VietnameseDecision No. 1432/2001/QD-NHNN of November 16, 2001, 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
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Decision No. 1432/2001/QD-NHNN of November 16, 2001, 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
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 1432/2001/QD-NHNN | Signer: | Duong Thu Huong |
| Type: | Decision | Expiry date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Issuing date: | 16/11/2001 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Enterprise, Finance - Banking |
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STATE BANK OF VIETNAM ------- | SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom – Happiness --------- |
No. 1432/2001/QD-NHNN | Hanoi, November 16th , 2001 |
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,
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:
"b) For a medium, long term loan: Based on the conditions provided for in Section II, Chapter II of this Circular, enterprises shall execute the foreign loan contract and carry out, thereafter, the registration of the foreign borrowing, repayment with the State Bank within 30 days since the date of signing the foreign loan contract and prior to the funds withdrawal.
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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