THE STATE BANK
OF VIETNAM
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.:
08/2023/TT-NHNN
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Hanoi, June 30,
2023
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CIRCULAR
PRESCRIBING
ELIGIBILITY REQUIREMENTS FOR FOREIGN LOANS WITHOUT GOVERNMENT’S GUARANTEE
Pursuant to the Law on the State Bank of Vietnam
dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated
June 16, 2010 and the Law providing amendments to the Law on Credit
Institutions dated November 20, 2017;
Pursuant to the Ordinance on Foreign Exchange
dated December 13, 2005; the Ordinance providing amendments to the Ordinance on
Foreign Exchange dated March 18, 2013;
Pursuant to the Government’s Decree No.
219/2013/ND-CP dated December 25, 2013 prescribing management of enterprises’
foreign borrowing and repayment of foreign loans without government guarantee;
Pursuant to the Government's Decree No.
102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and
organizational structure of the State Bank of Vietnam;
At the request of the Director of the Foreign
Exchange Management Department;
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Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Circular introduces eligibility requirements
that borrowers must meet to qualify for foreign loans which are not guaranteed
by the Government of Vietnam.
Article 2. Regulated entities
This Circular applies to:
1. Residents that are enterprises, cooperatives,
cooperative unions, credit institutions and foreign bank branches (FBBs) duly
established and operating in Vietnam and known as the parties applying for
foreign loans (hereinafter referred to as “borrowers”).
2. Credit institutions or FBBs in Vietnam where
borrowers’ accounts are opened to serve their foreign borrowing and repayment
of foreign loan debts (hereinafter referred to as “account service banks”).
Article 3. Definitions
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1. “short-term foreign conventional loan”
(hereinafter referred to as “short-term foreign loan”) means a foreign loan
which is not guaranteed by the Government and usually runs for a term of less
than 01 year.
2. “medium/long-term foreign conventional loan”
(hereinafter referred to as “medium/long-term foreign loan”) means a foreign
loan which is not guaranteed by the Government and usually runs for a term of
over 01 year.
3. “investment project” means a project for which
an investment certificate, investment registration certificate or written
approval for investment guidelines is granted by a competent authority as
prescribed by the investment law and other relevant laws.
4. “other project” means a project which is not the
investment project defined in Clause 3 of this Article.
5. “foreign borrowing cost" means the total
amount of costs converted by the annual proportion to the loan amount,
including foreign borrowing interest rate and other costs associated with the
foreign loan that the borrower is obliged to repay to the lender, guarantor,
insurer, agents and other relevant parties.
6. “foreign debt restructuring" means the
repayment of an existing foreign debt using funds from a new foreign loan.
7. “foreign loan in VND” means a foreign loan which
is disbursed to the borrower’s account used for foreign borrowing and debt
repayment in VND or for which debt obligations are denominated in VND.
8. “debt obligations denominated in VND” means the
indebtedness amount of a foreign loan withdrawn in foreign currency which is recorded
under a foreign loan agreement in VND according to the foreign currency
buying/selling rate quoted by a credit institution agreed upon by the parties.
Article 4. Application of relevant regulations
and laws
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2. In addition to the fulfillment of eligibility
requirements for foreign loans laid down in this Circular, borrowers that are
state-owned enterprises must also comply with regulations of law on management
and use of state capital invested in manufacturing and business activities of
enterprises and other relevant regulations of law.
Article 5. Foreign loans granted by deferral of
payment for imported goods
1. Borrowers of foreign loans which are granted in
the form of import of goods with deferred payment are not required to meet the
eligibility requirements for foreign loans laid down in this Circular.
2. Borrowers of foreign loans which are granted in
the form of import of goods with deferred payment shall comply with regulations
and guidelines on management of foreign exchange in foreign borrowing and
foreign debt repayment by enterprises, regulations of law on foreign trade
management and other relevant law provisions.
Article 6. Rules for using foreign loan capital
1. Borrowers shall assume overall responsibility to
use foreign loan capital for lawful purposes as defined in this Circular.
2. In case a foreign loan amount has been withdrawn
but has not yet used for the lawful loan purposes as defined in this Circular,
the borrower may deposit this loan amount at credit institutions or FBBs
operating in Vietnam. Term of each deposit does not exceed 01 month.
Article 7. Plan for use of foreign loan capital
1. The plan for use of foreign loan capital is the
business plan to be financed by the foreign loan, in which the borrower
justifies their lawful and reasonable purposes and the need of the foreign
loan. The borrower’s plan for use of foreign loan capital must be approved by a
competent authority in accordance with provisions of the Investment Law, the
Law on Enterprises, the Law on Credit Institutions, the Law on Cooperatives,
the borrower’s charter and other relevant law provisions (hereinafter referred
to as “authorized approving authority").
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a) Name of the borrower, type of the credit
institution, equity capital, address, license for establishment and operation
of the credit institution or license for establishment of the FBB, outstanding
debts incurred from short-term, medium/long-term loans as at the planning date;
b) Business objectives, total demand for capital
mobilization, and demand for foreign loan capital of the borrower;
c) Information on the foreign loan to be obtained;
d) Purposes of the foreign loan, including:
information on target customers to who the borrower considers giving loans
using the foreign loan capital, planned lending interest rate and loan term;
dd) Foreign borrowing scale: loan amount, credit
growth target, credit growth rate as at the planning date, comparison of the
foreign borrowing scale with the remaining credit growth scale as at the end of
the year or with the credit growth scale of the previous year in case
information on credit growth target of the current year is not available;
e) Measures for management of risks arising from
the foreign loan;
g) Authority to approve the plan for use of foreign
loan capital: approving authority and grounds for determining approving
authority;
h) Other contents (if any).
3. The plan for use of foreign loan capital
prepared by the borrower that is not a credit institution or FBB shall, inter
alia, have the following contents:
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b) Information on the foreign loan to be obtained;
c) Purposes and scale of the foreign loan;
Information on business activities, other projects
to be financed by the foreign loan, which must be within the lawful scope of
business of the borrower:
Regarding a short-term foreign loan: the statement
of demands for use of the short-term foreign loan (hereinafter referred to as
“capital demand statement”) which is made using the form in the Appendix
enclosed herewith, and according to the rules laid down in Clause 4 of this
Article.
Regarding a medium/long-term foreign loan: total
capital for business activities; capital structure; scale of the foreign loan; expenditures
to be covered using medium/long-term foreign loan;
d) Measures for management of risks arising from
the foreign loan (if any);
dd) Authority to approve the plan for use of
foreign loan capital: approving authority and grounds for determining approving
authority;
e) Other contents (if any).
4. Rules for preparing the capital demand
statement:
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The borrower shall indicate in its capital demand
statement all payment obligations to be fulfilled within the loan term on the
basis of the estimate of amounts payable prepared according to records and
documents under which payment obligations arise such as invoices, agreements and
contracts signed or issued before the borrower withdraws the loan capital.
In case amounts actually paid differ from those
specified in the capital demand statement due to objective causes such as the
beneficiary’ failure to deliver sufficient amount of goods, parties’ agreement
on delayed or accelerated debt payment or offsetting, or changes in tax amounts
payable as notified by tax authorities, the borrower shall modify its plan for
use of foreign loan capital and provide a new capital demand statement which
has been updated according to actual payments and to which other lawful
short-term debts to be paid within the loan terms have been also added;
b) If the short-term foreign loan is used for
serving business operations of the borrower that is required to achieve minimum
levels of prudential indicators as prescribed by specialized laws:
The borrower shall indicate in its capital demand
statement total amount to be used for each of business operations defined in
its business plan according to the relevant specialized law.
In case there are changes in the capital amount
actually spent in comparison to that estimated in the capital demand statement
as a result of changes in its business plan, the borrower shall modify its plan
for use of foreign loan capital and provide a new capital demand statement
indicating updated data on capital demands and other lawful purposes of the
loan (if any);
c) In case there are changes in its capital demand
statement as prescribed in Point a and Point b of this Clause, the borrower
shall modify its plan for use of foreign loan capital before the occurrence of
the change and comply with regulations on retention and presentation of
documents used for inspection of the use of foreign loan capital as prescribed
in Clause 4 Article 19 of this Circular.
Article 8. Plan for restructuring of foreign
debts
1. The plan for restructuring of foreign debts
(hereinafter referred to as “debt restructuring plan") includes
information on the use of a new foreign loan for paying off lawful and existing
foreign loan debts. The borrower’s debt restructuring plan must be approved by
an authorized approving authority.
2. A debt restructuring plan shall, inter alia,
include the following contents:
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Information specified in Point a Clause 2 Article 7
of this Circular if the borrower is a credit institution or FBB.
Information specified in Point a Clause 3 Article 7
of this Circular if the borrower is not a credit institution or FBB;
b) Information on the existing foreign loan and
outstanding debts thereof, including: the lender, loan amount, currency, loan
term, borrowing cost, loan purposes, withdrawal of loan capital, debt
repayment, outstanding debts as at the planning date, debt amount to be
restructured, code of the loan (for medium/long-term foreign loans), or
statement of use of foreign loan capital (for short-term foreign loans);
c) Information on the new foreign loan, including:
the lender, loan amount, currency, loan term, borrowing cost, capital
withdrawal plan, and plan to pay off outstanding debts of the existing foreign
loan;
d) Authority to approve the debt restructuring
plan: approving authority and grounds for determining approving authority;
dd) Other contents (if any).
Chapter II
GENERAL REQUIREMENTS
Article 9. Foreign loan agreement
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2. The foreign loan agreement must be made in
writing. In case the foreign loan agreement is made in the form of electronic
messages, it must comply with provisions of law on electronic transactions.
3. The foreign loan agreement must be signed before
or on the day on which the foreign loan capital is withdrawn. The foreign loan
agreement may be signed on the day on which the foreign loan capital is
withdrawn if:
a) It is a short-term foreign loan which will be
disbursed after the loan agreement is signed by the parties; or
b) It is a foreign loan converted from funds for
investment preparations of projects granted investment registration certificate
in accordance with regulations of law on management of foreign currency for
foreign borrowing and debt repayment, and foreign direct investments in
Vietnam.
Article 10. Currency of foreign loans
1. Foreign loans are denominated in foreign
currencies.
2. A foreign loan in VND shall be granted if:
a) the borrower is a microfinance institution;
b) the borrower that is a foreign-invested
enterprise gets a loan from profits earned from direct investments in the
territory of Vietnam by the lender that is the foreign investor making capital
contribution to the borrower; or
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Article 11. Secured transactions for a foreign
loan
The borrower and relevant parties shall comply with
current law regulations on secured transactions and other relevant law
provisions when entering into and conducting secured transactions for the
foreign loan.
Article 12. Foreign borrowing costs
1. The borrower and relevant parties shall comply
with current law regulations on foreign borrowing interest rate and other costs
associated with the foreign loan when reaching agreements on foreign borrowing
costs.
2. In order to administer the limit on conventional
foreign loans, where necessary, the SBV’s Governor shall decide to apply the
foreign borrowing cost requirement; decide and announce the ceiling level of
foreign borrowing costs in each period.
Article 13. Foreign borrowing by state-owned
enterprises
State-owned enterprises may apply for foreign loans
if their foreign borrowing policies are appraised and approved by competent
authorities in accordance with regulations of law on assignment and delegation
of authority to perform rights, responsibilities and obligations of state
owners, representatives of state owners in state-owned enterprises. Such
foreign borrowing by state-owned enterprises must comply with regulations of
law on management and use of state capital invested in manufacturing and
business activities of enterprises.
Chapter III
ADDITIONAL REQUIREMENTS
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Article 14. Loan purposes
1. Short-term and medium/long-term foreign loans
are used for:
a) increasing the borrower’s funding for credit
extension activities to meet its credit growth target;
b) restructuring the borrower’s foreign debts;
2. When applying for a medium/long-term foreign
loan, the borrower shall be required to prove its loan purposes by presenting:
a) The plan for use of foreign loan capital as
prescribed in Clause 2 Article 7 of this Circular if the loan is used for the
purpose defined in Point a Clause 1 of this Article; or
b) The debt restructuring plan as prescribed in
Article 8 of this Circular if the loan is used for the purpose defined in Point
b Clause 1 of this Article.
Article 15. Limit on short-term foreign loans
A borrower may apply for a short-term foreign loan
if it meets the limit on short-term foreign loans as at December 31 of the year
preceding the year in which the loan application is submitted. The limit on short-term
foreign loans is the maximum ratio of total outstanding principal of short-term
foreign loans to standalone equity, and shall not exceed:
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2. 150% if the borrower is a FBB or another credit
institution.
Article 16. Prudential ratios
1. When applying for a short-term foreign loan, the
borrower shall be required to achieve the minimum levels of prudential ratios
prescribed in the Law on Credit Institutions on the last day of each of the
last 03 months prior to the signing date of the foreign loan agreement or
agreement on increase in the foreign loan amount, except the case in Point c
Clause 2 of this Article.
2. When applying for a medium/long-term foreign
loan, the borrower shall be required to achieve the minimum levels of
prudential ratios prescribed in the Law on Credit Institutions on the last day
of each of the last 03 months prior to the signing date of the foreign loan
agreement or agreement on increase in the foreign loan amount until the end of
the month prior to the month in which an adequate application for
administrative procedure processing is submitted as prescribed in current law
regulations on management of foreign currency for foreign borrowing and debt
repayment, except the following cases:
a) The medium/long-term foreign loan is eligible to
be accounted for in tier-2 capital of the credit institution or FBB and will
help the credit institution or FBB achieve the required levels of prudential
ratios;
b) The borrower that gets a foreign loan in the
form of issuance of bonds in the international market shall be required to
achieve the minimum levels of prudential ratios imposed by the SBV in
accordance with the Law on Credit Institutions on the last day of each of the
last 03 months prior to the date of submission of an application for bond
issuance registration;
c) The borrower that is an assisting credit
institution under an approved recovery plan or a assisting credit institution
placed under special control shall be required to achieve specific levels of
prudential ratios imposed on them as prescribed in the Law on Credit
Institutions.
Section 2. ADDITIONAL REQUIREMENTS TO BE
FULFILLED BY BORROWERS THAT ARE NOT CREDIT INSTUTUTIONS OR FOREIGN BANK
BRANCHES
Article 17. Loan purposes
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a) The borrower may only use the short-term foreign
loan capital for restructuring its foreign debts and paying its short-term
debts payable in cash (excluding outstanding principal amounts of domestic
loans). Short-term debts payable mentioned in this Clause are those incurred by
the borrower during its execution of investment projects, business plans and/or
other projects, and determined in accordance with current regulations and
guidelines on corporate accounting policies;
b) Apart from the purpose defined in Point a Clause
1 of this Article, the borrower that is required to achieve minimum levels of
prudential indicators as prescribed by specialized laws is allowed to use the
short-term foreign loan capital for its business operations within a maximum
duration of 12 months from the day on which the foreign loan capital is
withdrawn.
2. Purposes of a medium/long-term foreign loan:
The borrower may only use a medium/long-term
foreign loan for the following purposes:
a) Executing its investment projects;
b) Executing its business plans or other projects;
c) Restructuring its foreign debts.
3. The borrower’s use of foreign loan capital for
the purposes defined in Clause 1 and Clause 2 of this Article must be
conformable with:
a) the borrower’s registered business lines, scope
of its establishment license, investment certificate, investment registration
certificate, written approval for investment guidelines, certificate of
registration of cooperative or cooperative union or other documents of
equivalent validity as prescribed by laws;
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4. The borrower shall be required to prove its
foreign loan purposes by presenting:
a) Investment certificate, investment registration
certificate or written approval for investment guidelines as prescribed by the
investment law and other relevant law provisions, if the foreign loan capital
is used for executing the borrower’s investment project;
b) The plan for use of foreign loan capital as
prescribed in Clause 3 Article 7 of this Circular, if the foreign loan capital
is used for executing the borrower’s business plans or other projects;
c) The debt restructuring plan as prescribed in
Article 8 of this Circular, if foreign loan capital is used for restructuring
the borrower’s foreign debts.
Article 18. Limit on foreign loans
1. If the foreign loan capital is used for
executing an investment project:
a) The sum of outstanding principal amounts of the
borrower’s medium/long-term domestic and foreign loans (including short-term
loans that are extended and overdue short-term loans that are treated as
medium/long-term loans) used for executing its investment project shall not
exceed the limit on borrowed capital of that investment project;
b) The limit on borrowed capital of the investment
project prescribed in Point a Clause 1 of this Article is the difference
between the total investment capital of the investment project and the paid-in
capital of investors as specified in the investment certificate, investment
registration certificate or written approval for investment guidelines.
2. If the foreign loan capital is used for
executing business plans or other projects of the borrower:
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3. If the foreign loan capital is used for
restructuring foreign debts of the borrower:
a) The maximum foreign loan amount used for
restructuring the borrower’s foreign debts shall not exceed the sum of
outstanding principal, unpaid interests and relevant expenses of the existing
foreign loan, and expenses associated with the new loan determined when restructuring
its foreign debts;
b) If the new foreign loan is a medium/long-term
foreign loan, within 05 working days from the day on which the new foreign loan
capital is withdrawn, the borrower shall repay its existing foreign loan debts
so that it shall meet foreign loan limit requirements laid down in Clause 1 and
Clause 2 of this Article after this 05-day period;
4. Short-term foreign loans are not subject to
foreign loan limit requirements laid down in Clause 1 and Clause 2 of this
Article.
5. Exchange rate used for calculating foreign loan
limit:
a) In case the foreign loan is used for executing
an investment project and the loan currency is not the one specified in the
investment certificate, investment registration certificate or written approval
for investment guidelines, the borrower shall calculate the foreign loan limit
using the exchange rate announced by the Ministry of Finance of Vietnam (via
the State Treasury) at the time of signing the foreign loan agreement or
agreement on changes in the loan amount;
b) In case the foreign loan is used for executing
business plans or other projects of the borrower, and the capital demand
specified in the plan for use of foreign loan capital is expressed in the
currency other than the currency of the foreign loan, the borrower shall
calculate the foreign loan limit using the exchange rate announced by the
Ministry of Finance of Vietnam (via the State Treasury) at the time of
preparing the plan for use of foreign loan capital;
c) In case the foreign loan is used for
restructuring the borrower’s foreign debts and the currency of the new foreign
loan is not the one of the existing foreign loan, the borrower shall calculate
the foreign loan limit using the exchange rate announced by the Ministry of
Finance of Vietnam (via the State Treasury) at the time of preparing the debt
restructuring plan.
Chapter IV.
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Article 19. Borrower’s responsibilities
1. Comply with eligibility requirements for foreign
loans laid down in this Circular and relevant law regulations on foreign
exchange management.
2. Comply with regulations of the civil code, laws
on enterprises, investment, secured transactions, and anti-money laundering,
specialized laws, relevant laws and international practices when entering into
foreign loan agreements and getting foreign loans.
3. Assume legal responsibility for the accuracy and
truthfulness of documents proving purposes of the foreign loan, and use foreign
loan capital for the purposes defined in such documents as prescribed in Clause
2 Article 14 and Clause 4 Article 17 of this Circular.
4. Retain adequate documents proving the borrower’s
use of the foreign loan capital for proper purposes as prescribed in Article 14
and Article 17 of this Circular, documents on changes in the capital demand
statement (if any) as prescribed in Clause 4 Article 7 of this Circular, and
present them to serve competent authorities’ inspection of use of foreign loan
capital.
5. Keep record of each idle amount of money in case
the borrower makes term deposits at credit institutions and FBBs according to
the rules for using foreign loan capital in Article 6 of this Circular, and
present it together with the documents proving the borrower’s compliance with
Article 6 of this Circular to serve competent authorities’ inspection of use of
foreign loan capital, when required.
Article 20. Responsibilities of account service
banks
1. Check, inspect and keep all documents according
to actual transactions so as to ensure that their foreign exchange services are
provided for proper purposes and in compliance with law regulations.
2. Cooperate with and provide relevant
information/documents on borrowers for SBV to serve its inspection of
borrowers’ fulfillment of eligibility requirements for foreign loans.
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IMPLEMENTATION
Article 21. Implementation
1. This Circular comes into force from August 15,
2023, except the provisions of Clause 2 of this Article.
2. Provisions on limits on short-term foreign loans
in Article 15 of this Circular come into force from January 01, 2024.
3. The Circular No. 12/2014/TT-NHNN dated March 31,
2014 of the SBV’s Governor on eligibility requirements to be fulfilled by
enterprises for foreign loans without Government’s guarantee is abrogated.
4. Some phrases, Clauses
and Articles of the Circular No. 12/2022/TT-NHNN dated September 30, 2022 of
SBV's Governor on management of foreign exchange in enterprises’ foreign
borrowing and foreign debt repayment are amended and abrogated as follows:
a) Point c Clause 3 Article 15, Clause 5 Article
15, Clause 10 Article 16, Clause 3 Article 20 and the phrase “trừ các khoản vay
nước ngoài bằng đồng Việt Nam phải được Thống đốc Ngân hàng Nhà nước xem xét,
chấp thuận” (“except VND foreign loans which are subject to approval given by
SBV's Governor") in Point b Clause 1 Article 20 are abrogated;
b) The phrase “hoặc văn bản chứng minh việc chưa
tuân thủ các quy định của pháp luật về giới hạn cấp tín dụng và các tỷ lệ bảo
đảm an toàn đã được Thủ tướng Chính phủ hoặc Thống đốc Ngân hàng Nhà nước chấp
thuận theo quy định của pháp luật (nếu có)” (“or documents proving
non-compliance with credit extension limit and prudential ratios approved by
the Prime Minister or SBV’s Governor in accordance with regulations of law (if any)”)
in Clause 7 Article 16 is replaced with the phrase “hoặc văn bản chứng minh bên
đi vay thuộc trường hợp quy định tại điểm c khoản 2 Điều 16 Thông tư số 08/2023/TT-NHNN
quy định điều kiện vay nước ngoài không được Chính phủ bảo lãnh” (“or documents
proving that the borrower falls in the case specified in Point c Clause 2
Article 16 of the Circular No. 08/2023/TT-NHNN prescribing eligibility
requirements for foreign loans without the Government’s guarantee”);
c) The “Notes” part in Appendix 02 is amended as
follows: “The borrower falls in the case specified in Point c Clause 2 Article
16 of the Circular No. 08/2023/TT-NHNN prescribing eligibility requirements for
foreign loans without the Government’s guarantee, specify prudential ratios
which are not compulsory for credit institutions and FBBs and application
duration”.
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Regarding foreign loan agreements which are signed
before the effective date of this Circular and conformable with regulations of
law in force at the signing date, borrowers shall be allowed to comply with
terms and conditions of the signed agreements and written certifications of
registration of foreign loans or certifications of registration of changes in
foreign loans given by SBV (if any) until the termination of the foreign loan
term. Any revisions to these agreements must be conformable with the provisions
of this Circular and relevant laws.
Article 23. Implementation organization
The Chief of Office, Director of the Foreign
Exchange Management Department, heads of SBV’s affiliated units, Directors of
SBV’s provincial branches, credit institutions, FBBs, enterprises, cooperatives
and cooperative unions are responsible for the implementation of this Circular.
PP. GOVERNOR
DEPUTY GOVERNOR
Pham Thanh Ha
Appendix
(Enclosed
with Circular No. 08/2023/TT-NHNN dated December 30, 2023 of the Governor of
the State Bank of Vietnam)
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(Enclosed with
the Plan for use of short-term foreign loan capital)
1. Payment for short-term debts payable in cash
after the short-term foreign loan capital is withdrawn1
Short-term debts
to be paid using the short-term foreign loan capital2
Value3
Planned payment
date4
Agreement/document
under which the short-term debt obligations arise5
1. ……….
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2. ………
Total
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2. Capital used for serving the borrower’s
business operations for a duration of less than 12 months after the short-term
foreign loan capital is withdrawn (applicable to the borrower that is required
to achieve minimum levels of prudential indicators as prescribed by specialized
laws).
Purposes6
Value7
Grounds for
determining capital demand8
1. …….....
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Total
Guidelines on preparation of this statement:
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2. Specify short-term debts payable in cash
incurred from the borrower’s execution of its business plans and other
projects, e.g. short-term debts payable to sellers, taxes and other amounts
payable to state budget, amounts payable to employees, short-term expenses
payable, amounts payable according to the payment schedule defined in
construction contract, etc.
3. Specify the value converted into the currency in
which the foreign loan capital is withdrawn. In case the currency of debts
payable is not the one in which the foreign loan capital is withdrawn, the
borrower shall employ the exchange rate announced by the Ministry of Finance of
Vietnam (via the State Treasury) at the time of preparing the plan for use of
foreign loan capital to calculation of value of debts and estimation of total
demand for short-term foreign loan capital.
4. Specify the payment date as defined in the
agreement/document under which the debt obligations arise or other relevant
agreements applicable to debts (estimated in month, e.g. October, 2023).
5. Specify information on the agreement/document,
reference information such as number and date of the agreement/document under
which the debt obligations arise.
6. Specify the borrower’s business operations to be
financed by the foreign loan capital as prescribed by specialized laws. This
section shall be filled out if the borrower of the short-term foreign loan is
required to achieve the minimum levels of prudential indicators as prescribed
by specialized laws such as a securities trading organization.
7. Specify the value converted into the currency in
which the foreign loan capital is withdrawn. In case the currency of payments
for business operations of the borrower is not the one in which the foreign
loan capital is withdrawn, the borrower shall employ the exchange rate
announced by the Ministry of Finance of Vietnam (via the State Treasury) at the
time of preparing the plan for use of foreign loan capital to calculation of
this value.
8. Specify grounds for determining the capital
demand such as business plan approved by a competent authority, or a signed
agreement under which the capital demand arises, etc.