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SBV promulgates new regulations on IR support loans
To implement Decision No.497/QD-TTg of the Prime Minister dated April 17, 2009, the State Bank of Vietnam (SBV), on May 5, 2009, issued Circular No. 09/2009/TT-NHNN stipulating detailed regulations on supporting interest rate loans for procuring instruments and material for agricultural production and rural housing development.
Under this Circular, the State will provide interest rate support for VND short and medium-term loans for institutional and individual borrowers to procure instruments and material for agricultural production and rural housing development with the aim of helping them reduce investment expenses, improve productivity and promote industrial development by the means of stimulating investment and consumption in the rural areas.
Credit institutions implementing this interest rate support program include commercial banks (according to Item 1 of Article 2 of Decision No. 131/QĐ-TTg of the Prime Minister dated January 23, 2009) and finance companies (according to Item 1 of Article 1 of Decision No.333/QĐ-TTg of the Prime Minister dated March 10, 2009).
The interest rate support loans are those VND short and medium-term loans which are signed and disbursed in the period of May 1 to December 31, 2009 for procuring instruments and material for agricultural production and rural housing development in line with the detailed list of domestic products eligible for interest rate support mentioned in Decision No.2095/QĐ-BCT of the Ministry of Industry and Trade dated April 29, 2009.
Those short and medium-term loans for procuring instruments and material for agricultural production and rural housing development, which have already benefited from interest rate support in accordance with Decision No.131/QĐ-TTg and Decision No.443/QĐ-TTg of the Prime Minister dated April 4, 2009, will not be eligible for interest rate support under Decision No.497/QĐ-TTg of the Prime Minister dated April 17, 2009 and this Circular.
The principle of interest rate support is that commercial banks and finance companies provide short and medium-term loans for procuring instruments and material for agricultural production and rural housing development in compliance with the ordinary lending mechanism and implement interest rate support in line with the regulations of the Prime Minister and the SBV guidelines.
The Circular is fully posted in the column of Legal Documents and Implementation of interest rate support policy on the SBV Website.
Diem Hang
sbv
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