(vasep.com.vn) On December 21st 2012, the State Bank of Vietnam has issued the Circular No. 33/2012/TT-NHNN regulating the maximum rates of interest on short-term loans in VND imposed by credit institutions and branches of foreign banks on their borrowers in order to satisfy the demand for capital serving some economic sectors and disciplines.
Accordingly, the maximum short-term lending interest rates in VND for credit institutions is at 12 percent per year, for the people’s credit fund and micro-finance institutions at 13 percent.
The above rates will apply to:
- Loans to serve agriculture and rural development as regulated in the Government’s Decree 41/2010/NĐ-CP dated April 12th 2010 on credit policy to serve for agriculture and rural development.
- Loans to implement project of producing and trading exported products as regulated in Commercial Law
- Loans for production of small and medium-sized enterprises as regulated in the Government’s Decree 56/2009/NĐ-CP dated June 30th 2009 on supporting development of small and medium-sized enterprises.
- Loans for developing subsidiary industries as regulated in the Prime Minister’s Decision 12/2011/QĐ-TTg dated February 24th 2011 on policies to develop some subsidiary industries.
- Loans to serve for producing and trading enterprises with high-tech applications as regulated in high-tech application law.
The Circular took effect since December 24th 2012