Overseas loans and guarantees extended by enterprises in Vietnam for non residents.

Regulations on the foreign exchange management of overseas loans and guarantees extended by enterprise in Vietnam for non–residents as per Circular 37/2013/TT-NHNN dated 31 December 2013 of State Bank of Vietnam.

Post date: 09-01-2014

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Overseas loans and guarantees extended by enterprises in Vietnam for non residents.

Overseas loans and guarantees extended by enterprises in Vietnam for non residents.

 Regulations on the foreign exchange management of overseas loans and guarantees extended by enterprise in Vietnam for non–residents as per Circular 37/2013/TT-NHNN includes:

1. The governing scope of the Circular:
 - The opening and utilization of accounts for extending loans to overseas borrowers, making guaranteed obligations and recovering guaranteed loans for non-residents by enterprise after approval of Prime Minister on oversea lending, guarantee;
 - The opening and utilization of accounts for extending loans to overseas borrowers, making guaranteed obligations and recovering guaranteed loans for non-residents by credit institutions and foreign bank branches.
 - The procedures for registering or reregistering the overseas loans; registering or reregistering for changes of guaranteed loans recovering for non-residents by economic organizations
 - Procedures for registering or reregistering the recovery of the guaranteed loans for non-residents by the permitted credit institutions and foreign bank branches.

2. The lending and recovering of overseas loans by credit institution and foreign bank branches is implemented in line with Circular No.45/2011/TT-NHNN on guiding the foreign exchange management of providing overseas loans and recovering guaranteed loans by credit institutions. The guarantee for non-residents by credit institutions and foreign bank branches is implemented in accordance with Circular 28/2012/TT-NHNN and the applicable regulations on banking guarantee.

3. Regulations on procedures for registering or reregistering overseas loans, and guaranteed loan recovery for non-residents by economic organizations upon the approval of the Prime Minister.

4. Regulations on procedures for registering or reregistering the recovery of guaranteed loans for non-residents by the licensed credit institutions and foreign bank branches.

 Where the debt arising from the performance guarantee obligations, guaranteed party will repay to guarantee party within 30 days from the date of implementation of  guarantee obligations, guarantee party need not register guaranteed loan recovery under the provisions of this Circular.

5. Regulations on the reporting regime applicable to the economic institutions which extend overseas loans or guarantee for non-residents; credit institutions and foreign bank branches which provide guarantee for non-residents; and credit institutions and foreign bank branches which provide accounts for overseas lending and guarantee accounts for non – residents.

6. Regulations on monitoring and dealing with violations and the implementation of the Circular.

 This Circular will take effect on February 14th, 2014.

 Lawyervn.net

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