What are principles of administration of foreign loans arranged by means of deferred payment for import of goods in Vietnam?

What are principles of administration of foreign loans arranged by means of deferred payment for import of goods in Vietnam?

Pursuant to Article 4 of the Circular 12/2022/TT-NHNN (takes effect from 15/11/2022) stipulating principles of administration of foreign loans arranged by means of deferred payment for import of goods in Vietnam as follows:

1. Foreign loan granted by deferral of payment for imported goods shall include imports on which the first date of withdrawal precedes the last date of payment; in which:

a) The date of withdrawal of foreign loan granted by deferral of payment for imported goods shall be:

The ninetieth day from the date that transport documents are issued if the bank providing account services requires transport documents included in the payment documents;

The forty-fifth day from the date that the examination of information in the cleared customs declaration if the bank providing account services does not require transport documents included in the payment documents;

b) The last date of payment shall be:

The final date of the payment time limit as shown in the contract;

The last date of payment in reality if the contract is not followed or does not specify any payment time limit;

c) The time limit of a foreign loan granted by deferral of payment for imported goods shall commence on the first date of withdrawal and ends on the last date of payment.

2. Conventional loans made in the form of deferred payment for import of goods shall not be covered by the provisions on registration or registration for changes of foreign loans set forth in Chapter III hereof.

3. The bank transfer of repayment of the debt (principal and interest) and charges relating to the foreign loan granted by deferral of payment for imported goods is not necessarily made via the foreign loan account.

What are regulations on using the website for declaration of information for registration or registration for changes of loans in Vietnam?

Pursuant to Article 5 of the Circular 12/2022/TT-NHNN (takes effect from 15/11/2022) stipulating using the website for declaration of information for registration or registration for changes of loans in Vietnam as follows:

1. Where the borrower chooses the website to carry out declaration of information for registration or registration for changes of loans in order to reduce administrative processing time, the borrower shall declare information on the registered loan, the request for certification of registration for changes before submitting an application for registration or registration for changes of the foreign loan.

2. As for the report on arrangement of foreign loan, the borrower shall use the website to make an online report as per this Circular.

When are multiple entities held jointly liable for the obligation to repay the foreign loan in Vietnam?

Pursuant to Clause 3 Article 6 of the Circular 12/2022/TT-NHNN (takes effect from 15/11/2022) stipulating multiple entities held jointly liable for the obligation to repay the foreign loan in Vietnam as follows:

After the full or partial division, if multiple entities are held jointly liable for the obligation to repay the foreign loan:

a) The mentioned jointly-liable entities shall reach an agreement in writing to authorize an entity to carry out administrative procedures and send reports related to foreign loans as prescribed in this Circular;

b) The mentioned jointly-liable entities shall open a joint checking account as an account for foreign borrowing and repayment. In case they do not jointly open a joint checking account to act as a foreign loan account, these entities must ensure the opening of such foreign loan accounts at the same account service provider to continue to repay the foreign loan;

c) Where one of the mentioned jointly-liable entities is a foreign-invested enterprise, the use of the account to repay this loan shall be carried out in accordance with this Article. The bank where the mentioned jointly-liable entities open the foreign loan account is not required to be the bank where the foreign-invested capital account is opened.

Best regards!