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light-check New regulations on bank guarantee

Circular No. 11/2022/TT-NHNN dated September 30th, 2022 of the State Bank on prescribing the bank guarantee
Posted: 7/10/2022 10:36:38 AM | Latest updated: 24/10/2022 1:31:03 PM (GMT+7) | LuatVietnam: 5554 | Vietlaw: 583
VietlawOnline

According to Article 7 of this Circular, guarantee issuance agreement or guarantee commitment must be written in Vietnamese, except guarantee transaction is considered a civil relation involving foreign elements; guaranteed obligations arise from the execution of projects funded by international finance organizations; guaranteed obligations arise from performance of international contract packages.

Banks are also allowed to issue electronic guarantee.

The off-plan housing guarantee is regulated at Article 13 of this Circular.

This Circular takes effect from September 29th, 2017. To replace Circular No. 07/2015/TT-NHNNstatus3 dated June 25th, 2015 and Circular No. 13/2017/TT-NHNNstatus3 dated September 29th, 2017.

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Effective date 1-Apr-2023
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Published Vietlaw's Newsletter No. 583

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