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VIETNAM STATE
BANK
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SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.
13/2016/TT-NHNN
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Hanoi,
June 30, 2016
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CIRCULAR
ON AMENDMENTS TO CERTAIN
ARTICLES OF THE CIRCULAR NO. 45/2011/TT-NHNN DATED 30 DECEMBER 2011 BY THE
GOVERNOR OF THE STATE BANK ON THE MANAGEMENT OF FOREIGN EXCHANGE WITH REGARD TO
CREDIT INSTITUTIONS GRANTING OF FOREIGN LOANS AND COLLECTION OF DEBTS THEREOF
Pursuant to the Law of Vietnam State Bank No.
46/2010/QH12 dated June 16, 2010;
Pursuant to the Law of Credit Institutions No.
47/2010/QH12 dated June 16, 2010;
Pursuant to the Foreign Exchange Ordinance No.
28/2005/PL-UBTVQH11 dated December 13, 2015 by the Standing Committee of the
National Assembly and the Ordinance No. 06/2013/PL-UBTVQH13 dated March 18,
2013 on amendments to the Foreign Exchange Ordinance;
Pursuant to the Government’s Decree No.
156/2013/ND-CP dated November 11, 2013 on the functions, missions, authority
and organizational structure of Vietnam State Bank;
At the request of the Head of the Foreign
Exchange Management Department;
Governor of Vietnam State Bank promulgates the
Circular on amendments to certain articles of the Circular No. 45/2011/TT-NHNN
dated December 30, 2011 by the Governor of the State Bank on the management of
foreign exchange with regard to credit institutions’ of foreign loans and
collection of debts thereof (hereinafter referred to as the Circular No.
45/2011/TT-NHNN).
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1. Section 1 of Article 2 is
amended as follows:
“1. Foreign loan refers to the granting of credit
by a credit institution that gives or undertakes to give a sum of money to a
non-resident customer (referred to as the foreign borrower) for a certain
purpose in a certain period of time under an agreement that regulates the
repayment of the principal and interest."
2. Section 7 of Article 2 is
amended as follows:
“7. The account for transaction of foreign loans
and collection of debts thereof is a checking account that a credit institution
making foreign loans utilizes to transact foreign loans.”
3. Section 8 is added to
Article 2 as follows:
“8. The banks providing account services are
commercial banks and foreign banks’ branches operating in Vietnam. In such bank(s), the credit institution making the foreign loan opens a checking
account to disburse money, to collect debts thereof and to transact other money
transfers in relation to granting of foreign loans and collection of debts
thereof."
4. Section 5 is added to
Article 3:
"5. To formulate plans for mobilizing deposits
and making loans in foreign currencies pertinent to the structure of currency,
structure of durations of deposits and loans, avoidance of duration-originated
risks and liquidity risk that may derive from foreign loans."
5. Article 5 and Section 1 of
Article 5 are amended as follows:
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1. Credit institutions shall
make foreign loans and collect debts thereof in foreign currencies. The
currency of debts collected shall be that of the loan disbursed. The collection
of debts in a foreign currency other than that of the amounts disbursed shall
be subject to any negotiation between the credit institution making the loan
and the foreign borrower.”
6. Section 1 and Section 2 of
Article 9 are amended as follows:
“1. Credit institutions shall register their loans with
the State Bank in 30 (thirty) days upon the former’s signing of a loan
agreement (if the loan is not guaranteed) or in 30 (thirty) days upon the
guarantor’s signing of the guarantee document.
2. If a revision is made to
any details of a foreign loan in the State Bank’s certificate of registration
or certificate of amendment of that foreign loan, the credit institution making
the foreign loan shall be responsible for registering such revision:
a) In 30 (thirty) days from the date that the
agreement on such revision is signed; or,
b) In 30 (thirty) days upon the guarantor’s signing
of a written consent to the revision to the loan agreement (if the loan is
guaranteed); or,
c) Prior to the adoption of the revision if a
written agreement on such revision is not required."
7. Article 10 is amended as
follows:
“Article 10. Documents for registration of
foreign loans
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1. The filled-out form of
application for registration of foreign loan (as per Appendix 01 of the
Circular).
2. The report on the effects
of the foreign loan on the compliance with regulations on capital adequacy
ratio, limit of credit granted to a customer (i.e. foreign borrower) and
related individuals, maximum ratio of short-term funds used to make medium-term
and long-term loans, ratio of outstanding debts to total deposits, solvency
ratio and foreign currency positions of the credit institution making the
foreign loan.
3. The assessment report on
the foreign loan, primarily including: the feasibility and outcomes of
investment projects and business plans of the foreign borrowers; relevant
risks, probability of punctual recovery of full principle and interest;
suitability of the value of the loan for the scale of the project funded by the
loan; loan guarantee and other relevant details.
4. The report on foreign
currency funds for lending, which manifests the capacity and structure of currency,
the structure of durations of funds mobilized and loans made in foreign
currency upon the signing of the loan agreement.
5. The copy and Vietnamese
translation of the incorporation paper or investment certificate of the foreign
borrower according to regulations of its home country.
6. The copy of the certificate
of outward investment registration of the Vietnamese investor that holds
investment(s) in and engages directly in managing investments activities in the
foreign borrower.
7. The copy and Vietnamese
translation (endorsed by a competent representative of the credit institution)
of the signed loan agreement.
8. The copy and Vietnamese
translation (endorsed by a competent representative of the credit institution)
of any documents and written agreement(s) on the security or guarantee of the
foreign loan.”
8. Section 3 of Article 11 is
amended as follows:
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9. Section 5 is added to
Article 12:
"5. The credit institution's abidance by
limits and ratios that secure its activities when making a foreign loan, as
follows: capital adequacy ratio, limit of credit granted to a customer (i.e.
foreign borrower) and related individuals, maximum ratio of short-term funds
used to make medium-term and long-term loans, ratio of outstanding debts to
total deposits, solvency ratio, and maximum foreign currency position in
comparison with self-financed capital.”
10. Article 14 is amended as
follows:
“Article 14. Accounts for transaction of foreign
loans and collection of debts thereof
1. Commercial banks making
foreign loans shall be responsible for monitoring transactions related to their
foreign loans as per current regulations on recording and accounting activities
of a commercial bank. Moreover, they shall be held responsible for executing
and undertaking to execute foreign loan transactions as per the State Bank’s
certificate of registration or of amendment of such credit institutions’
foreign loans.
2. Credit institutions, that
are not commercial banks, shall be responsible for opening account(s) for
transaction of foreign loans they make and collection of debts thereof in 01
(one) bank that provides account services in order to disburse the loan and
collect the debt thereof (i.e. principal, interest, fees, etc.).
Banks providing account services shall be
responsible for examining and collating documents given by the credit
institution making foreign loans in order to transact the foreign loans
according to the State Bank’s certificate of registration or of amendment and
as per the laws.
3. A credit institution's
using its overseas foreign currency account to make a foreign loan shall abide
by current regulations on credit institutions’ opening and use of foreign
currency account in a foreign country."
11. Article 15 is amended as
follows:
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The credit institution making a foreign loan and
the bank providing account services shall comply with the reporting scheme as
defined by the State Bank with regard to summarizing and reporting regulations
for credit institutions and foreign banks’ branches.”
12. Point a, Section 2 of
Article 16 is amended as follows:
a) In 7 (seven) working days upon a request by the
Foreign Exchange Management Department for counsels on a foreign loan, the
agency for inspection and supervision of banks shall give a written response to
Foreign Exchange Management Department with regard to the foreign loan of the
credit institution. Such written respond shall verify scale of the credit
institution’s business activities and foreign exchange services, its conformity
to current regulations of the State Bank on safety limits and ratios as defined
in Section 4, Article 12 of this Circular at the end of the month prior to its
signing of the loan agreement or an agreement on revision to the quota or
duration of the foreign loan."
Article 2. Article 7 of the Circular No.
45/2011/TT-NHNN is abrogated.
Article 3. Implementation
1. This Circular comes into
force as of June 30, 2016.
2. Upon the effect of this
Circular, Article 8 of the Circular No. 29/2015/TT-NHNN dated December 22, 2015
by the Governor of Vietnam State Bank on amendments to certain legislative
documents that Vietnam State Bank has promulgated on documents requiring
certified copies shall lose effect.
3. Office Manager and Head of
the Foreign Exchange Management Department, Heads of units under Vietnam State
Bank, Directors of the State Bank’s provincial branches, Chairpersons of Boards
of Directors, Chairpersons of Member Councils, General Directors (Directors) of
credit institutions and foreign banks’ branches are responsible for
implementing this Circular.
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P.P. GOVERNOR
VICE GOVERNOR
Nguyen Thi Hong