Recently, the State Bank of Vietnam issued Circular 12/2022/TT-NHNN guiding foreign exchange management for borrowing and repaying foreign debts of enterprises. In particular, the Circular stipulates cases of registration of changes in foreign loans.
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The basis for applying for loan changes is:
Firstly, the value of foreign loans is included in the total limit of foreign commercial loans self-borrowing and self-payment annually approved by the Prime Minister.
Secondly, the borrower complies with and fully satisfies the regulations on foreign loan conditions, foreign exchange management for borrowing activities, foreign debt repayment in accordance with the current regulations of the State Bank of Vietnam and other relevant provisions of law at the time of application.
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Photo 1: Cases of registration for changes of foreign loan in Vietnam_Hotline: 0972118764
Borrowers are responsible for registering changes in foreign loans with the State Bank of Vietnam when changing any contents related to loans mentioned in the written confirmation of registration, the written confirmation of registration of changes in foreign loans of the State Bank of Vietnam, except for:
- Changes in time for capital withdrawal and repaying principal within 10 working days compared to the plan confirmed by the State Bank of Vietnam;
- Changes the address of the borrower excluding name of province/city where its headquarters is located, the borrower sends a notice of the address to the competent authority confirming the registration and registration of the borrower's foreign loan;
- Changes of lender, relevant information about the lender on a syndicated loan with the appointment of representatives of the lending parties, unless the lender is also the representative of the lending parties in the contract loan and the change of lender changes the role of the representative of the lending parties;
- Changes the name of commercial transactions of banks providing account services, banks serving secured transactions;
- Change the plan to pay interest and fees of foreign loans compared to the plan confirmed by the State Bank of Vietnam in the written confirmation of registration, confirmation of registration of changes in foreign loans but do not change the way of determining interest and fees specified in the foreign loan agreement. The borrower is responsible for making a spreadsheet of interest and fees payable to the bank and the provision of account services with a basis for checking and monitoring when performing the transaction;
- Changes in the amount of capital withdrawn, repayment of principal, interest and fees within 100 units of foreign loan currency compared to the amount stated in the written confirmation of registration, the written confirmation of registration instead of the foreign loan;
- Changes in the withdrawal amount, the actual principal of a particular period is less than the amount stated in the withdrawal plan, the debt on the written confirmation of registration or the written confirmation of registration of foreign loan change.
Circular 12/2022/TT-NHNN takes effect from November 15, 2022.
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Photo 2. Cases of registration for changes of foreign loan in Vietnam_ Hotline: 097 211 8764
Socio-Economic General Department – TLK Law Firm
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