On February 26th, 2016, the State Bank of Vietnam issued Circular No. 03/2016/TT-NHNN guiding the foreign exchange management for the borrowing of foreign capital and repayment of foreign debts.

Under the provisions of this Circular, when performing mid-term and long-term foreign loans; or short-term loans which are extended with over 01 year term; or short-term loans without extension contract but with initial outstanding debt at the time of 01 round year from the date of first withdrawal of capital, the Borrower finishes its repayment of loan within 10 days from the time of 01 round year from the date of first withdrawal of capital, then the borrower must register with the State Bank.

Registering information, registering for changes and reporting on the implementation of self-borrowed and self-payment loans can be done with online forms (using the website) or with traditional forms (not using the website). Borrower can alter the selection from traditional forms into online forms; however, once changed from traditional forms into online forms, the borrower is unable to change back to the traditional form.

When changing any content related to the loan referred on the certification document of foreign loan registration of the State Bank, the borrower must register changes of foreign loans with the State Bank. In the specific case of capital withdrawal, debt repayment and fee transfer has actually changed within 10 days compared to the plan for capital withdrawal; debt repayment and fee transfer previously certified by the State Bank; changes in borrower’s address within the same city or province occur; or changes in name of commercial bank providing the account service, the Borrower is only required to inform the change but not registry for changes in the loans with the State Bank.

This Circular takes effect from April 15th, 2016.

Please see the Circular: Here

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