Vietnam: Troubleshooting guide for forex management website

This content is specified in Circular No. 03/2016/TT-NHNN issued by the State Bank of Vietnam on February 26, 2016 providing several instructions on foreign exchange administration in respect of foreign borrowing and foreign debt repayment of enterprises.

According to the Circular No. 03/2016/TT-NHNN of the State Bank of Vietnam, where any technical failure in websites arises through no fault of the borrower:

- The borrower temporarily uses the conventional declaration form instead of the online one to give information for registration or registration of changes of foreign loans, and preparation of review reports on effecting of these foreign loans at the time when such errors have not been corrected. 

- After successfully dealing with such failure, the State Bank of cities or provinces, or the State Bank (Foreign Exchange Administration), shall be held responsible within their jurisdiction for inputting relevant updated information into its websites on the basis of application form for registration for loans, application form for registration of changes of loans and written reports of borrowers which are similar to those submitted by borrowers using the conventional declaration form.

Concurrently, according to the Circular No. 03/2016/TT-NHNN of the State Bank of Vietnam, where any technical failure results from fault on the part of the borrower, he shall assume the following responsibilities:

- Urgently and proactively find solutions to successfully dealing with such failure, or act on his own initiative in cooperating with the technical department in charge of the State Bank’s websites to find solutions to correcting errors;

- Temporarily use the conventional declaration form instead of the online one to give information for registration or registration of changes, and preparation of review reports on effecting of these conventional foreign loans, and concurrently notify the State Bank in writing of this technical failure;

- Post updated information about foreign loans which have been registered or permitted for registration for changes and review reports on effecting of conventional foreign loans on websites promptly after such failure is successfully corrected.

After that technical failure is corrected as referred to in paragraph 1 and 2 of this Article, the borrower shall be allowed to resume the online declaration on websites to complete registration procedures regarding foreign loans in accordance with the provisions laid down in this Circular.

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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