Vietnam: Sequence of procedures of registration for collection of guaranteed debt

According to Clause 1 Article 12 of Circular No. 37/2013/TT-NHNN of the State Bank of Vietnam, the sequence of procedures of registration for collection of guaranteed debt is guided as follows:

- Within a period of fifteen (15) working days since the transfer of money for performing the guarantee obligation, the guarantor or guarantor’s representative (for the co-guarantee of credit institutions, foreign bank branches) shall send, directly or via post service, one (01) set of application file as prescribed in Article 11 of hereof to the State Bank (Foreign Exchange Control Department).

- Within a period of fifteen (15) working days since the receipt of the full and valid application file from the guarantor or guarantor’s representative, the State Bank shall send the guarantor or guarantor’s representative with a written confirmation to the collection of guaranteed debt with following main details: the Guarantor or Guarantor’s representative; guaranteed party; beneficiary; basic conditions of the guaranteed debt collection: guarantee limit, amount already guaranteed, purpose of guarantee, interest rate of debt collection, penalty interest, fee, schedule of debt collection; the credit institution that supplies account service and other contents relating to the collection of guaranteed debt (if any).

- In case of declining to confirm the registration for change, the State Bank shall issue a document which states clearly the reason thereof.

Thus, when conducting the procedures of registration for collection of guaranteed debt, the Guarantors and the State Bank of Vietnam must comply with the sequence specified in Circular No. 37/2013/TT-NHNN.

View more details at Circular No. 37/2013/TT-NHNN of the State Bank of Vietnam, effective from October 05, 2015.

- Thu Ba -

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