SBV guidelines on negotiable interest rate mechanism

The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 01/2009/TT-NHNN to provide guidelines on negotiable interest rate mechanism applicable to credit institutions. This Circular takes effect on February 1, 2009.

Accordingly, credit institutions will apply negotiable interest rate mechanism for consumer and credit card loans in line with SBV regulations on lending by credit institutions, the demand and supply of the market, and creditworthiness of the borrowers.

Additionally, credit institutions should also determine the credit line for each customer and those areas in service of consumer demand  and credit card loans in compliance with SBV regulations on prudent ratios and practical operational conditions of credit institutions.

Credit institutions are required to strictly control their credit lines and quality of consumer and credit card loans.

The Circular aims at implementing Resolution No. 30/2008/NQ-CP of the Government dated December 11, 2008 on urgent measures to prevent  economic downturn, maintain  economic growth and ensure social protection; and the guidance of the Prime Minister in Document No. 627/VPCP-KTTH dated January 23, 2008 on negotiable interest rate mechanism of credit institutions.

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