Vietnam: Foreign credit institutions are not required to submit a status report on grant of syndicated loans

10:10, 05/07/2016

This is one of the featured contents mentioned in Circular No. 24/2016/TT-NHNN of the State Bank of Vietnam on amendment and supplement to a number of articles of Circular No. 42/2011/TT-NHNN on grant of syndicated loans to clients by credit institution.

Circular No. 24/2016/TT-NHNN of the State Bank of Vietnam amends regulation on information and reporting regime, specifically as follows:

Credit institutions other than foreign credit institutions shall submit a status report on grant of syndicated loans in accordance with the State Bank's regulations on the reporting regime applicable to credit institutions and branches of foreign banks.

Besides, information and reporting regime is as follows:

- The customer shall be responsible for reporting the head member in the grant of loan syndication on the progress of the credit fund and necessary reports and information upon request of the head member in the provision of the loan syndication. The customer shall also be responsible for the legality and accuracy of information supplied by him.

- The head member in the provision of loan syndication shall be responsible for supplying information about the customer and the project granted with loan syndication to other members in line with provisions in the syndication contract.

View more details at Circular No. 24/2016/TT-NHNN of the State Bank of Vietnam, effective from June 30, 2016.

-Thanh Lam-

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