THE STATE BANK OF VIETNAM

Circular No. 16/2013/TT-NHNN dated June 27, 2013 of the State Bank of Vietnam promulgating the maximum interest rate for VND short-term loans of the credit institutions and foreign bank’s branches for the customers to satisfy funds demand serving some economic areas and sectors
Pursuant to the Law No. 46/2010/QH12 dated June 16, 2010 of the National Assembly on the State Bank of Vietnam;
Pursuant to the Law No. 47/2010/QH12 dated June 16 2010 of the National Assembly on the Credit Institutions;
Pursuant to the Decree No. 96/2008/ND-CP dated August 26, 2008 of the Government on defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
At the proposal of the Director of Department of Monetary Policy;
The Governor of the State Bank of Vietnam issues the Circular the Circular promulgating the maximum interest rate for VND short-term loans of the credit institutions and foreign bank’s branches for the customers to satisfy funds demand serving some economic areas and sectors.
Article 1. Vietnam dong (VND) short-term loaning interest rates of credit institutions and foreign bank’s branches
1. The maximum short-term loaning interest rate in VND is 9% per annum; people's credit funds and microfinance institutions may impose the maximum interest rate of 10% per annum on short-term loans in VND. 
2. The short-term loans in VND that are eligible for the maximum interest rate prescribed in Clause 1 this Article are the loans that satisfy the demands for fund that is used for:
a) To service the development of agriculture and rural areas as prescribed in the Decree No. 41/2010/ND-CP dated April 12, 2010 of the Government on credit policies for agricultural and rural development;
b) To implement the plans, projects of production and trading of exports as prescribed in the Commercial Law;
c) To service the production and trading of medium and small enterprises as prescribed in the Decree No. 56/2009/ND-CP of June 30, 2009, on assistance to the development of small- and medium-sized enterprises;
d) To develop the ancillary industries as prescribed in the Decision No. 12/2011/QD-TTg dated February 24, 2011 of the Prime Minister on policies on development of a number of supporting industries;
e) To serve the production and trading of the high-tech enterprises as prescribed in the Law on High Technologies, and relevant laws.
Article 2. Borrower’s responsibilities
1. The borrowers of credit institutions, foreign bank’s branches eligible for the loan interest rates prescribed in Article 1 of this Circular are the borrowers that satisfy the loan conditions in accordance with the regulations of the State bank of Vietnam on the activities of loan provision by credit institutions and foreign bank’s branches to their clients, and their financial conditions are considered transparent and healthy by the credit institution and foreign bank’s branches.
2. The borrowers shall provide the information and documents proving the purposes of borrowing loans serving to the disciplines eligible for the loan interest rates prescribed in this Circular, and take responsibility before law for the truthfulness and accuracy of the information and documents provided.
Article 3. Responsibilities of credit institutions and foreign bank’s branches