According to Vietnam Law on Credit Institution,
and Circular 07/2015/TT-NHNN on bank guarantee, bank guarantee refers to a
type of credit whereby the guarantor undertakes to act on behalf of the obligor
to fulfill their financial obligations to the obligee in the event the obligor
fails to fulfill or insufficiently fulfill their agreed-upon obligations to the
obligee; the obligor must take on their debt obligations and repay the
guarantor.
Bank guarantee obligations shall be terminated under the following
circumstances:
a) The obligor’s obligations are discharged.
b) The guarantee obligations have been fulfilled in accordance
with the guarantee commitment.
c) The guarantee is cancelled or replaced by other guarantee
measures.
d) The guarantee commitment has ended its validity.
e) The obligee has been exempted from liability to fulfill
guarantee obligations to the guarantor.
f) Parties agree to terminate.
g) The contract which obligations is guaranteed and that part or
whole contract are not executed is invalid or void.
h) Guarantee obligations shall be terminated
under other circumstances in accordance with legal regulations.
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