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ARTICLE · 22 FEBRUARY 2017

Revolve, Rollover And Refinance: New Lending Rules In Vietnam

Duane Morris LLP
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A few years ago the State Bank of Vietnam ("SBV") started the custom of celebrating the new year by firing a salvo of new regulations during the last working days of the year.

VietnamFinance and Banking
Bach Duong Pham
Bach Duong Pham
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A few years ago the State Bank of Vietnam ("SBV") started the custom of celebrating the new year by firing a salvo of new regulations during the last working days of the year.  This time it was no different, except that the salvo lasted beyond the Lunar New Year holidays.  On 9 February 2017, the SBV released on its website the last two circulars of 2016 dated 30 December.  The new regulations are of great importance for the country's banking system and the economy at large as they aim to overhaul the regulatory framework applicable to lending activities of credit institutions [1] and foreign bank branches in Vietnam (hereafter, banks).  Although, it will take some time for banks and their clients to fully assess the impact of the new lending regime, we believe the following three changes introduced by the first of the two circulars – Circular 39/2016/TT-NHNN on credit activities of credit institutions and foreign bank branches ("Circular 39") – are the most

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