Registration of foreign loans in Vietnam
Day by day, more and more businesses have a higher demand for capital to grow and expand, due to the demand for foreign loans is a matter. In order to meet the needs of our clients and remove the difficulties with the registration of foreign loans, Apolo Lawyers (Tel: (+8428) 66.701.709) is willing to provide our clients an overview of the registration of foreign loans in Vietnam, concurrently the legal consultation service to register foreign loans.
Registration of foreign loans is the administrative procedure at the State bank of enterprises with the long–term and mid-term foreign loans or renewed short–term loans that total term of these loans in over one year.
1. The foreign loans shall be registered
The following foreign loans are subject registered at the State Bank:
Long – term and mid-term foreign loans;
Renewed short–term loans that the total term of these loans is over 1 year;
Short–term loans with no renewal contract, and remain outstanding for one year since their initial disbursement.
2. The condition to register foreign loans
To register foreign loans not guaranteed by the government, enterprises shall be in compliance with the terms to register foreign loans, forex management for foreign borrowing, and debt repayment activities that are regulated in the Circular No. 12/2014/TT-NHNN on requirements for taking foreign loans applied to enterprises not guaranteed by the government.
3. The procedure for registration of foreign loans
The procedure for registration of foreign loans includes these steps:
Step 1: The borrowers send the application to the competent authorities to confirm the registration of foreign loans within 30 days from:
The date of signing the mid – and long – term foreign loans agreement;
The date of signing the guaranteed documents in the case of guaranteed loans;
The date of signing the written capital withdrawal agreement in case the parties agree on capital withdrawal on the basis of the framework agreement signed and prior to capital withdrawal;
The date of signing the agreement to renew the short-term foreign loan into a mid - or long-term term for the renewed short-term self-borrowing loan that total term is over 01 year;
01 (one) day of the year from the date of first capital withdrawal, for short-term loans without extension contracts but with outstanding principal balance at the time of full 01 (one) year from the date of first capital withdrawal, except where the Borrower completes loan repayment within 10 (ten) days from the date of full 01 (one) year from the date of first capital withdrawal.
The borrowers who send online can choose to submit the additional documents according to the introduction on the Website.
Step 2: The competent authority has written confirmation or refusal to confirm the registration of foreign loans within the time limits.
12 working – days from the date of receipt of the complete and valid dossier of the Borrower (in case the Borrower chooses the online form), or;
15 working – days from the date of receipt of the complete and valid dossier of the Borrower (in case the Borrower chooses the traditional method);
45 working – days for the date of receipt of the complete and valid dossier of the Borrower, in case the loan is denominated in VND, which must be considered and approved by the Governor of the State Bank about the current regulations on foreign loan conditions of enterprises not guaranteed by the Government;
In case of refusal to confirm registration for loan change, the competent authority shall issue a written explanation clearly stating the reason therefor.
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4. Method to register foreign loans
There are two ways to register foreign loans:
Online registration
Direct registration
5. Legal consultation service on the procedure for registration of foreign loans in Vietnam at Apolo Lawyers
We are Apolo Lawyers, a law firm of Ho Chi Minh City Bar Association. With the principle of operation “to help, to protect”, we are committed to providing our clients the most optimal legal consultation service in the wide fields, especially in the procedure for registration of foreign loans. When our clients use legal consultation service at Apolo Lawyers, you will take quality and professional service from Solicitors who are high – professional and experienced. Choosing legal consultation service on the procedure for registration of foreign loans, Apolo Lawyers will help you with no limited but specified following tasks:
Legal consulting on conditions for foreign loans for enterprises;
Legal consulting on foreign loan contracts;
Draft and review the application for registration of foreign loans;
Legal consulting and assisting our clients with carrying out procedures for registration of foreign loans with the State Bank;
Consulting procedures for statistical reporting on foreign loans;
Comprehensive advice on arising issues related to foreign loans of enterprises.
For further information, please contact us: Apolo Lawyers
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