09 2004 TT NHNN PDF

Circular No//TT-NHNN Guiding the foreign borrowing and repayment by Please download the circular here: 09__TT-NHNN. Circular 25 replaces in part Circular 09//TT-NHNN dated December on foreign loans and Circular 25//TT-NHNN dated The new Circular will take effect from 15 April, and replace Circulars 09//TT- NHNN and 25//TT-NHNN, thereby consolidating the regulations on this.

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Please contact customerservices lexology. Currently the borrowing of medium- and long-term foreign loans by Vietnamese business establishments including State commercial banks in Vietnam is subject to a common registration 0204. However, as from 15 October i.

Foreign loan means a medium- or long-term foreign loan namely a loan with a term tt one year borrowed by a State commercial bank from a foreign credit institution or foreign financial institution which is not a resident of Vietnam, or a foreign loan borrowed by a State commercial bank in the form of issuing international bonds on the international capital market.

In principle, State commercial banks are only allowed to contract foreign loans upon written approval of the SBV.

These banks are responsible for effectively using such loans for the right purpose and bear all the risks associated with the loans. Circular 18 also stipulates guidelines on registration of foreign borrowings and 0 regimes. Circular 18 provides for the principles, sequence and procedures for assessing and implementing the borrowing of non-Government guaranteed foreign loans by State commercial banks.

Circular 18 applies to State commercial banks and to other organisations and individuals related to or involved in the borrowing of non-Government guaranteed foreign loans by State commercial banks.

Prior to entering into a foreign loan agreement or submitting a request for certification of the quota on issuing international bonds, a State commercial bank must directly lodge with the SBV Department of Foreign Exchange Control or send to it by post, one set of a file requesting the SBV’s consent to borrowing the foreign loan or to the plan on issuing international bonds. The SBV’s consideration and approval of foreign loans or international bond issuance for State commercial banks are based on:.

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The SBV must, within 15 working days from receipt of a complete and valid file from a State commercial bank, provide written consent or non-consent to a foreign loan or to a plan on issuance of international bonds.

Upon obtaining the SBV’s approval on the plan for the international bond issue pursuant to Circular 18, the issuing bank must follow the procedure for obtaining the certification of the quota and registration of the international bonds value in accordance with the SBV’s guidelines on foreign exchange control applicable to issuance of international bonds i.

After obtaining the SBV’s consent, the State commercial bank will sign the foreign loan agreement and other relevant documents. Within 30 days after signing such loan agreement and before the drawdown date of a first loan, the State commercial bank must directly lodge at the SBV or send to it by post, one set of a file requesting registration of the foreign loan.

The SBV will accept the registration of a foreign loan for the State commercial bank within 5 working days from the date of receipt of a complete application file.

If there is an agreement to amend the foreign loan agreement which is not contrary to current law and which retains or reduces the loan quota, 0204 the State commercial bank must sign an amendment agreement and register it pursuant to current regulations on management and repayment of foreign loans borrowed by enterprises i.

If the amendment is to increase the registered foreign loan value, then the State commercial bank needs to seek a new approval from the SBV on the proposed adjusted foreign loan value followed by registration of the amendment with the SBV. Any nbnn loan borrowed by State commercial banks for which registration including registration of amendments was made prior to 15 October will continue to be implemented pursuant to the 099 registration certificate.

Foreign exchange control applicable to state commercial banks borrowing foreign loans

For any amendment made after this date, the relevant State commercial bank must be compliant with the provisions of Circular Any foreign loan 204 signed by a State commercial bank but for which registration is not made prior to 15 October must be registered pursuant to guidelines of the SBV provided for each specific case. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology. Share Facebook Twitter Linked In. Follow Please login to follow content.

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Foreign exchange control applicable to state commercial banks borrowing foreign loans – Lexology

Foreign exchange control applicable to state commercial banks borrowing foreign loans Mayer Brown LLP. Vietnam October 12 Scope and applicability Circular 18 provides for the principles, sequence and procedures for assessing and implementing the borrowing of non-Government guaranteed foreign loans by State commercial banks.

Prior consent from the SBV to borrowing foreign loans is a must Prior to entering into a foreign loan agreement or submitting a request for certification of the quota on issuing international bonds, a State commercial bank must directly lodge with the SBV Department of Foreign Exchange Control or send to it by post, one set of a file requesting the SBV’s consent to borrowing the foreign loan 204 to the plan on issuing international bonds. The SBV’s consideration and approval of foreign loans or international bond issuance 200 State commercial banks are based on: Registration of foreign loans and of changes in foreign loans After obtaining the SBV’s consent, the State commercial bank will sign the foreign loan agreement and other relevant documents.

Effectiveness Circular 18 will take effect as from 15 October Determining “fair market value” in a distressed market: Registration of cross-border loans to Vietnam borrowers: Login Register Follow on Twitter Search.