Modifications to foreign loans must be registered in Vietnam, Circular No. 12/2022/TT-NHNN

Modifications to foreign loans must be registered in Vietnam

The State Bank of Vietnam issued Circular No. 12/2022/TT-NHNN on September 30, 2022, with guidelines on managing foreign exchange in relation to receiving and repaying enterprise foreign loans.

The Circular stipulates that borrowers register changes to foreign loans with the State Bank of Vietnam if they make any modifications to the loans listed in the written confirmation of registration or the written confirmation of registration for changes to foreign loans of the State Bank of Vietnam, with the following exceptions:

  • Changes to the plan approved by the State Bank of Vietnam on the timing of capital withdrawal and principal repayment within 10 working days;
  • Changes to the borrower’s address, except the province or city in which its headquarters are situated;
  • Changes of the lender or information related to the lender about syndicated loans with the appointment of a representative of lending parties, unless the lender is also the representative of the lending parties and the changes also lead to changes in the role of the representative of the lending parties;
  • Changes to the trading names of the bank handling secured transactions and the bank offering account services;
  • Changes to the plans for repaying loan interests and fees in comparison to the plan approved by the State Bank of Vietnam without changing the procedures for calculating the interest and fees specified in the loan agreement.
  • Amounts that change by up to 100 units of the foreign currency from the reported amount in terms of capital withdrawals, principal repayments on loans, interest payments, and fee repayments.
  • Changes in the actual amount of capital withdrawn and principal returned in a given period that is less than the sum specified in the plan for capital withdrawal and debt repayment.

As of November 15, 2022, Circular No. 12/2022/TT-NHNN will take the place of Circular No. 03/2016/TT-NHNN, 05/2016/TT-NHNN, and 05/2017/TT-NHNN.

ASL LAW is the top-tier Vietnam law firm for doing business in Vietnam. If you need any advice, please contact us for further information or collaboration.


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