Vietnam: Procedures for registration of foreign loan of credit institution

14:59, 05/01/2012

This is an important content specified in Circular No. 45/2011/TT-NHNN of the State Bank of Vietnam providing for the foreign exchange control applicable to foreign loans, debt collection by credit institutions, issued on December 30, 2011.

đăng ký khoản cho vay ra nước ngoài, Thông tư 45/2011/TT-NHNN

According to Article 9 of Circular No. 45/2011/TT-NHNN of the State Bank of Vietnam, registration of loan shall be carried out as follows:

1. On the basis of the satisfaction of conditions applicable to a foreign loan as provided for in this Circular, the credit institution shall sign the loan agreement, agreement of change with the foreign borrower and other related parties.

2. The credit institution shall proceed with registration for the loan, registration for change of the loan with the State Bank within a period of 30 (thirty) days since the date of signing the loan agreement or agreement of loan change (where the loan is not guaranteed) or within a period of 30 (thirty) days since the date where the guarantee institution signs the guarantee document or signs the document agreeing with the change of the loan agreement (where the loan is guaranteed).

3. Any transaction in connection with the foreign loan shall only be performed after the State Bank has confirmed the registration, confirmed the registration for change in accordance with provisions of this Circular.

4. The credit institution shall not be required to register with the State Bank for loan agreements without capital withdrawal effect, such as: framework credit agreements, Memorandum of understanding and other similar agreements whose contents are not contrary to applicable laws of Vietnam.

Note: In case of registration for changes in offshore loans of a credit institution, the same procedure shall be followed.

Registration of loan, change of loan shall mean the registration by the credit institution with the State Bank for a foreign loan or changes of a foreign loan as provided for in Circular No. 45/2011/TT-NHNN.

Thus, when a credit institution meets the conditions to lend abroad, it is entitled to carry out the lending steps according to the above-mentioned procedures.

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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