(vasep.com.vn) In May 22nd, 2013, the Vietnamese government has issued the Resolution No.54/2013/ND-CP, amending its Resolution No. 75/2011/ND-CP of August 30th, 2011 on the State’s investment credit and export credit policy.
1. Supplementing the Article 16 on offering loans to companies to buy aquatic feed for fish production to export, in compliance with following export credit regulations:
a) The borrowing conditions: Borrowers need to satisfy following criteria:
- Having export contract or supply contract with fish processing and export companies;
- Having effective plan to farm raw fish for processing to export, which is recognized and funded by Vietnam Development Bank;
- Having fully legal capacity and civil act capacity of individuals;
b) Credit limit:
The credit limit will be maximally expanded to 85 percent of borrowers’ total demand to afford aquatic feed for fish production to export set in their plan recognized and funded by VDB. In addition, the loan offered to different borrowers must not exceed 15 percent of charter capital of VDB.
c) Term of loan:
The term of loan is calculated on the base of the payment capacity of different borrowing plans to buy aquatic feed, which have been recognized and funded by VDB. The term is limited within 12 months.
2. Supplementing the Article 27a on debt rescheduling:
Debt rescheduling will be maximally extended to 36 months for export credit offered by the State to borrowers in vegetables, fruits and seafood sectors, when borrowers got business losses in 2011 and 2012 and could not mobilize money to pay loans on time.
The new Resolution took effect since May 22nd, 2013.
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