Legal Counselling

Vietnam: 05 cases in which fund withdrawal is not carried out through foreign borrowing and foreign debt repayment accounts

10:10, 20/03/2016

Circular No. 03/2016/TT-NHNN issued on February 26, 2016 by the State Bank of Vietnam has specified cases in which fund withdrawal is not carried out through foreign borrowing and foreign debt repayment accounts.

According to the Circular No. 03/2016/TT-NHNN of the State Bank of Vietnam, cases in which fund withdrawal is not carried out through foreign borrowing and foreign debt repayment accounts include:

- Withdrawing funds from the borrower to directly pay the non-resident beneficiary providing goods or services under goods or services sale and purchase contracts with residents;

- Withdrawing funds in the form of deferred payment for import of goods from the borrower;

- Withdrawing foreign loan funds in the form of finance lease;

- Withdrawing funds through the account that the borrower opens abroad in case the borrower is allowed to open accounts abroad for effecting of foreign loans;

- Withdrawing funds from mid-term, long-term foreign loans through settling or clearing against direct payment obligations to the creditor.

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

-Thao Uyen-

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