Many new regulations on bank cards, home loans take effect from January 2022

From January 2022, many new policies on issuing bank cards, preferential loans to build houses, buying houses will take effect.


Open a bank card online.

The State Bank of Vietnam recently adopted Circular No. 17/2021/TT-NHNN dated November 16, 2021, amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN on bank card operations.

Accordingly, Circular 17/2021 adds regulations on card issuance electronically. The card issuer may issue debit cards, credit cards, prepaid cards with identification for cardholders who are individuals electronically.

Card issuers must formulate, promulgate and publicize the process and procedures for issuing cards of individuals electronically in accordance with other legal provisions, including at least the following steps:

– Collecting necessary information and papers before concluding a card issuance contract and using the card with customers;

– Check, collate and verify customer identification information;

– Alert customers to behaviors not performed during the opening and use of the card electronically;

– Provide customers with contracts to issue and use cards in accordance with the contents specified in this Circular and make contracts;

– Notification of the name of the card issuer, name or trademark of the card, card number, validity period of the card, cardholder name, scope and function of the use of the card, prohibitions when using the card to customers,…

Thus, with the addition of this new regulation, the bank does not need to meet in person and support people to make payment transactions for consumer and business activities.

This Circular takes effect from January 1, 2022.

Many people get home loans at an interest rate of just 4.8%

The Governor of the State Bank of Vietnam has issued Decision No. 1956/QD-NHNN on the interest rates of commercial banks applicable in 2022 for outstanding loans of housing assistance loans as prescribed in Circular No. 11/2013/TT-NHNN dated May 15, 2013, Circular No. 32/2014/TT-NHNN dated November 18, 2014, and Circular No. 25/2016/TT-NHNN dated July 29, 2016.

Accordingly, the interest rate of commercial banks applied in 2022 for outstanding loans of home support loans under the above circulars is 4.8% per year.

This decision takes effect from January 1, 2022. This interest rate remained stable as in 2021 but decreased by 0.2% compared to 2019 and 2020.

Preferential loans to build houses up to VND 500 million, no more than 25 years

On November 30, 2021, the State Bank of Vietnam issued Circular No. 20/2021/TT-NHNN amending and supplementing a number of articles of Circular No. 25/2015/TT-NHNN of the Governor of the State Bank guiding preferential loans to implement social housing policies.

Circular amending and supplementing Clause 4, Article 6 of Circular No. 25/2015/TT-NHNN on lending levels is as follows: For customers who borrow preferential loans for new construction or renovation or repair of their houses, the maximum loan amount is equal to 70% of the estimated value or loan plan, a maximum of not more than VND 500 million and no more than 70% of the value of the loan secured assets.

The Circular also amends and supplements Clause 4 Article 7 on the loan term as follows: For customers specified in Clause 2, Article 2 of this Circular, the subjects of loans for new construction or renovation or repair of houses for housing specified in Clause 1 Article 16 of Decree No. 100/2015/ND-CP for new construction or renovation, Repair of a residential home: The loan term agreed by the bank and the customer is in accordance with the customer’s ability to repay the debt and not more than 25 years from the date of disbursement of the first loan.

In addition, amending and supplementing Clause 2 and Point a Clause 3 Article 10 on lending interest rates are as follows: Preferential lending interest rates for customers for new construction or renovation and repair of houses determined and announced by the State Bank in each period.

Date: 24/12/2021