THE STATE BANK OF VIETNAM

Circular No. 11/2015/TT-NHNN dated August 23, 2015 of the State Bank of Vietnam providing guidelines on handling with loans of agriculture and forestry companies when restructuring, renovating according to the Decree No. 118/2014/ND-CP dated December 17, 2014 of the Government
Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010;
Pursuant to the Decree No. 156/2013/ND-CP dated November 11, 2013 of the Government defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Decree No. 118/2014/ND-CP dated December 17, 2014 of the Government on restructuring, development and improvement of agriculture and forestry companies;
At the proposal of the Director of Department of Credit for all economic sectors;
The State Bank Governor promulgates the Circular providing guidelines on handling with loans of agriculture and forestry companies when restructuring, renovating according to the Decree No. 118/2014/ND-CP dated December 17, 2014 of the Government.
Article 1. Scope of application and subjects of application
1. Scope of application
This Circular provides guidelines on handling with loans of agriculture and forestry companies from credit institutions when restructuring and improvement as stipulated under the Decree No. 118/2014/ND-CP dated December 17, 2014 of the Government on restructuring, development and improvement of agriculture and forestry companies (hereinafter referred to as the Decree No. 118/2014/ND-CP).
2. Subjects of application
a) One-member limited liability companies specialized in agriculture and forestry that are wholly state-owned companies as stipulated under Clause 2, Article 1 of the Decree No. 118/2014/ND-CP; agriculture and forestry companies that are wholly state-owned companies as stipulated under Clause 1, Article 26 of the Decree No. 118/2014/ND-CP (hereinafter referred to as agriculture and forestry companies);
b) Credit institutions operating as stipulated under the Law No. 47/2010/QH12 on credit institutions dated June 17, 2010;
c) Organizations, households, individuals related to debt settlement of agriculture and forestry companies;
Article 2. Interpretation of terms
In this Circular, these terms below shall be construed as follows:
1. “Time of transformation” means time to finalize accounting books and set up financial statement for the nearest quarter since the plan of restructuring, renovating agriculture and forestry companies is approved by competent agencies.
2.”The plan of restructuring, improvement of agriculture and forestry companies” is the plan of restructuring, improvement of agriculture and forestry companies under the following form: maintaining, improving and developing under the form that are wholly state-owned companies, transformed into Joint Stock Company, Limited Liability Company with two members or more, dissolution of agriculture and forestry companies and transformed into Management Board of protection forest under the mechanism of public service units that produce turnovers. 
3. “Loan” includes all loans arising from lending, discounting, finance leasing, factoring, guaranteeing and other credit professions until agriculture and forestry companies process the classification, renovation according to the plan of restructuring, renovating agriculture and forestry companies approved by the competent agencies.