LEGAL UPDATE RELATING TO FINANCE AND CREDIT (MONTHLY LEGAL UPDATE – 07/2023)
Specifically, Article 3 of Decree
No. 13/2023/ND-CP stipulates: “Article 3. Rules for
protection of personal data
1. The personal data shall be
processed as prescribed by law.
2. The data subject shall be
entitled to receive information related to the processing of his/her personal
data, unless otherwise provided for by law.
3. The personal data shall be
processed for the purposes that have been registered and declared by the
Personal Data Controller, the Personal Data Processor, the Personal Data
Controller-cum-Processor and the Third Party.
4. The collected personal
data shall be appropriate for the scope and purposes of processing. The
purchase or sale of personal data shall be prohibited in any form, unless
otherwise provided for by law.
5. The personal data shall be
updated and added for the processing purposes.
6. The personal data shall be
protected and secured throughout the processing. To be specific, the personal
data shall be protected from violations against regulations on protection of
personal data and prevention of loss, destruction or damage caused by incidents
and use of technical measures.
7. The personal data shall be
stored within a period of time that is appropriate for the processing purposes,
unless otherwise provided for by law.
8. The Personal Data
Controller and the Personal Data Controller-cum-Processor shall comply with the
rules for data processing specified in Clauses 1 through 7 of this Article and
prove their compliance.”
Specifically, Article 6 of Circular
No. 17/2022/TT-NHNN stipulates: ““Article 1. Amending and supplementing a
number of articles of Circular No. 39/2016/TT-NHNN
...
2. To amend and supplement
Article 8 as follows:
“Article 8. Rejected loan
demands
Credit institutions shall not
be allowed to approve the following loan demands:
1. To carry out business
investment activities in bussiness lines banned from investment and business in
accordance with the Law on Investment.
2. To pay expenses and meet
the financial needs of business investment activities in bussiness lines banned
from investment and business in accordance with the Law on Investment and other
transactions and acts prohibited by laws.
3. To purchase and use goods
and services in bussiness lines banned from investment and business in
accordance with the Law on Investment.
4. To buy gold bars.
5. To repay the loan at the
lending credit institution, except for the case of lending to pay the loan
interest arising during the construction process, the interest expense is
calculated in total construction investment approved by competent authorities
in accordance with laws.
6. To repay foreign loans
(excluding foreign loans in the form of goods purchase and sale with deferred
payment), credit extension at other credit institutions, except for loans to
repay loans before maturity. The loan fully meets the following conditions:
a) The loan term does not
exceed the remaining loan term of the old loan;
b) It is a loan that has not
yet been restructured.
7. To send money.
8. To pay for capital
contribution, purchase, receive and transfer capital contributions of limited
liability companies or partnerships; contribute capital, purchase, receive and
transfer shares of joint stock companies that have not been listed on the stock
market or have not been registered for trading on the Upcom trading system.
9. To pay the capital
contribution under the capital contribution contract, investment cooperation
contract or business cooperation contract for the implementation of an
investment project that is not eligible to be put into business as prescribed
by law at that time credit institutions decide to lend.
10. For financial
compensation, unless the loan fully meets the following conditions:
a) The customer has advanced
the customer's own capital to pay and pay the cost of implementing the business
project, which the costs of implementing this business project have been
incurred less than 12 months up to the time credit institutions decide to lend;
b) Expenses paid and paid
with the customer's own capital in order to carry out the business project are
the expenses using the loan source of the credit institution according to the
capital use plan sent to the credit institutions to be considered for medium
and long-term loans to carry out that business project.””
Specifically, Article 1 of Decision
No. 1123/QĐ-NHNN
stipulates: “Article 1. The following interest rates are adopted by
the State Bank of Vietnam, including:
1. Refinancing interest rate:
4,5%/year.
2. Re-discount interest rate:
3,0%/year.
3. Interest rate on overnight
loans in interbank electronic payment and loans for making up fund deficits in
clearing payment given by the State Bank of Vietnam to credit Institutions and
foreign bank branches: 5,0%/year.”
Specifically, Article 1 of
Decision No. 1124/QĐ-NHNN stipulates: “Article 1. Maximum
interest rates of deposits in Vietnam Dong (VND) of organizations (except
credit institutions and foreign bank branches) and individuals at credit
institutions and foreign banks branches according to Circular
No. 07/2014/TT-NHNN dated March 17, 2014 are as follows:
1. The maximum interest rate
of demand deposits and deposits with a term less than 1 month is 0,5%/year.
2. The maximum interest rate
of deposits with a term from 1 month to less than 6 months is 4,75%/year.
Particularly, people's credit funds and microfinance institutions shall apply
the maximum interest rate of 5,25%/year with respect to deposits with a term
from 1 month to less than 6 months.”
Specifically, Article 1 of
Decision No. 1125/QĐ-NHNN stipulates: “Article 1. Maximum
interest rates of short-term loans in Vietnamese Dong (VND) according to Clause
2 Article 13 of the Circular No. 39/2016/TT-NHNN dated December 30,
2016 are as follows:
1. Credit institutions and
foreign bank branches (except for People's Credit Funds and microfinance
institutions) shall grant short-term loans in VND with the maximum interest
rate of 4,0%/year.
2. People’s Credit Funds and
microfinance institutions shall grant short-term loans in VND with the maximum
interest rate of 5,0%/year.”
Specifically, Section 1 of Official Letter No. 2535/TCT-TTKT
stipulates: “1. About providing information on transactions through
accounts, account balances, transaction data.
- Commercial banks and other
credit institutions provide information on transactions through accounts,
account balances and transaction data at the request of the Director of
Taxation Department for purposes of inspection, examination, determine the tax
payable and take measures to enforce the administrative decision on tax
administration in accordance with the tax law, within 10 working days from the
date of receipt of the written request of the tax authority. In case commercial
banks and other credit institutions fail to provide data at the request of tax
administration authorities, they will be administratively sanctioned as
prescribed in Article 19 of Decree No. 125/2020/ND-CP dated October 19, 2020 of
the Government on penalties for administrative violations on taxes and
invoices.
- Tax Departments, upon request for information, shall send documents to the Head Office of commercial banks and other credit institutions for implementation. The requested content needs to be complete and detailed with identification information and content for commercial banks and other credit institutions to implement. For complicated and important matters, it is possible to organize a meeting between the Tax Department and commercial banks and other credit institutions; or coordinate and work with the Tax Department to directly manage such commercial banks and other credit institutions in accordance with law. Tax Departments that directly manage commercial banks and other credit institutions are responsible for coordinating with Tax Departments upon request.
- Tax Departments are responsible for keeping information confidential, using information for the right purposes and taking full responsibility for the safety of information in accordance with the Law on Tax Administration and relevant laws.”
