Vietnam: Which subject is allowed to register for offshore loan?

11:57, 05/01/2014

Recently, the Governor of the State Bank of Vietnam issued Circular No. 37/2013/TT-NHNN on guiding some details relating to foreign exchange control against offshore loans and collection of guaranteed debts from non-residents.

Subjects to register, register for change of offshore loan, guaranteed debt collection are specified in Circular No. 37/2013/TT-NHNN of the State Bank of Vietnam, including:

Khoản vay nước ngoài nào phải thực hiện đăng ký với Ngân hàng Nhà nước?

- Economic organizations who offer offshore loans, guarantee to non-residents.

- Credit institutions, foreign bank branches who grant guarantee to non-residents.

- Guarantor’s representative in co-guarantees of credit institutions, foreign bank branches to non-residents.

- In case where the loan agreement, guarantee agreement to a non-resident is joined by at least two (02) economic organizations, each of them shall proceed with registration, registration for change of the offshore loan, guaranteed debt collection in relation to their proportion of the loan, guarantee.

Note: In the event where the debt arising from the fulfillment of guarantee obligation is paid by the Guaranteed party to the Guarantor within a period of 30 (thirty) days since the fulfillment of guarantee obligation, then the Guarantor shall not be required to register for the guaranteed debt collection as prescribed in Circular No. 37/2013/TT-NHNN.

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

- Thu Ba -

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