| THE STATE BANK OF VIETNAM | SOCIALIST REPUBLIC OF VIETNAM |
| No. 42/2018/TT-NHNN | Hanoi, December 28, 2018 |
CIRCULAR
AMENDMENTS TO SOME ARTICLES OF THE CIRCULAR NO. 24/2015/TT-NHNN DATED DECEMBER 08, 2015 OF THE GOVERNOR OF VIETNAM STATE BANK ON FOREIGN CURRENCY LOANS GRANTED TO RESIDENTS BY CREDIT INSTITUTIONS AND FOREIGN BRANCH BANKS
Pursuant to the Law on the State bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on amendments to some articles of the Law on Credit Institutions dated November 20, 2017;
Pursuant to the Ordinance on Foreign Exchange Control dated December 13, 2005 and the Ordinance on amendments to some articles of the aforesaid Ordinance dated March 18, 2013;
Pursuant to the Government's Decree No. 70/2014/ND-CP dated July 17, 2014 providing guidelines for implementation of some Articles of the Ordinance on Foreign Exchange Control and the Ordinance on amendments to some Articles of the aforesaid Ordinance;
Pursuant to the Government's Decree No. 16/2017/ND-CP dated February 17, 2017 defining functions, tasks, power and organizational structure of the State bank of Vietnam;
At the request of the Director General of the Department of Monetary Policy;
The Governor of the State bank of Vietnam hereby promulgates the Circular on amendments to some Articles of the Circular No. 24/2015/TT-NHNN dated December 08, 2015 on foreign currency loans granted to the residents by credit institutions and foreign branch banks (herein after referred to as “Circular No.24/2015/TT-NHNN”).
Article 1. Amendments to some Articles of the Circular No. 24/2015/TT-NHNN
1. Clause 1 of Article 3 is amended as follows:
“1. Credit institutions and foreign branch banks (FBB) shall consider granting the foreign currency loans to serve certain purposes as follows:
a. Short-term loans used as overseas payment for imported goods or services and for borrowers to manufacture and trade goods, provided the foreign currency derived from the turnover is sufficient to repay such loans. This regulation shall be effective until the end of March 31, 2019.
b. Short-term loans used as overseas payment for imported goods and services and for borrowers to manufacture and trade goods which are exported through Vietnam's border checkpoints, provided the foreign currency derived from the turnover is sufficient to repay such loans.
c. Mid-term and long-term loans are used as overseas payment for imported goods and services, provided the borrowers’ foreign currency from the business operation is sufficient to repay such loans. This regulation shall be effective until the end of September 30, 2019.
Short-term loans granted to major petroleum importers who are given annual quotas on petroleum import by the Ministry of Industry and Trade to pay for such import when the borrowers’ foreign currency derived from their business operation is not available or not sufficient to repay such loans.
dd. Short-term loans granted to domestic borrowers to manufacture and trade goods which are exported through Vietnam’s border checkpoints, provided their foreign currency derived from the turnover is sufficient to repay such loans. On receipt of loans disbursed by credit institutions or foreign branch banks, borrowers shall sell such borrowed foreign currency to the lenders in the form of a foreign-exchange spot transaction, unless the borrowers use loans to make payments in which foreign currency is compulsory as stipulated by laws.
e. Loans used as direct overseas investments in projects which are subject to investment decisions made by the National Assembly or the Prime Minister and have been granted the Overseas Investment Certificate by the Ministry of Planning and Investment.”
2. Article 5 is amended as follows:
“Article 5. Currency used for loan repayment
1. As for the foreign currency loans which borrower have sufficient foreign currency revenues to repay before signing the credit contract or the loan agreement:
a. Borrowers shall pay the loan principal and interest in the currency that they borrow; in case where borrowers repay debts by using another foreign currency, they shall be bound to the agreement between the credit institutions, foreign branch banks and borrowers in conformity with relevant laws.
b. On the due date of the loan, if the borrower is able to prove that their late repayment in foreign currency is caused by unexpected events, such as the borrower's deferred collection of operating revenues or the borrower does not have sufficient foreign currency to repay the loan, the borrower may buy the foreign currency from the lender or from another credit institution or FBB to repay such loan.
If the borrower needs to buy the foreign currency from the lender, the lender must sell the foreign currency to the borrower. If the borrower buys the foreign currency from another credit institution or FBB, the requested credit institution or FBB shall transfer the foreign currency to the lender.
If the borrower earns foreign currency from their business operation, they shall resell such foreign currency back to the lender.
2. As for the foreign currency loans which borrower does not have sufficient foreign currency revenues to repay before signing the credit contract or the loan agreement: the borrower may buy the foreign currency from the lender of from another credit institution or FBB to repay such loans.
If the borrower wishes to buy foreign currency from the lender, the lender shall sell the foreign currency to the aforesaid borrower. If the borrower buys the foreign currency from another credit institution or FBB, the requested credit institution or FBB shall transfer the foreign currency to the lender.”
Article 2.
Replace forms No. 01 and No. 02 enclosed with the Circular No. 24/2015/TT-NHNN with forms No. 01 and No. 02 hereto.
Article 3. Transitional provisions
1. For revolving credit contracts or revolving loan agreements that are concluded before the effective date of this Circular in which non-revolving loan agreements are concluded from the effective date of this Circular onwards, provisions of this Circular shall apply.
2. Regarding the credit contracts or loan agreements which are signed before this Circular comes into effect, except for the cases mentioned in clause 1 of this Article, the lenders and borrowers shall continue carry out the signed contracts or agreements in conformity with the applicable law soft at the time of signing such contracts or agreements. If revisions are made to the credit contracts or loan agreements, such contents must be conformable with the regulations of this Circular.
Article 4. Implementation responsibilities
The Chief Officers, Director General of the Department of Monetary Policy and Heads of units affiliated to the State Bank of Vietnam, Directors of provincial branches of the State Bank; Chairperson of the Management Board, President of the Member Assembly and General Director (Director) of credit institutions and FBB shall be responsible for implementing this Circular.
Article 5. Entry into force
1. This Circular shall come into force from January 01, 2019.
2. This Circular shall replace the Circular No. 18/2017/TT-NHNN dated December 27, 2017 of the Governor of Vietnam State Bank on amendments to some Articles of the Circular No. 24/2015/TT-NHNN dated December 08, 2015./.
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| PP. GOVERNOR |
FORM NO. 01
Name of credit institution or foreign branch bank:……………………..
REPORT ON FOREIGN CURRENCY LOAN BALANCE
DATE……………. (Enclosed with the Circular No. 42/2018/TT-NHNN dated December 28, 2018 of the Governor of Vietnam State Bank on amendments to some Articles of the Circular No. 24/2015/TT-NHNN dated December 08, 2015)
| Item | Loan balance (converted to billion VND) | Month-on-month growth rate of loan balance (%) |
| I. Balance of loans granted to residents |
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| 1. Loan balance term |
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| a. Short-term |
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| b. Mid-term and long-term |
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| 2. Balance of loans classified by purpose |
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| a. Short-term loans used as overseas payment for imported goods or services, provided the foreign currency derived from the business operation is sufficient to repay such loans. |
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| b. Short- term loans used as overseas payment for imported goods and services and for borrowers to manufacture and/or trade goods exported through Vietnam’s border checkpoints, provided the foreign currency derived from the business operation is sufficient to repay such loans. |
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| c. Mid-term and long-term loans used as overseas payment for imported goods and services, provided the foreign currency derived from the turnover of business operation is sufficient to repay such loans. |
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| d. Short-term loans granted to major petroleum importers who are given annual quotas on petroleum import by the Ministry of Industry and Trade to pay for such import when the foreign currency derived from the business operation is not available or not sufficient to repay such loans. |
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| dd. Short-term loans granted to domestic borrowers to manufacture and/or trade goods which are exported through Vietnam’s border checkpoints, provided the foreign currency derived from the turnover is sufficient to repay such loans. |
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| e. Loans used as direct overseas investments in projects which are subject to investment decisions made by the National Assembly or the Prime Minister and have been granted the Overseas Investment Certificate by the Ministry of Planning and Investment.” |
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| g. Other loans granted to meet the capital demands and are approved in writing by the State Bank. |
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| h. Other capital loans specified in the credit contracts or loan agreements signed in accordance with the regulations of the State Bank of Vietnam which was promulgated before the Circular 42/2018/TT-NHNN comes into force. |
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| 3. Balance of loans granted based on the liabilities of the borrowers |
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| a. Borrowers have foreign currency revenues and use them to repay the loans |
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| b. Borrowers do not have foreign currency revenues to repay the loans |
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| 4. Balance of loans granted to different types of borrowers |
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| a. FDI enterprises |
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| b. Other borrowers |
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| II. Bad debt ratio of foreign currency loans |
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| 1. Bad debt ratio of foreign currency loans compared to the total loan balance (%) |
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| 2. Bad debt ratio of foreign currency loans compared to the total loan balance (%) |
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| ...., Date |
Note:
1. Loan balance in part I: (1) = (2) = (3) = (4).
2. The loan balance specified in the 2th item of Part I do not include those granted to meet the capital demands specified in the documents promulgated before the Circular No. 42/2018/TT-NHNN comes into force. However, they continue to be specified in clause 1, Article 1 of the Circular No. 42/2018/TT-NHNN.
3. Report receiving unit: Department of Monetary Policy - State bank of Vietnam, 25 Ly Thuong Kiet - Hoan Kiem - Hanoi (email: [email protected], fax: 04.38240132).
4. Full name and phone number of the person responsible for providing details about the report if being requested by the State Bank of Vietnam must be specified.
FORM NO. 02
Name of credit institution or foreign branch bank:……………………..
SUM OF MONEY WHICH BORROWERS USED TO REPAY FOREIGN CURRENCY LOANS AND SCHEDULED ANNUAL PAYMENT FOR SUCH LOANS
DATE………………………….
(Enclosed with the Circular No. 42/2018/TT-NHNN dated December 28, 2018 of the Governor of Vietnam State Bank on amendments to some Articles of the Circular No. 24/2015/TT-NHNN dated December 08, 2015)
Unit: Billion VND
| Item | January | February | March | April | May | June | July | August | September | October | November | December |
| Total amount of principal and interest due according to the credit contracts (= (I) + (II)) |
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| I. For the foreign currency loans which the borrowers do not have sufficient foreign currency revenues to repay (=(I.1)+(I.2)+(I.3)) |
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| 1. Short-term loans granted to major petroleum importers who are given annual quotas on petroleum import by the Ministry of Industry and Trade to pay for such import |
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| 2. Other loans granted to meet the capital demands approved in writing by the State Bank. |
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| 3. Other capital loans specified in the credit contracts or loan agreements signed in accordance with the regulations of the State Bank of Vietnam which had been promulgated before the Circular 42/2018/TT-NHNN came into force |
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| II. For the foreign currency loans which the borrowers have sufficient foreign currency revenues to repay (=(II.1)+(II.2)+(II.3)+(II.4)+(II.5)) |
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| 1. Short-term loans used as overseas payment for imported goods or service and for domestic borrowers to manufacture and/or trade goods. |
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| 2. Short- term loans used as overseas payment for imported goods and services and for borrowers to manufacture and/or trade goods which are exported through Vietnam’s border checkpoints. |
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| 3. Mid-term and long-term loans used as overseas payment for imported goods and services. |
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| 4. Short-term loans granted to domestic borrowers to manufacture and/or trade goods which are exported through Vietnam’s border checkpoints. |
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| 5. Loans used as direct overseas investments in projects which are subject to investment decisions made by the National Assembly or the Prime Minister and have been granted the Overseas Investment Certificate by the Ministry of Planning and Investment.” |
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| 6. Other capital loans specified in the credit contracts or loan agreements signed in accordance with the regulations of the State Bank of Vietnam which was promulgated before the Circular 42/2018/TT-NHNN comes into force |
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| ...., Date |
Note:
1. During the report month, the Credit Institution shall make a report on the actual data of such month and the monthly data expected to arise in the following months.
2. The sum of money which borrowers use to repay the loans specified in the 3th Item of Part I and the 6th Item of Part II do not include the sum of money used to repay the capital loans specified in the documents promulgated before the Circular No. 42/2018/TT-NHNN comes into force. However, they continue to be specified in clause 1, Article 1 of the above-mentioned Circular.
3. Report receiving unit: Department of Monetary Policy - State bank of Vietnam, 25 Ly Thuong Kiet - Hoan Kiem - Hanoi (email: [email protected], fax: 04.38240132).
4. Full name and phone number of the person responsible for providing details about the report if being requested by the State Bank of Vietnam must be specified.
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Circular 42/2018/TT-NHNN amending Circular 24/2015/TT-NHNN providing for loans in foreign currencies by credit institutions and foreign bank branches to borrowers who are residents due to Issued by the State Bank of Vietnam
Tóm tắt
| Cơ quan ban hành | Ngân hàng Nhà nước Việt Nam |
| Số hiệu | 42/2018/TT-NHNN |
| Loại văn bản | Thông tư |
| Người ký | Nguyễn Thị Hồng |
| Ngày ban hành | 2018-12-28 |
| Ngày hiệu lực | 2019-01-01 |
| Lĩnh vực | Tài chính - Ngân hàng |
| Tình trạng | Còn hiệu lực |