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MEKONG COUNSEL


Circular on the maximum interest rate by United States Dollar of organizations, individuals in credit institutions

On June 01st, 2011, the State Bank of Vietnam issued Circular No. 14/2011/TT-NHNN stipulating on the maximum interest rate by United States Dollar (“USD”) of organizations, individuals in credit institutions. Accordingly,

-              The maximum interest rate by USD applicable to organizations being resident and non-resident

               (except credit institutions) shall be 0.5% per annum; to individuals being resident, non-resident

               shall be 2.0% per annum.

-              The maximum interest rate shall include all expenses for promotion of all types and shall be

               applied to method of interest at maturity; for other methods of payment, conversion into

               method of interest at maturity should be applied in accordance with the maximum rate for

               capital mobilization.

-              Credit institutions must be responsible for publishing the interest rate for capital mobilization in

               USD at points of capital mobilization.

               -              Interest rates by USD of organizations, individuals in credit institutions arisen before the

                              effective day of this Circular shall be performed until the agreed period.

This Circular shall come into force from June 02nd, 2011 and replace Circular No. 09/2011/TT-NHNN dated April 09th, 2011.