Circular No. 03/2022/TT-NHNN dated May 20th, 2022 of the Governor of the State Bank of Vietnam guiding commercial banks to provide interest rate support under the Government's Decree No. 31/2022/ND-CP dated May 20th, 2022 on provision of interest rate support by the state budget for loans provided for enterprises, cooperatives or business households

This Circular provides guidelines for commercial banks regarding forms of provision of interest rate support; how to allocate interest rate support levels with regard to each commercial bank, accounting operation, etc. in relation to amounts of interest rate support provided for clients according to the regulations at Decree No. 31/2022/ND-CP .

Accordingly, form of provision of 2% of interest rate support for loans provided for enterprises, cooperatives or business households under Decree No. 31/2022/ND-CP shall be decided by each bank according one of 2 forms below:

(i) Direct deduction of payable loan interests of client equaling to the amount of loan interests eligible for the interest rate support;

(ii) Collection of full loan interests in the term then refunding the amount of loan interests eligible for the interest rate support to the client on the same date of loan interest collection.

Levels of interest rate support at each bank shall be determined according to the regulations at Article 4 and Annex 01 of this Circular.

This Circular takes effect from May 20th, 2022.