On September 15, 2014, the State Bank of Vietnam issued the Circular No. 25/2014/TT-NHNN guiding the procedure on registering and registering for changes of foreign loan of businesses not guaranteed by the Government; within that foreign loans not guaranteed by the Government are subject to registration with the State Bank, including medium and long-term foreign loans; short-term foreign loans are extended but the total duration of the loans is over 01 (one) year and short-term foreign loans without extension contract but with outstanding debt at the time of 01 (one) round year from the date of first withdrawal of capital, except when the Borrower finishes its repayment of loan within 10 (ten) days from the time of 01 (one) round year from the date of first withdrawal of capital.
Foreign Exchange Management Department will conduct the registration’s certification, registration’s certification for change in foreign loans with loan turnover of over ten (10) million USD and foreign loans in Vietnam dong. The State Bank branches in provinces and centrally run cities where
the Borrower’s head office is located will conduct the registration’s certification, registration’s certification for change in foreign loans with loan turnover of over ten (10) million USD and foreign loans in Vietnam dong.
This Circular also emphasizes that in case the plan for capital withdrawal, debt repayment and fee transfer has actually changed within 10 days compared with the plan for capital withdrawal, debt repayment and fee transfer previously certified by the State Bank, the Borrower will inform the commercial bank and foreign bank branch where the Borrower has opened account of loan capital and repayment of foreign loan (hereafter referred to as commercial bank providing account services) for capital withdrawal and debt repayment under the changed plan; registration for change in foreign loans is not required with the State Bank.
This Circular takes effect from November 01, 2014 and annuls the Article 1 of Circular No. 25/2011/TT-NHNN dated August 31, 2011.
