Vietnam: What is the forced loan between the borrower and the guarantor? How to perform the repayment of the forced loan between the borrower and the guarantor?
Vietnam: What is the forced loan between the borrower and the guarantor in a foreign loan?
Pursuant to Article 38 of Circular 12/2022/TT-NHNN stipulating as follows:
Forced loan between the borrower and the guarantor
1. Forced loan (if any) between the borrower and the guarantor is a debt that the borrower is obliged to repay to the guarantor after the guarantor has performed the guarantee obligation under agreements between the borrower and the guarantor, the borrower, the guarantor, the lender in relation to the foreign loan (hereinafter referred to as the “forced loan”).
2. The maximum amount of forced loan does not exceed an amount equivalent to the debt obligation under the foreign loan agreement that has been implemented through the implementation of guarantee measures.
3. In case the borrower and the resident guarantor have an agreement on interest and fees for the forced loan, the content of the agreement on the interest and fees for the forced loan must be consistent with current regulations of the Civil Code.
4. In case the borrower and the guarantor are non-residents, there is an agreement on the interest and fees for the forced loan, the total amount of interest and fees paid by the borrower to the guarantor, converted according to the percentage of the debt. hundred per annum on the total amount of the forced loan, not exceeding the interest rate applicable to the late payment loan amount specified in the foreign loan agreement with guarantee measures.
5. The agreement on forced loan currency and debt payment currency in the territory must be consistent with regulations on restrictions on the use of foreign exchange in the territory of Vietnam.
According to the above provisions, the forced loan between the borrower and the guarantor is the debt that the borrower is obliged to repay to the guarantor when the guarantor has performed the guarantee obligation as agreed. related to foreign loans.
Vietnam: What is the forced loan between the borrower and the guarantor? How to perform the repayment of the forced loan between the borrower and the guarantor? (Image from the Internet)
Vietnam: How to perform the repayment of the forced loan between the borrower and the guarantor?
Pursuant to Article 39 of Circular 12/2022/TT-NHNN stipulating as follows:
Refund of forced loan
1. The borrower shall return the forced loan to the guarantor on the basis of presenting to the bank providing the account service:
a) Foreign loan agreements and guarantee agreements related to foreign loans;
b) Agreement of the parties on the obligation to repay the forced loan by the borrower to the guarantor;
c) Documents proving that the guarantor has performed the guarantee obligation related to the foreign loan (copy of money transfer document proving that the guarantor has paid the debt on behalf of the borrower, documents proving the amount performance of the guarantee obligation has been transferred to the bank serving the guarantee transaction, documents evidencing the transfer of the guarantee property to perform the obligation);
d) Other vouchers and documents (if any) as prescribed by the account service provider.
2. The repayment of the forced loan to the guarantor must be done through a foreign loan and debt repayment account. In case the currency of payment for the forced loan is different from the currency of the foreign loan and debt repayment account, the borrower may make it through another account opened at the same bank providing the borrower's account service.
According to the above provisions, the borrower will repay the forced loan to the guarantor through a foreign loan and debt repayment account.
How to implement the reporting regime with self-borrowed loans and self-pay loans in Vietnam?
Pursuant to Article 41 of Circular 12/2022/TT-NHNN stipulating as follows:
Reporting regime for borrowers
1. On a monthly basis, no later than the 5th of the month following the reporting period, the borrower must report online on the performance of short, medium and long-term loans at the Website. In case the Website encounters a technical error and cannot send the report, the borrower shall send a written report according to the form in Appendix 05 issued with this Circular.
2. Within 10 working days from the date of receiving the borrower's report on the Website, the State Bank branch shall approve the report on the Website (or enter information from the written report in case the Website encounters a technical error) to save information in the database. In case the reported information is correct, the borrower will be notified via email of the completion of the report as prescribed. In case there is inaccurate information or need clarification, the State Bank branch shall notify by email to the borrower for adjustment of data.
3. Within 03 working days after detecting errors in foreign loan and repayment reports, the borrower is responsible for reporting online at the Website (or in writing in the school). In case the website encounters technical errors) the situation of short, medium and long-term loan performance with incorrect data has been overcome; at the same time, notify the State Bank's branch by email so that the State bank's branch can conduct censorship according to the provisions of this Circular.
Thus, every month, no later than the 5th of the following month in the reporting period, the borrower must periodically report via online form on short, medium and long-term loans on the e-Portal.
LawNet
