On April 02, 2021, the State Bank of Viet Nam issued Circular 03/2021/TT-NHNN on amending and supplementing some articles of Circular No. 01/2020/TT-NHNN providing instructions for credit institutions and branches of foreign banks on debt rescheduling, exemption or reduction of interest and fees, retention of debt category to assist borrowers affected by the Covid-19 pandemic which took effect on May 17, 2021. 3 (three) main contents of the Circular include:
- Amending conditions of debt rescheduling;
- Supplementing of regulations on allocation of provision for bad debts; and
- Extending the time limit for exemption and reduction of interest and fees.