Circular No. 03/2016/TT-NHNN guiding certain contents on foreign exchange management for foreign borrowing and repayment by enterprises.

CIRCULAR

Guidelines on certain aspects of foreign exchange management for foreign borrowing and repayment by enterprises

 

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

No. 06/2013/UBTVQH13 dated March 18, 2013;

Pursuant to Decree No. 28/2005/PL-UBTVQH11 on Foreign Exchange issued by the Standing Committee of the National Assembly on December 13, 2005, and Decree No. 06/2013/PL-UBTVQH13 dated March 18, 2013 amending and supplementing certain articles of the Foreign Exchange Decree;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to the Government's Decree No. 219/2013/NĐ-CP dated December 26, 2013 on foreign borrowing and repayment management for enterprises not guaranteed by the Government;

At the proposal of the Director of the Department of Foreign Exchange Management;

The Governor of the State Bank of Vietnam issues this Circular guiding certain aspects of foreign exchange management for foreign borrowing and repayment by enterprises.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Circular stipulates on:

a) Procedures for registration and change registration of foreign loans not guaranteed by the Government;

b) Opening and using foreign loan accounts and foreign debt accounts at credit institutions permitted in Vietnam;

c) Withdrawing funds, repaying debts, and transferring other funds related to foreign loans;

d) Foreign exchange management for transactions related to guarantees for foreign loans;

đ) Provision and use of information on the electronic website for managing foreign borrowing and repayment not guaranteed by the Government (hereinafter referred to as the Website);

e) Reporting and statistical systems regarding foreign borrowing and repayment activities by enterprises not guaranteed by the Government.

2. Registration, change registration, and reporting requirements for foreign loans by commercial banks in which the State holds more than 50% of the charter capital, and foreign loans in the form of international bond issuance by enterprises not guaranteed by the Government shall be carried out according to specific regulations of the State Bank of Vietnam (hereinafter referred to as the State Bank).

3. Registration, change registration, and reporting requirements for foreign loans (including foreign loans in the form of international bond issuance by enterprises) guaranteed by the Government shall be carried out according to specific regulations of the State Bank.

4. Opening and using foreign currency accounts abroad to implement foreign loans shall be carried out according to specific regulations of the State Bank.

5. Transactions by non-residents purchasing debt instruments issued by residents within the territory of Vietnam shall be carried out in accordance with current laws on indirect foreign investment in Vietnam.

Article 2. Applicability

1. A resident enterprise, cooperative, association of cooperatives, credit institution, and foreign bank branch established and operating in Vietnam is the Borrower of Foreign Loans (hereinafter collectively referred to as the Borrower).

2. Credit institutions and foreign bank branches providing account services related to foreign borrowing, repayment, and guaranteeing foreign loans in Vietnam.

3. Organizations and individuals acting as guarantors for foreign loans of the Borrower.

4. Credit institutions and foreign bank branches accepting mandates to lend from the Mandating Lender who is a non-resident.

5. Organizations and individuals related to the Borrower's foreign borrowing activities.

6. Individuals and units under the State Bank responsible for managing and utilizing information on the Website.

Article 3. Explanation of Terms

In this Circular, the following terms are understood as follows:

1. Foreign loan refers to both foreign loans not guaranteed by the Government (hereinafter referred to as self-borrowed and self-repaid loans) and foreign loans guaranteed by the Government in various forms of foreign borrowing through loan contracts, deferred payment import contracts, mandate lending contracts, financial leasing contracts, or issuance of debt instruments on the international market by the Borrower.

2. Account service bank means a commercial bank or foreign bank branch operating in Vietnam where the Borrower and guarantor for foreign loans open settlement accounts to withdraw funds, repay foreign loans, and conduct other fund transfers related to foreign borrowing, repayment, and guaranteeing foreign loans; and where foreign investors open settlement accounts to transfer funds for preparatory investment stages.

3. Overseas financial leasing means a resident receiving medium-term or long-term credit based on a financial leasing contract with a lessor who is a non-resident, and such contract meets one of the conditions stipulated in Article 113 of the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010.

4. Debt instrument means promissory notes, bills of exchange, and bonds issued outside Vietnam by the Borrower to non-residents.

5. Foreign loan in Vietnamese dong refers to a foreign loan disbursed in Vietnamese dong or the obligation of a foreign loan denominated in Vietnamese dong.

Article 4. Principles for managing foreign loans in the form of deferred payment imports

1. Self-borrowed and self-repaid foreign loans in the form of deferred payment imports are not subject to registration or changes in foreign loan registration as prescribed in Chapter III of this Circular.

2. The opening and use of loan and debt repayment accounts, transferring funds for foreign loan repayments, and reporting on the implementation of foreign loans in the form of deferred payment imports shall be carried out in accordance with the provisions of this Circular and relevant laws.

Article 5. Principles for selecting methods of information declaration, change registration, and reporting on the implementation of self-borrowed and self-repaid loans

1. The borrower may choose to declare information for loan registration, change registration, and report on the implementation of self-borrowed and self-repaid loans through one of the following methods:

a) An electronic method, referred to as the online method;

b) A non-electronic method, referred to as the traditional method.

2. The borrower may switch from the traditional method to the online method. Once switched from the traditional method to the online method, the borrower cannot revert back to the traditional method.

3. The State Bank encourages borrowers to choose the online method.

Chapter II

ELECTRONIC WEBSITE

Article 6. Electronic Website

1. The State Bank manages data on foreign borrowing and debt repayment activities of enterprises not guaranteed by the Government through the electronic website accessible at www.sbv.gov.vn or www.qlnh-sbv.cic.org.vn.

2. The use of the electronic website for declaring information for loan registration, change registration, and reporting on the implementation of self-borrowed and self-repaid loans shall be conducted in accordance with the provisions of this Circular and user guidance documents published on the electronic website.

3. Borrowers choosing the online method must register their access account according to the provisions of Article 8 of this Circular.

Article 7. Handling in cases of technical errors when using the electronic website

1. In case the electronic website encounters technical errors (not due to the borrower's fault), the borrower temporarily uses the traditional method to declare information for loan registration, change registration, and report on the implementation of foreign loans until the issue is resolved. After the issue is resolved, the branch of the State Bank in the province or city or the State Bank (Department of Foreign Exchange Management), depending on authority, is responsible for updating relevant information on the electronic website based on the loan application form, loan change application form, and written reports submitted by the borrower similar to the case where the borrower uses the traditional method.

2. In case the borrower encounters technical errors (due to the borrower's fault), the borrower is responsible for:

a) Actively and promptly seeking solutions to resolve the error or proactively coordinating with the technical department responsible for the State Bank's electronic website to find solutions to resolve the error;

b) Temporarily using the traditional method to complete loan registration, change registration, and report on the implementation of self-borrowed and self-repaid foreign loans, while submitting a written report to the State Bank regarding the technical issue;

c) Updating loan registration, change registration, and implementation report information on the electronic website immediately after the issue is resolved.

3. After the technical error is resolved as stipulated in Clause 1 and 2 of this Article, the borrower who chooses the online method continues to use the electronic website to perform related tasks concerning foreign loans in accordance with the provisions of this Circular.

Article 8. Access Account

1. An access account consists of the username and password provided to users for accessing the Electronic Website, including:

  a) Borrowers who choose the online form;

  b) Individuals from the Department of Foreign Exchange Management and the State Bank Branches in provinces and cities involved in managing foreign borrowing and repayment activities not guaranteed by the Government;

c) Units under the State Bank authorized to exploit data on foreign borrowing and repayment not guaranteed by the Government.

2. Upon being granted an access account, users shall report information, submit reports, manage, and utilize information on the Electronic Website according to the provisions of this Circular through their own access accounts.

3. Registration and issuance of access accounts for borrowers with outstanding foreign debts:

a) Users fill out the electronic application form requesting an access account following the instructions on the Electronic Website, print the form from the Electronic Website, sign and stamp it;

b) Users send the application form specified in point a of Clause 6 of this Article via postal service or directly to the competent authority specified in point a of Clause 6 of this Article;

c) Within three (3) working days from the date of receiving the application form requesting an access account with complete and valid information, the competent authority as stipulated in point a of Clause 6 of this Article approves and issues the access account via the email address registered by the user. In case of refusal to issue an access account, there must be an online response clearly stating the reasons.

4. Registration and issuance of access accounts for borrowers without outstanding foreign debts but with newly registered foreign loans or changes to existing foreign loans with the State Bank:

a) The request for an access account is carried out simultaneously with the declaration of loan information in the Loan Application Form or the Change Loan Application Form with the State Bank on the Electronic Website as prescribed in point a of Clause 1 of Article 13 and point a of Clause 1 of Article 16 of this Circular;

b) The issuance of an access account to the borrower is carried out simultaneously with the confirmation of registration or confirmation of changes to foreign loans for the borrower. On the day the foreign loan is confirmed for registration, the competent authority as stipulated in Clause 6 of this Article approves and issues the access account via the email address registered by the borrower in the Loan Application Form or the Change Loan Application Form.

5. Changing information in the access account:

a) Borrowers register to change access account information when there are changes such as: borrower's name, type of business entity, address, tax code, contact phone number, email address;

b) Implementation procedure:

(i) Borrowers fill out the electronic application form requesting changes to access account information following the instructions on the Electronic Website;

(ii) Within three (3) working days from the date of receiving the electronic application form requesting changes to access account information, the competent authority as stipulated in Clause 6 of this Article approves the changes to the access account via the email address registered by the user. In case of refusal, there must be an online response clearly stating the reasons.

6. Authority to issue and manage access accounts:

a) The State Bank branch in the province or centrally-administered city where the borrower's main office is located (hereinafter referred to as the Branch) issues and manages access accounts for the following entities:

(i) Borrowers with outstanding foreign debts;

(ii) Borrowers without outstanding foreign debts but with newly registered foreign loans or changes to existing foreign loans that must be registered or changed with the Branch as prescribed in this Circular;

b) The Department of Foreign Exchange Management - State Bank issues and manages access accounts for the following entities:

(i) Individuals and units specified in points b and c of Clause 1 of this Article;

(ii) Borrowers without outstanding foreign debts but with newly registered foreign loans or changes to existing foreign loans that must be registered or changed with the State Bank (Department of Foreign Exchange Management) as prescribed in this Circular.

Chapter III

PROCEDURES FOR REGISTRATION AND CHANGE OF FOREIGN LOANS

OF ENTERPRISES NOT GUARANTEED BY THE GOVERNMENT

REGISTRATION OF LOANS

Section 1

APPLICATION FOR LOANS

Article 9. Loans must be registered

Loans that must be registered with the State Bank include:

1. Medium and long-term foreign loans.

2. Short-term loans extended to have a total loan term exceeding 01 (one) year.

3. Short-term loans without extension agreements but still having principal outstanding at the end of 01 (one) year from the first withdrawal date, except where the Borrower completes repayment of the loan within 10 (ten) days from the end of 01 (one) year from the first withdrawal date.

Article 10. Loan term for registration obligations

For loans specified in Clause 1 of Article 9 of this Circular, the loan term is determined from the expected first withdrawal date to the expected final repayment date based on provisions in the foreign loan agreement.

For loans specified in Clause 2 of Article 9 of this Circular, the loan term is determined from the actual first withdrawal date to the expected final repayment date based on provisions in the foreign loan agreement and the loan extension agreement.

For loans specified in Clause 3 of Article 9 of this Circular, the loan term is determined from the actual first withdrawal date to the expected final repayment date.

4. The withdrawal date specified herein is the disbursement date for loans disbursed in cash, and the customs clearance date for loans in the form of foreign financial leasing, in accordance with relevant laws and regulations.

Article 11. Foreign loan agreements for loan registration

1. A foreign loan agreement for loan registration (hereinafter referred to as a foreign loan agreement) is an effective withdrawal agreement signed between the Borrower and the Lender who is a non-resident, creating a debt obligation for the Borrower or debt instruments issued by residents to non-residents.

2. The Borrower does not need to perform the loan registration procedure when signing non-effective withdrawal agreements with non-residents such as framework credit agreements, memorandums of understanding, and similar agreements (hereinafter referred to as framework agreements), except as provided in Clause 3 of this Article. The contents of framework agreements must comply with Vietnamese law.

3. In cases where medium and long-term self-borrowed and self-repaid loans arise due to written withdrawal agreements based on framework agreements, the Borrower shall register the loan according to this Circular.

Article 12. Subjects for loan registration and changes to loan registration

The Borrower shall register loans and changes to loan registrations including:

1. The Borrower signs a foreign loan agreement directly disbursing funds in cash with the Lender who is a non-resident.

2. Credit institutions, branches of foreign banks accepting mandates to lend from Mandators who are non-residents.

3. Debtors under debt instruments issued to non-residents.

4. Lessees in financial lease contracts with lessors who are non-residents.

Article 13. Procedures for loan registration

1. Preparation of the Application for Registration of Unsecured Foreign Loans:

a) In case the Borrower chooses the online method: The Borrower shall complete the Application for Registration of Unsecured Foreign Loans on the website to obtain a loan number, print the application from the website, sign and stamp it;

b) In case the Borrower chooses the traditional method: The Borrower shall complete the application form according to Appendix 01 attached to this Circular.

2. Submission of documents:

a) The Borrower shall submit the loan registration documents as prescribed in this Circular through postal service or directly to the registration confirmation authority as stipulated in Article 18 of this Circular;

b) The Borrower choosing the online method may also choose to submit additional documents online following the instructions on the website.

3. Deadline for submission of documents:

The Borrower must submit the documents within 30 (thirty) days from:

a) The date of signing the medium and long-term foreign loan agreement or the guarantee document in case the loan is guaranteed, or the date of signing the written withdrawal agreement in case the parties agree on withdrawal based on a previously signed framework agreement before withdrawal;

b) The date of signing the short-term foreign loan extension agreement becoming medium and long-term for self-borrowed and self-repaid loans as specified in Clause 2 of Article 9 of this Circular;

c) The end of 01 (one) year from the first withdrawal date for self-borrowed and self-repaid loans as specified in Clause 3 of Article 9 of this Circular.

4. The State Bank will issue a confirmation or rejection letter for loan registration within:

a) 12 (twelve) working days from the date of receiving the complete and valid documents from the Borrower in case the Borrower chooses the online method;

b) 15 (fifteen) working days from the date of receiving the complete and valid documents from the Borrower in case the Borrower chooses the traditional method; or

c) 45 (forty-five) working days from the date of receiving the complete and valid documents from the Borrower in case the loan is in Vietnamese currency and must be approved by the Governor of the State Bank according to current laws on conditions for foreign loans by enterprises not guaranteed by the Government;

d) In case of rejecting the loan registration confirmation, the State Bank will issue a letter clearly stating the reasons.

6. For loans in Vietnamese currency that must be approved by the Governor of the State Bank according to current laws on conditions for foreign loans, the loan registration procedure is simultaneously a request for the Governor's approval of the loan; the loan registration confirmation letter is simultaneously the Governor's approval letter for the loan.

6. The competent authority as stipulated in Article 18 of this Circular is responsible for:

a) Checking the consistency and accuracy of the loan registration documents and information reported on the website; updating the processing status of the documents on the website so that the Borrower can promptly track in case the Borrower chooses the online method;

b) Organize the relevant loan information on the electronic page to generate the loan code and store the information in the foreign borrowing and repayment database for non-government-guaranteed enterprises when the Borrower chooses the traditional form.

Article 14. Loan Registration Documents

1. The loan registration application as prescribed in Clause 1, Article 13 of this Circular.

2. A copy (certified by the Borrower) of the legal documentation of the Borrower and the capital user for cases where the Borrower is not the capital user, including: Business Registration Certificate, Investment Certificate, Enterprise Registration Certificate, Investment License, or equivalent documents, Cooperative Registration Certificate, Union of Cooperatives Registration Certificate, as stipulated by laws and amended and supplemented legal documents (if any).

3. A copy (certified by the Borrower) or original document proving the purpose of the loan, including:

a) For loans as prescribed in Clause 1, Article 9 of this Circular:

(i) Production and business plan, foreign investment project using foreign capital approved by competent authorities according to the Investment Law, Enterprise Law, Enterprise Charter, Cooperative Law, Cooperative Charter, and other related legal regulations for implementing production and business plans, investment projects, except for investment projects that have been clearly defined in terms of investment scale by the competent authority issuing the investment certificate;

(ii) Debt restructuring plan for foreign debts of the Borrower approved by competent authorities according to the Enterprise Law, Enterprise Charter, Cooperative Law, Cooperative Charter, and other related legal regulations for debt restructuring of foreign debts of the Borrower;

b) For loans as prescribed in Clauses 2 and 3, Article 9 of this Circular:

Report on the initial short-term foreign loan usage meeting the conditions for short-term foreign loans (accompanied by supporting documents) and repayment plan for the proposed foreign loan for which the State Bank confirms the registration.

4. Copy and Vietnamese translation (certified by the Borrower) of the foreign loan agreement and the agreement to extend short-term loans to medium and long-term loans (if any); or withdrawal notice accompanied by a framework agreement.

5. Copy and Vietnamese translation (certified by the Borrower) of the guarantee commitment letter (guarantee letter, guarantee contract, or other forms of guarantee commitment) in cases where the loan is guaranteed.

6. Copy (certified by the Borrower) of the approval document from the competent authority for foreign borrowing according to the law on the division and delegation of rights, responsibilities, and obligations of state owners towards state-owned enterprises and state capital invested in enterprises for state-owned enterprises as Borrowers.

7. Report on compliance with the State Bank's regulations on credit limit and safety ratios at the end of the month immediately preceding the date of signing the foreign loan agreement, and proof of non-compliance with the credit limit and safety ratio regulations approved by the Prime Minister or the Governor of the State Bank according to the law (if any) for Borrowers being credit organizations and foreign bank branches.

8. Confirmation from the bank providing account services in the following cases:

a) In cases of foreign loans for debt restructuring: A document from the bank providing account services of the Borrower regarding the situation of withdrawing funds and repaying foreign loans that will be restructured from foreign loan funds;

b) In cases where the portion of foreign investors' capital transferred to Vietnam has been used to cover pre-investment costs and converted into medium and long-term foreign loans of foreign direct investment enterprises according to current laws related to foreign direct investment in Vietnam: A document from the bank providing account services of the Lender confirming transactions related to the formation of the loan;

c) In cases of loans as prescribed in Clause 2 and Clause 3, Article 9 of this Circular: A document from the bank providing account services of the Borrower regarding the situation of withdrawing funds and repaying short-term foreign loans.

9. Documentation and certificates proving legitimate profit distribution in Vietnamese currency from the Borrower's foreign investor's direct investment activities and confirmation from the bank providing account services about the distribution and transfer of profits back to the country by the Lender to prove the disbursement of the loan for cases of foreign loans in Vietnamese currency according to current regulations on conditions for foreign loans in Vietnamese currency.

10. Explanation document on the need for foreign loans in Vietnamese currency for cases of foreign loans in Vietnamese currency that must be approved by the Governor of the State Bank according to current regulations of the State Bank on conditions for foreign loans in Vietnamese currency.

Section 2

LOAN AMENDMENT REGISTRATION

Article 15. Cases requiring registration for changes to the loan

1. Except for the cases specified in Clause 2 and Clause 3 of this Article, if any change occurs to any content related to the loan as stated in the foreign loan registration confirmation document issued by the State Bank (according to Model 02 attached to this Circular), the Borrower shall be responsible for registering the change of the foreign loan with the State Bank in accordance with the provisions of this Circular.

2. In the case where the actual withdrawal plan, repayment plan, and transfer fee plan changes within 10 (ten) days from the previously confirmed plans by the State Bank, the Borrower shall be responsible for notifying in writing the service bank to implement the changed withdrawal and repayment plans; there is no need to register the change of the foreign loan with the State Bank.

3. The Borrower only needs to notify in writing the State Bank without having to register the change of the foreign loan for the following contents:

a) Changing the address of the Borrower within the province or city where the Borrower's main office is located;

b) Changing the Lender, information related to the Lender in a syndicated loan with designated representatives of the Lenders, except when the Lender is simultaneously the representative of the Lenders in the syndicated loan and the change of the Lender alters the role of the representative of the Lenders;

c) Changing the commercial name of the service bank.

4. Within 30 (thirty) days from the date of change or receipt of notification of the changes mentioned in Clause 3 of this Article, the Borrower shall send a written notice through postal mail or submit directly to the registration authority according to the jurisdiction stipulated in Article 18 of this Circular.

Article 16. Procedure for Implementing Loan Change Registration Procedures

1. Prepare the Loan Change Registration Form:

a) In the case where the Borrower chooses the online method: the Borrower shall complete the Loan Change Registration Form on the electronic website, print the form from the website, sign and stamp it;

b) In the case where the Borrower chooses the traditional method: the Borrower shall complete the form according to Model 03 attached to this Circular.

2. Submitting the Application:

a) Within 30 (thirty) days from the date of signing the agreement on the change or before the occurrence of the content to be changed (in cases where the change does not require a change agreement but still ensures compliance with the Foreign Loan Agreement), the Borrower shall submit the loan change registration application through postal mail or submit directly to the registration authority or the most recent loan change registration authority for cases that have already undergone loan change registrations, in accordance with the jurisdiction stipulated in Article 18 of this Circular.

b) The Borrower choosing the online method may also choose to submit additional documents online following the instructions on the website.

3. The State Bank shall issue a confirmation or rejection letter for the loan change registration within the time limit:

a) 12 (twelve) working days from the date of receiving the complete and valid application of the Borrower (in the case where the Borrower chooses the online method), or;

b) 15 (fifteen) working days from the date of receiving the complete and valid application of the Borrower (in the case where the Borrower chooses the traditional method);

c) In the case of rejecting the loan change registration, the State Bank shall issue a letter clearly stating the reasons.

4. The competent authority as stipulated in Article 18 of this Circular shall be responsible for:

a) Checking the consistency and accuracy of the loan change registration application and the information reported on the electronic website; updating the status of the application processing on the electronic website for the Borrower to timely monitor in cases where the Borrower chooses the online method;

b) Organizing the entry of relevant loan information on the electronic website to store the information in the database of non-government-guaranteed enterprises' foreign borrowing and repayment in cases where the Borrower chooses the traditional method.

Article 17. Documents for registering changes to loan terms

1. Application for registering changes to loan terms as prescribed in Clause 1, Article 16 of this Circular.

2. Copies and Vietnamese translations of agreements on changing loan terms that have been signed (with confirmation from the Borrower) in cases where the changes require agreement between the parties.

3. Copies (with confirmation from the Borrower) of the consent of the guarantor regarding the content of changes to the loan terms for cases where the Borrower's loan is guaranteed.

4. Copies (with confirmation from the Borrower) of the document from the competent authority as prescribed by law on the division and delegation of responsibilities and obligations of state owners towards state-owned enterprises and state capital invested in enterprises concerning the approval of changes to the foreign borrowing plan of the Borrower which is a state-owned enterprise, in cases of increasing the amount borrowed or extending the loan term.

5. The components of the documents specified in Clause 3, Article 14 of this Circular in cases of increasing the amount borrowed.

6. The components of the documents specified in Clause 7, Article 14 of this Circular in cases where the Borrower is a credit organization or a branch of a foreign bank increasing the amount borrowed from abroad.

Confirmation letter from the bank providing account services regarding the situation of withdrawing funds and repaying principal and interest up to the time of registering changes to the loan amount, withdrawal plans, repayment plans, or commercial banks providing account services in cases of registering changes to the loan amount, withdrawal plans, repayment plans.

Section 3

CONFIRMATION OF REGISTRATION, CONFIRMATION OF REGISTRATION OF CHANGES

FOREIGN LOANS NOT GUARANTEED BY THE GOVERNMENT

Article 18. Authority to confirm registration and confirmation of registration of changes to loan terms

1. The State Bank of Vietnam (Department of Foreign Exchange Management) shall carry out the confirmation of registration and registration of changes for loans with amounts exceeding 10 million USD (or equivalent foreign currency) and foreign loans denominated in Vietnamese dong.

2. The State Bank of Vietnam branch in the province or centrally-administered city where the Borrower’s main office is located shall carry out the confirmation of registration and registration of changes for loans with amounts up to 10 million USD (or equivalent foreign currency).

3. In cases where changes in the amount borrowed, the currency of the loan, the location of the Borrower’s main office, or the Borrower transferring to another enterprise with a main office in a different area result in a change in the authority responsible for confirming changes to the loan registration, the original authority confirming the registration and changes to the loan registration shall be responsible for the following:

a) Receiving the Borrower's application for changing the loan registration.

b) Within seven working days from the date of receiving the Borrower's application for changing the loan registration, transferring the original application for changing the loan registration and copies of the registration documents and any previously completed change registration documents for the loan to the competent authority as prescribed in Clauses 1 and 2 of this Article for further processing.

4. In cases where there are changes to foreign loans denominated in Vietnamese dong that have already been confirmed by the Branch, the process for handling the application for changing the loan registration shall be carried out according to the procedures stipulated in Clause 3 of this Article.

5. In cases where Vietnamese dong-denominated loans must be reviewed and approved by the Governor of the State Bank of Vietnam, the Department of Foreign Exchange Management shall act as the focal point and coordinate with relevant units of the State Bank of Vietnam to report to the Governor of the State Bank of Vietnam for review and decision-making within their authority.

Article 19. Basis for confirming registration and changes to loan registration

1. The annual total limit of self-borrowed and self-repaid foreign trade loans approved by the Prime Minister.

2. Compliance with and full satisfaction of current regulations on conditions for foreign borrowing, foreign exchange management for foreign borrowing and repayment activities as stipulated by the State Bank and other relevant laws.

3. Information provided by related organizations and agencies upon request of the State Bank.

Article 20. Handling of loan registration and change registration files when the Borrower commits administrative violations in foreign exchange management and foreign borrowing and repayment management

During the process of handling loan registration and change registration files, if the State Bank discovers that the Borrower has committed administrative violations in foreign exchange management and foreign borrowing and repayment management (including non-compliance with reporting systems for foreign borrowing and repayment), the confirmation of loan registration and change registration will be conducted after the completion of administrative violation handling according to current laws on administrative violation handling in the monetary and banking sector.

Article 21. Cases where the confirmation document for loan registration and change registration becomes automatically invalid

1. The confirmation document for foreign loan registration and change registration issued by the State Bank shall become automatically invalid if, within six months from the last day of the capital withdrawal period confirmed by the State Bank, the Borrower does not withdraw capital and does not register to change the capital withdrawal plan for the loan as stipulated in this Circular.

2. After the confirmation document for foreign loan registration and change registration becomes automatically invalid as prescribed in Clause 1 of this Article, if the Borrower continues to implement the loan, they must re-register the foreign loan according to Chapter III of this Circular within thirty days from the date of the written agreement between the parties regarding the continuation of the loan implementation.

Article 22. Termination of effect of the confirmation document for loan registration and change registration

1. Cases of termination of effect of the confirmation document for loan registration and change registration when the loan has not been withdrawn:

a) The Borrower's loan registration and change registration file contains false information to meet the conditions for confirmation of loan registration and change registration.

b) The loan registration and change registration file complies with the procedures for loan registration and change registration as stipulated in this Circular, but the requested registration and change registration information is inaccurate, leading to errors in the content of the confirmation document issued by the State Bank.

c) The confirmation document for loan registration and change registration is issued without the authority stipulated in Article 18 of this Circular.

2. When the loan has already been withdrawn, the competent authority shall issue a document terminating the effect of the confirmation document for loan registration and change registration in cases specified in points b and c of Clause 1 of this Article.

3. The authority responsible for confirming loan registration and change registration according to the authority stipulated in Article 18 of this Circular shall send a document to the Borrower and related parties regarding the termination of effect and the reasons for the termination of the confirmation document for loan registration and change registration.

4. For the cases specified in point b, c of Clause 1 and Clause 2 of this Article, after the confirmation document for loan registration and change registration is terminated, the Borrower shall cooperate with the competent authority to register and change the loan registration in accordance with this Circular to continue implementing the loan.

Article 23. Copies of confirmation registration documents for loans, loan modification registration documents; documents terminating the effectiveness of confirmation registration documents for loans, loan modification registration documents

1. The State Bank of Vietnam (Department of Foreign Exchange Management and Branches) shall send copies of the following documents to service-providing banks for coordination in monitoring and implementation:

a) Confirmation registration documents, confirmation loan modification registration documents;

b) Documents terminating the effectiveness of confirmation registration documents, confirmation loan modification registration documents.

2. The State Bank of Vietnam (Department of Foreign Exchange Management) shall send copies of the documents specified in points a and b of Clause 1 of this Article to the State Bank of Vietnam branches in provinces and centrally-administered cities where the Borrower has its principal office for coordination in management, monitoring, and urging reporting.

3. State Bank of Vietnam branches in provinces and centrally-administered cities shall send copies of documents terminating the effectiveness of confirmation registration documents, confirmation loan modification registration documents to the State Bank of Vietnam (Department of Foreign Exchange Management) for coordination in management.

Chapter IV

OPENING AND USING FOREIGN LOAN ACCOUNTS, REPAYING FOREIGN DEBTS

Section 1

DOWNLOAD FOREIGN LOAN ACCOUNTS, REPAYING FOREIGN DEBTS

Article 24. Foreign loan and debt repayment accounts of Borrowers that are not commercial banks or foreign bank branches

1. A foreign loan and debt repayment account is a settlement account opened by the Borrower at a service-providing bank to implement the withdrawal of capital, repayment of foreign loans, and other money transfer transactions related to foreign borrowing and debt repayment activities, and guarantees for foreign loans.

2. For Borrowers that are foreign direct investment enterprises, the foreign loan and debt repayment account is a direct foreign investment capital account. In addition to the income and expenditure items related to foreign borrowing and debt repayment activities stipulated in Articles 26 and 27 of this Circular, foreign direct investment enterprises may use their direct foreign investment capital account (which is also a foreign loan and debt repayment account) for other income and expenditure items related to foreign direct investment activities in Vietnam according to current laws on foreign exchange management for foreign direct investment in Vietnam.

3. Borrowers that are not foreign direct investment enterprises must open foreign loan and debt repayment accounts at service-providing banks to implement money transfer transactions related to foreign loans (capital withdrawal, principal repayment, interest payment). Each foreign loan can only be processed through one service-providing bank. Borrowers may use one account for one or multiple foreign loans. The contents of income and expenditure for this account are stipulated in Articles 26 and 27 of this Circular.

Article 25. Monitoring foreign borrowing and debt repayment of Borrowers that are commercial banks or foreign bank branches

Commercial banks and foreign bank branches that are Borrowers are responsible for implementing the monitoring of transactions related to their foreign borrowing activities in accordance with current regulations on accounting and bookkeeping for commercial banks and foreign bank branches; they are responsible and ensure the implementation of transactions related to foreign loans in accordance with the contents of the confirmation registration documents and loan modification registration documents issued by the State Bank of Vietnam for commercial banks and foreign bank branches.

Article 26. Contents of Receipts and Payments on Foreign Currency Loan and Debt Repayment Account

The foreign currency loan and debt repayment account shall only be used to conduct transactions related to foreign borrowing activities as follows:

Receipt transactions:

Receipt of funds from foreign loans;

Receipt from purchasing foreign currency from the service-providing bank for transferring debt repayment (principal, interest) of foreign loans and paying various fees according to the loan agreement;

Receipt from converting foreign currency from the source of withdrawing foreign loan funds when the disbursed currency from the lender is not the currency of the foreign loan and debt repayment account;

Receipt from the foreign currency settlement account of the Borrower opened at a permitted credit institution in Vietnam, or the foreign currency account of the Borrower opened abroad.

Payment transactions:

Payment of debt repayment (principal, interest) of foreign loans;

Payment transferred abroad to settle mandatory receivables for the Guarantor who is a non-resident as stipulated in Chapter V of this Circular;

Payment transferred to the Borrower's foreign currency settlement account;

Payment for selling foreign currency to a permitted credit institution;

d) Payment transferred to the Borrower's foreign currency account opened abroad to fulfill commitments under the foreign loan agreement;

Payment for transferring funds to pay various fees according to the foreign loan agreement;

g) Payment for converting foreign currency to repay debt (principal, interest) of foreign loans when the repayment currency is not the currency of the foreign loan and debt repayment account.

Article 27. Contents of Receipts and Payments on Foreign Currency Loan and Debt Repayment Account in Vietnamese Dong

The foreign currency loan and debt repayment account in Vietnamese Dong shall only be used to conduct transactions related to foreign loans as follows:

1. Receipt transactions:

a) Receipt of funds from withdrawing foreign loan funds when the Lender uses a Vietnamese Dong settlement account opened at a credit institution or a foreign bank branch in Vietnam;

b) Receipt of funds from selling foreign currency to a permitted credit institution in Vietnam when the Lender does not use a Vietnamese Dong settlement account in Vietnam to disburse the loan;

c) Receipt of funds from the Borrower's Vietnamese Dong settlement account.

2. Payment transactions:

Payment transferred to the Lender's Vietnamese Dong settlement account to settle debt (principal, interest) when the Lender uses a Vietnamese Dong settlement account to recover the loan according to the loan agreement;

Payment for buying foreign currency to repay debt (principal, interest) of foreign loans when the Lender does not use a Vietnamese Dong settlement account to recover the loan according to the loan agreement;

Payment for settling receivables for the Guarantor as stipulated in Chapter V of this Circular;

Payment for settling various fees in Vietnamese Dong, payment for buying foreign currency to settle various fees in foreign currency related to foreign loans;

d) Payment transferred to the Borrower's Vietnamese Dong settlement account.

Article 28. Changing the Foreign Loan and Debt Repayment Account

1. In case of changing the foreign loan and debt repayment account due to changing the service-providing bank, the Borrower who is not a commercial bank or a foreign bank branch must request the current service-providing bank to confirm the situation of withdrawing funds and repaying debts related to foreign loans so that the new service-providing bank can continue to monitor the implementation of foreign loans according to the current regulations on managing foreign loans and debt repayments.

2. In case of changing the foreign loan and debt repayment account due to changing the currency but not changing the service-providing bank, the service-providing bank is responsible for supervising the withdrawal of funds and repayment of foreign loans according to the current regulations on managing foreign loans and debt repayments.

Article 29. Implementation of foreign loans from profits distributed in Vietnamese dong from direct investment activities of the Lender.

1. The Borrower, which is a foreign-invested enterprise with direct investment capital, may borrow foreign currency loans in Vietnamese dong from profits distributed in Vietnamese dong from the Lender's direct investment activities, where the Lender is a foreign investor contributing capital to the Borrower.

2. The Lender, who is a non-resident foreign investor contributing capital to the Borrower, may use a non-resident Vietnamese dong settlement account to conduct transactions related to borrowing in Vietnamese dong according to Clause 1 of this Article.

Section 2

WITHDRAWAL OF CAPITAL, TRANSFER OF FUNDS TO IMPLEMENT FOREIGN LOANS

Article 30. Principles of transparency for fund flows

1. For Borrowers that are not commercial banks or branches of foreign banks, all transfer transactions (capital withdrawal, debt repayment) related to foreign loans must be conducted through the Borrower’s foreign loan borrowing and repayment accounts, except in cases stipulated in Article 34 of this Circular.

2. Orders for transfers between residents and non-residents related to the execution of capital withdrawal, debt repayment (principal, interest), and payment of fees for foreign loans must clearly state the purpose of the transfer so that the bank providing the account service has a basis for comparison, verification, retention of documentation, and execution of the transaction.

3. The Borrower is responsible for clearly stating and requiring the Lender to clearly state the purpose of the transfer transaction related to the foreign loan to serve as the basis for determining the foreign debt obligation and transferring funds to repay the loan (principal, interest) upon maturity.

Article 31. Transfer of funds to implement foreign loans

1. For foreign loans that require registration with the State Bank, the Borrower may only withdraw capital and repay debt (principal, interest) of the foreign loan after the loan has been confirmed registered by the State Bank, except in the case of withdrawing capital and repaying part of the principal and interest in the first year of a short-term loan converted to medium or long-term.

2. The Borrower may only receive disbursed funds and transfer funds to repay debt (principal, interest) of the loan through the account of the Lender, the representative of the Lenders, or the agency bank of the Lenders in the case of syndicated loans or loans using an agency bank according to the loan agreement.

3. In the case of receiving disbursed funds and transferring funds to repay debt (principal, interest) of foreign loans in foreign currency through the account of a third party that is a non-resident and not within the scope specified in Clause 2 of this Article, this content must be clearly stipulated in the loan agreement (or amendment agreement); if the loan falls under the category requiring registration with the State Bank, this content must be confirmed in the registration confirmation document or the registration change confirmation document for the foreign loan.

Article 32. Transfer of funds to repay medium and long-term foreign loans in the form of deferred import payments

When implementing the transfer of funds to repay the principal and interest of medium and long-term foreign loans in the form of deferred import payments, the Borrower shall be responsible for presenting the following documents:

1. Documents and materials as required by the bank providing the account service.

2. A commitment letter from the Borrower regarding compliance with the reporting system for foreign borrowing and repayment as stipulated in this Circular, accompanied by supporting documents:

a) Reports on short-, medium-, and long-term foreign borrowing and repayment situations that the Borrower has reported online on the Electronic Website (directly printed from the Electronic Website), or notifications from the Electronic Website (via email of the Borrower) regarding the Borrower's online reporting on the Electronic Website (applicable to Borrowers choosing the online method);

b) A copy of the most recent report submitted to the State Bank before the payment date (applicable to Borrowers choosing the traditional method).

Article 33. Purchase of foreign currency and transfer of funds to repay foreign debt

1. The Borrower shall purchase foreign currency from a permitted credit institution to settle principal, interest, and related fees on foreign loans based on presenting documents and writings proving legitimate foreign currency payment needs in accordance with the law and the requirements of the permitted credit institution.

2. A permitted credit institution shall specify the documents and writings proving legitimate foreign currency payment needs based on verifying the Borrower's legitimate debt obligations through loan agreements, withdrawal confirmation documents for the loan amount, and registration confirmations for foreign loans from the State Bank (in cases where loans must be registered with the State Bank), and other required files (if any) according to the requirements of the permitted credit institution.

Article 34. Cases of withdrawing funds and repaying debts not conducted through foreign borrowing and repayment accounts

1. Cases of withdrawing funds without using foreign borrowing and repayment accounts:

a) Withdrawal of funds directly from the lender to pay beneficiaries who are non-residents providing goods or services under sales contracts with residents;

b) Withdrawal of funds in the form of delayed payment imports from the lender;

c) Withdrawal of funds from foreign loans in the form of financial leasing;

d) Withdrawal of funds through the Borrower's account opened abroad, in cases where the Borrower is permitted to open an account abroad to implement foreign loans;

đ) Withdrawal of medium and long-term foreign loans through offsetting transactions with direct payment obligations to the lender.

2. Cases of repaying debts without using foreign borrowing and repayment accounts:

a) Repayment in the form of supplying goods or services to the lender;

b) Repayment by shares or equity contributions of the Borrower in compliance with the law;

c) Repayment of medium and long-term foreign loans through offsetting receivables directly with the lender;

d) Repayment through the Borrower's account opened abroad (in cases where the Borrower is permitted to open an account abroad to implement foreign loans).

Chapter V

FOREIGN EXCHANGE MANAGEMENT REGULATIONS RELATED TO

GUARANTEED FOREIGN LOANS TRANSACTIONS

Article 35. Performance of Guarantee Obligations

1. In the case of foreign loans with guarantees, the guarantor shall fulfill the guarantee obligation to the foreign lender (the beneficiary of the guarantee) upon request in accordance with the loan agreement and the guarantee commitment document (letter of guarantee, guarantee contract, or other forms of guarantee commitment) signed between the parties.

2. In cases where the guarantor uses a settlement account opened at a service-providing bank to transfer funds to fulfill the guarantee obligation, the service-providing bank of the guarantor shall conduct the guarantee fund transfer transaction based on the following documents:

a) Foreign loan agreement;

b) Guarantee commitment document;

c) Request document from the lender (beneficiary of the guarantee) or the Borrower (beneficiary of the guarantee) to fulfill the guarantee obligation in accordance with the foreign loan agreement and the guarantee commitment document;

d) Confirmation document from the service-providing bank of the Borrower stating that the Borrower has not fulfilled the payment obligation to the lender in accordance with the request document to fulfill the guarantee obligation as stipulated in point d clause 2 of this Article;

đ) Registration confirmation document for foreign loans from the State Bank, confirming the guarantor for the foreign loan (applicable in cases where the foreign loan must be registered with the State Bank);

e) Other documents and materials (if any) as specified by the service-providing bank where the guarantor conducts the guarantee fund transfer transaction.

Article 36. Compulsory Debt Acknowledgment

1. A compulsory debt acknowledgment is a debt that the guaranteed party (the Borrower) must repay to the guarantor after the guarantor has fulfilled its guarantee obligation by paying the creditor (the Lender).

2. The agreement on the currency for the compulsory debt acknowledgment and the payment currency within the territory (including guarantee fees) must comply with the regulations on the restriction of foreign currency usage within the territory.

Article 37. Repayment of Compulsory Debt Acknowledgment

1. The Borrower (the Guaranteed Party) shall fulfill the repayment of the compulsory debt acknowledgment to the Guarantor based on presenting to the bank providing account services for the Borrower:

a) The foreign loan agreement and related documents concerning the loan transaction and repayment;

b) The agreement on the guarantee, fulfillment of the guarantee obligation, and repayment of the compulsory debt acknowledgment between the Borrower and the Guarantor;

c) Proof documents showing that the Guarantor has fulfilled its guarantee obligation;

d) Other documents and materials (if any) as prescribed by the bank providing account services.

2. The repayment of the compulsory debt acknowledgment to the Guarantor must be made through the foreign loan and repayment account or through another account opened at the bank providing account services for the Borrower in cases where the payment currency for the compulsory debt acknowledgment differs from the currency of the foreign loan and repayment account.

Chapter VI

STATISTICAL REPORTING SYSTEM

Article 38. Reporting System for the Bank Providing Account Services

The bank providing account services shall implement the reporting system according to the State Bank's regulations on the statistical reporting system applicable to units under the State Bank and credit organizations, including foreign bank branches permitted to operate.

Article 39. Reporting System for the Borrower Choosing Online Method

Quarterly, no later than the 5th day of the month following the reporting period, the Borrower must report online the status of short-term, medium-term, and long-term loans on the website.

2. Within ten working days from the date of receiving the Borrower's report on the website, the Branch shall approve the report on the website to store information in the database. In case the reported information is accurate, the Borrower will be notified via email about the completion of the reporting process as required. If there are inaccuracies or need for clarification, the Branch will notify the Borrower via email to make adjustments to the data.

Article 40. Reporting System for the Borrower Choosing Traditional Method

Quarterly, no later than the 5th day of the month following the reporting period, the Borrower must submit a written report to the Branch regarding the implementation status of short-term, medium-term, and long-term loans according to Form 04 attached to this Circular.

2. Within ten working days from the date of receiving the Borrower's report, the Branch shall organize the entry of the Borrower's report into the form on the website to store information in the database.

Article 41. Ad Hoc Reports

In exceptional cases or when necessary, the Borrower and the bank providing account services shall prepare reports as requested by the State Bank.

Chapter VII

RESPONSIBILITIES OF THE PARTIES INVOLVED

Article 42. Obligations of the Borrower

1. Present documents in accordance with the provisions of the law and at the request of the bank providing account services when conducting transactions related to foreign loans; bear legal responsibility for the accuracy and truthfulness of the information provided.

2. Comply with the regulations on reporting information, submitting reports, and securing information as stipulated in this Circular.

3. Bear legal responsibility for the accuracy and truthfulness of the information provided, declarations made through the electronic portal via their access accounts, information and documents submitted along with registration files, changes to loan registrations, and reports sent to competent authorities.

4. Adhere to the regulations on managing foreign borrowing and repayment set forth in this Circular and other relevant laws when signing foreign loan agreements and implementing foreign loans.

Article 43. Obligations of the Guarantor

The guarantor uses the payment account opened at the bank providing account services for the guarantor to fulfill guarantee obligations and is responsible for:

1. Presenting documents in accordance with the provisions of the law and at the request of the bank providing account services for the guarantor.

2. Bearing legal responsibility for the accuracy and truthfulness of the information provided.

3. Adhering to the regulations on foreign exchange management and other relevant laws when providing guarantees for the borrower.

Article 44. Obligations of the Bank Providing Account Services

1. Provide account services for transactions related to foreign loans (withdrawal of funds, repayment, payment of fees, transactions related to guarantees) based on:

a) Registration confirmation documents, changed registration confirmation documents (in cases where loans must be registered) issued by competent authorities;

b) Loan agreements and other related agreements;

c) Documents proving withdrawal of funds and repayment presented by the borrower upon the request of the bank providing account services.

2. Conduct verification and cross-checking of documents presented by the borrower and related parties to ensure that foreign loan-related fund transfer transactions comply with registration confirmation documents, changed registration confirmation documents (in cases where loans must be registered), loan agreements, and other related agreements.

3. Provide accurate information about the foreign loans of the borrower (including amounts withdrawn and repaid; times of withdrawal and repayment; reference information from loan agreements, lenders) in the confirmation document on the implementation status of foreign loans of the borrower when requested.

Article 45. Obligations of the Foreign Exchange Management Department

1. Lead the development of a model for managing information on foreign borrowing and repayment through the Electronic Portal.

2. Perform functions and tasks as prescribed in this Circular.

3. Exploit and utilize databases on foreign borrowing and repayment to serve policy formulation and implementation in line with its functions and tasks.

4. Lead and coordinate with the National Credit Information Center:

a) Develop user guide materials, post and update them regularly on the Electronic Portal;

b) Revise and upgrade the content of the Electronic Portal to facilitate users and ensure that the database serves the management of non-governmentally guaranteed foreign borrowing and repayment;

c) Resolve issues related to the Electronic Portal; promptly guide and handle issues and suggestions raised by users during the operation of the Electronic Portal;

d) Guide the registration and issuance of access accounts, changes to access account information for entities specified in point c, clause 1, Article 8 of this Circular.

Article 46. Responsibilities of the National Credit Information Center of Vietnam

1. Maintain the safe and stable operation of the Electronic Website, ensuring that the Electronic Website and the database for managing foreign borrowing and repayment are not accessed illegally.

2. Utilize information from the Electronic Website in accordance with regulations on credit information activities of the State Bank.

3. Coordinate with the Foreign Exchange Management Department to implement the contents stipulated in Clause 4, Article 45 of this Circular.

Article 47. Responsibilities of the State Bank Branches in Provinces and Cities where Borrowers are Located

1. Perform functions and tasks within their authority as prescribed in this Circular.

2. Be responsible for guiding, monitoring, reminding, and urging Borrowers to report information and submit reports as prescribed in this Circular.

3. Exploit and utilize the database on foreign borrowing and repayment within their authority to serve the management of foreign borrowing and repayment in their jurisdiction in accordance with their functions and tasks.

4. Inspect, audit, and handle administrative violations within their authority in cases of administrative violations during the implementation of the provisions of this Circular.

Article 48. Responsibilities of Banking Inspection and Supervision Agencies

Inspect, audit, and handle administrative violations within their authority in cases of administrative violations during the implementation of the provisions of this Circular.

Chapter VIII

IMPLEMENTING PROVISIONS

Article 49. Effective Date

This Circular takes effect from April 15, 2016, except for the provision in Clause 3 of this Article.

1. This Circular takes effect from February 26, 2018.

a) Circular No. 09/2004/TT-NHNN dated December 21, 2004, of the State Bank guiding foreign borrowing and repayment by enterprises;

b) Circular No. 25/2014/TT-NHNN dated September 15, 2014, of the State Bank guiding procedures for registration and changes to foreign loans by enterprises not guaranteed by the Government.

3. The reporting system through the Electronic Website for Borrowers choosing the online form shall be applied starting from the second quarter of 2016. Prior to this deadline, such Borrowers shall implement the reporting system in writing according to the provisions of Article 40 of this Circular.

Article 50. Transitional Provisions

1. Regarding the implementation of foreign loans under the form of deferred payment for imported goods:

a) Foreign medium- and long-term loans under the form of deferred payment for imported goods which have been registered and changes to such loans confirmed by the State Bank before the effective date of this Circular continue to be implemented (drawing down funds, repaying debts) based on the confirmation documents for registration and changes to foreign loans.

For any changes arising after the effective date of this Circular, Borrowers shall implement them based on agreements with lenders without needing to register changes to foreign loans with the State Bank;

b) For foreign medium- and long-term loans under the form of deferred payment for imported goods signed within thirty days prior to the effective date of this Circular, Borrowers do not need to register foreign loans with the State Bank. Implementation of drawing down funds, transferring money for debt repayment, and reporting shall follow the provisions of this Circular.

2. Regarding foreign loans in Vietnamese dong:

Foreign loans in Vietnamese dong which have been registered and changes to such loans confirmed by branches before the effective date of this Circular shall continue to be implemented based on the confirmation documents for registration and changes issued by the branches. Any changes to these loans arising after the effective date of this Circular must comply with the provisions of this Circular.

3. Regarding the implementation of short-term foreign loans:

a) Short-term foreign loans which have been implemented (drawing down funds or repaying debts) before the effective date of this Circular may continue to be implemented through current accounts.

b) New short-term foreign loans concluded from the effective date of this Circular must comply with the provisions regarding opening and using loan and repayment accounts for foreign debts in this Circular.

Article 51. Implementation

The Director of the Office, Heads of the Foreign Exchange Management Department, Heads of units under the State Bank, Governors of State Bank branches in provinces and centrally-administered cities, Chairmen of the Board of Directors, Chairmen of the Board of Members, General Managers (Directors) of credit organizations, foreign bank branches, and enterprises are responsible for organizing the implementation of this Circular.