Where issued: | Bank | Merge date: | 12/07/2017 |
Date issued: | 12/07/2017 | Status: | Expires from 14/11/2022 |
STATE BANK VIETNAM | SOCIAL REPUBLIC OF VIETNAM Independence - Freedom - Happiness |
Number: 03/VBHN-NHNN | Hanoi, date 12 month 7 year 2017 |
CIRCULARS
INSTRUCTIONS ON SOME CONTENTS ON FOREIGN EXCHANGE MANAGEMENT FOR FOREIGN LOANS AND PAYMENT OF FOREIGN LOANS OF ENTERPRISE
Circular No. 03/2016/TT-NHNN dated February 26, 02 of the Governor of the State Bank of Vietnam guiding a number of contents on foreign exchange management for borrowing and paying foreign debts of enterprises. Effective from April 2016, 15, as amended and supplemented by:
Circular No. 05/2016/TT-NHNN dated April 15, 04 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 2016/03/TT-NHNN dated February 2016, 26 of the Governor of the State Bank guiding a number of contents on foreign exchange management for borrowing and paying foreign debts of enterprises, effective from April 02, 2016.
Circular No. 05/2017/TT-NHNN dated June 30, 6 of the Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 2017/03/TT-NHNN dated February 2016, 26 of the Governor of the State Bank of Vietnam guiding a number of contents on foreign exchange management for borrowing and paying foreign debts of enterprises, effective from August 02, 2016.
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 6;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 6;
Pursuant to the Ordinance No. 28/2005/PL-UBTVQH11 of the Standing Committee of the National Assembly dated December 13, 12 and Ordinance No. 2005/06/PL-UBTVQH2013 of March 13, 18 amending and supplementing a number of articles of the Ordinance on Foreign Exchange;
Pursuant to Decree No. 156/2013/ND-CP dated November 11, 17 of the Government defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Government's Decree No. 219/2013/ND-CP dated December 26, 12 on management of foreign loans and repayment of enterprises not guaranteed by the Government;
At the proposal of the Director of the Foreign Exchange Management Department;
The Governor of the State Bank of Vietnam promulgates a Circular guiding a number of contents on foreign exchange management for foreign borrowing and repayment of enterprises.[1],[2].
Chapter I
GENERAL RULES #
Article 1. Scope
1. This Circular provides for:
a) Procedures for registration and registration of changes to foreign loans of enterprises that are not guaranteed by the Government;
b) Opening and use of accounts for foreign borrowing and debt repayment at authorized credit institutions in Vietnam;
c) Capital withdrawal, debt repayment and other money transfers related to the performance of foreign loans;
d) Managing foreign exchange for transactions related to guaranteeing foreign loans;
dd) The provision, use and management of information on the Website for management of foreign loans and repayments is not guaranteed by the Government (hereinafter referred to as the Website);
e) The regime of reporting statistics on foreign borrowing and debt repayment activities of enterprises that are not guaranteed by the Government.
2.[3] The registration, registration for changes, reporting regime for foreign loans in the form of international bond issuance of enterprises not guaranteed by the Government shall comply with separate regulations of the State Bank of Vietnam. Nam (hereinafter referred to as the State Bank).
3. The registration, registration for changes and reporting regime for foreign loans (including foreign loans in the form of international bond issuance by enterprises) are guaranteed by the Government. according to the regulations of the State Bank.
4. The opening and use of foreign currency accounts abroad to make foreign loans comply with the State Bank's separate regulations.
5. The purchase of debt instruments by residents in the territory of Vietnam by non-residents shall comply with the current law on foreign indirect investment in Vietnam.
Article 2. Subject of application
1. Residents being enterprises, cooperatives, unions of cooperatives, credit institutions and foreign bank branches established and doing business in Vietnam are foreign borrowers (hereinafter below). collectively referred to as the Borrower).
2. Credit institutions, foreign bank branches provide account services related to activities of borrowing, paying foreign debts, guaranteeing foreign loans in Vietnam.
3. Organizations and individuals are the guarantors for foreign loans of the Borrower.
4. Credit institutions, foreign bank branches receiving loan entrustment from the lending entrusting party are non-residents.
5. Organizations and individuals related to the Borrower's foreign borrowing activities.
6. Individuals and units of the State Bank are responsible for managing and exploiting information on the Website.
Article 3. Explain words
In this Circular, the terms below are construed as follows:
1. Foreign loan is a common term to refer to foreign loans not guaranteed by the Government (hereinafter referred to as self-borrowing loans) and foreign loans guaranteed by the Government in all forms. foreign countries through the Borrower's loan contract, goods import contract with deferred payment, loan entrustment contract, financial leasing contract or the issuance of debt instruments in the international market of the Borrower.
2. Bank providing account services is a commercial bank or foreign bank branch operating in Vietnam where the borrower, the guarantor of the foreign loan, opens a payment account to withdraw capital. , foreign loan repayment and other money transfer transactions related to foreign borrowing and debt repayment activities, guarantee for foreign loans; commercial banks, branches of foreign banks where foreign investors open current accounts to transfer capital for the investment preparation stage.
3. Foreign financial lease means that a resident receives a medium-term and long-term credit on the basis of a financial leasing contract with a non-resident lessor and this contract meets one of the following conditions: prescribed in Article 113 of the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 6.
4. Debt instruments are bills of exchange, bills of exchange or bonds issued by the borrower outside the Vietnamese territory to non-residents.
5. Foreign loan in Vietnam dong means a foreign loan disbursed in Vietnam dong or the debt obligation of the loan is determined in Vietnam dong.
Article 4. Principles of management of foreign loans in the form of goods import with deferred payment
1. Self-borrowing and self-paying loans in the form of goods import with deferred payment are not subject to registration or registration for change of foreign loans as prescribed in Chapter III of this Circular.
2. The opening and use of accounts for foreign loans and repayments, remittance of money for repayment of foreign loans and reporting on the performance of foreign loans in the form of import of goods with deferred payment shall comply with regulations. in this Circular and relevant laws.
3.[4] Foreign loan in the form of import of goods with deferred payment is the import of goods with the first withdrawal date before the final payment date.
4.[5] The withdrawal date of a foreign loan in the form of deferred import of goods is:
a) The ninetieth day from the date of issuance of the transport document in case the account service provider requires the set of payment documents to have the transport document;
b) The forty-fifth day from the date of completion of the inspection stated on the customs declaration that has been cleared, in case the bank providing account services does not require a set of payment documents to have a transport document.
5.[6] The final payment date is determined as:
a) The last payment date of the payment term under the contract;
b) The actual final payment date in case the contract is not performed or the contract does not specify a payment term.
6.[7] The term of a foreign loan in the form of import of goods with deferred payment is the period determined from the date of first capital withdrawal to the last payment date.
Article 5. Principles for choosing the form of declaration of registration information, registration for loan changes and reporting on the performance of self-pay loans
1. Borrowers may choose to declare registration information, register for loan changes and report on the performance of self-borrowing loans in one of the following forms:
a) The form of using the Website, called the online form;
b) The form that does not use the Website, called the traditional form.
2. Borrowers can change their choice from traditional to online. In case of changing from the traditional form to the online form, the Borrower must not change back to the traditional form.
3. The State Bank encourages the Borrower to choose the online form.
Chapter II
ELECTRONIC PAGE #
Article 6. Websites
1. The State Bank manages information and data on foreign borrowing and debt repayment activities of enterprises that are not guaranteed by the Government through the website accessed via the address www.sbv.gov.vn or www.qlnh- sbv.cic.org.vn.
2. The use of the Website to declare registration information, register for loan changes and report on the performance of self-pay loans shall comply with the provisions of this Circular and guiding documents. users are posted on the Website.
3. Borrowers who choose the online form shall register for an access account as prescribed in Article 8 of this Circular.
Article 7. Handling in case of technical errors when using the Website
1. In case the Website encounters a technical error (not the Borrower's fault), the Borrower will temporarily use the traditional method to declare registration information and register for changes to foreign loans. , reporting on the implementation of foreign loans at the time the problem has not been fixed. After the problem is rectified, the State Bank's provincial or city branch or the State Bank (Foreign Exchange Management Department), according to its competence, is responsible for updating relevant information on the website on basis of Loan Application, Application for Loan Change, Borrower's written report is similar to the case where the Borrower uses the traditional form.
2. In case the Borrower encounters a technical error (due to the Borrower's fault), the Borrower is responsible for:
a) Actively take the initiative and urgently find solutions to overcome errors or actively coordinate with the technical department in charge of the State Bank's website to find solutions to overcome errors;
b) Temporarily use the traditional method to register, register for loan changes, report on the performance of self-borrowing foreign loans, and concurrently report in writing to the State Bank of Vietnam. about this technical problem;
c) Update information on registered loans, register for changes, report on the performance of self-borrowing and self-repaying loans on the Website as soon as the problem is rectified.
3. After the technical error is rectified according to the provisions of Clauses 1 and 2 of this Article, the Borrower chooses the online form to continue using the Website to perform the contents related to the water loan. in addition to the provisions of this Circular.
Article 8. Access accounts
1. Access account is the username and password to access the Website granted to the user, including:
a) Borrower chooses online form;
b) Individuals under the Foreign Exchange Management Department and the State Bank's branches in provinces and cities participating in the management of foreign borrowing and debt repayment activities are not guaranteed by the Government;
c) Units of the State Bank are authorized to exploit data on borrowing and paying foreign debts which are not guaranteed by the Government.
2. Once granted an access account, the user shall declare information, report, manage and use information on the Website as prescribed in this Circular through his/her access account. me.
3. Registration and grant of access accounts for Borrowers with outstanding foreign loans:
a) The user fills in the information on the electronic declaration to request an access account according to the instructions on the website, prints the declaration from the website, signs and stamps it;
b) The user shall send the declaration specified at Point a of this Clause by post or submit it directly to the competent authority specified at Point a, Clause 6 of this Article;
c) Within 03 (three) working days from the date of receipt of the declaration requesting the grant of an access account from the user with complete and valid information, the competent authority specified at Point a. a Clause 6 of this Article approves and grants an account to access the email address registered by the user. In case of refusal to grant an access account, there must be an online reply clearly stating the reason.
4. Registration and grant of access accounts for Borrowers who do not have outstanding foreign loans but have registered and registered for changes in foreign loans with the State Bank:
a) The application for an access account must be made concurrently with the declaration of loan information in the loan application form or the application for loan change application with the State Bank on the website in accordance with regulations at Point a of this Clause. Point a, Clause 1, Article 13 and Point a, Clause 1, Article 16 of this Circular;
b) The granting of an access account to the Borrower is carried out concurrently with the confirmation of registration, confirmation of registration for change of foreign loans for the Borrower. On the date the foreign loan is registered, the competent authority specified in Clause 6 of this Article approves and grants an account to access the email address registered by the Borrower in the Application Form, register changes to foreign loans.
5. Register to change access account information:
a) Borrower registers to change access account information when there is a change as follows: Borrower's name, Borrower's business type, address, tax code, contact phone number, address email box;
b) Implementation process:
(i) Borrower fills in information on the electronic declaration to change access account information according to the instructions on the Website;
(ii) Within 03 (three) working days from the date of receipt of the electronic declaration requesting change of information about the access account, the competent authority specified in Clause 6 of this Article shall approve the content of the application. change the account to access via email that the user has registered. In case of refusal, there must be an online reply clearly stating the reason.
6. Authority to grant and manage access accounts:
a) The State Bank branch in the province or centrally run city where the Borrower's head office is located (hereinafter referred to as the Branch) shall grant and manage access accounts for the following subjects:
(i) The borrower has outstanding foreign loans;
(ii) The borrower has no outstanding foreign loan but there is registration, registration for change of foreign loan subject to registration or registration of change with the branch in accordance with the provisions of this Circular. ;
b) The Foreign Exchange Management Department – State Bank shall grant and manage access accounts for the following subjects:
(i) Individuals and units specified at Points b and c, Clause 1 of this Article;
(ii) The borrower has no outstanding foreign loan but there is registration, registration for change of foreign loan subject to registration, registration for change with the State Bank (Department of Foreign Affairs Management). exchange) in accordance with this Circular.
Chapter III
PROCEDURES FOR REGISTRATION AND REGISTRATION FOR CHANGES OF FOREIGN LOAN OF ENTERPRISE ARE NOT GUARANTEE BY THE GOVERNMENT #
Section 1. LOAN REGISTRATION
Article 9. Loans subject to registration
Loans subject to registration with the State Bank include:
1. Medium and long-term foreign loans.
2. Short-term loan is extended for the total term of the loan is more than 01 (one) year.
3. Short-term loan without extension contract but outstanding principal balance at full 01 (one) year from the first withdrawal date, unless the borrower completes loan repayment within a period of time. 10 (ten) days from the full 01 (one) year from the first drawdown date.
Article 10. Loan term to determine registration obligation
1. For loans specified in Clause 1, Article 9 of this Circular, the loan term is determined from the expected date of first capital withdrawal to the expected final repayment date on the basis of the provisions of the agreement. foreign loans.
2. For loans specified in Clause 2, Article 9 of this Circular, the loan term is determined from the date of first withdrawal to the expected date of final repayment on the basis of the provisions of the loan agreement. foreign loan extension agreement.
3. For loans specified in Clause 3, Article 9 of this Circular, the loan term is determined from the date of first capital withdrawal to the expected date of final repayment.
4. The date of capital withdrawal specified in this Article is the date of disbursement for loans disbursed in cash, the date of customs clearance of goods for loans in the form of foreign financial lease in accordance with regulations. of relevant legislation.
Article 11. Agreements on foreign loans for loan registration
1. Foreign loan agreement for loan registration (hereinafter referred to as foreign loan agreement) means the capital withdrawal agreement signed between the borrower and the lender being a non-resident. giving rise to the borrower's obligation to repay the debt or debt instruments issued by residents to non-residents.
2. Borrowers are not required to carry out loan registration procedures when signing non-effective withdrawal agreements with non-residents such as framework credit agreements, memoranda of understanding and other similar arrangements ( hereinafter referred to as framework agreement), except for the case in Clause 3 of this Article. The contents of the framework agreements must not be contrary to the provisions of Vietnamese law.
3. In the event that the borrower's medium or long-term self-borrowing loan arises due to a written capital withdrawal agreement on the basis of a framework agreement, the borrower shall register for a loan in accordance with the This investment.
Article 12. Subjects of registration and registration for loan changes
Borrowers make registration and registration for loan changes, including:
1. Borrower signs a foreign loan agreement with direct cash disbursement with the non-resident lender.
2. Credit institutions, foreign bank branches that receive loan entrustment from the entrusting party are non-residents.
3. The party obligated to repay the debt under the debt instrument issued to the non-resident.
4. The lessee in the financial leasing contract with the lessor is a non-resident.
Article 13. Procedures for carrying out loan registration procedures
1. Preparation of application for a government-guaranteed foreign loan:
a) In case the borrower chooses the online form: The borrower shall declare the Application for registration of a foreign loan not guaranteed by the Government on the Website to receive the loan code, print the Application from the Website. death, signature and stamp;
b) In case the borrower chooses the traditional form: The borrower completes an application form in Appendix 01 to this Circular.
2. Submit documents:
a) The borrower shall send the application for loan registration under this Circular by post or directly at the loan registration confirmation agency according to its competence specified in Article 18 of this Circular;
b) The borrower who chooses the online form may choose to submit an online application as instructed on the website.
3. Deadline for submission:
The borrower must submit a dossier within 30 (thirty) days from:
a) The date of signing the medium or long-term foreign loan agreement or the date of signing the guarantee document in case of the guaranteed loan or the date of signing the written capital withdrawal agreement in case the parties agree on the capital withdrawal on the basis of signed framework agreements and prior to withdrawal;
b) The signing date of the agreement on extension of the short-term loyal and long-term foreign loan for the self-repayment loan is specified in Clause 2, Article 9 of this Circular;
c) The full date of 01 (one) year from the first drawdown date for self-repayment loans specified in Clause 3, Article 9 of this Circular.
4. The State Bank shall provide in writing certifying or refusing to confirm loan registration within:
a) 12 (twelve) working days from the date of receipt of the complete and valid dossier of the Borrower in case the Borrower chooses the online method;
b) 15 (fifteen) working days from the date of receipt of a complete and valid application file from the borrower in the event that the borrower chooses the form of communication; or
c) 45 (forty five) working days from the date of receipt of a complete and valid application file from the borrower in case a loan denominated in Vietnam dong must be reviewed and approved by the Governor of the State Bank. according to current law provisions on enterprises' foreign loan conditions that are not guaranteed by the Government;
d) In case of refusal of confirmation of loan registration, the State Bank shall issue a document clearly stating the reason.
5. For loans denominated in Vietnam dong to be permitted by the Governor of the State Bank in accordance with the current law provisions on foreign loan conditions, the loan registration procedure is concurrently the procedure to request the Governor of the State Bank. State Bank Governor considers and approves the loan; The written confirmation of loan registration is concurrently the document approving the loan of the Governor of the State Bank.
6. The competent authority defined in Article 18 of this Circular shall:
a) Check the consistency and accuracy of loan registration documents and information declared on the Website; update the application processing status on the Website for timely follow-up by the Borrower in case the Borrower chooses the online method;
b) Input information about loans on websites to create loan codes and store information in the database of enterprises that are not guaranteed by the Government. The borrower chooses the traditional form.
Article 14. Application for loan registration
1. An application for loan registration as prescribed in Clause 1, Article 13 of this Circular.
2. A copy (certified by the Borrower) of the legal documents of the Borrower and the loan user, in case the Borrower is not the borrower, including: Establishment License, Certificate Certificate of business registration, Certificate of enterprise registration, Certificate of investment or other equivalent documents, Certificate of registration of Cooperatives, Union of Cooperatives as prescribed by law and amendments. change or supplement (if any).
3. Copy (certified by the borrower) or original document proving the borrowing purpose, including:
a) For loans specified in Clause 1, Article 9 of this Circular:
(i) Production and business plans, investment projects using foreign loans approved by competent authorities in accordance with the provisions of the Law on Investment, the Law on Enterprises and the Enterprise Charter, the Law on Cooperatives and the Law on Cooperatives. The cooperative's charter and other relevant legal documents applicable to loans for implementation of production and business plans and investment projects, unless the investment project has already been approved by a competent authority. the right to issue an investment certificate specifying the size of the investment capital;
(ii) The Borrower's plan for restructuring foreign debts is approved by the competent authority in accordance with the provisions of the Enterprise Law and the Enterprise Charter, the Law on Cooperatives and the Cooperative Charter and other relevant documents. other relevant legal documents for loans to restructure foreign debts of the Borrower;
b) For loans specified in Clauses 2 and 3, Article 9 of this Circular:
Report on the initial use of short-term foreign loans that meet the requirements for short-term foreign loans (enclosed with supporting documents) and the repayment plan for foreign loans, requested by the State Bank of Vietnam. registration confirmation country.
c)[8] The dossier components specified at Points a and b of this Clause do not apply to the case where foreign loans of commercial banks held by the State over 50% of charter capital have already been obtained by foreign investors. the direct owner's representative or the state capital's representative at these banks shall report to and be approved by the owner's representative agency or give opinions before voting at the General Meeting of Shareholders. meetings of the Board of Directors and the Members' Council.
4. Copy and Vietnamese translation (certified by the borrower) of the foreign loan agreement and the agreement on extending the short-term loyal and long-term loan (if any); or a withdrawal document attached to the framework agreement.
5. Copy and Vietnamese translation (certified by the Borrower) of the guarantee commitment (letter of guarantee, contract of guarantee or other form of guarantee commitment) in case the loan is guaranteed .
6.[9] A copy (certified by the borrower) of the competent authority's document approving the foreign loan in accordance with the law on assignment and decentralization of the rights, responsibilities and obligations of the owner State-owned enterprises (SOEs) and state capital invested in enterprises (SOEs) for borrowers being state-owned enterprises, unless the borrower is a commercial bank in which 100% of charter capital is held by the State.
7. Report on compliance with regulations of the State Bank on credit extension limits and prudential ratios in operations of credit institutions, foreign bank branches at the end of the month the latest before the date of signing the foreign loan agreement and the document proving the non-compliance with the provisions of the law on credit limit and safety ratios approved by the Prime Minister or the Governor of the Bank. The State approves according to the provisions of law (if any) for the borrower being a credit institution or foreign bank branch.
8. Confirmation of the account service provider in the following cases:
a) In case of foreign loan to restructure foreign debt: A document of the borrower's account service provider bank on the situation of capital withdrawal and debt repayment for the restructured foreign loan. from foreign loans;
b) In case the portion of capital transferred by foreign investors into Vietnam used to meet investment preparation expenses is converted into medium and long-term foreign loans of enterprises with foreign direct investment capital; In accordance with the current regulations of the relevant law on foreign direct investment in Vietnam: The document of the creditor's account service provider confirming the receipt and payment transactions related to the foreign direct investment in Vietnam. loan formation;
c) In case the loan falls into the subjects specified in Clauses 2 and 3, Article 9 of this Circular: A document of the borrower's account service provider on the situation of capital withdrawal and debt repayment for the loan. initial short-term foreign.
9. Documents proving that the profit is legally divided in Vietnam Dong from direct investment activities of the lender being a foreign investor contributing capital at the borrower and certification by the supplying bank account service on the distribution and remittance of profits to the home country of the creditor to demonstrate the loan disbursement for the case of foreign loans denominated in Vietnam dong in accordance with current regulations on foreign loan conditions in VND Vietnam
10. A written explanation of the demand for foreign loans in Vietnam dong in the case of foreign loans in Vietnam dong must be permitted by the Governor of the State Bank in accordance with the State Bank's current regulations on conditions. foreign loans in Vietnam dong.
Section 2. REGISTRATION OF LOAN CHANGES
Article 15. Cases in which loan changes must be registered
1. Except for the cases specified in Clauses 2 and 3 of this Article, the case of any change of contents related to a loan specified in the State Bank's written certification of registration of a foreign loan (according to form in Appendix 02 attached to this Circular), the borrower shall be responsible for registering changes in foreign loans with the State Bank as prescribed in this Circular.
2. In case the plan for capital withdrawal, debt repayment or charge transfer actually changes within 10 (ten) days compared to the plan on capital withdrawal, debt repayment and charge transfer previously confirmed by the State Bank, the Party the borrower shall have to notify in writing the account service provider to withdraw capital and pay debts according to the change plan; No loan change registration is required with the State Bank.
3. The borrower shall only notify in writing to the State Bank, not register for loan changes with the following contents:
a) Change of the borrower's address in the province or city where the borrower's head office is located;
b) Change of the Lender, relevant information about the lender in a syndicated loan designating representatives of the lenders, except where the Lender is concurrently the lender's representative in the loan syndication and the change of the lender changes the role of the lender's representative;
c) Change of commercial transaction name of the account service provider.
4. Within 30 (thirty) days from the date of change or receipt of notice of change in the contents specified in Clause 3 of this Article, the borrower shall send the notice by post or in person. at the loan registration confirmation agency according to its competence specified in Article 18 of this Circular.
Article 16. Procedures for applying for loan change registration
1. Prepare Application for Change of Loan:
a) In case the borrower chooses the online form: The borrower shall declare the Application for Loan Change Registration on the Website, print the Application from the website, sign and stamp;
b) In case the borrower chooses the traditional form: The borrower completes an application form in Appendix 03 to this Circular.
2. Submit records
a) Within 30 (thirty) days from the date of signing the change agreement or before the time when the changed content takes place (for the case where the changed content does not need to be signed, the change agreement is still ensured; In accordance with the Foreign Loan Agreement), the Borrower sends the application for loan change registration by post or directly submits it to the loan registration confirmation agency or the loan change registration confirmation agency for the first time. the nearest time for the case where a loan change has been registered to make the loan change registration according to the authority specified in Article 18 of this Circular.
b) The borrower who chooses the online form may choose to submit an online application as instructed on the website.
3. The State Bank shall provide in writing certifying or refusing to confirm loan registration within:
a) 12 (twelve) working days from the date of receipt of a complete and valid application file from the borrower (if the Borrower chooses the online option), or;
b) 15 (fifteen) working days from the date of receipt of a complete and valid application file from the borrower (in case the borrower chooses the traditional form);
c) In case of refusal of confirmation of loan change registration, the State Bank shall issue a document clearly stating the reason.
4. The competent authority defined in Article 18 of this Circular shall:
a) Check the consistency and accuracy of the application for registration of changes to loans and information declared on the Website; update the application processing situation on the Website for the borrower to promptly follow up in case the borrower chooses the online form;
b) Entities that enter relevant information of loans on websites to store information on the database of enterprises' foreign loan and loan repayment not guaranteed by the Government in case the borrower chooses. traditional form.
Article 17. Application for loan change registration
1. An application for registration of changes to a loan as provided for in Clause 1, Article 16 of this Circular.
2. Copies and Vietnamese translations of the signed loan change agreements (certified by the borrower) in case the changes need to be agreed upon between the parties.
3. A copy (certified by the borrower) of the guarantor's approval of the loan change in case the borrower's loan is guaranteed.
4. A copy (certified by the borrower) of a competent authority's document in accordance with law on assignment and decentralization of the rights, responsibilities and obligations of the state owner towards State-owned enterprises and state capital invested in enterprises on the approval of the change of the foreign loan plan of the borrower being state-owned enterprises in the case of the increase in loan turnover or extension of the loan term.
5. Components of the dossier specified in Clause 3, Article 14 of this Circular, for the case of change in loan turnover increase.
6. The composition of the dossier specified in Clause 7, Article 14 of this Circular, for cases where the borrower being a credit institution or foreign bank branch increases the foreign loan turnover.
7. The account service provider's written certification of the progress of capital withdrawal and debt repayment (principal and interest) up to the time of loan change registration in case of registration of change in loan turnover, and Capital withdrawal plan, debt repayment plan or commercial bank providing account service.
Section 3. CONFIRMATION OF REGISTRATION, CONFIRMATION OF REGISTRATION FOR CHANGES OF FOREIGN LOANS NOT GUARANTEE BY THE GOVERNMENT
Article 18. Authority to confirm registration, confirm registration of loan changes
1. The State Bank (the Foreign Exchange Management Department) shall confirm the registration and registration of changes for loans with a loan turnover of more than USD 10 (ten) million (or other foreign currencies with value). equivalent) and foreign loans denominated in VND.
2. State Bank branches in provinces and centrally-run cities where the borrower's head office is located shall confirm the registration and registration of changes for loans with a loan turnover of up to 10 (ten). million USD (or another foreign currency of equivalent value).
3. Where the change of increase or decrease in loan turnover, change of loan currency, change of the head office of the borrower, change of the borrower to an enterprise whose head office is located in another locality changes the basis. Agencies competent to confirm registration of changes to loans, and agencies certifying registration and registration for changes of initial loans have the following responsibilities:
a) Act as the focal point to receive the borrower's application for registration of changes to loans;
b) Within 07 (seven) business days of receipt of the borrower's application for change registration, transfer all original of application for change registration and a copy of the application, The application file for registration of changes made of the loan (if any) to the competent authority as prescribed in Clauses 1 and 2 of this Article for further processing.
4. In case there are changes to a foreign loan denominated in Vietnam dong with confirmation of registration or change registration by a branch, the processing of the application for change registration shall comply with regulations. process specified in Clause 3 of this Article.
5. In cases where a loan denominated in Vietnam dong must be considered and approved by the Governor of the State Bank, the Foreign Exchange Management Department shall act as the focal point and coordinate with the State Bank's relevant units to report to the Governor of the State Bank. The State Bank Governor considers and decides according to his / her competence.
Article 19. Establishments that confirm registration and registration for loan changes
1. The total annual limit of self-borrowing and self-paying foreign commercial loans shall be approved by the Prime Minister.
2. Complying and fully meeting regulations on foreign borrowing conditions, foreign exchange management for foreign borrowing and debt repayment activities in accordance with current regulations of the State Bank and other regulations of the State Bank of Vietnam. relevant laws of the Borrower.
3. Information provided by relevant organizations and agencies at the request of the State Bank.
Article 20. Handling of application for registration and registration for loan change in case the borrower commits administrative violations in the field of foreign exchange management, foreign loan management and debt repayment
In the course of processing dossiers for registration and registration of changes in loans, in case the State Bank detects that the borrower has committed administrative violations in the areas of foreign exchange control, loan management, and water debt repayment. In addition (including non-compliance with reporting regulations on foreign loans and repayment of foreign loans), the confirmation of registration, confirmation of loan change registration by the borrower is carried out upon completion. handle administrative violations in accordance with the current law on handling of administrative violations in the monetary and banking sector.
Article 21. In case the written confirmation of registration or registration for loan change is automatically invalidated
1. The State Bank's written certification of registration and change registration for a foreign loan automatically expires in case it is past 06 (six) months from the last date of the withdrawal period. capital has been confirmed by the State Bank but the borrower fails to withdraw capital and does not register to change the loan withdrawal plan in accordance with relevant regulations in this Circular.
2. After the written confirmation of registration or registration for change of foreign loans automatically expires as prescribed in Clause 1 of this Article, in case the loan is continued, the borrower must re-implement the procedure. continue to register for a foreign loan as prescribed in Chapter III of this Circular within 30 (thirty) days from the date the parties reach a written agreement on the continuation of the loan performance.
Article 22. Termination of the written confirmation of registration or registration for loan change
1. Cases of termination of validity of the written confirmation of registration or registration change when the loan is not yet withdrawn:
a) The Borrower's application for registration and registration for change of loans contains fraudulent information to qualify for confirmation of registration and registration for change of foreign loans;
b) The application for change registration meets regulations on procedures for registration, registration for changes of loans as prescribed in this Circular, but the information requested for registration of changes is inaccurate, resulting in deviation in contents of the State Bank's written confirmation, confirmation of change registration;
c) The written confirmation of registration or change registration is issued against the authority specified in Article 18 of this Circular.
2. When the loan has been withdrawn, the competent agency shall issue a document on the invalidation of the written confirmation of registration or registration for change in the cases specified at Points b and c, Clause 1 of this Article. .
3. The agency certifying the registration and registration of loan changes according to its competence specified in Article 18 of this Circular shall send a written notice to the borrower and related parties on the termination and the reasons for termination. validity of written confirmation of registration, confirmation of registration of loan changes.
4. For the cases specified at Points b and c, Clauses 1 and 2 of this Article, after the written confirmation of loan registration or registration is terminated, the borrower shall be responsible for to coordinate with competent agencies in registering and registering changes in loans in accordance with this Circular in order to have grounds for continued loan application.
Article 23. Copy of written confirmation of registration or registration of loan changes; document of invalidation of written confirmation of registration, registration of loan changes
1. The State Bank (Foreign Exchange Management Department and Branches) copies and sends the following documents to the account service provider for coordination in monitoring and implementation:
a) Written confirmation of registration, confirmation of registration of loan changes;
b) Document of invalidation of written confirmation of registration, confirmation of registration of loan change.
2. The State Bank (Foreign Exchange Management Department) copies and sends the documents specified at Points a and b, Clause 1 of this Article to the branch of the State Bank in the province or centrally run city where the Borrower is located. head office to coordinate management, monitoring and reporting.
3. State Bank branches in provinces and centrally run cities, and send copies of documents on termination of validity of written confirmations of registration, confirmation of registration of loan changes to the State Bank (Department of Foreign Affairs Management) exchange) for management coordination.
Chapter IV
OPEN AND USE FOREIGN LOAN AND PAYMENT ACCOUNT #
Section 1. FOREIGN LOAN AND DEBT ACCOUNTS
Article 24. Foreign loan and debt repayment accounts of the borrower that is not a commercial bank or foreign bank branch
1. Foreign loan and debt repayment account means the borrower's payment account opened at the account service provider to withdraw capital, repay foreign loans and other related money transfer transactions. to the activities of borrowing and repaying foreign loans and guaranteeing foreign loans.
2.[10] For the Borrower being a foreign direct investment enterprise:
a) For medium and long-term foreign loans: The foreign loan and debt repayment account is the direct investment capital account. In addition to revenues and expenditures related to foreign borrowing and foreign debt repayment specified in Articles 26 and 27 of this Circular, the borrower is a foreign direct-invested enterprise using an investment capital account. Direct investment (also a foreign loan or debt repayment account) for other revenues and expenditures related to foreign direct investment activities in Vietnam in accordance with the current law on foreign management. foreign direct investment in Vietnam.
b) For short-term foreign loans: The borrower can use the direct investment capital account under the provisions of Point a of this Clause or another foreign loan or debt repayment account (other than the capital account. direct investment) to perform receipt and expenditure transactions related to a foreign loan. Each short-term foreign loan can only be made through 01 (one) account service provider. The borrower can use 01 (one) account for 01 (one) or more short-term foreign loans. The contents of revenues and expenditures of this account are specified in Article 26 and Article 27 of this Circular.
3. The borrower that is not a foreign direct-invested enterprise must open a foreign loan or debt repayment account at an account service-providing bank in order to carry out money transfer transactions related to the loan. foreign countries (capital withdrawal, principal repayment, interest debt). Each foreign loan can only be made through 01 (one) account service provider. The borrower can use 01 (one) account for 01 (one) or more foreign loans. The contents of revenues and expenditures of this account are specified in Article 26 and Article 27 of this Circular.
Article 25. Monitoring foreign borrowing and repayment of borrowers being commercial banks or foreign bank branches
Commercial banks, foreign bank branches that are borrowers are responsible for monitoring transactions related to their foreign loans in strict accordance with current regulations on accounting and accounting for foreign loans. commercial banks, branches of foreign banks; be responsible for and ensure the implementation of transactions related to foreign loans in accordance with the contents of the State Bank's document certifying the registration and registration of changes to foreign loans of the commercial bank, branch. foreign bank.
Article 26. Contents of revenue and expenditure on foreign currency loan and debt repayment accounts
Foreign currency loan and foreign debt repayment accounts may only be used to perform transactions related to foreign borrowing and foreign debt repayment activities as follows:
1. Collection transactions:
a) Collection of money withdrawn from foreign loans;
b) Receipts from buying foreign currencies from account service providers to transfer money for debt repayment (principal, interest) of foreign loans, and payment of fees according to loan agreements;
c) Conversion of foreign currency from foreign loan withdrawals in case the loan disbursement from the lender is not the currency of the foreign loan or debt repayment account;
d) Receipts from the borrower's foreign currency payment account opened at an authorized credit institution in Vietnam, and the borrower's foreign currency account opened overseas.
2. Payment transactions:
a) Remittance of money for debt repayment (principal, interest) of a foreign loan;
b) Remittance abroad to pay compulsory debt acknowledgment to the non-resident guarantor as prescribed in Chapter V of this Circular;
c) Remittance to the borrower's foreign currency payment account;
d) Sale of foreign currency to authorized credit institutions;
dd) Remittance to the borrower's foreign-currency account opened overseas for the fulfillment of commitments under the foreign loan agreement;
e) Money transfer to pay fees according to foreign loan agreements;
g) Foreign currency conversion to pay debts (principal, interest) of the foreign loan in case the debt payment contract is not the currency of the foreign loan or debt repayment account.
Article 27. Contents of revenue and expenditure on foreign loan and debt repayment accounts in Vietnam dong
Accounts for borrowing and paying foreign debts in Vietnam dong can only be used to perform transactions related to foreign loans as follows:
1. Collection transactions:
a) Collection and transfer of foreign loan withdrawals in case the lender uses Vietnam dong payment accounts opened at a credit institution or foreign bank branch in Vietnam;
b) Collect money withdrawn from the sale of foreign currency to an authorized credit institution in Vietnam in case the lender does not use the Vietnam dong payment account opened in Vietnam to disburse the loan;
c) Transfer collection from the borrower's Vietnam dong payment account.
2. Payment transactions:
a) Payments for transfer to Vietnam dong payment accounts of the creditor to pay debts (principal, interest) in case the lender uses Vietnam dong payment accounts to recover the debt as agreed. loan agreement;
b) Expenses to purchase foreign currency to repay the debt (principal, interest) of the foreign loan in case the lender does not use the payment account in Vietnam dong to recover the debt according to the loan agreement;
c) Payment of debts received to the guarantor in accordance with Chapter V of this Circular;
d) Payment of fees in Vietnam dong, purchase of foreign currency to pay fees in foreign currency related to foreign loans;
dd) Payment for transfer to Vietnam dong payment accounts of the borrower.
Article 28. Change of account for performing foreign loans[11]
1. In case of change of account for making foreign loans due to change of account service provider, the borrower who is not a commercial bank or foreign bank branch shall request the service provider bank to The current account service provider confirms the situation of capital withdrawal and debt repayment related to foreign loans so that the new account service provider will continue to monitor the performance of foreign loans in accordance with current regulations on management of foreign loans. foreign borrowing and debt repayment.
2. In case of change of a foreign loan loan account due to change of currency but no change of the account service provider, the account service provider shall supervise the capital withdrawal and payment. foreign loan debt in accordance with current regulations on management of foreign loan and debt repayment.
Article 29. Execution of foreign loans from profits distributed in Vietnam dong from direct investment activities of the Lender.
1. The borrower that is an enterprise with foreign direct investment capital may borrow foreign loans in Vietnam Dong from profits divided in Vietnam Dong from direct investment activities of the investor lender. Foreign investors contribute capital to the borrower.
2. The lender being a non-resident foreign investor contributing capital to the borrower may use Vietnamese dong payment accounts of the non-resident to perform receipt and expenditure transactions related to the borrower. loans in VND as prescribed in Clause 1 of this Article.
Section 2. WITHDRAWAL, TRANSFER OF MONEY FOR FOREIGN LOANS
Article 30. Principles of cash flow transparency
1. For the borrower who is not a commercial bank or foreign bank branch, all money transfer transactions (withdrawal of capital, debt repayment) related to foreign loans must be done through the loan account, foreign debt repayment of the borrower, except for the cases specified in Article 34 of this Circular.
2. Orders of money transfer between residents and non-residents relating to capital withdrawal, debt repayment (principal, interest) and fee payment of a foreign loan must be clarified with the purpose of money transfer to The account service provider has the facility to compare, check, keep documents and make transactions.
3. The borrower is responsible for specifying and requesting the Lender to specify the purpose of the remittance transaction relating to the foreign loan to serve as a basis for determination of foreign debt obligations and to remit loan repayment. (principal, interest) when the payment is due.
Article 31. Remittance of foreign loans
1. For foreign loans which must be registered with the State Bank, the borrower may withdraw capital and repay (principal and interest) of the foreign loan only after the loan is confirmed by the State Bank. registration receipt, except for the case of capital withdrawal, partial repayment of principal and interest in the first year of a short-term or long-term loan.
2. The borrower may only receive the disbursement and remit the loan repayment (principal, interest) through the accounts of the creditor, the representatives of the lenders or the payment agent banks of the giving parties. borrowing in the case of a syndicated loan or a loan using a payment agent bank as prescribed in loan agreement
3. In case of receiving disbursement money and transferring debt repayment money (principal, interest) of a foreign loan in a foreign currency through the account of a non-resident third party other than the subjects specified in Clause 2 of this Article This content should be specified in the loan agreement (or change agreement), in case the loan is subject to registration with the State Bank, this content must be confirmed in the confirmation of registration. sign, confirm registration of changes to foreign loans.
Article 32. Money transfer for repayment of foreign loans in the form of goods import with deferred payment[12]
When remitting the principal and interest of a foreign loan in the form of deferred payment of goods, the borrower is responsible for presenting documents and documents at the request of the financial service provider's bank. clause.
Article 33. Buying foreign currencies and transferring money to pay foreign debts
1. Borrowers purchase foreign currencies at authorized credit institutions to pay principal, interest and fees related to foreign loans on the basis of presenting documents and documents proving their demand for foreign currency payment. legal regulations and requirements of authorized credit institutions.
2. Licensed credit institutions shall provide documents proving their lawful foreign currency payment demands on the principle of verifying the borrowers' legal debt obligations through foreign loan agreements and vouchers. determination of loan withdrawal, the State Bank's written confirmation of foreign loan registration (in case a loan is required to be registered with the State Bank) and other documents (if any) as required. requirements of authorized credit institutions.
Article 34. Cases of capital withdrawal and debt repayment that are not made through a foreign loan or debt repayment account
1. Cases of capital withdrawal not through foreign loan or debt repayment accounts:
a) Withdraw capital from the lender to pay directly to the non-resident beneficiary providing goods or services under the goods or service sale and purchase contract with the resident;
b) Withdraw capital in the form of import of goods with deferred payment from the creditor;
c) Withdraw capital of the foreign loan in the form of financial leasing;
d) Withdraw capital through the borrower's account opened overseas in case the borrower is allowed to open accounts overseas for the purpose of performing foreign loans;
dd) Withdraw capital from mid and long-term foreign loans through clearing against direct payment obligations with the lender.
2. Cases of debt repayment not through foreign loan or debt repayment accounts:
a) Repaying debt in the form of providing goods and services to the lender;
b) Repaying the debt with shares or contributed capital of the borrower in accordance with the law;
c) Repay mid-term and long-term foreign loans through clearing receivables directly with the lender;
d) Repay debt through the borrower's account opened overseas (in case the borrower is allowed to open accounts overseas for the purpose of making foreign loans).
dd)[13] Repayment of short-term foreign loans in the form of goods import with deferred payment.
Chapter V
REGULATIONS ON FOREIGN EXCHANGE MANAGEMENT RELATED TO FOREIGN LOAN GUARANTEE TRANSACTIONS #
Article 35. Performance of guarantee obligations
1. For guaranteed foreign loans, the guarantor shall perform the guarantee obligation to the foreign lender (the guarantee recipient) upon request according to the commitment in the loan agreement or written commitment. guarantee (letter of guarantee, guarantee contract or other form of guarantee commitment) signed between related parties.
2. In case the Guarantor uses the payment account opened at the account service provider to transfer money to fulfill the guarantee obligation, the Guarantor's account service provider bank shall perform the transfer. guarantee money on the basis of the following documents:
a) Agreement on foreign loan;
b) Written guarantee commitment;
c) A written request for performance of guarantee obligations from the lender (the guarantee recipient) or the borrower (the guaranteed party) in accordance with the foreign loan agreement and the written guarantee commitment;
d) A written certification of the Borrower's account service provider that the Borrower has not yet fulfilled its payment obligation to the Lender in accordance with the written request for performance of the guarantee obligation as prescribed. at point c, clause 2 of this article;
dd) The State Bank's written certification of registration or registration for change of foreign loans, which confirms the guarantor for the foreign loan (applicable to the case where the foreign loan is subject to the payment of foreign loans). registered with the State Bank);
e) Other documents and documents (if any) as prescribed by the account service provider where the Guarantor conducts the guarantee money transfer.
Article 36. Compulsory debt collection
1. Compulsory debt receipt is a debt that the guaranteed party (the Borrower) must repay to the guarantor after the guarantor has fulfilled the guarantee obligation through payment to the guarantee recipient ( Lenders).
2. The agreement on currency of debt receipt and currency for payment of compulsory debt receipt in the territory (including guarantee fee) must be consistent with regulations on restriction of use of foreign exchange in the territory.
Article 37. Refund of compulsory debt collection
1. The borrower (the guaranteed) shall return the obligatory debt receipt to the guarantor on the basis of presenting to the bank providing account services for the borrower:
a) The foreign loan agreement and documents related to the foreign loan and debt repayment transaction;
b) Agreement on guarantee, performance of guarantee obligations and repayment of compulsory debt collection between the borrower and the guarantor;
c) Documents proving that the guarantor has performed the guarantee obligation;
d) Other vouchers and documents (if any) as prescribed by the account service provider bank.
2. The repayment of the obligated debt receipt to the guarantor must be done through a foreign loan or debt repayment account or through another account opened at the borrower's account service provider bank in the event contract currency for payment of the obligatory debt receipt is different from the currency of the foreign loan or debt repayment account.
Chapter VI
STATISTICS REPORT MODE #
Article 38. Reporting regime for account service providers
The account service provider bank shall comply with the reporting regime in accordance with the State Bank's regulations on the statistical reporting regime applicable to units of the State Bank and credit institutions and branches. Foreign banks are allowed.
Article 39. Reporting regime for online borrowers
1. Quarterly, at the latest on the 05th of the month immediately following the reporting period, the borrower must report online on the implementation of short, medium and long-term loans on the website.
2. Within 10 (ten) working days from the date of receipt of the Borrower's report on the Website, the Branch shall approve the report on the Website to save information in the database. If the reported information is accurate, the borrower will be notified by email of the completion of the report as required. In case of inaccurate or clarifying information, the Branch shall notify the borrower by email to make data adjustments.
Article 40. Reporting regime for Borrowers who choose the traditional form
1. On a quarterly basis, no later than the 05th of the month immediately following the reporting period, the borrower must send its Branch a written report on the implementation of short, medium and long-term loans according to the form. in Appendix 04 attached to this Circular.
2. Within 10 (ten) working days from the date of receipt of the borrower's report, the Branch organizes the entry of the borrower's report into the form on the Website to save information on the website. the data.
Article 41. Unscheduled reports
In extraordinary cases or when necessary, the borrower or account service provider shall make reports at the request of the State Bank.
Chapter VII
RESPONSIBILITIES OF RELATED PARTIES #
Article 42. Responsibilities of the Borrower
1. Present documents as prescribed by law and at the request of the account service provider when performing transactions related to foreign loans; take responsibility before law for the accuracy and truthfulness of the information provided.
2. Comply with regulations on information declaration, reporting and confidentiality in accordance with this Circular.
3. Take responsibility before law for the accuracy and truthfulness of the information provided and declared on the Website through their access account, information and documents provided with the registration dossier. registration, registration of loan changes, reports sent to the competent authority.
4. Comply with regulations on management of foreign borrowing and repayment of foreign loans in this Circular and other relevant provisions of law when signing foreign loan agreements and making foreign loans.
Article 43. Responsibilities of the Guarantor
The Guarantor using the current account opened at the Bank providing account services of the Guarantor to perform the guarantee obligation is responsible for:
1. Present documents as prescribed by law and at the request of the bank providing account services of the Guarantor.
2. Take responsibility before law for the accuracy and truthfulness of the information provided.
3. Comply with regulations on foreign exchange management and other relevant laws when making guarantees for the Borrower.
Article 44. Responsibilities of account service providers
1. Provide account services for transactions related to foreign loans (capital withdrawal, debt repayment, fee payment, guarantee-related transactions) on the basis of:
a) A written certification of registration or registration for change of foreign loans (in case of loans subject to registration) by a competent authority;
b) Loan agreement and other relevant agreements;
c) Documents evidencing capital withdrawal and debt repayment presented by the borrower at the request of the account service provider.
2. Check and compare documents presented by the Borrower and related parties to ensure that remittance transactions related to foreign loans are consistent with the written confirmation of registration and identification. change registration receipt (in the case of a loan subject to registration), loan agreement and other related agreements.
3. Provide accurate information about the borrower's foreign loan (including the contents of the amount withdrawn, debt repayment; time of capital withdrawal and repayment; reference information of the loan agreement and the lender. loan) in the written confirmation of the borrower's foreign loan performance when requested.
Article 45. Responsibilities of the Foreign Exchange Management Department
1. To assume the prime responsibility for building a model of information management of foreign borrowing and debt repayment through the Website.
2. To perform the functions and tasks specified in this Circular.
3. Exploiting and using the database on foreign borrowing and debt repayment in service of policy formulation and administration in accordance with its functions and tasks.
4. To assume the prime responsibility for, and coordinate with the Vietnam National Credit Information Center:
a) Develop User Manuals, post them and regularly update them on the Website;
b) Editing and upgrading the contents of the Website to create favorable conditions for users, ensuring the database serving the management of foreign loans and repayments not guaranteed by the Government;
c) Answering questions related to the Website; receive and promptly guide and handle problems and recommendations of users in the process of exploiting and operating the Website;
d) Guide the registration and grant of access accounts, registration for change of access account information for the subjects specified at Points b and c, Clause 1, Article 8 of this Circular.
Article 46. Responsibilities of the Vietnam National Credit Information Center
1. Maintain safe and stable operation of the Website, ensure that the Website and database of foreign loan and debt repayment management are not illegally accessed.
2. Use information from the Website in accordance with the regulations on credit information activities of the State Bank.
3. Cooperate with the Foreign Exchange Management Department in implementing the contents specified in Clause 4, Article 45 of this Circular.
Article 47. Responsibilities of the State Bank branch in the province or city where the Borrower's head office is located
1. To perform the functions and tasks according to their competence as prescribed in this Circular.
2. To be responsible for guiding, monitoring, reminding and urging the borrowers to declare information and report in accordance with this Circular.
3. Exploiting and using the database on foreign borrowing and debt repayment within its competence to serve the management of foreign borrowing and debt repayment in the locality in accordance with its functions and tasks.
4. To examine, inspect, and handle administrative violations according to its competence for cases of administrative violations in the course of implementing the provisions of this Circular.
Article 48. Responsibilities of the Banking Inspection and Supervision Agency
Examine, inspect and handle administrative violations according to their competence, for cases of administrative violations during the implementation of the provisions of this Circular.
Chapter VIII
IMPLEMENTATION PROVISIONS [14],[15] #
Article 49. Enforcement
1. This Circular takes effect from April 15, 4 except for the provisions in Clause 2016 of this Article.
2. From the effective date of this Circular, the following documents cease to be effective:
a) Circular No. 09/2004/TT-NHNN dated December 21, 12 of the State Bank guiding the borrowing and repayment of foreign debts of enterprises;
b) Circular No. 25/2014/TT-NHNN dated September 15, 9 of the State Bank guiding procedures for registration and registration for changes in foreign loans of enterprises that are not guaranteed by the Government.
3. Reporting via Website for Borrowers who choose online form is applied starting from the reporting period Quarter 11/2016. Before this time limit, the above-mentioned borrowers shall make written reports according to the provisions of Article 40 of this Circular.
Article 50. Transitional provisions
1. For the implementation of foreign loans in the form of goods import with deferred payment:
a) Mid-term and long-term foreign loans in the form of import of goods with deferred payment which have been registered by the State Bank, certified by the State Bank for registration of change of foreign loans before the effective date of this Circular continue to perform (withdrawal, repay) according to the written confirmation of registration, registration for change of foreign loans.
For the changes arising after the effective date of this Circular, the Borrower shall implement on the basis of an agreement with the lender, without registering changes in foreign loans with the State Bank. ;
b) For medium- and long-term foreign loans in the form of deferred import of goods signed within 30 (thirty) days before the effective date of this Circular, the Borrower is not required to register foreign loans with the State Bank. The withdrawal of capital, transfer of money for debt payment and reporting shall comply with the provisions of this Circular.
2. For foreign loans in Vietnam dong:
Foreign loans in Vietnam dong which have been confirmed by the branch for registration or registration for changes before the effective date of this Circular may continue to comply with the branch's written certifications of registration and registration of changes. branch. Changes in these loans arising after the effective date of this Circular must comply with the provisions of this Circular.
3. For short-term foreign loans:
a) Short-term foreign loans made (withdrawal of capital, or repayment of debt) before the effective date of this Circular may continue to be made through current accounts;
b) Newly signed short-term foreign loans from the effective date of this Circular must comply with this Circular's regulations on opening and using accounts for foreign loans and debt repayment.
Article 51. Implementation organization
Chief of Office, Director of Foreign Exchange Management Department, Heads of units under the State Bank, Directors of State Bank branches in provinces and centrally run cities, Chairman of the Board of Directors, Chairman of the Association Co-members, General Director (Director) of credit institutions, foreign bank branches, enterprises shall be responsible for organizing the implementation of this Circular.
Appendix 1
NAME OF BOOKER | SOCIAL REPUBLIC OF VIETNAM |
Number: ………………… | …………….., day month Year ……. |
FOREIGN LOAN APPLICATION
NO GOVERNMENT GUARANTEE
Dear: The bank of Viet Nam1
(_ _ _ _ _ _ _ _ _ _ _ _ _)
– Pursuant to Decree No. 219/2013/ND-CP dated December 26, 12 of the Government on management of foreign loans and repayment of foreign loans of enterprises not guaranteed by the Government;
– Pursuant to Circular No. 12/2014/TT-NHNN dated March 31, 3 of the State Bank of Vietnam stipulating conditions for foreign loans of enterprises not guaranteed by the Government;
– Pursuant to Circular No. 03/2016/TT-NHNN dated February 26, 2 of the State Bank of Vietnam guiding a number of contents on foreign exchange management for foreign borrowing and repayment of enterprises;
– Pursuant to the Foreign Loan Agreement signed with the foreign lending party (parties) dated …/…/…;
The borrower with the following name registers with the State Bank of Vietnam about the Borrower's medium- and long-term foreign loans as follows:
PART FIRST: INFORMATION ABOUT THE RELATED PARTIES
I. Borrower information:
1. Borrower's name: ………………………………………………………………………………………………..
2. Type of Borrower2:
3. Address: ………………………………………………………………………………………………
4. Phone: ……………………Fax:………….. Tax code:…………………….
5. Full name of the authorized representative:………………………………………………………….
Position: …………………………………………………………………………………………………………….
6. Legal documents3:
7. Legal scope of activities of the Borrower4:
8. Total investment capital of the project using loan capital (applicable to foreign loans for the purpose of implementing the investment project) is ………… in which the total contributed capital is … ……………………., total loan amount is…………………… (in USD)
9. Credit balance for the project at the time of application submission (in USD):
– Outstanding short-term foreign loan: ……………… (of which overdue: …………)
– Outstanding domestic short-term loans: ……………… (of which overdue: …………)
– Outstanding balance of medium and long-term foreign loans: ………… (of which overdue: …………)
– Outstanding domestic medium and long-term loans: ………… (of which overdue: …………)
Number of medium and long-term foreign loans of the enterprise (ongoing or outstanding as of the reporting date): ……………….loan
II. Information about the Lender5:
1. Name of the Lender (or the Lender's representative)6: …………………………………………………….
2. Country of the Lender (or the Lender's representative): …………………………………………………….
3. Type of Lender (or Lender's representative)7: ……………………………………………………
III. Information about other Related Parties:
1. Guarantor:
1.1. Name of the guarantor: …………………………………………………………………………………………
1.2. Country of Guarantor: …………………………………………………….
2. Insurer:
2.1. Name of insurance company: ………………………………………………………………………………………….
2.2. Country of the Insurer: …………………………………………………….
3. Bank providing account services:
3.1. Name of the Bank providing account services: ……………………
3.2. Address of the bank providing account services: …………………………………………………….
3.3. Information on foreign loan and debt repayment accounts opened at account service providers8: …………………….
4. Other related parties (specify the name and address of the related party in the Loan – if any) ……………………………………….
PART SECOND: INFORMATION ABOUT LOAN PURPOSE
1. Purpose of the loan9: ………………………………………………………………………………………………….
2. Name of the investment project that will use the loan (if any): ……………………..
3. Documents proving the legitimacy of the loan purpose (project approval document, investment registration certificate, business plan approval document...)
3.1. File name: ……………………………………………………………………………………………………
3.2. Approval authority: ………………………………………………………………………………………………
4. Locality where the loan will be used: ……………………………………………………..
PART THIRD: LOAN INFORMATION:
1. Date of signing the Foreign Loan Agreement: ……………………………………………………..
2. The effective date of the Foreign Loan Agreement10: …………………………………………………….
3. Loan Value:
– Numeric value:
– Value in words:
4. Currency of the loan:
4.1. Currency of debt receipt: ………………………………………………………………………………………………
4.2. Cash withdrawal: ………………………………………………………………………………………………..
4.3. Debt payment currency: ……………………………………………………………………………………………….
5. Loan form 11: ……………………………………………………………………………………………….
6. Debt payment method 12: ………………………………………………………………………………………………
7. Loan term: …………….. (in which grace period: ……………. )
8. Loan interest rate:
8.1. Fixed interest rate: …………………………………………………………………………………………….
8.2. Floating rate13: ………………………………………………………………………………………………..
9. Fees14: ………………………………………………………………………………………………….
10. Penalty interest: ………………………………………………………………………………………………..
11. Borrowing cost15: ………………………………………………………………………………………………. %/year
12. Form of security (guarantee, pledge, deposit, mortgage...): ………….
13. Capital withdrawal plan 16: ………………………………………………………………………………………………
14. Debt repayment plan:
14.1. Principal repayment plan 17: ………………………………………………………………………………….
14.2. Interest repayment plan18: …………………………………………………….
15. Other conditions (if any): …………………………………………………….
* Note: specify the terms of reference in the Loan Agreement for each content in this section.
16. Expected use of foreign currency from borrowed funds (not applicable to loans in VND):19
(i) Percentage of disbursement in foreign currency expected to be sold to authorized credit institutions: …………..%
(ii) Purpose of using the remaining amount of foreign currency (in case the ratio at Point 16(i) above is less than 100%): ……………………..
17. Expected purchase of foreign currency for debt repayment from authorized credit institutions: ……………..% loan value
18. Additional explanations (if any):
PART FOUR: COMMITMENT
1. The undersigned (the legal representative of the Borrower) undertakes to be responsible for the accuracy of all information contained in this Application and the attached documents in the Foreign Loan Registration File of the Borrower. Borrower.
2. [Borrower's name] commits to comply with the provisions of Vietnamese law, the provisions of Decree No. 219/2013/ND-CP dated December 26, 12 of the Government on loan and repayment management foreign debts of enterprises not guaranteed by the Government; Circular No. 2013/12/TT-NHNN dated March 2014, 31 of the State Bank of Vietnam regulating the conditions for foreign loans of enterprises not guaranteed by the Government and other legal documents relevant to the State Bank of Vietnam. relate to.
Attached profile: | LEGAL REPRESENTATIVE OF THE WOMEN PARTY |
Contact information: Officer in charge: ……………………………………………………. Telephone: Fax: ……………………………… Address of transaction or address to receive dispatch:……………………. |
Guidance on some related contents in the Application for Foreign Loans Not Guaranteed by the Government
______________
1 Make a note and send it to the Foreign Exchange Management Department or the branch of the State Bank of the province or city under central authority (according to the authority specified in Article 18 of this Circular).
2 Enter the type of Borrower according to the following categories:
– For businesses (excluding commercial banks):
+ State-owned enterprises: Enterprises in which 100% charter capital is held by the State (SOE); enterprises held by the State from 50% to less than 100% of charter capital (S50).
+ Foreign-invested enterprises: Enterprises with foreign ownership ratio from 51% to 100% of charter capital (F51); Enterprises with 10% to less than 51% of foreign investment capital (F10).
+ Other businesses: Cooperatives, Unions of cooperatives; Other businesses.
– For commercial banks, foreign bank branches:
+ Commercial banks with foreign investment capital: Joint venture banks, commercial banks with 100% foreign capital; Foreign bank branch (FOB).
+ Other commercial banks: BAK.
3 Specify the contents of the type of legal dossier; number, date of issue, issuing authority, and amendments and supplements (if any). Depending on the borrower, these types of legal documents include: Establishment Decision, Establishment License, Business Registration Certificate, Business Registration Certificate, Investment Certificate, Certificate receive investment registration, Registration Certificate of Cooperatives and Unions of Cooperatives of the Borrower and of the Enterprise to which the Borrower participates in direct investment capital contribution (in case the Borrower borrows foreign loans to carry out investment activities). implementation of production and business plans, investment projects using foreign loans of enterprises in which the borrower contributes capital for direct investment) in accordance with law.
4 Only list the business activities stated in the business registration certificate, establishment license, company charter, etc. related to projects, production and business plans using capital from foreign loans.
5 In the case of a syndicated loan without representatives of the lenders, specify the information in this section for each lender, noting that the lender has the majority. In the case of a syndicated loan with representatives of the lenders: write the information of the representatives of the lenders.
In the case of a loan in the form of an unregistered debt instrument issue, the information about the Lender is replaced by information about the Party acting as the issuing agent.
6 Write the exact name of the Lender according to the Loan Agreements/Credit Contracts
7 Type of Lender is recorded according to the following sub-categories:
+ Parent company, member companies under the parent company
+ Credit institutions, international financial institutions
+ Other objects
8 Specify information about foreign loan and debt repayment accounts opened at authorized credit institutions: number of accounts used and account number of each specific account.
In case the Borrower is a Foreign Direct Investment Enterprise, this account is the foreign direct investment capital account of the Borrower.
9 Specify the purpose of using foreign loans such as: on-lending, implementing investment projects, implementing production and business plans, restructuring foreign debts, purchasing machinery and equipment, etc.
10 In case a foreign loan in Vietnam dong must be approved by the Governor of the State Bank, the foreign loan agreement will only take full effect after the loan is approved by the State Bank and confirmed for registration.
11 Loan form:
+ Borrowing in cash: including borrowing directly in cash or through a loan entrustment contract with a non-resident entrusting party
+ Borrowing through the issuance of debt instruments (excluding international bonds)
+ Borrow through the form of financial leasing
12 Debt payment method: specify payment in cash or in goods, shares, etc.
13 Specify the type of interest rate selected (fixed or floating; for floating interest rate: specify base interest rate, margin interest); calculation method (simple or compound interest), start date of interest calculation.
14 Specify the name and calculation of fees such as guarantee fee, insurance fee, arrangement fee, management fee, prepayment fee, commitment fee and others.
15 Enterprises calculate the estimated borrowing cost of the loan at the time of loan application submission. Foreign borrowing costs are the total costs converted as an annual percentage of the loan turnover, including foreign loan interest rates and other costs related to foreign loans of which the Borrower is certain. payable to the Lender, loan guarantors, loan insurers, agents and other interested parties.
16 The capital withdrawal plan is consistent with the Loan Agreement. In case the Loan Agreement does not stipulate a specific capital withdrawal plan, based on the Borrower's production and business plan and the Borrower's capital needs in accordance with the Loan Agreement, the Borrower shall take the initiative in recording the project capital withdrawal plan. detailed views by month or quarter or 6 months or year.
17 Debt repayment plan in accordance with the Loan Agreement. In case the Loan Agreement does not stipulate a specific debt repayment plan, within the scope of the commitments in the loan contract, the expected production and business plan and the Borrower's and loan, detail repayment plan by month or quarter or 6 months or year.
18 Specify the interest payment period and interest payment start time.
19 The enterprise estimates the plan to use foreign currency loans in which percentage of the loan value will be sold to authorized credit institutions for VND to pay for domestic purposes (including the portion to be sold). Future). For the part of foreign currency that is not sold to credit institutions, the enterprise shall specify the purposes of using capital in foreign currency such as payment for imported goods, payment to foreign contractors, debt repayment in foreign currency, etc.