Cases in which registration for changes of loans is required

According to the Circular No. 03/2016/TT-NHNN of the State Bank of Vietnam, cases in which registration for changes of loans is required include:

- If the plan for fund withdrawal, debt repayment and actual fee remittance is changed within a permitted duration of 10 (ten) days as against the one previously approved by the State Bank, the borrower shall be responsible for notifying in writing the account service provider to carry out fund withdrawal and debt repayment according to the changed plan; By doing so, registration for changes of such loan with the State Bank shall not be required.

- The borrower shall only notify in writing the State Bank and shall not apply for registration of changes of loans in respect of the following contents:

+ Change of the borrower's address in the city or province where the borrower’s head office is located;

+ Change of the creditor, related information about creditors in respect of a syndicated loan that designate the representative for creditors, except when a creditor is also the representative for creditors in respect of a syndicated loan, and any change of creditors that may entail changes to the roles of the representative for creditors;

+ Change of the commercial transaction name of the account service provider.

Concurrently, within a maximum period of 30 (thirty) days from the date of change or receipt of notification of change made to contents referred to in paragraph 3 of this Article, the borrower shall send notification by post or directly to the authority in charge of confirmation of registration of loans according to authority as prescribed.

Notably, except for the above cases, in case of any change in any content related to the loan stated in the written confirmation of registration of foreign loans of the State Bank, borrowers are responsible for registering changes to foreign loans with the State Bank in accordance with regulations.

View more details at the Circular No. 03/2016/TT-NHNN of the State Bank of Vietnam, effective from April 15, 2016.

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE