11:07:27 AM | 21/7/2008
The State Bank of Vietnam (SBV) July 15 issued a regulation guiding the applying of interest rates pursuant to the Decision No.16/2008/QD-NHNN dated May 16, 2008, the SBV website announced.
Under the Document No.6399/NHNN-CSTT, the floating ling rate must be negotiated in credit contracts signed from May 19, 2008 when the above decision took effect. Credit institutions must fix ling rates for customers at the time of signing credit contracts under the decision.
As for credit contracts signed before May 19, 2008, floating ling rate must not exceed the maximum ling rate ruled in the decision.
Credit institutions and borrowers are allowed to negotiate to adjust ling rate recorded in credit contracts in line with Clause 4 of Civil Law and Decision 16. (
www.sbv.gov.vn)
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