Consolidated Document No. 37/VBHN-NHNN: Credit Policy Guidelines for Building and Upgrading Offshore Fishing Vessels under Decree 67/2014/ND-CP
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Based on:37/VBHN-NHNN - Government Official Gazette
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This is a consolidated document issued by the State Bank of Vietnam (SBV) on 23 January 2026, merging Circular No. 22/2014/TT-NHNN with three subsequent amendments (Circulars 21/2015, 12/2018, and 85/2025) into a single reference text. It guides commercial banks on lending under Decree No. 67/2014/ND-CP on fisheries development policy, specifically loans to build or upgrade offshore fishing vessels and offshore fishing-logistics vessels, plus working-capital loans for offshore fishing operations. The document sets loan conditions (newly built vessels must have a main engine capacity of 400CV or more; vessel owners must be on a list approved by the provincial People's Committee), loan limits and interest rates (partially subsidized by the State Budget per Ministry of Finance guidance), loan terms, collateral (the vessel itself), debt classification and risk-handling rules for force-majeure situations, and a mechanism for transferring a loan from an old vessel owner unable to complete the project to an approved new owner. The most recent amendment (Circular 85/2025/TT-NHNN, effective 31 December 2025) only updates the names of the internal SBV units responsible for implementation (the Credit Department for Economic Sectors, Monetary Policy Department, SBV Inspection, Banking Supervision Agency, and regional SBV branches) following an organizational restructuring, without changing the underlying lending policy. This is a narrow, sector-specific credit program for fishing vessel owners and the commercial banks financing them, not a general tax, accounting, e-invoice, customs, or labor rule applicable to typical SMEs.
Overview
Consolidated Document No. 37/VBHN-NHNN (certified 23 January 2026) merges Circular No. 22/2014/TT-NHNN dated 15 August 2014 with amendments made by Circular No. 21/2015/TT-NHNN, Circular No. 12/2018/TT-NHNN, and Circular No. 85/2025/TT-NHNN into a single reference text. It guides implementation of credit policy under Decree No. 67/2014/ND-CP on fisheries development policies.
Scope and Applicability
- Loans for ordering the construction or upgrade of offshore fishing vessels and offshore fishing-logistics vessels.
- Working-capital loans supporting offshore fishing operations and related logistics services.
- Applies to: vessel owners under Decree 67/2014/ND-CP; commercial banks; and related organizations and individuals.
Loan Conditions
- Newly built vessels must have a total main engine capacity of 400CV or more; upgraded vessels must reach or exceed this threshold after the upgrade.
- The vessel owner must be on a list approved by the provincial People's Committee, must be effectively engaged in fishing, have financial capacity, and have a specific business plan.
- The vessel owner must commit to purchasing all-risk insurance for the hull, equipment, and fishing gear after completing construction or upgrade.
- The loan plan must be appraised as effective and feasible by the commercial bank.
- For working-capital loans, current regulations on agricultural and rural lending apply.
Loan Limits, Interest Rates, and Terms
- Loan limits and interest rates follow Decree 67/2014/ND-CP (as amended by Decree 89/2015/ND-CP).
- The State Budget partially subsidizes the interest rate; the subsidy dossier and procedure follow Ministry of Finance guidance.
- Overdue-debt interest rates are agreed between the bank and vessel owner in the credit contract.
- Working-capital loan terms are agreed by both parties, capped at 12 months from the contract signing date.
Collateral
Commercial banks take the newly built or upgraded vessel itself as loan collateral; security-interest registration follows current regulations.
Debt Classification and Risk Handling
Current debt classification, provisioning, and risk-provision-use rules apply. Where risk arises from objective or force-majeure causes, commercial banks handle it under Decree 67/2014/ND-CP. Non-payment for other reasons is handled under ordinary law.
Vessel-Owner Transfer Mechanism (Article 7a)
When the original vessel owner can no longer proceed with the construction or upgrade project, the vessel and the loan may be transferred to a new owner approved by the provincial People's Committee, including any overdue principal and accrued interest. The bank, the old owner, and the new owner sign a debt-handover agreement; the new owner then signs a new loan and security contract, with the remaining interest-subsidy period capped at what was left for the old owner.
Responsibilities
Vessel owners must use loan proceeds for the stated purpose, repay principal and interest on time, and provide accurate information. Commercial banks must plan funding, issue internal lending guidelines, report to the SBV, and monitor loans. SBV units (Credit Department for Economic Sectors, Monetary Policy Department, SBV Inspection, Banking Supervision Agency, and regional SBV branches) are responsible for policy guidance, inspection, and supervision.
Effective Dates
The original circular took effect 25 August 2014. Subsequent amendments took effect 25 November 2015, 27 April 2018, and 31 December 2025 respectively (Circular 85/2025/TT-NHNN only updated the names of internal SBV units following an organizational restructuring).