Circular active selling receivables from financial leasing contracts under the provisions of Decree No. 65/2005/ND-CP dated 19/05/2005 of the Government "regulations amending and supplementing a number of articles of Decree No. 16/2001/ND-CP dated 02/05/2001 of the Government on the organisation and operation of the leasing companies" _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pursuant to article 5, Paragraph 1 of the Decree No. 65/2005/ND-CP dated 19/5/2005 of the Government regulations on the amendments and supplements to some articles of Decree No. 16/2001/ND-CP dated 2/5/2001 of the Government on the organisation and operation of financial leasing company, State Bank of Vietnam guide some content about the sale of receivables from financial leasing contracts are stipulated in Conference This theorem is as follows: 1. Interpret the wording in this circular, the terms below are interpreted as follows: 1.1. "Receivables from financial leasing contract" (hereinafter referred to as the receivables) is the amount that lessees have to pay for the leasing companies under financial leasing contracts.
1.2. "transactions selling receivables from financial leasing contract" (hereinafter referred to as the transaction of selling receivables) is the financial leasing company sells receivables receivables to the buyer within the rest of the financial leasing contract aimed at diversifying the products for hire and increasing operational capital. Sale transactions in accounts receivable, financial leasing companies continued to withdraw money from the lease, rental, use of the money recovered was to pay for the purchase of receivables.
1.3. "seller accounts receivable" (hereinafter referred to as the seller) is the financial leasing company was State Bank licensed establishment and operation.
1.4. "the buyer accounts receivable" (hereinafter referred to as the buyer) is the investor, including: organizations operating in Vietnam, individuals residing in Vietnam.
1.5. "purchase price receivables" is the amount of money due to the parties agreement to sale transactions in accounts receivable, as determined by a percentage of lessees have to pay under a contract of financial leasing, but not lower than the original debt for financial lease minus the amount the lessor has recovered from the lessees.
1.6. "contract to sell accounts receivable" is the text signed between the seller and the buyer to make the transaction of selling receivables.
1.7. "access claims in transactions to sell accounts receivable" (hereinafter referred to as the right demanding access) is the right of the buyer asks the seller performed the obligation of paying for the buyer at the end of the contract of sale of accounts receivable.
2. The principle of selling receivables 2.1. The sale of accounts receivable is done through receivables sale contract between the seller and the buyer.
2.2. Ensuring the rights, obligations and legal interests of the parties to the contract of sale of accounts receivable and other receivables-related parties.
2.3. sale transactions In accounts receivable, the seller still holds ownership of the rental property and continue to recover the money from the lease rental paid to the buyer.
2.4. receivables sale transactions are made in the form of selling receivables attached to reclaim access. Receivables sales contract is the legal bases guaranteed to the buyer have access requires the seller.
3. conditions for accounts receivable sold 3.1. Rental property sale contract-related receivables: a. legally owned by the seller;
b. do not use to ensure the implementation of other obligations;
c. There is no dispute concerning rental property;
d. rental property are operating normally.
3.2. the related sales contract hire-party receivables: receivables to be offered for sale, hire, party has paid full rent, on time according to the contract of financial leasing.
4. Procedure 4.1 receivables sold. The seller choose the receivables from financial leasing contracts to sell to the buyer, at the same time have the obligation to provide full information about the accounts receivable would be offered, including: a. list of receivables: name, address, party; property and rental property status; location rental property; the amount of rent and lease amount have to pay under a contract of financial leasing; price selling accounts receivable; other information if the buyer has requested;
b. a copy of the contract of financial leasing, insurance contracts;
c. a copy of the registration certificate secured transactions.
4.2. The buyer profile assessment and evaluate the recovery of these receivables are offered for sale; reviews the situation of business activity, the financial capacity of the parties to the sale and rental of party to decide to buy accounts receivable and inform the seller accounts receivable.
4.3. The seller draft the contract of sale of accounts receivable, including the principal content specified in point 8.1 clause 8 of this circular. The seller and the buyer agree on the content of the contract of sale of accounts receivable.
4.4. The seller and the buyer signed the contract of sale of accounts receivable; at the same time the seller notice to lessees of the sale of accounts receivable.
4.5. The buyer proceed to make payment to the seller as specified in the contract of sale of accounts receivable.
4.6. Seller tracking and recovery of rent from the leasing contract hire finance to pay to the buyer under the contract of sale of accounts receivable.
5. The currency used in the transaction of selling receivables seller and buyer make sale receivables transactions in Vietnam. Sale receivables transactions in foreign currency is only done in cases of financial leasing contracts in foreign currency and the parties must comply with the provisions of the law on foreign exchange.
6. accounts receivable sale Cost the cost related to the sale of accounts receivable by the parties themselves agreed on the basis of the provisions of the law and specified in the contract of sale of accounts receivable, including: 6.1. Fee negotiation.
6.2. The fees (if any).
7. Measures to ensure transaction in receivables sale the seller and buyer may agree to apply or not to apply measures to ensure transaction in selling accounts receivable according to the provisions of the law.
8. accounts receivable sale contract 8.1. Receivables sales contract must include the content primarily the following:-the name and address of the seller and the buyer;
-Description of the receivables and lease;
-Current value of receivables is sold;
-The purchase price receivables, payment method;
-Measures to ensure the implementation of obligations under the contract of sale of accounts receivable (if available);
-The method of implementation of the contract to sell accounts receivable;
-The time limit for implementation of the contract of sale of accounts receivable;
-The rights and obligations of the seller and the buyer;
-The case of liquidated accounts receivable sales contract before maturity;
-Responsible for breach of contract to sell accounts receivable;
-Violations of the contract to sell accounts receivable;
-Resolve disputes arising in the course of performing the contract of sale of accounts receivable;
-Up to the validity of the contract of sale of accounts receivable.
8.2. The seller and buyer may agree other content if the agreement is not contrary to the provisions of the law.
8.3. The contract of sale of accounts receivable can be modified, supplemented or cancelled if the parties have agreed otherwise not contrary to the provisions of the law and this circular.
9. accounts receivable sale contract termination before term 9.1. The buyer has the right to terminate the contract of sale of receivables before maturity when occurs a in the following cases: a) the seller violates the terms of the contract of sale of accounts receivable;
b) seller is bankrupt, and the buyer does not accept the transfer of the contract to sell receivables to third parties;
c) leasing contract was terminated before the term and the buyer disagree replace with a receivables from financial leasing contract.
9.2. The seller has the right to terminate the contract of sale of receivables before maturity when occurs a in the following cases: a) the buyer violates the terms of the contract of sale of accounts receivable;

b) buyer recommend terminating the contract to sell receivables because of objective reasons so the buyer is bankrupt, the dissolved, died without heirs or lost the capacity for civil acts without guardians;
c) the buyer changes the content of the contract of sale of accounts receivable when not approved seller.
9.3. The contract of sale of accounts receivable can be terminated before the term in case the buyer and seller agree to terminate the contract before maturity.
10. Handling receivables sale contract terminated before the term the buyer and seller may agree the handling receivables sale contract termination before term. The case the parties cannot settle the handling receivables sale contract termination before maturity as follows: 10.1. The case of receivables sale contract was terminated before the term prescribed in clause 9.1 point 9 of this circular, the seller must pay to the buyer the full amount the buyer paid after deducting the amount the seller has to pay to the buyer under the contract of sale of accounts receivable; The seller is liable in damages to the buyer in accordance with the contract of sale of accounts receivable. The case of the seller does not pay to buy the remaining receivables within the time limit required by the buyer, the buyer is entitled to sue the seller in accordance with the law.
10.2. in case of receivables sale contract was terminated before the term prescribed in clause 9.2 point 9 of this circular, the seller must pay to the buyer the full amount the buyer paid after deducting the amount the seller has to pay to the buyer under the contract of sale of accounts receivable; the buyer must compensate all damages to the seller according to the rules stated in the contract of sale of accounts receivable.
10.3. in case the contract of sale of accounts receivable was terminated before the term prescribed in clause 9.3 point 9 of this circular, the seller must pay the remaining amount to the buyer under the contract of sale of receivables, the compensation of damage caused by the parties themselves agreed.
10.4. in case of receivables sale contract was terminated before the term due to the buyer or seller is bankrupt as defined in point 9.1. b and point 9.2. b the clause 9 of this circular, the rights and obligations of the buyer, the seller is processed according to the provisions of the law on bankruptcy.
11. The rights and obligations of the seller 11.1. The rights of the seller: a) the full realization of the rights of the lessor in the leasing contract for lease;
b) get the money due to the buyer the payment as agreed in the contract of sale of accounts receivable;
c) requires the buyer to comply the contractual agreement to sell receivables and provisions of law. Case the buyer intentionally violated the contract of sale of receivables, the seller has the right to sue the buyer in accordance with the law;
d) refused to implement the requirements of the buyer if this request is contrary to the agreement in the contract of sale of receivables and provisions of law;
DD) full implementation of other rights for the buyer as agreed in the contract of sale of accounts receivable.
11.2. Obligations of the seller: a) provide adequate, timely and truthful to the buyer the documents related to the sale of receivables as agreed between the two parties and in accordance with the law;
b) informing the party rental and party guarantor (if any) about the sale of accounts receivable;
c) perform the obligations of the lessor in the leasing contract for lease;
d) tracking and recovery of rents from lessees under finance lease contracts to pay to the buyer under the contract of sale of accounts receivable;
DD) to fulfill the obligations with regard to the buyer as agreed in the contract of sale of accounts receivable.
12. The rights and obligations of the buyer 12.1. The rights of the buyer a) request vendors to provide complete, timely and honestly to the buyer the documents related to the sale of receivables as agreed between the two parties and in accordance with the law;
b) require seller to transfer the entire notarized records of property rental, leasing contracts and papers relating to receivables (if the two sides agreed in the contract of selling receivables);
c) sold accounts receivable to another buyer on the condition that the new buyer committed to implement the provisions of the contract of sale of accounts receivable;
d) get the money because the seller pays as agreed in the contract of sale of accounts receivable until pay off and termination of the contract of sale of accounts receivable;
DD) to sue the seller according to the legal provisions when the seller violated the obligation was committed;
e) make access demands in case the seller breached contract of sale of accounts receivable.
12.2. The obligation of the buyer a) payment to the seller as agreed in the contract of sale of accounts receivable;
b) fulfill the obligations for the seller as agreed in the contract of sale of accounts receivable;
c) inform the seller about the receivables have been transferred to the buyer;
d) retention of records and papers relating to receivables in accordance with the provisions of the law; at the same time leaving the entire record for the seller as liquidated accounts receivable sales contracts;
DD) other obligations prescribed by law and sales contracts receivables.
13. Handling of violating the Organization, individuals with violation of this circular, then depending on the nature and extent of the violation will be handled in accordance with the law.
14. the implementation of liability 14.1 the company financial leasing: the Board of the financial leasing company issued internal rules about trading sell receivables on the basis of the provisions of this circular and accordingly the current law before implementation.
14.2. The responsibility of the units belonging to State Bank a) Inspector Inspector State Bank, oversees the leasing company in the implementation of the provisions related to the transaction of selling receivables; processed under the authority and petitions to State Bank Governor handled the cases of violation of the provisions of this circular.
b) Service financial accounting-accounting guide for professional sale receivables financial leasing company.
15. terms of implementation 15.1. This circular has the effect after 15 days from the date the report.
15.2. Office, Director of The Bank and non-bank credit organization, heads of units of the State Bank of Vietnam, the Director of the branch of the State Bank, the central cities, Chairman of the Board and ceo (Director) financial leasing company is responsible for the implementation of this circular.