Circular No. 13/2017/TT-NHNN dated September 29, 2017 of the State Bank on amending and supplementing a number of articles of Circular No. 07/2015/TT-NHNN dated June 25, 2015 of the State Bank of Vietnam. Governor of the State Bank of Vietnam provides for bank guarantees
The Circular amends the terms of the bank guarantee obligations and the conditions for granting letters of guarantee for housing projects to be formed in the future.
Accordingly, the guaranteed obligation is a lawful financial obligation, except for the obligation to guarantee payment of bonds for issuers for the purpose of debt restructuring and bonds issued by subsidiaries, companies, and other companies. affiliates of other credit institutions (Clause 2, Article 1).
For a guarantee for a housing project to be formed in the future, the bank must issue a letter of guarantee to each buyer. The maximum amount of guarantee for a housing project is equal to the total amount of money the investor is allowed to receive in advance from the buyer and other amounts the investor is obliged to return to the buyer under the contract if upon arrival. due but not yet delivered.
The Circular takes effect from November 15, 2017.
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