Circular No//TT-NHNN Guiding the foreign borrowing and repayment by Please download the circular here: 09__TT-NHNN. Circular 25 replaces in part Circular 09//TT-NHNN dated December on foreign loans and Circular 25//TT-NHNN dated The new Circular will take effect from 15 April, and replace Circulars 09//TT- NHNN and 25//TT-NHNN, thereby consolidating the regulations on this.
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The regulations on the reporting regime of borrowers, credit institutions, foreign bank branches and SBV branches of provinces and the cities directly under the central government. Foreign exchange control applicable to state commercial banks borrowing foreign loans Mayer Brown LLP. For foreign loans signed before this Circular takes effect and being in the process of capital withdrawal, loan repayment, enterprises shall comply with the following: Upon obtaining the SBV’s approval on the plan for the international bond issue pursuant to Circular 18, the issuing bank 20004 follow the procedure for obtaining the certification of the quota and registration of the international bonds value in accordance with the SBV’s guidelines on foreign exchange control applicable to issuance of international bonds i.
Circular 18 provides for the principles, sequence and procedures for 90 and implementing the borrowing of non-Government guaranteed foreign loans by Nynn commercial banks.
Enterprises including licensed banks shall report thereon according to the provisions of this Circular. Non-residents shall be understood according to the provisions of Vietnamese legislation on foreign exchange management.
Any foreign loan agreement signed by a State 009 bank but for which registration is not made prior to 15 October nnhn be registered pursuant to guidelines of the SBV provided for each specific case. Periodically or when necessary, the State Bank and relevant agencies shall inspect the situation of foreign loans and loan repayment by enterprises.
The SBV will accept the registration of a foreign loan for the State commercial bank within 5 working days from the date of receipt of a complete application file. If the amendment is to increase the registered foreign loan value, then the State commercial bank needs to seek a new approval from the SBV on the proposed adjusted foreign loan value followed by registration of nnhn amendment with the SBV.
Please contact customerservices lexology. Within 30 working days as from the date of signing foreign loan contracts and before withdrawing capital, the nnn must register foreign loans and loan repayment with the State Bank.
Register now for your free, tailored, daily legal newsfeed service. Reporting on the implementation of short-term loans of enterprises, without making the capital withdrawal and loan repayment via licensed banks cases mentioned at Points 31 a31 b31 cSection V, Chapter III of this Circular.
Circular No.09/2004/TT-NHNN Guiding the foreign borrowing and repayment by enterprises
Reporting on the situation of medium- long-term loans and loan repayment according to a set form. For syndicated loans borrowed by enterprises from credit institutions operating in Vietnam and foreign lending nhn, regarding the foreign loans, the enterprises must comply with the provisions of this Circular. Competence to certify foreign loan and loan repayment registration or change registration: Enterprises signing foreign loan contracts bear self-responsibility for the legal capacities, financial capabilities, loan contract-performing capabilities of the foreign lending parties.
Scope and applicability Circular 18 provides for the principles, sequence and procedures nhnm assessing and implementing the borrowing of non-Government guaranteed foreign loans by State commercial banks.
Besides, for short- medium- or long-term loans, the enterprises shall have to produce other necessary documents and dossiers when so requested by the licensed banks.
Enterprises must produce to the licensed banks where they make the nnhn repayment the following documents: Registration of cross-border loans 22004 Vietnam borrowers: Certification of change registration means that the State Bank issues documents certifying that enterprises have made registration of changes in a number of contents of the foreign loan contracts with registration already certified by the State Bank.
Foreign exchange control applicable to state commercial banks borrowing foreign loans – Lexology
Prior consent from the SBV to borrowing foreign loans is a must Prior to entering into a foreign loan agreement or submitting a request for certification of the quota on issuing international bonds, a State commercial bank must directly lodge 0204 the SBV Department of Foreign Exchange Control or send to it by post, one set of a file requesting the SBV’s consent to borrowing the foreign loan or to the plan on issuing international bonds.
Send Us Your Comments: Foreign loan means a medium- or long-term nunn loan namely a loan with a term above one year borrowed by a State commercial bank from a foreign ttt institution or foreign financial ht which is not a resident of Vietnam, or a foreign loan borrowed by a State commercial bank in the form of issuing international bonds on the international capital market.
Prior to entering into a foreign loan agreement or submitting a request for certification of the quota on issuing international bonds, nhhn State commercial bank must directly lodge with the SBV Department of Foreign Exchange Control or send to it by post, one set of a file requesting the SBV’s consent to borrowing the foreign loan or to the plan on issuing international bonds.
To satisfy the borrowing conditions stipulated by the State Bank Governor: The SBV must, within 15 working days from receipt of a complete and valid file from a State commercial bank, provide written consent or non-consent to a foreign loan or to a plan on issuance of international bonds.
Translated by Le Hang. Enterprises being credit institutions, apart from the conditions prescribed at Point 13 b and Point 14, Section I, Chapter II of this Circular, must comply with the current regulations of the State Bank on the borrowing limits, short-term foreign loan guarantee.
For any amendment made after this date, the relevant State commercial bank must be compliant with the provisions of Circular The State Bank shall give its written comments on the above drafts of the State enterprises within 15 working days as from the date of receiving complete dossiers. The SBV’s consideration and approval of foreign loans or international bond issuance for State commercial banks are based on: Within 30 days after signing such loan agreement and before the drawdown date of a first loan, the State commercial bank must directly lodge at the SBV or send to it by post, one set of a file requesting registration of the foreign loan.
New Legislation Decision No. Circular 18 also stipulates guidelines on registration of foreign borrowings and reporting regimes. Vietnam October 12 The regulations on the reporting regime of borrowers, credit institutions, foreign bank branches and SBV branches of provinces and the cities directly under the central government This Circular will take effect on November 1 stand supersedes Article 1 of Circular No.
The regulations on the governing scope; implementers; overseas loans which are required to be registered with the SBV; maturities of loans in order to define the registering obligation; the borrowers who do the registration or registration of changes in overseas loans and overseas loan agreements with the SBV.
The enterprises must register the changes with the State Bank within 30 working days as from the date of signing the change agreements and before the changes take effect.
Foreign exchange control applicable to state commercial banks borrowing foreign loans
Enterprises must produce to the licensed banks where they make the loan repayment the following documents:. Dossiers of foreign loan, and loan repayment registration for enterprises being credit organizations shall include the documents prescribed at Points 25 a25 d and 25 eSection II, Chapter III of this Circular.
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The regulations on procedures for registration and registration of changes in overseas loans, including documental procedures and dossiers of registering loans. Determining “fair market value” in a distressed market: