (0).
4. The deducted value of collateral equals (=) the value of collateral prescribed in Clause 5 of this Article multiplied by (x) the deduction ratio of each type of collateral prescribed in Clause 6 of this Article.
VAMC shall determine the deduction ratio of each type of collateral itself on the basis of assessment of the possibility of recovery when disposing such collateral. Nevertheless, the deduction ratio must not exceed the maximum deduction ratio of each type of collateral prescribed in Clause 6 of this Article.
5. Value of collateral is determined as follows:
a) Gold bullions: The buying price posted at the headquarters of the enterprise, credit institution or FBB[315] owning the brand of gold bullions at the end of the day preceding the day on which specific provision is made. If the buying price is not posted, the value of gold bullion shall be determined in accordance with Point d of this Clause.
b) Government bonds listed on the Stock Exchange: The reference price posted at the Stock Exchange at the end of the day preceding the day on which specific provision is made (or an earlier time if the reference price is not available on that day). Government bonds that are not listed on the Stock Exchange: Face value.
c) Securities issued by enterprises (including credit institutions and FBBs[316]) listed at the Stock Exchange: The reference price at the Stock Exchange at the end of the day preceding the day on which specific provision is made (or an earlier time if reference price is not available on that day). Securities that are not listed at the Stock Exchange, other valuable papers issued by enterprises (including credit institutions and FBBs[317]): Face value.
d) Movable property, real estate, and other collateral: If property is one of those mentioned in Point c Clause 3 of this Article, its value shall comply with Point c Clause 3 of this Article. In other cases, value of collateral shall be determined in accordance with VAMC’s internal regulations. If there are no documents about valuation of collateral, value of collateral shall be zero (0);
dd) Finance lease property: The remaining amount (the value of finance lease property under the finance lease contract minus (-) the rent paid) according to the contract on the date of making specific provision or a value determined by a qualified valuation firm[318] as prescribed by law.
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a) Customers’ deposit in VND: 100%;
b) Gold bullions other than those mentioned in Point i of this Clause; customers’ deposit in foreign currencies: 95%;
c) Government bonds, saving cards, certificates of deposit, exchange bills, treasury bills issued by credit institutions and FBBs[319]:
- Remaining term to maturity less than 1 year: 95%;
- Remaining term to maturity from 1 to 5 years: 85%;
- Remaining term to maturity more than 5 years: 80%.
d) Securities issued by credit institutions or FBBs[320] and listed at the Stock Exchange: 70%;
dd) Securities issued by other enterprises and listed at the Stock Exchange: 65%;
e) Securities that are not listed at the Stock Exchange, valuable papers, other than those mentioned in Point c of this Clause, issued by credit institutions or FBBs[321] having applied for listing of securities at the Stock Exchange: 50%;
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d) Securities that are not listed at the Stock Exchange, valuable papers issued by enterprises having applied for listing of securities at the Stock Exchange: 30%;
Securities that are not listed at the Stock Exchange, valuable papers issued by enterprises that have not applied for listing of securities at the Stock Exchange: 10%;
h) Real estate: 50%;
i) Gold bullion without listed prices, other types of gold and other type of collateral: 30%.
Article 47b. Use of risk provisions to manage risks associated with bad debts purchased at market prices[323]
1. VAMC shall use provision to control risks in the following cases:
a) The debt is sold by VAMC at a price lower than the book value of outstanding principal at VAMC at the time of risk control, or
b) The borrower is an organization that has been dissolved or declared bankrupt, or a dead/missing person.
2. Risk management documents include:
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b) Documents about collateral and relevant documents;
c) A decision or approval of the Board of Members about establishment of risk provision;
d) A decision or approval of the Board of Members about use of provision for risk management;
dd) If the borrower is an organization that has been dissolved or declared bankrupt, apart from the documents mentioned in Points a, b, c, d of this Clause, it is required to have a certified true copy of a court’s decision to declare bankruptcy or decision on enterprise dissolution as prescribed by law;
e) If the borrower is an individual who is dead or missing, apart from the documents mentioned in Points a, b, c, d of this Clause, it is required to have a certified true copy of the death certificate or confirmation or declaration of missing person as prescribed by law;
g) Relevant documents.
3. Using provision for risk management:
a) VAMC may only use provision for manage risks associated with the debts that meet all conditions in Clause 1 and Clause 2 of this Article;
b) VAMC shall use provision to settle:
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(ii) Book value of outstanding principal of the debt at the time of risk management in the case mentioned in Point b Clause 1 if this Article.
c) VAMC may include the provision that remains after risk management prescribed in Point b of this Clause in its income in the period. If the provision is not sufficient for settlement as prescribed in Point b of this Clause, VAMC may include the deficit in its expense in the period;
d) [324] (abrogated)
Article 47c. Recording and reporting on establishment and use of risk provisions to manage risks associated with bad debts purchased at market prices[325]
1. VAMC shall record the amount of provision, the amount used, the amount reversed, (including unused provision that is reversed) as prescribed by law.
2. VAMC must report the result of making and use of provisions for risk management in accordance with SBV’s regulations on statistical reporting applied to VAMC and at the request of SBV.
Chapter VI
RESPONSIBILITIES OF RELEVANT ORGANIZATIONS AND INDIVIDUALS
Article 48. Responsibilities of SBV’s affiliated units
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a) Play the leading role and cooperate with relevant units in making decisions on purchase of bad debts of credit institutions as prescribed in Clause 3 Article 16 of this Circular and submit them to the SBV’s Governor for submission to the Prime Minister;
b) Play the leading role and cooperate with relevant units in appraising special bond issuance plans, plans for purchase of bad debts at market prices, plans for financial support for borrowers, and plans for making contributions to charter capital/share capital of borrowers, and submit them to the SBV’s Governor for approval or refusal to give approval in the following order:
(i) Within 02 working days from the receipt of the sufficient and valid application for approval of the special bond issuance plan, plan for purchase of bad debts at market price, plan for financial support for borrowers, or plan for making contributions to charter capital/share capital of borrowers from VAMC, the SBV Banking Supervision Agency shall send written requests for opinions to relevant units of SBV.
(ii) Within 03 working days from the receipt of the written request from the SBV Banking Supervision Agency, the requested units shall provide the SBV Banking Supervision Agency with their written opinions for consolidation and submission to the SBV’s Governor as the basis for approving or refusing to give approval of the special bond issuance plan, plan for purchase of bad debts at market price, plan for financial support for borrowers, or plan for making contributions to charter capital/share capital of borrowers.
c) Play the leading role and cooperate with relevant units in appraising the contents prescribed in Clause 4 and Clause 6 Article 13, Point dd Clause 1 and Clause 3 Article 16, Clause 3 and Clause 4 Article 25, Clause 2 Article 32, Clause 2 Article 37 of this Circular, and then submit them to the SBV’s Governor for decision;
d) Supervise, carry out inspections, and take action against the violations against regulations on purchase, sale, and settlement of bad debts committed by credit institutions and VAMC;
dd) Play the leading role and cooperate with relevant units and VAMC in advising and assisting the SBV’s Governor on reporting on operation of VAMC;
e) Play the leading role and cooperate with relevant units in advising and assisting the SBV’s Governor on providing guidance and organizing the implementation of this Circular.
2.[326] The SBV’s Operations Center shall:
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b) Provide guidance on the procedures for issuance, payment, cancellation and depositing of bonds/special bonds, and extend the duration of special bonds on SBV's electronic trading system;
c) Block bonds/special bonds related to refinancing loans in case credit institutions or FBBs[327] holding bonds/special bonds take refinancing loans; release bonds/special bonds when credit institutions or FBBs[328] have fully repaid the financial loans based on such corresponding bonds/special bonds;
d) Make certification of special bonds corresponding to the bad debt, which are not blocked by SBV, at the request of VAMC when VAMC converts the bad debt purchased with special bonds into the bad debt purchased at the market price;
dd) Play the leading role and cooperate with the Monetary Policy Department in monitoring the use of bonds for carrying out open market transactions or the use of bonds/special bonds for taking refinancing loans at SBV by credit institutions and FBBs[329];
e) Within 03 working days from the day on which the bonds are used for taking a refinancing loan or conducting an open market transaction at SBV, or from the day on which the refinancing loan for which bonds are pledged matures but the credit institution or FBB[330] fails to make full repayment by the due date, or from the day on which the credit institution or FBB[331] fails to pay or to make full payment of repurchase amount specified in the financial instrument repo agreement between SBV and the credit institution or FBB[332], in which bonds are used, the Operations Center shall give a written notification to VAMC for fulfilling its duties as prescribed in this Circular;
g) Cooperate with VAMC to settle collected debt repayments and payments of bonds which are used for taking refinancing loans or conducting open market transactions with SBV as prescribed in Article 43a and Article 44a of this Circular.
3. The Department of Finance and Accounting shall play the leading role and cooperate with the SBV Banking Supervision Agency and relevant units in formulating the regulations on bookkeeping of purchase, sale, and settlement of bad debts, the operations related to purchase, sale, and settlement of bad debts of VAMC and credit institutions, then submitting them to the SBV’s Governor for promulgation.
4. The Monetary Forecast and Statistics Department shall play the leading role and cooperate with the Information Technology Department and relevant units in formulating the regulations on statistical reports, openness and transparency of the operation of VAMC, the collection of information about purchase, sale, and settlement of bad debts, then submit them to the SBV’s Governor for promulgation.
5.[333] The Information Technology Department shall assist other affiliated units of SBV and VAMC in cooperating, sharing, providing and accessing information and statistical data on trading and settlement of bad debts.
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6a.[334] The Monetary Police Department shall cooperate with the Operations Center in monitoring the use of bonds for carrying out open market transactions or the use of bonds/special bonds for taking refinancing loans at SBV by credit institutions and FBBs[335].
7. SBV’s provincial branches shall carry out supervision, inspection, and take action against the violations against regulations on purchase, sale, and settlement of bad debts committed by credit institutions, FBBs[336] and other local organizations and individuals.
8. Relevant units shall:
a) Cooperate with SBV Banking Supervision Agency in advising and assisting the SBV’s Governor on organization of the implementation of this Circular;
b) Cooperate with the SBV Banking Supervision Agency in appraising the contents prescribed in Clause 4 and Clause 6 Article 13, Point dd Clause 1 and Clause 3 Article 16, Clause 3 and Clause 4 Article 25, Clause 2 Article 32, Clause 2 Article 37 of this Circular, and then submit them to the SBV’s Governor for decision;
c) Cooperate with the SBV Banking Supervision Agency in appraising the contents prescribed in Clause 4 and Clause 6 Article 13, Point dd Clause 1 and Clause 3 Article 16, Clause 3 and Clause 4 Article 25, Clause 2 Article 32, Clause 2 Article 37 of this Circular, then submit them to the SBV’s Governor for decision;
d) Facilitate the operation of VAMC within the scope of their competence and the instructions of the SBV’s Governor.
Article 49. Responsibilities of VAMC
1. Buy, sell, and settle bad debts responsively and legally; guide credit institutions and FBBs[337] to make and send the list of eligible bad debts to VAMC according to Clause 1 Article 16 of this Article.
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3. Use the repayments of bad debts to which the debt-selling Vietnamese credit institutions[338] are entitled to repay refinancing loans based on special bonds of the debt-selling Vietnamese credit institutions[339] at SBV.
4. Request the SBV’s Governor to decide the contents in Clause 4 and Clause 6 Article 13, Point dd Clause 1 and Clause 3 Article 16, Clause 3 and Clause 4 Article 25, Clause 2 Article 32, Clause 2 Article 37 of this Circular.
5. Play the leading role and cooperate with Vietnamese credit institutions[340] and relevant units in taking measures for settling debts, collateral for the bad debts bought with special bonds to repay SBV the refinancing loans.
6. Discharge the responsibilities in this Circular and other obligations prescribed by law.
7.[341] Cooperate with debt-selling credit institutions and FBBs[342] to promptly provide information about bad debts to SBV when proposing issuance, refinancing, redemption of bonds or special bonds.
8.[343] Filing lawsuits against borrowers, debt payers, or guarantors within the time limit for filing lawsuits as prescribed by law.
9.[344] By the 10th day of each month, provide electronic monthly reports on its purchased bad debts and changes in such bad debts to the National Credit Information Center of Vietnam through the web portal of the National Credit Information Center of Vietnam.
10.[345] Cooperate with the Operations Center to settle collected debt repayments and payments of bonds which are used for taking refinancing loans or conducting open market transactions with SBV.
Article 50. Responsibilities of credit institutions and FBBs[346]
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2. Report the purchase, sale, and settlement of bad debts to SBV.
3. The debt-selling Vietnamese credit institutions and FBBs[347] shall discharge the responsibilities in Clause 3 Article 31 of the Decree No. 53/2013/ND-CP.
4. The Vietnamese credit institutions[348] that sell debts and receive special bonds are obliged to:
a) Discharge the responsibilities in Clause 2 Article 21 of the Decree No. 53/2013/ND-CP;
b. [349] Use the provisions for the bad debt to make up for the difference between the book value of outstanding principal and the selling price of such bad debt when it is sold to VAMC. Risk management documents include:
(i) Documents proving the unused provision for the bad debt sold to VAMC;
(ii) A decision or approval of risk management council of Vietnamese credit institution[350] about the risk management;
(iii) The debt purchase contract between VAMC and Vietnamese debt-selling credit institution[351].
c) Pay VAMC the amounts mentioned in Point a Clause 2 Article 43 of this Circular and other amounts prescribed by law;
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dd. [352] Vietnamese debt-selling credit institutions[353] that receive special bonds shall not receive cash dividends until the payment of such special bonds is made, except the case prescribed in Point e of this Clause;
e) [354] Vietnamese debt-selling credit institutions[355] that receive special bonds with terms longer than 5 years or Vietnamese credit institutions[356] that obtain SBV's approval of extension of duration of special bonds shall not receive dividends in order to create a source for settling bad debts until such special bonds are paid.
g) [357] Cooperate with VAMC in fulfilling the tasks in Point g Clause 1 Article 41 of this Circular.
4a.[358] When a credit institution or FBB[359] sells a bad debt to VAMC at market price, except for the case specified in Clause 5 Article 26 of this Circular and Clause 4b of this Article, the credit institution or FBB[360] shall handle the difference between the selling price and the book value of outstanding principal as follows:
a) If the selling price is higher than the book value of outstanding principal, the positive difference will be recorded as revenue earned in fiscal year by the debt-selling credit institution or FBB[361];
b) If the selling price is lower than the book value of outstanding principal, the negative difference will be covered by the compensation provided by an individual or a group that caused the damage (if identified), insurance payout and the provision made; the uncovered difference will be recorded as a cost incurred by the debt-selling credit institution or FBB[362] in the period. This paragraph does not apply if the credit institution or FBB[363] makes a loss or the difference between the book value of outstanding principal and the selling price and provision for the debt will cause a loss as prescribed in Clause 2 Article 14 of Decree No. 53/2013/ND-CP;
c) [364] (abrogated)
4b.[365] When a credit institution or FBB[366] sells an off-balance bad debt to VAMC at market price, the credit institution or FBB[367] shall include the revenue from selling the debt in its other revenue earned in the fiscal year.
5. Closely cooperate with VAMC in the purchase, sale, and settlement of bad debts; responsively, sufficiently, and accurately provide information at the request of VAMC.
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7.[368] When a bad debt is purchased at market price or purchased according to Clause 5 Article 35 of this Circular from VAMC, the credit institution or FBB[369] shall classify the payment for the debt in a group with a risk level not lower than that of the group in which the debt was classified before it is sold to VAMC.
Article 51. Responsibilities of borrowers and debt payers
1. Discharge the responsibilities in Article 32 of the Decree No. 53/2013/ND-CP.
2. Discharge the responsibilities in this Circular and other obligations prescribed by law.
Article 52. Responsibilities of guarantors
1. Discharge the responsibilities in Article 33 of the Decree No. 53/2013/ND-CP.
2. Discharge the responsibilities in this Circular and other obligations prescribed by law.
Chapter VII
IMPLEMENTATION[370],[371],[372],[373],[374], [375]
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This Circular comes into force from September 15, 2013.
Article 54. Implementation organization[376]
The SBV’s Office, head of SBV Banking Supervision Agency, heads of SBV’s affiliated units, Directors of SBV’s provincial branches, credit institutions, FBBs, VAMC, and relevant organizations and individuals are responsible for the implementation of this Circular./.
Appendix 01. Report on risk provision for special bonds with term before applying for extension[377]
Unit: VND million
Entry
Year 1
Year 2
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Year 4
Year …
Year n
1. Total special bonds owned
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Where:
1.1. Special bonds to be owned in the year
1.2. Special bonds whose term requires extension
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2. Difference between revenues and expenses before tax (exclusive of risk provision for special bonds)
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3. Amount of bad debts collected, corresponding to special bonds owned
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Where:
4.1. Risk provision for special bonds owned in the year
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4.2. Risk provision for special bonds whose term requires extension
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5. Difference between revenues and expenses before tax
Guidelines on preparation of this report:
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Entries are calculated as at December 31 of the year and are whole numbers.
2. Entry (1) - Total special bonds owned: Balance on special bonds issued by VAMC to the credit institution in each year;
Entry (1.1) - Special bonds to be owned in the year (if any): Balance on special bonds to be owned by the credit institution when it sells bad debts to VAMC in each year (if any). For Year 1, the balance is calculated from the time of application for extension of special bonds to December 31 of Year 1;
Entry (1.2) - Special bonds whose term requires extension: Special bonds for which an application for extension is submitted by the credit institution (enter the value in Year 1).
3. Entry (2) - Difference between revenues and expenses before tax (exclusive of risk provision for special bonds): Difference between revenues and expenses of the credit institution, exclusive of risk provision for special bonds set aside in each year.
4. Entry (3) - Amount collected from bad debts sold to VAMC: Amount collected by the credit institution in each year from total special bonds owned.
5. Entry (4) - Risk provision for special bonds: Specific amount of risk provision set aside by the credit institution in each year for total special bonds owned according to their original term. Where:
- Entry (4.1) - Risk provision for special bonds owned in the year: Specific amount of risk provision set aside by the credit institution in each year for total special bonds received in the year according to their original term;
- Entry (4.2) - Risk provision for special bonds whose term requires extension: Specific amount of risk provision set aside by the credit institution in each year for total special bonds requiring extension according to their original term.
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Appendix 02. Report on risk provision for special bonds with term after applying for extension378[378]
Unit: VND million
Entry
Year 1
Year 2
Year 3
Year 4
Year …
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1. Total special bonds owned
Where:
1.1. Special bonds to be owned in the year
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1.2. Special bonds whose term requires extension
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2. Difference between revenues and expenses before tax (exclusive of risk provision for special bonds)
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4. Risk provision for special bonds
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Where:
4.1. Risk provision for special bonds owned in the year
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4.2. Risk provision for special bonds whose term requires extension
5. Difference between revenues and expenses before tax
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Guidelines on preparation of this report:
1. Year 1 is the year in which application for extension of special bonds is submitted. Year 2 to Year n is subsequent years of which Year n is the last year of the requested extension period.
Entries are calculated as at December 31 of the year and are whole numbers.
2. Entries (1) through (3) are corresponding values in Entries (1) through (3) in Appendix 1.
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- Entry (4.1) - Risk provision for special bonds owned in the year: Specific amount of risk provision set aside by the credit institution in each year for total special bonds received in the year according to their original term;
- Entry (4.2) - Risk provision for special bonds whose term requires extension: Specific amount of risk provision set aside by the credit institution in each year for total special bonds requiring extension according to the requested extension period.
4. Entry (5) - Difference between revenues and expenses before tax: Difference between revenues and expenses before tax (exclusive of risk provision for special bonds) in Entry (2) minus (-) Risk provision for special bonds in Entry (4).
CERTIFIED BY
PP. GOVERNOR
DEPUTY GOVERNOR
Doan Thai Son
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“The Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
The Law on Credits Institutions No. 47/2010/QH12 dated June 16, 2010;
The Law on Enterprises No. 68/2014/QH13 dated November 26, 2014;
The Government’s Decree No. 156/2013/ND-CP dated November 11, 2013 defining functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV);
The Government’s Decree No. 53/2013/ND-CP dated May 18, 2013 prescribing establishment, organization and operation of Vietnam Asset Management Company;
The Government’s Decree No. 34/2015/ND-CP dated March 31, 2015 on amendments to the Government's Decree No. 53/2013/ND-CP dated May 18, 2013 on establishment, organization and operation of Vietnam Asset Management Company (hereinafter referred to as the Decree No. 34/2015/ND-CP);
At the request of the Head of the SBV Banking Supervision Agency;”
[2] The Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company is promulgated pursuant to:
“The Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
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The Government's Decree No. 53/2013/ND-CP dated May 18, 2013 on establishment, organization and operation of Vietnam Asset Management Company (as amended by the Government’s Decree No. 34/2015/ND-CP dated March 31, 2015 and the Government's Decree No. 18/2016/ND-CP dated March 18, 2016) (hereinafter referred to as “Decree No. 53/2013/ND-CP”);
At the request of the Head of the SBV Banking Supervision Agency;
[3] The Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company is promulgated pursuant to:
“The Law on the State Bank of Vietnam dated June 16, 2010;
The Law on Credits Institutions dated June 16, 2010;
The National Assembly’s Resolution No. 42/2017/QH14 dated June 21, 2017 on pilot settlement of bad debts of credit institutions (hereinafter referred to as “Resolution No. 42/2017/QH14”);
The Government's Decree No. 53/2013/ND-CP dated May 18, 2013 on establishment, organization and operation of Vietnam Asset Management Company (as amended by the Government’s Decree No. 34/2015/ND-CP dated March 31, 2015 and the Government's Decree No. 18/2016/ND-CP dated March 18, 2016) (hereinafter referred to as “Decree No. 53/2013/ND-CP”);
The Government's Decree No. 61/2017/ND-CP dated May 16, 2017 on verification of starting prices for bad debts and collateral thereof; establishment of bad debt auction councils;
The Government's Decree No. 16/2017/ND-CP dated February 17, 2017 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam;
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[4] The Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company is promulgated pursuant to:
At the request of the Head of the SBV Banking Supervision Agency;”
[5] The Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company is promulgated pursuant to:
“The Law on the State Bank of Vietnam dated June 16, 2010;
The Law on Credit Institutions dated January 18, 2024;
The Law on Enterprises dated November 26, 2020;
The Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV);
The Government’s Decree No. 53/2013/ND-CP dated May 18, 2013 on the establishment, organization and operation of Vietnam Asset Management Company; the Government’s Decree No. 34/2015/ND-CP dated March 31, 2015 providing amendments to the Government’s Decree No. 53/2013/ND-CP; the Government's Decree No. 18/2016/ND-CP dated March 18, 2016 providing amendments to the Government’s Decree No. 53/2013/ND-CP;
At the request of the Head of the SBV Banking Supervision Agency;”
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[7] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[8] This clause is amended according to Clause 1 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[9] This clause is amended according to Clause 2 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[10] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[11] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[12] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[13] This clause is amended according to point a Clause 2 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[14] This clause is amended according to Clause 1 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[15] This clause is amended according to Clause 1 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
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[17] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[18] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[19] This clause is amended according to point b Clause 2 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[20] This clause is amended according to Clause 1 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[21] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[22] This clause is amended according to point c Clause 2 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[23] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[24] This clause is amended according to Clause 3 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[25] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[27] This clause is amended according to Clause 3 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[28] This clause is amended according to Clause 1 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[29] This clause is amended according to Clause 1 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[30] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[31] This point is amended according to Clause 4 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[32] This point is added according to Clause 5 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[33] This point is added according to Clause 5 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[34] This Article is amended according to Clause 2 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[35] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[37] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[38] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[39] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[40] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[41] This clause is amended according to Clause 3 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[42] The phrase “sử dụng trái phiếu đặc biệt” (“using special bonds”) is abrogated according to Clause 6 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[43] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[44] The phrase “sử dụng trái phiếu đặc biệt” (“using special bonds”) is abrogated according to Clause 6 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[45] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[47] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[48] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[49] This clause is amended according to Clause 3 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[50] This Article is amended according to Clause 4 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[51] Heading of this Section is amended according to Clause 7 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[52] This Article is amended according to Clause 8 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[53] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[54] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[55] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[57] This Article is amended according to Clause 4 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[58] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[59] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[60] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[61] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[62] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[63] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[64] The phrase “tái cơ cấu” is replaced with the phrase “cơ cấu lại” (two phrases have the same meaning) according to Clause 3 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[65] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[67] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[68] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[69] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[70] This Article is amended according to Clause 10 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[71] This Article is amended according to Clause 11 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[72] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[73] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[74] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[75] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[77] This Article is added according to Clause 2 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[78] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[79] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[80] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[81] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[82] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[83] This clause is amended according to Clause 5 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[84] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[85] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[87] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[88] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[89] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[90] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[91] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[92] This Point is amended according to Clause 6 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[93] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[94] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[95] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[97] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[98] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[99] This Article is added according to Clause 12 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[100] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[101] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[102] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[103] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[104] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[105] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[107] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[108] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[109] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[110] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[111] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[112] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[113] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[114] This Article is added according to Clause 3 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[115] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[117] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[118] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[119] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[120] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[121] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[122] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[123] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[124] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[125] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[127] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[128] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[129] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[130] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[131] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[132] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[133] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[134] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[135] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[137] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[138] The phrase “tổ chức có chức năng định giá độc lập” (“an organization providing independent valuation services”) is replaced with the phrase “doanh nghiệp thẩm định giá” (“valuation firm”) according to Clause 4 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[139] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[140] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[141] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[142] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[143] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[144] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[145] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[147] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[148] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[149] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[150] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[151] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[152] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[153] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[154] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[155] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[157] This Article is amended according to Clause 5 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[158] This clause is amended according to Clause 14 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[159] This Article is amended according to Clause 6 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[160] This Article is amended according to Clause 7 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[161] This Article is amended according to Clause 5 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[162] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[163] This Article is amended according to Clause 5 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[164] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[165] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[167] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[168] This Article is amended according to Clause 8 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[169] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[170] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[171] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[172] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[173] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[174] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[175] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[177] This clause is amended according to Clause 9 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[178] This Article is amended according to Clause 6 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[179] The phrase “tổ chức có chức năng định giá độc lập” (“an organization providing independent valuation services”) is replaced with the phrase “doanh nghiệp thẩm định giá” (“valuation firm”) according to Clause 4 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[180] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[181] This clause is added according to Clause 7 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[182] This Article is amended according to Clause 9 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[183] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[184] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[185] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[187] The phrase “tổ chức có chức năng định giá độc lập” (“an organization providing independent valuation services”) is replaced with the phrase “doanh nghiệp thẩm định giá” (“valuation firm”) according to Clause 4 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[188] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[189] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[190] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[191] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[192] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[193] This Article is added according to Clause 7 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[194] This Article is amended according to Clause 10 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[195] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[197] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[198] This clause is amended according to Clause 8 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[199] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[200] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[201] The phrase “tổ chức có chức năng định giá độc lập” (“an organization providing independent valuation services”) is replaced with the phrase “doanh nghiệp thẩm định giá” (“valuation firm”) according to Clause 4 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[202] This clause is added according to Clause 9 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[203] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[204] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[205] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[207] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[208] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[209] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[210] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[211] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[212] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[213] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[214] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[215] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[217] This point is added according to Clause 10 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[218] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[219] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[220] Heading of this Chapter is amended according to Clause 22 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[221] Heading of this Article is amended according to Clause 23 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[222] This clause is added according to Clause 11 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[223] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[224] This point is amended according to Clause 9 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[225] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[227] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[228] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[229] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[230] This Article is added according to Clause 12 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[231] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[232] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[233] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[234] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[235] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[237] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[238] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[239] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[240] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[241] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[242] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[243] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[244] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[245] This clause is amended according to Clause 13 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
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[247] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[248] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[249] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[250] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[251] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[252] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[253] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[254] This Article is added according to Clause 14 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[255] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[257] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[258] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[259] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[260] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[261] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[262] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[263] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[264] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[265] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[267] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[268] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[269] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[270] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[271] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[272] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[273] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[274] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[275] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[277] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[278] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[279] This clause is added according to Clause 14 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[280] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[281] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[282] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[283] This clause is amended according to Clause 28 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[284] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[285] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[287] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[288] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[289] This clause is added according to Clause 29 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[290] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[291] The phrase “tái cơ cấu” is replaced with the phrase “cơ cấu lại” (two phrases have the same meaning) according to Clause 3 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[292] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[293] This clause is added according to Clause 15 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[294] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[295] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[297] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[298] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[299] This clause is amended according to Clause 30 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[300] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[301] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[302] This clause is amended according to Clause 11 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[303] This clause is added according to Clause 31 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[304] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[305] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[307] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[308] This Article is amended according to Clause 16 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[309] This Article is added according to Clause 33 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[310] This clause is amended according to Clause 12 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[311] This clause is amended according to Clause 12 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[312] The phrase “tổ chức có chức năng thẩm định giá” (“an organization providing valuation services”) is replaced with the phrase “doanh nghiệp thẩm định giá” (“valuation firm”) according to Clause 5 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[313] The phrase “tổ chức có chức năng thẩm định giá” (“an organization providing valuation services”) is replaced with the phrase “doanh nghiệp thẩm định giá” (“valuation firm”) according to Clause 5 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[314] The phrase “tổ chức có chức năng thẩm định giá” (“an organization providing valuation services”) is replaced with the phrase “doanh nghiệp thẩm định giá” (“valuation firm”) according to Clause 5 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[315] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[317] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[318] The phrase “tổ chức có chức năng thẩm định giá” (“an organization providing valuation services”) is replaced with the phrase “doanh nghiệp thẩm định giá” (“valuation firm”) according to Clause 5 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[319] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[320] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[321] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[322] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[323] This Article is added according to Clause 10 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[324] This point is abrogated according to Clause 7 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[325] This Article is added according to Clause 35 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
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[327] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[328] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[329] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[330] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[331] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[332] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[333] This clause is amended according to Clause 16 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[334] This clause is added according to Clause 17 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[335] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[337] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[338] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[339] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[340] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[341] This clause is added according to Clause 36 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[342] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[343] This clause is added according to Clause 36 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[344] This clause is added according to Clause 18 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[345] This clause is added according to Clause 18 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
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[347] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[348] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[349] This clause is amended according to Clause 37 Article 1 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015.
[350] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[351] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[352] This point is added according to Clause 19 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[353] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[354] This point is added according to Clause 19 Article 1 of the Circular No. 32/2019/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from February 14, 2020.
[355] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng Việt Nam” (“Vietnamese credit institution”) according to Clause 2 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
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[357] This point is added according to Clause 13 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[358] This clause is added according to Clause 11 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[359] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[360] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[361] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[362] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[363] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[364] This point is abrogated according to Clause 8 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[365] This clause is added according to Clause 11 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
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[367] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[368] This clause is added according to Clause 12 Article 1 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017.
[369] The phrase “tổ chức tín dụng” (“credit institution”) is replaced with the phrase “tổ chức tín dụng, chi nhánh ngân hàng nước ngoài” (“credit institution and/or foreign bank branch (FBB)”) according to Clause 1 Article 2 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[370] Article 2 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015 stipulates as follows:
“Article 2. Effect
1. This Circular comes into force from October 15, 2015.
2. With regard to special bonds that are paid before the effective date of this Circular but the bad debts related to such bonds are not fully collected (including principal, interest, and relevant financial obligations related to the bad debt) under credit contracts, entrustment contracts, or corporate bond purchase contracts, VAMC and debt-selling credit institutions shall comply with Point a Clause 2 Article 44 of this Circular.”
(Clause 2 of this Article is abrogated according to Clause 3 Article 2 of the Circular No. 08/2016/TT-NHNN dated June 16, 2016 providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016)
[371] Article 3 of the Circular No. 14/2015/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC, coming into force from October 15, 2015 stipulates as follows:
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The Chief of Office, Head of SBV Banking Supervision Agency, Heads of SBV’s affiliated units, Directors of SBV’s provincial branches, Chairpersons of Boards of Directors, Chairpersons of Boards of Members, and General Directors (Directors) of Vietnamese credit institutions; Chairperson of the Board of Members and General Director of VAMC are be responsible for implementation of this Circular.”
[372] Article 2 and Article 3 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016, stipulate as follows:
“Article 2. Effect
1. This Circular comes into force from August 01, 2016.
2. With regard to special bonds that are paid before October 15, 2015 but the bad debts related to such bonds are not fully collected (including principal, interest, and relevant financial obligations related to the bad debt) under credit contracts, entrustment contracts, or corporate bond purchase contracts, VAMC and debt-selling credit institutions shall apply the following provisions:
a) The debt-selling credit institution shall repurchase the bad debt from VAMC at the purchase price equaling the book value of the outstanding principal recorded on the balance sheet of VAMC. If no balance on the bad debt is recorded on the balance sheet of VAMC, the purchase price shall be zero (0).
b) VAMC shall provide the debt-selling credit institution with information and documents on the outstanding amounts of principal, interest, penalties and fees which become due but are not yet paid by the borrower; other information and documents concerning the debt, the borrower, guarantor, and parties obliged to repay debt, and transfer the entire amount of debts collected after the payment date of special bonds (if any) to the debt-selling credit institution.
c) The debt-selling credit institution shall receive the debt from VAMC, record it as an OBS item, implement necessary measures for collecting and settling the debt in accordance with regulations of law, and record any amount received from VAMC as its other income.
3. Clauses 16, 17, 18, 19, 20, 21, 24, 25, 32 Article 1 and clause 2 Article 2 of the Circular No. 14/2015/TT-NHNN dated August 28, 2015 providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the SBV’s Governor prescribing purchase, sale and settlement of bad debts of VAMC are abrogated.
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[373] Article 2 and Article 3 of the Circular No. 09/2017/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 15, 2017, stipulate as follows:
“Article 2. Responsibility for implementation
The Chief of Office, Head of SBV Banking Supervision Agency, Heads of SBV’s affiliated units, Directors of SBV’s provincial branches, Chairpersons of Boards of Directors, Chairpersons of Boards of Members, and General Directors (Directors) of Vietnamese credit institutions; Chairperson of the Board of Members and General Director of VAMC are be responsible for implementation of this Circular.
Article 3. Implementation
1. This Circular comes into force from August 15, 2017.
2. Provisions of point b clause 7a Article 3, clause 2 Article 23, clauses 3, 4, 5 Article 26, point d clause 3 Article 47b, point c clause 4a, clause 4b Article 50 of the Circular No. 19/2013/TT-NHNN (as amended) shall be applied for 05 years from August 15, 2017.
3. This Circular will nullify the following:
a) Clauses 13, 15, 34, 39 Article 1 of the Circular No. 14/2015/TT-NHNN dated August 28, 2015 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN.
b) Clauses 6, 8, 10, 11, 12, 19 Article 1 of the Circular No. 08/2016/TT-NHNN dated June 16, 2016 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN./.”
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“Article 2. Implementation organization
The Chief of Office, Head of SBV Banking Supervision Agency, Heads of SBV’s affiliated units, Directors of SBV’s provincial branches, Chairpersons of Boards of Directors, Chairpersons of Boards of Members, and General Directors (Directors) of Vietnamese credit institutions; Chairperson of the Board of Members and General Director of VAMC are be responsible for implementation of this Circular.
Article 3. Implementation
1. This Circular comes into force from February 14, 2020.
2. This Circular nullifies:
a) Clauses 6, 9, 26, 27 and 38 Article 1 of the Circular No. 14/2015/TT-NHNN dated August 28, 2015 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN;
b) Clauses 4, 7, 13, 17 and 18 Article 1 of the Circular No. 08/2016/TT-NHNN dated June 16, 2016 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN./.”
[375] Article 3 and Article 4 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024 stipulate as follows:
“Article 3. Responsibility for implementation
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Article 4. Effect
1. This Circular comes into force from July 01, 2024.
2. This Circular nullifies Clauses 3, 4 Article 1 of the Circular No. 09/2017/TT-NHNN dated August 14, 2017 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 19/2013/TT-NHNN./.”
[376] This Article is amended according to Clause 14 Article 1 of the Circular No. 03/2024/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from July 01, 2024.
[377] This Appendix is added according to Clause 20 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
[378]This Appendix is added according to Clause 20 Article 1 of the Circular No. 08/2016/TT-NHNN providing amendments to the Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the Governor of the State Bank of Vietnam prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company, coming into force from August 01, 2016.
Integrated document No. 16/VBHN-NHNN dated June 13, 2024 Circular on prescribing purchase, sale and settlement of bad debts of Vietnam Asset Management Company
- Số hiệu: 16/VBHN-NHNN
- Loại văn bản: Văn bản hợp nhất
- Ngày ban hành: 13/06/2024
- Nơi ban hành: Ngân hàng Nhà nước Việt Nam
- Người ký: Đoàn Thái Sơn
- Ngày công báo: Đang cập nhật
- Số công báo: Đang cập nhật
- Ngày hiệu lực: 13/06/2024
- Tình trạng hiệu lực: Kiểm tra
Đơn vị chủ quản: Công ty cổ phần tư vấn đầu tư và ứng dụng công nghệ 4.0.
Chịu trách nhiệm chính: Bà Phạm Hoài Thương.
Giấy chứng nhận ĐKDN số: 0108234370, do Sở Kế hoạch và Đầu tư thành phố Hà Nội cấp ngày 18/04/2018.
Địa chỉ: Thôn Trung, Xã Phù Đổng, TP Hà Nội - VPGD: C2 Vincom, 119 Trần Duy Hưng, Phường Yên Hòa, TP Hà Nội.
Điện thoại: 024.6294.9155 - Hotline 1: 0342.799.688 - Hotline 2: 0985.426.175 - Hotline 3: 0984.988.691 - Email: info@hethongphapluat.com
