DECISION

ON THE SUPPLEMENT, AMENDMENT OF SEVERAL CONTENTS OF THE CIRCULAR NO. 03/1999/TT-NHNN7 DATED 18 AUGUST, 1999 GUIDING THE FOREIGN BORROWING AND REPAYMENT BY ENTERPRISES

THE GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH110 dated 12 December, 1997;
Pursuant to the Decree of the Government No. 15-CP dated 02 March, 1993 on the assignment, authority and responsibility for the State management of the ministries and ministry-level agencies;
Pursuant to the Decree No. 90/1998/ND-CP dated 7 November, 1998 of the Government promulgating Regulation on the management of foreign borrowings and repayments;
Upon the proposal by the Director of the Foreign Exchange Control Department,

DECIDES

Article 1.

To supplement, amend several contents of Circular No. 03/1999/TT-NHNN7 dated 12 August, 1999 guiding the foreign borrowing and repayment by enterprises, specifically as follows:

1. Point 4 (b) Section II Chapter I is amended as follows:

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2. Point 7 Section II Chapter I is amended as follows:

"7. In case where any content stated in the confirmation by the State Bank of the registration of foreign borrowing, repayment is changed, enterprises must register the changed content with the State Bank in accordance with following provisions:

a. If the change is made in form of an written agreement between an enterprise and related parties, the enterprise shall be entitled to sign the agreement upon ensuring that the changed content is in compliance with provisions of Section II, Chapter II of this Circular; and the registration of the change shall be made thereafter with the State Bank within 30 days from the date of signing that agreement.

b. If the change is made without any written agreement between an enterprise and related parties, the enterprise shall be entitled to make the change upon ensuring that the changed content is in compliance with provisions of Section II, Chapter II of this Circular and the registration of the change shall be made thereafter with the State Bank within 30 days from the effective date of the change.

3. To supplement point 8 to Section II Chapter I as follows:

"8. Authority to consider the confirmation of the registration of foreign borrowing, repayment and the confirmation of the change of contents of loans:

a. State Bank branches in provinces, cities under the central governments management shall consider, issue the written confirmation of the registration, the registration of changes in respect of foreign medium, long term loans of less than US$ 10 million (or the equivalent in other foreign currency at the date of the foreign loan agreement) in their respective location for enterprises which are not a state-owned enterprise and in accordance with provisions of this Circular.

In respect of cases which occur beyond provisions of this Circular, State Bank branches in provinces, cities under the central governments management shall submit to the Governor of the State Bank for consideration and decision.

b. The State Bank (the Foreign Exchange Control Department) shall consider and confirm the registration and confirm the registration of the change in respect of foreign medium, long term loans of enterprises, except for cases provided for in point 8(a) of this Section."

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"Section II. Registration file for change(s)

Registration file for change(s) (for cases provided for in point 7, Section II, Chapter I of this Circular) shall include:

1. Application for registration of change(s) (Form No. 2).

2. The copy and the Vietnamese translation (with certification by the Head of the enterprise) of the agreement on change(s) that has been signed in case where the changes are made in writing.

3. The approval by the loan guarantor of the change(s) (in case where the enterprise is guaranteed).

5. To supplement point 4 to Section I Chapter IV as follows:

"4. State Bank branches in provinces, cities under the central governments management shall submit following information to the State Bank (the Foreign Exchange Control Department) within the date where the confirmation of the registration, the registration of loan change(s) for enterprises is made:

a. Application for foreign borrowing, repayment registration or application for the registration of change(s) made by enterprises for each loan;

b. The written confirmation of the registration for foreign borrowing, repayment or the written confirmation of the registration of change(s) for enterprises;

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6. To cancel point 2 Section II Chapter IV.

Article 2. This Decision shall be effective after 15 days from the date of signing.

Article 3. The Director of the Administrative Department, the Director of the Foreign Exchange Control Department, Heads of relevant units of the State Bank, General Managers of State Bank branches in provinces, cities under the central governments management, General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.

FOR THE GOVERNOR OF THE STATE BANK
DEPUTY GOVERNOR




Duong Thu Huong