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Japanese Partner

New regulation on foreign loans

On 26 February 2016, the State Bank of Vietnam (SBV) has issued Circular 03/2016/TT-NHNN, taking effect from 15 April 2016, replacing Circular 09/2004/TT-NHNN and Circular 25/2014/TT-NHNN. Further, on 15 April 2016, SBV issued Circular 05/2016/TT-NHNN amending and supplementing a number of Articles of Circular 03/2016/TT-NHNN. Notable changes under Circular 03 include:

Ø   Importing goods on deferred payment is no longer requires registration with SBV;

Ø   Loan registrations and quarterly reports can now be filed in hard copy at SBV or electronically via SBV’s website or;

Ø   A number of new documents is additionally requested for registration of medium and long-term loans (e.g. explanatory report on the satisfaction of conditions on use of the initial loan (together with documentary evidence) and a repayment plan for the extended loan);

Ø   Non-FDI-enterprise must open a bank account for the purposes of foreign loan while  FDI enterprises keep using their direct investment capital bank accounts for foreign loan purpose;

Ø   A number instances where only a written notification (rather than a formal registration) with SBV is required (e.g. change of address of the borrower within the province/city where the borrower is headquartered, change of trade names, etc.)