Circular 11/2022/TT-NHNN regulating the bank guarantee (Circular 11) has been issued to replace Circular 07/2015/TT-NHNN stipulating the bank guarantee and Circular 13/2017/TT-NHNN amending and supplementing a number of articles of Circular 07/2015/TT-NHNN. Circular 11 will take effect from April 1, 2023. The following are some new points of Circular 11 that may affect the operation of enterprises:
(i) Supplementing the form of electronic guarantee;
(ii) Providing specific guidance on cases where it is permitted to use a foreign language as the language of a guarantee agreement or guarantee commitment;
(iii) Amending and supplementing a number of specific regulations when conducting guarantee activities.
