Vietnam: Application file for change of loan

According to Article 11 of Circular No. 45/2011/TT-NHNN of the State Bank of Vietnam, the credit institution shall send, directly or via post service, 01 (one) application file for the change of loan to the State Bank (Department for Foreign Exchange Control). The application file shall include:

1. An application for the change of foreign loan (in accordance with the Appendix 02 enclosed to this Circular).

2. A copy and Vietnamese translation (with confirmation of an authorized representative of the credit institution) of the signed agreement on change. In case where the changed contents of relevant parties have already been agreed in the loan agreement or approved in accordance with provisions of applicable laws without necessity for an official signature in writing among the parties, the credit institution shall issue a document to clearly explain such contents in the application file for change of loan.

3. A report demonstrating the satisfaction of provisions on credit growth rate and prudential ratios in activities of the credit institution as at the end of the latest month prior to the date of signing the agreement on change of the foreign loan (in case where the change concerns the increase of turnover or extension of the duration of the foreign loan).

4. A copy and Vietnamese translation (with confirmation of an authorized representative of the credit institution) of written approval of the guarantee institution on the agreement on the change (where the foreign loan is guaranteed).

The State Bank shall consider the confirmation of registration, registration for change of the foreign loan of the credit institution on following bases:

- The foreign exchange control policies of the State from time to time.

- The sufficiency and validity of the application file for loan registration, loan change registration.

- The compliance with and full satisfaction of provisions on foreign loans by the credit institution as prescribed in this Circular, lending regulations of the credit institution applicable to customers and other relevant provisions of applicable laws.

- The opinion of concerned agencies on foreign loans of the credit institution upon necessity.

These bases are also used to review and confirm the credit institution's offshore loan registration.

View more details at Circular No. 45/2011/TT-NHNN of the State Bank of Vietnam, effective from June 30, 2012.

Thuy Tram

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