What does revision of payment periods mean? Is a debt repayment plan after revising the debt repayment term required for the revision of payment periods in Vietnam?
- What does revision of payment periods mean under the Charter of the National Technology Innovation Foundation of Vietnam?
- Is a debt repayment plan after revising the debt repayment term required for the revision of payment periods in Vietnam?
- What does an application for revision of payment periods sent to NATIF include?
What does revision of payment periods mean under the Charter of the National Technology Innovation Foundation of Vietnam?
Pursuant to the provisions of Clause 2, Article 2, Circular 03/2023/TT-BKHCN on revision of payment periods:
Definitions
For the purpose of this Circular, the terms below shall be construed as follows:
1. “risk treatment” means the adoption of the measures specified in clause 2 Article 31 of NATIF’s Charter.
2. “revision of payment periods/amounts” means NATIF and an enterprise agree on changes in periods for making payment of debts (principal and/or interest) or payment amounts (principal and/or interest) agreed upon in the signed contract while the loan term does not change.
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Therefore, revision of payment periods means National Technology Innovation Foundation of Vietnam (NATIF) and an enterprise agree on changes in periods for making payment of debts (principal and/or interest) agreed upon in the signed contract while the loan term does not change.
What does revision of payment periods mean? Is a debt repayment plan after revising the debt repayment term required for the revision of payment periods in Vietnam? (Image from the Internet)
Is a debt repayment plan after revising the debt repayment term required for the revision of payment periods in Vietnam?
Pursuant to the provisions of Clause 2, Article 9, Circular 03/2023/TT-BKHCN on requirements for the revision of payment periods:
Revision of payment periods/amounts
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2. An enterprise may be eligible for revision of payment periods/amounts when meeting all of the following requirements:
a) It is an entity mentioned in Clause 1 of this Article;
b) It has used the borrowed funds for the purposes specified in the contract;
c) It has difficulties in business operations resulting in its failure to repay debts (principal and/or interest) in full and on schedule under the signed contract;
d) It has a viable production and business plan and a debt repayment plan after the debt repayment term is revised;
c) It has submitted an adequate application as prescribed in Clause 5 of this Article.
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An enterprise may be eligible for revision of payment periods/amounts when meeting all of the following requirements:
- It is eligible for revision of payment periods;
- It has used the borrowed funds for the purposes specified in the contract;
- It has difficulties in business operations resulting in its failure to repay debts (principal and/or interest) in full and on schedule under the signed contract;
- It has a viable production and business plan and a debt repayment plan after the debt repayment term is revised;
- It has submitted an adequate application.
Thus, an enterprise may be eligible for revision of payment periods if it has a debt repayment plan after the debt repayment term is revised. This is one of the requirements for the NATIF to consider revising the debt repayment term.
What does an application for revision of payment periods sent to NATIF include?
Pursuant to the provisions of Clause 5, Article 9, Circular 03/2023/TT-BKHCN on the application for revision of payment periods/amounts:
Revision of payment periods/amounts
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5. Application for revision of payment periods/amounts sent by the enterprise includes:
a) The application form which is signed by the enterprises legal representative and includes the following contents: Causes of risk resulting in its failure to repay debts under the signed contract; capital and asset damage level; book value of the debts; adopted risk treatment measures (if any) and proposed risk treatment measures; commitments on the feasibility of the business plan and debt repayment plan after risk treatment;
b) Authenticated duplicates of the financial statements audited by independent audit organizations or sent to tax authorities of the latest 02 years before the date of application for risk treatment or of the year preceding the year in which the enterprise applies for risk treatment if the enterprise has operated for a period less than 02 years;
c) Certified true copy of the debt reconciliation statement by the time of application for risk treatment;
d) Other relevant documents (if any).
6. After receiving an adequate application as prescribed in Clause 5 of this Article, NATIF shall appraise the received application, carry out risk assessment and determination of capital and asset damage incurred by the enterprise; consider measures to urge debt recovery, adopted risk treatment measures and results thereof (if any), the need to apply proposed risk treatment measures, the capacity to repay the debt (principal, interest) of the enterprise after the proposed risk treatment measures are adopted; issue and organize the implementation of the decision to revise payment periods/amounts.
Application for revision of payment periods/amounts sent by the enterprise includes:
- The application form which is signed by the enterprises legal representative and includes the following contents:
+ Causes of risk resulting in its failure to repay debts under the signed contract;
+ Capital and asset damage level;
+ Book value of the debts;
+ Adopted risk treatment measures (if any) and proposed risk treatment measures;
+ Commitments on the feasibility of the business plan and debt repayment plan after risk treatment;
- Authenticated duplicates of the financial statements audited by independent audit organizations or sent to tax authorities of the latest 02 years before the date of application for risk treatment or of the year preceding the year in which the enterprise applies for risk treatment if the enterprise has operated for a period less than 02 years;
- Certified true copy of the debt reconciliation statement by the time of application for risk treatment;
d) Other relevant documents (if any).
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