Instructions on how to write an application form for international bond issues in Vietnam? How long does it take to process registration of international bond issues in Vietnam?
What is an international bond issue?
According to the provisions of Clause 3, Article 3 of Circular 10/2022/TT-NHNN, “international bond issue” means a foreign medium or long-term loan which is received through issuance of international bonds by an issuer without the government guarantee.
In particular, international bonds are bonds offered for sale by the issuer to non-residents and are not deposited at a depository organization in the Vietnamese territory.
Instructions on how to write an application form for international bond issues in Vietnam? How long does it take to process registration of international bond issues in Vietnam?
Application form for international bond issues and instructions on how to write it?
The application form for registration of international bond issues in Vietnam is made according to the form in Appendix 01 issued together with Circular 10/2022/TT-NHNN.
Download the application form for international bond issues in Vietnam: here.
Instructions on how to write an application form for international bond issues
(1) Type in the type of international bond issuer according to the following sub-categories:
- For businesses (excluding commercial banks):
+ State-owned enterprises: Enterprises in which 100% of charter capital is held by the State (SOE); enterprises held by the State from 50% to less than 100% of the 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 enterprises: Other enterprises (KHA).
- For commercial banking sector:
+ Commercial banks with foreign investment capital: Joint venture banks, commercial banks with 100% foreign capital (FOB).
+ Other commercial banks: (BAK).
(2) Specify the contents of the type of legal documents; number, date of issue, issuing authority, and amendments and supplements (if any).
Depending on the international bond issuer, these types of legal documents include:
+ Establishment decision;
+ License of establishment;
+ Certificate of business registration;
+ Certificate of enterprise registration;
+ Investment certificate;
+ Investment registration certificate of the international bond issuer and the enterprise to which the international bond issuer contributes capital directly.
(In the case of an international bond issuer to carry out production and business plans or investment projects using capital from foreign loans in the form of international bond issuance that the bond issuer international votes to contribute capital for direct investment) in accordance with law.
(3) Only list the field of business activities stated in the business registration certificate, establishment license, and the charter of the international bond issuer.
(4) In case the currency of international bond issuance other than the currency recorded in terms of capital structure for the implementation of investment projects, production and business plans, foreign debt restructuring plans, the exchange rate used for conversion is the accounting rate announced by the Ministry of Finance applied at the time of signing the respective loan agreements and/or change agreements related to the amount of the issue.
(5) Information of the legal representative must be clearly stated in Section I.5 of the application form and consistent with the content of the power of attorney enclosed with the application.
How long does it take to process registration of international bond issues in Vietnam?
Pursuant to Clause 3, Article 7 of Circular 10/2022/TT-NHNN stipulating the processing time for the procedures for registration of international bond issues in Vietnam:
- Within 10 business days from the receipt of an adequate and valid preliminary application, the State Bank of Vietnam shall examine the adequacy and validity of the received application.
If any clarifications of or revisions to the application are required, the State Bank of Vietnam shall request the issuer in writing to complete its application;
- Within 02 business days from the receipt of the official documents as prescribed in Point b Clause 2 Article 7 of Circular 10/2022/TT-NHNN, the State Bank of Vietnam shall make a written certification of registration of international bond issue according to Appendix 04 enclosed herewith, and send it to the issuer.
If an application is refused, the State Bank of Vietnam shall provide reasons for such refusal in writing.
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