03 CONDITIONS FOR CLIENTS TO EXTEND THEIR DUE DATES FOR PAYING DEBTS DUE TO COVID-19
TAX DEFERMENT, EXEMPTION OF LATE PAYMENT INTEREST DUE TO EFFECTS OF COVID-19
15/04/2020
ENTERPRISES WHOSE TRANSACTION VALUE IS HIGHER THAN VND 1,000 BILLION MUST NOTIFY PRIOR TO UNDERGOING ECONOMIC CONCENTRATION
15/04/202003 CONDITIONS FOR CLIENTS TO EXTEND THEIR DUE DATES FOR PAYING DEBTS DUE TO COVID-19
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According to Circular No. 01/2020/TT-NHNN issued by the State Bank of Vietnam and coming into effect on March 13, 2020:
– Accordingly, credit institutions, foreign bank branches shall reschedule their debts, exempt, reduce interests, fees, retain debt category to assist clients affected by Covid-19. Specifically, an outstanding debt, including the principal and/or interest may be rescheduled if the below three (03) conditions are satisfied:
(i) The debt is a loan or finance lease;
(ii) The principal and/or interest arises during the period from Jan 23, 2020 to the day following 03 months after the day on which the Prime Minister declares the end of the Covid-19 outbreak;
(iii) The borrower is unable to repay the principal and/or interest under the loan/finance lease agreement due to decrease in revenue caused by Covid-19 pandemic.
– Debts shall be rescheduled in the case of the debt is overdue during the period from Jan 23, 2020 to the 16th day from the effective date of this Circular.
– Credit institutions and foreign bank branches shall decide to reduce, exempt interests, fees according to their internal regulations on extension of the debts (except purchases of corporate bonds) that are due during the period from Jan 23, 2020 to the day following 03 months after the Prime Minister declares the end of the Covid-19 pandemic.
Best regards,
