Consolidated Document 40/VBHN-NHNN: Guidelines for Lending with SME Credit Guarantee Fund Guarantees
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The State Bank of Vietnam issued Consolidated Document 40/VBHN-NHNN, consolidating Circular 45/2018/TT-NHNN (effective February 12, 2019) on guidelines for credit institutions lending with SME Credit Guarantee Fund (CGF) guarantees under Decree 34/2018/ND-CP, as amended by Circular 85/2025/TT-NHNN. The document prescribes coordination procedures between credit institutions and CGFs, minimum content of cooperation agreements, lending principles for guaranteed loans (loans denominated in Vietnamese dong, with credit institutions bearing their own lending decision responsibility), and interest rates not exceeding the lender's rates for the same term and sector. Circular 85/2025/TT-NHNN amendments are primarily organizational: repealing Article 7(2), replacing "provincial/municipal SBV branch" with "Regional SBV branch", and updating responsibilities of SBV internal units. This is a technical consolidation effective December 31, 2025.
Scope
Consolidated Document 40/VBHN-NHNN consolidates Circular 45/2018/TT-NHNN dated December 28, 2018 of the SBV Governor on guidelines for credit institutions in lending with SME Credit Guarantee Fund (CGF) guarantees under Decree 34/2018/ND-CP dated March 8, 2018 on the establishment, organization, and operation of SME Credit Guarantee Funds.
Applicable entities: (1) CGFs established under Decree 34/2018/ND-CP; (2) credit institutions operating under the Law on Credit Institutions (lenders); (3) SMEs guaranteed by CGFs (borrowers); (4) other related organizations and individuals.
Key provisions
Coordination for guaranteed lending (Article 3): Lenders and CGFs must execute a framework agreement or case-by-case agreement before proceeding with guaranteed lending. Where the CGF accepts collateral, a written agreement must ensure the lender has the right to receive and process that collateral if the CGF fails to fulfill its guarantee obligation.
Content of cooperation agreement (Article 4): Cooperation agreements must include at minimum: procedures for receiving and appraising loan applications, disbursement; guarantee certificate content; rights and obligations of parties; monitoring of loan use; restructuring and default procedures; cases where the CGF may decline guarantee obligations; and collateral transfer arrangements.
Lending principles (Article 5): The CGF must have appraised and decided to guarantee the investment project or business plan. Lenders independently appraise and decide on lending in Vietnamese dong and bear full responsibility for their lending decisions. Loan classification and provisioning follow SBV regulations.
Interest rates (Article 6): Lenders and borrowers negotiate interest rates for short-, medium-, and long-term loans, provided rates do not exceed the lender's rates for the same term and sector.
Amendments by Circular 85/2025/TT-NHNN: Repealed Article 7(2) (case-by-case reporting obligation for lenders); replaced "provincial/municipal SBV branch" with "Regional SBV branch" throughout Article 7(3); updated Article 8 on SBV internal unit responsibilities to add the Department for Management and Supervision of Credit Institutions.
Effective date
Circular 45/2018/TT-NHNN took effect on February 12, 2019, replacing Circular 05/2015/TT-NHNN dated May 4, 2015. Circular 85/2025/TT-NHNN took effect on December 31, 2025. Consolidated Document 40/VBHN-NHNN was published in Official Gazette No. 265 on May 7, 2026.