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Independence – Freedom – Happiness
No: 03/2003/CT-NHNN

Hanoi, May 21, 2003



On April 4, 2003, the Prime Minister issued Directive No. 08/2003/CT-TTg on raising the efficiency and competitiveness of enterprises. In furtherance of Point 5 of this Directive, the State Bank Governor hereby requests the commercial banks to perform the following tasks:

1. To synchronously apply capital mobilization solutions: To step up the mobilization of domestic medium- and long-term capital; to exploit and efficiently use long-term capital sources, which are provided by international financial organizations as financial assistance to projects on small- and medium-sized enterprises, rural financial projects, rural-enterprise financial projects and loans for State enterprise reform and company administration program, for investment in enterprises’ projects on producing high-quality commodity products with competitive edges on domestic and international markets. At the same time, the commercial banks shall take measures to effectively recover debts, especially overdue debts and outstanding debts, in order to increase lending capital sources.

2. To create favorable conditions for enterprises of all economic sectors to conveniently get access to bank credit capital for investment in production, technological renewal and human resource development along the direction of improving the lending process with simpler lending procedures and dossiers, with shorter duration for settling loan provision while ensuring the strict observance of law provisions; to publicly post up and directly approach enterprises in order to guide the lending conditions, process and procedures as well as the maximum duration for settling loans, evaluate and decide on loans in time so as to meet the enterprises’ capital-borrowing demands which satisfy the lending conditions. In cases where they cannot provide loans, the commercial banks must clearly notify in writing the enterprises thereof.

3. To take initiative in acquiring capital sources to meet the enterprises’ demands for investment in production, technological renewal and human resource development at appropriate interest rates, regardless of whether the enterprises belong to State economy, collective economy or private economy sector, if such enterprises and collectives satisfy the lending conditions under the current lending mechanism and security.

4. To attach importance to lending capital to enterprises for investment in the construction, procurement and improvement of machinery and equipment chains in service of raising the quality and lowering the production costs in order to raise the competitiveness of each type of products, especially those with production advantages and outlets, and those in the group of commodities in the roadmap for integration with the regional countries. For enterprises which have projects on producing high-quality commodity products with competitive edges on domestic and international markets, the commercial banks shall arrange with priority medium- and long-term capital sources for them to borrow for terms suitable to the projects’ investment capital recovery duration.

5. To consider permitting capital-borrowing enterprises of all economic sectors to apply measures to secure loans with assets formed from loan capital, or to provide loans without asset guarantee as follows:

a/ The provision of loans guaranteed with assets formed from loan capital shall apply to cases where short-, medium- and long-term loans are provided according to the provisions of the Government’s Decree No. 85/2002/ND-CP of October 25, 2002 amending and supplementing the Government’s Decree No. 178/1999/ND-CP of December 29, 1999 on credit institutions’ loan security and the State Bank’s relevant guiding documents.

b/ The provision of loans without asset guarantee shall comply with the Government’s Decree No. 178/1999/ND-CP, Decree No. 85/2002/ND-CP, Point 13, Section III of the Government’s Resolution No. 02/2003/NQ-CP of January 17, 2003 and the State Bank’s relevant guiding documents.

6. To contribute capital to credit guarantee funds in order to set up credit guarantee funds for small- and medium-sized enterprises in the provinces and centrally-run cities according to the provisions of the Prime Minister’s Decision No. 193/2001/QD-TTg of December 20, 2001 and the State Bank Governor’s Circular No. 06/2003/TT-NHNN of April 10, 2003 in order to create conditions for expanding the provision of loans for small- and medium-sized enterprises as well as cooperatives.

7. To attach importance to education and training of officials, especially credit workers, so that they can grasp the regulations of the current credit mechanism, raise the loan-evaluating capability and ensure loan capital disbursement in compatibility with the requirements and tempo of implementation of enterprises’ projects on investment in production, technological renewal and human resource development, and at the same time to well provide consultancy for enterprises on capital borrowing and efficient use of loan capital, ensuring the capability to repay debts fully and on time.

8. Organization of implementation

a/ This Directive takes effect fifteen days after its publication in the Official Gazette.

b/ The heads of the units under the State Bank, the directors of the State Bank’s branches in the provinces and centrally-run cities, the Managing Boards and general directors (directors) of the commercial banks shall have to implement this Directive.








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