SBV calls for inputs for Draft Guiding Circulars related to foreign debt

The State Bank of Vietnam (SBV) has called upon relevant ministries, agencies, credit institutions, local and foreign entities and individuals to contribute inputs and comments on the draft guiding Circular on foreign exchange management of foreign borrowing and repayment, and the guiding Circular on foreign borrowing and repayment by the resident credit institutions and resident economic entities.

1. The Circular on foreign exchange management of foreign borrowing and repayment aims at guiding the implementation of Decree No. 160/2006/ND-CP of the Government dated December 28, 2006 on implementation of the Foreign Exchange Ordinance and Decree No. 134/2005/ND-CP of the Government on management of foreign borrowing and repayment.

The draft Circular is composed of 11 major articles, namely General regulations; Conditions on foreign borrowing; Granting license for individuals to make foreign borrowing ; Registration of foreign debts; Opening accounts, loan withdrawal and repayment ; Management of overseas accounts in foreign currency to make foreign borrowing; Obligations of credit institutions; Reporting regime; Monitoring and resolution of violations; and Implementation.

2. The second draft Circular is composed 8 major articles, namely General regulations; Regulations on lending and collecting loans applicable to credit institutions (including financial and commercial credit); Regulations on lending and collecting loans applicable to economic institutions; Procedures of approval, registration, registration of changes of overseas lending and recovery; Responsibilities of credit institutions in overseas lending and recovery for economic institutions; Reporting regime; Monitoring and resolution of violations; and Implementation.

The SBV is expected to get inputs and comments from the relevant ministries and agencies, the state-owned commercial banks, joint-stock commercial banks, foreign banks, and banking working groups. The draft Circular is posted in the SBV Website. All the inputs and comments from enterprises and the public are requested to be sent to the Email address of “Webmaster@sbv.gov.vn” or by post to the Foreign Exchange Department of the State Bank of Vietnam at 49 Ly Thai To Street in Hanoi, Vietnam.

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