STATE BANK OF
VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.:
05/2017/TT-NHNN
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Hanoi, June 30,
2017
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CIRCULAR
AMENDMENTS TO
CIRCULAR NO. 03/2016/TT-NHNN DATED FEBRUARY 26, 2016 BY GOVENOR OF THE STATE
BANK OF VIETNAM PROVIDING SEVERAL INSTRUCTIONS ON FOREIGN
EXCHANGE ADMINISTRATION IN RESPECT OF ENTERPRISES’ FOREIGN BORROWING
AND FOREIGN DEBT REPAYMENT
Pursuant to the Law on State Bank of Vietnam
dated June 16, 2010;
Pursuant to the Law on Credits Institutions
dated June 16, 2010;
Pursuant to the Law dated November 26, 2014 on
management and utilization of state capital invested in the enterprises’
manufacturing and business activities;
Pursuant to the Ordinance on Foreign Exchange
dated December 13, 2005 and the Ordinance on amendments to the Ordinance on
Foreign Exchange dated March 18, 2013;
Pursuant to the Government’s Decree No.
219/2013/ND-CP dated December 26, 2013 management of enterprises’ foreign loans
and repayment of foreign debts without government guarantee;
Pursuant to the Government’s Decree No.
16/2017/ND-CP dated February 17, 2017 defining the functions, tasks, powers and
organizational structure of the State Bank of Vietnam;
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The Governor of the State Bank of Vietnam
promulgates a Circular on amendments to Circular No. 03/2016/TT-NHNN dated
February 26, 2016 by Governor of the State Bank of Vietnam providing several
instructions on foreign exchange administration in respect of enterprises’
foreign borrowing and foreign debt repayment (hereinafter referred to as the
Circular No. 03/2016/TT-NHNN).
Article 1. Amendments to the Circular No.
03/2016/TT-NHNN:
1. Amendments to Clause 2 Article 1:
“2. Registration, registration for changes and
reports on enterprises’ foreign loans provided in the form of international
bond issuance without the Government guarantee shall be carried out in
accordance with specific guidance by the State Bank of Vietnam (hereinafter
referred to as the “SBV”).
2. Addition of Point c into Clause 3 Article 14:
“c) Types of documents prescribed in Point a and
Point b of this Clause shall not apply to the registration dossier for a
foreign loan which is applied by a commercial bank of which more than 50% of
the charter capital is held by the State, reported by direct representative of
the owner or representative for state capital at this commercial bank and
approved or commented by the representative agency of the owner before voted at
the General Meeting of Shareholders, or the Meeting of the Management Board or
of the Member Board.”.
3. Amendments to Clause 6 Article 14:
“6. The copy (countersigned by the borrower) of the
competent authority’s written approval for foreign loans in accordance with
laws on task and authority assignment in relation to implementation of
authority, responsibilities and obligations of owners of state-owned
enterprises and state-owned capital invested in enterprises, if the borrower is
a state-owned enterprise, except for the cases where the borrower is a
commercial bank of which 100% charter capital is held by the State.”.
4. Form of business of the borrower that is a
commercial bank of which more than 50% of the charter capital is held by the
State (code: SOB) is added into the Group of banks at Point 5 Guidance for
report in the Appendix 4A and the Appendix 4B enclosed with the Circular No.
03/2016/TT-NHNN.
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Chief of Office, Director of Foreign Exchange
Management Department, heads of affiliates of the State Bank of Vietnam,
Directors of branches of the State Bank in provinces or central-affiliated cities,
Chairpersons of the Management Boards, Chairpersons of the Member Boards, and
General Directors (Directors) of commercial banks of which more than 50% of the
charter capital is held by the State shall be responsible for implementing this
Circular.
Article 3. Implementation provisions
1. This Circular takes effect as from August 15,
2017.
2. This Circular shall nullify:
a) The Circular No. 18/2011/TT-NHNN dated August
23, 2011 by the Governor of the State Bank of Vietnam providing guidance on
foreign exchange administration in respect of medium-term and long-term foreign
loans of commercial banks which are also state-owned enterprises.
b) The phrase “(trừ ngân hàng thương mại là doanh
nghiệp nhà nước)” and the phrase “và khoản 3” in Clause 1 Article 1, Clause 3
Article 1 of the Circular No. 12/2014/TT-NHNN dated March 31, 2014 by the
Governor of the State Bank of Vietnam providing for requirements for foreign
loans satisfied by enterprises without the government guarantee./.
GOVERNOR
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