What are provisions on statistical reporting regulations associated with conventional loans applied to the borrower in Vietnam?

What are provisions on statistical reporting regulations associated with conventional loans applied to the borrower in Vietnam?

Pursuant to Article 41 of the Circular 12/2022/TT-NHNN (takes effect from 15/11/2022) stipulating statistical reporting regulations associated with conventional loans applied to the borrower in Vietnam as follows:

1. On the monthly basis, no later than the 5th day of the month immediately after the reporting period, the borrower must prepare an online review report on short-term, mid-term and long-term loans on websites. Where any technical failure in websites arises that makes the reporting unfeasible, the borrower shall send a written report using the form in Appendix 05 hereto.

2. Within a maximum period of 10 (ten) working days of receipt of online report from the borrower on websites (or inputting information from the written report as the websites have technical failure) for the purpose of storing information in the database. Where reporting information is accurate, the borrower shall be notified of completion of reporting by emails in accordance with regulations. Where there is inaccurate information or any information that need to be clarified, the State Bank branch shall send the notification email to the borrower to make data adjustments.

3. Within 03 working days after identifying errors in a foreign loan and repayment report, the borrower is responsible for reporting online at the websites (or in writing in case the websites encounter technical failure) the performance of short, medium and long-term loans with corrected data; and also notify the State Bank's branch by email so that the State bank's branch can conduct scrutiny according to the provisions of this Circular.

What are responsibilities of foreign loans borrowers in Vietnam?

Pursuant to Article 43 of the Circular 12/2022/TT-NHNN (takes effect from 15/11/2022) stipulating responsibilities of foreign loans borrowers in Vietnam as follows:

1. Comply with regulations on administration of foreign borrowing or foreign debt repayment in this Circular and other relevant regulations when signing and performing foreign loan agreements and agreements on security of foreign loans.

2. Present documents or records in accordance with laws and upon the request of the account service provider when determining that the form of the loan is either a monetary loan or a financial lease and/or another form and when performing money transfers related to foreign loans.

3. Implement regulations on declaring information, making reports and maintaining information security in accordance with provisions set forth in this Circular.

4. Take legal responsibility for:

a) determining that the form of the loan is either a monetary loan or a financial lease and/or another form. In case a foreign loan is a loan in the form of a financial lease, the borrower is responsible for determining the date of receipt of the leased asset and providing information to the competent authority or the account service provider upon request;

b) the accuracy and authenticity of: the information provided and declared on the Website through their log-in account; information or documents attached to applications for registration or registration for changes of loans, reports sent to competent authorities; information provided, documents presented to commercial banks when performing money transfer transactions related to foreign loans.

What are responsibilities of bank providing secured transactions regarding foreign loans in Vietnam?

Pursuant to Article 44 of the Circular 12/2022/TT-NHNN (takes effect from 15/11/2022) stipulating responsibilities of bank providing secured transactions regarding foreign loans in Vietnam as follows:

1. Provide money transfer services to fulfill security obligations as prescribed in this Circular.

2. Check and keep documents when providing money transfer services to fulfill security obligations as prescribed in this Circular.

3. Provide accurate information on the money transfer for performance of security obligations at the request of the competent authority, the borrower, the borrower's account service provider.

Best regards!