New Regulations on Guaranteeing Future Housing
The State Bank of Vietnam has issued Circular 49/2024/TT-NHNN amending and supplementing a number of articles of Circular 11/2022/TT-NHNN on bank guarantees.
Article 3, Clause 1 of Circular 49/2024/TT-NHNN amended and supplemented Article 13 of Circular 11/2022/TT-NHNN on guarantees for future housing.
Accordingly, Circular 49/2024/TT-NHNN stipulates that commercial banks (CBs) and branches of foreign banks shall consider and decide to issue guarantees to project owners when: Project owners meet all the requirements prescribed in Article 11 of Circular 11/2022/TT-NHNN (except where the CB or branch of a foreign bank guarantees the project owner on the basis of a counter-guarantee). Specifically, the project owner must have full civil legal capacity and civil act capacity as prescribed by law; the guaranteed obligation is a legitimate financial obligation; and is assessed by the credit institution or branch of a foreign bank as having the capacity to repay the amount that the credit institution or branch of a foreign bank must pay on its behalf when performing the guarantee obligation.
The project owner has received a written response from the provincial-level state management agency for real estate business that the housing meets the conditions for sale or lease-purchase.
After signing a contract for the sale or lease-purchase of housing, which includes the financial obligations of the project owner, the project owner shall send the contract to the guarantor to request the issuance of a guarantee letter to the buyer.
The guarantor shall issue a guarantee letter based on the contract for sale or lease-purchase of housing, the agreement to provide a guarantee, and the commitment to issue a guarantee letter, and send it to the project owner to provide to the buyer.
Circular 49/2024/TT-NHNN takes effect from December 10, 2024.
Guidance on Reporting on Offerings and Trading of Corporate Bonds
The Ministry of Finance has issued Circular No. 76/2024/TT-BTC guiding the information disclosure regime and reporting regime for private placements of corporate bonds in the domestic market and offerings of corporate bonds in the international market.
Accordingly, organizations that provide tendering, underwriting, or agency issuance services for corporate bonds shall periodically report on a quarterly and annual basis on the situation of providing tendering, underwriting, or agency issuance services for corporate bonds as prescribed in Clause 22, Article 1 of Decree No. 65/2022/ND-CP.
Content of the report: According to the form in Appendix VII issued together with this Circular. The reporting period starts from January 01 to December 31 for the annual report and starts from the first day of the first month of the quarter to the last day of the last month of that quarter for the quarterly report.
Deadline for submission of the report: No later than the 15th of the first month of the following quarter for the quarterly report and no later than January 31 of the following year for the annual report.
This Circular takes effect from December 25, 2024.
Revocation of 5 Circulars in the Field of Finance and Banking
The Ministry of Finance has issued Circular No. 78/2024/TT-BTC revoking Circulars in the field of finance and banking issued by the Minister of Finance.
According to Circular 78, the following Circulars in the field of finance and banking issued by the Minister of Finance are revoked in their entirety:
1. Circular No. 120/2016/TT-BTC dated July 14, 2016, of the Ministry of Finance on the Charter of Organization and Operation of Vietnam Computerized Lottery One-Member Limited Liability Company.
2. Circular No. 188/2013/TT-BTC dated December 09, 2013, of the Ministry of Finance guiding the financial management regime and assessment of operational efficiency for the Vietnam Stock Exchange, the Vietnam Securities Depository, and the Hanoi Stock Exchange.
3. Circular No. 127/2012/TT-BTC dated August 08, 2012, of the Ministry of Finance guiding the standards, conditions, and procedures for recognizing organizations providing enterprise valuation services.
4. Circular No. 205/2014/TT-BTC dated December 24, 2014, of the Ministry of Finance amending and supplementing a number of articles of Circular No. 127/2012/TT-BTC dated August 08, 2012, of the Ministry of Finance guiding the standards, conditions, and procedures for recognizing organizations providing enterprise valuation services.
5. Circular No. 76/2015/TT-BTC dated May 19, 2015, of the Ministry of Finance prescribing the interest rates for investment credit, export credit, and the interest rate difference to be supported after investment.
This Circular takes effect from December 12, 2024.
