Circular No. 17/2013/TT-NHNN guiding foreign exchange management for the issuance of international bonds by enterprises not guaranteed by the Government

CIRCULAR

HGuidelines on foreign exchange management for the issuance of international bonds

by enterprises shall not be guaranteed by the Government CThe Government guaranteesh

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

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11 dated December 13, 2005;No.ãNo. No. 28/2005/PL-UBTVQH11 dated December 13, 2005;

Pursuant to the Decree No. 90/2011/NĐ-CP dated October 14, 2011 of the Government on enterprises;on Investment projects within border economic zones may borrow capital from credit institutions, foreign bank branches, and raise capital from domestic and foreign organizations and individuals in accordance with the law.policiesenterprise;

Pursuant to DecreeNo. Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

AT THE REQUEST OF THE HEAD OF THE FOREIGN TRADE MANAGEMENT DEPARTMENTNo.i;

The Governor of the State Bank of Vietnam issues this Circular guidingon foreign exchangeNo.i đNo.management with respect to the issuance of international bonds by enterprises that are not guaranteed by the Government,

Reciprocal needsoenergy I

GENERAL PROVISIONS

Article 1. Scope of regulation and subjectsnationalThe amount of fees collected for food safety and hygiene work shall be implemented according to the schedule of fees attached to this Circular.

This Circular stipulates the procedures for assessing the issuance of international bonds by state-owned commercial banks, confirming the issuance limit of international bonds, confirming registration, confirming changes to the registration of international bond issuances by enterprises that are not guaranteed by the Government, and opening and using foreign currency accounts to implement the issuance of international bonds.

The subjects of this Circular are organizations and individuals related to the issuance of international bonds that are not guaranteed by the Government.

Article 2. Interpretation of Terms

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

1. International bonds are corporate bonds issued on the international financial market.

2. Enterprises include joint-stock companies and limited liability companies as provided for in the Enterprise Law and credit institutions as provided for in the Law on Credit Institutions.

3. Permitted credit institutions include credit institutions and foreign bank branches operating in Vietnam and providing foreign exchange services according to Vietnamese laws.

4. A commercial bank is a state-owned enterprise (hereinafter referred to as "state-owned commercial bank") which is a commercial bank established and operated under the Law on Credit Institutions, with the State owning more than fifty percent of the charter capital.

5. Issuance amount refers to medium- and long-term foreign loans under the form of issuing international bonds by enterprises that are not guaranteed by the Government.

6. Confirmation of issuance limit means the State Bank of Vietnam (hereinafter referred to as "the State Bank") confirms in writing that the issuance amount is within the total commercial foreign borrowing limit of the country approved annually by the Prime Minister.

7. Registration of issuance amount means the enterprise registers with the State Bank the foreign loan amount under the form of issuing international bonds.

8. Confirmation of registration of issuance amount means the State Bank confirms in writing that the enterprise has completed the registration of issuance amount in accordance with this Circular.

9. Confirmation of registration of changed issuance amount means the State Bank confirms in writing that the enterprise has completed the registration of changed issuance amount when there are changes to the contents previously confirmed by the State Bank in the confirmation of registration of issuance amount.

10. Foreign borrowing and repayment account is a foreign currency account opened by the enterprise at one (01) permitted credit institution or foreign bank branch to implement the issuance.

11. Lender's representative is an organization representing foreign creditors regarding rights, obligations, and responsibilities to implement matters related to the bonds issued by the enterprise.

Article 3. Responsibilities of enterprises issuing international bonds

1. Comply with regulations on issuance conditions, develop issuance plans, submit such plans to competent authorities for approval, organize the issuance and implement related contents according to the Government's regulations on issuing international bonds, securities laws, foreign exchange management laws, other current laws, and be consistent with international laws when issuing international bonds.

3. Bear responsibility for effectively using the capital from the issuance round in accordance with the purpose of the approved international bond issuance plan under the law.

4. Open and use a foreign loan account and repayment account at one (01) credit institution or foreign bank branch permitted to carry out the issuance. The enterprise may only withdraw funds from the international bond issuance for purposes approved in the issuance plan after being confirmed by the State Bank of Vietnam. In cases where it is necessary to open a foreign currency account abroad to carry out the issuance, the enterprise must comply with relevant legal provisions regarding the opening and use of foreign currency accounts abroad for resident economic organizations.

5. Credit institutions issuing convertible international bonds or international bonds accompanied by warrants must comply with current legal provisions concerning foreign investors purchasing shares of Vietnamese credit institutions and other relevant legal provisions.

6. Enterprises (excluding credit institutions) issuing convertible international bonds or international bonds accompanied by warrants must comply with current legal provisions on securities and investment, ensure the holding ratio of foreign investors, reporting requirements, information disclosure, and other relevant legal provisions.

Article 4. Right to purchase foreign currency

Enterprises have the right to purchase foreign currency from credit institutions or foreign bank branches permitted to settle principal, interest of bonds, and fees related to the issuance based on presenting documents and texts proving the need for payment in accordance with the regulations of credit institutions or foreign bank branches permitted, consistent with current foreign exchange management regulations.

Article 5. Procedures for confirming issuance limits, assessing issuance plans, registering issuance of international bondsintention 1. For state-owned commercial banks:

a) After developing and approving an international bond issuance plan that meets the provisions of Article 24 of Decree 90/2011/ND-CP dated October 14, 2011 of the Government on issuing corporate bonds (hereinafter referred to as Decree 90/2011/ND-CP), the state-owned commercial bank submits to the State Bank of Vietnam (Department of Foreign Exchange Management) a request for confirmation of the issuance limit for international bonds in accordance with Chapter III of this Circular;

b) After the issuance limit is confirmed, the state-owned commercial bank submits to the State Bank of Vietnam (Bank Inspection and Supervision Department) a request for assessment of the international bond issuance plan in accordance with Chapter II of this Circular;

c) After the Prime Minister approves the international bond issuance plan, the state-owned commercial bank submits to the State Bank of Vietnam (Department of Foreign Exchange Management) a request for confirmation of registration of the issuance amount in accordance with Chapter IV of this Circular.

2. For state-owned enterprises that are not state-owned commercial banks:

a) After developing and approving an international bond issuance plan that meets the provisions of Article 24 of Decree 90/2011/ND-CP, the enterprise submits to the State Bank of Vietnam (Department of Foreign Exchange Management) a request for confirmation of the issuance limit for international bonds in accordance with Chapter III of this Circular;

b) After the Prime Minister approves the international bond issuance plan, the state-owned enterprise submits to the State Bank of Vietnam (Department of Foreign Exchange Management) a request for confirmation of registration of the issuance amount in accordance with Chapter IV of this Circular.

3. For other enterprises:

b) The enterprise submits to the State Bank of Vietnam (Department of Foreign Exchange Management) a request for confirmation of registration of the issuance amount in accordance with Chapter IV of this Circular.

b) After the Prime Minister approves the international bond issuance plan, the state-owned enterprise submits to the State Bank of Vietnam (Department of Foreign Exchange Management) a request for confirmation of registration of the issuance amount in accordance with Chapter IV of this Circular.

PROCEDURES FOR ASSESSING THE ISSUANCE PLAN OF INTERNATIONAL BONDS OF STATE-OWNED COMMERCIAL BANKS

Chapter II

PROCEDURE FOR APPROVING THE PLAN TO ISSUE FOREIGN BONDS OF STATE COMMERCIAL BANKS

Article 6. Review of the plan for issuing international bonds by state-owned commercial banks

The State Bank shall review the plan for issuing international bonds by state-owned commercial banks and submit it to the Prime Minister for consideration and approval.

Article 7. Time of Requesting Review of the Plan for Issuing Bonds internationally

After being confirmed by the State Bank (Department of Foreign Exchange Management) on the issuance limit for international bonds, the state-owned commercial bank shall directly send or send through postal service to the State Bank (Bank Inspection and Supervision Authority) one (01) set of documents requesting the State Bank to review the plan for issuing international bonds and submit it to the Prime Minister for consideration and approval.

Article 8. Documents for Requesting Review of the Plan for Issuing International Bonds

The documents for requesting review of the plan for issuing international bonds include:

1. A document requesting the State Bank to review the plan for issuing international bonds.

2. A copy of the plan for issuing international bonds that has been approved by the competent authority as stipulated in Clause 3, Article 24 of Decree 90/2011/ND-CP.

3. A copy of the document approving the plan for issuing international bonds by the competent authority as stipulated in Clause 3, Article 24 of Decree 90/2011/ND-CP.

4. A copy of the audited financial report of the state-owned commercial bank for three (03) consecutive years immediately preceding the year of issuance.

5. A report from the state-owned commercial bank on meeting the prescribed safety ratios and limits as stipulated in Articles 128, 129, and 130 of the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010, and the latest guidance documents issued by the State Bank at the time of requesting the State Bank to review the plan for issuing international bonds; the impact of the issuance amount and the use of funds from the issuance of international bonds on the state-owned commercial bank's compliance with the aforementioned safety ratios and limits.

6. A report and evaluation of credit ratings as stipulated in Point d), Clause 1, Article 23 of Decree 90/2011/ND-CP.

7. A report on ensuring the participation ratio of foreign parties in the state-owned commercial bank as stipulated in Point b), Clause 2, Article 23 of Decree 90/2011/ND-CP (applicable to state-owned commercial banks issuing convertible international bonds or international bonds accompanied by warrants).

Article 9. Procedures for Review and Submission to the Prime Minister for Consideration and Approval of the Plan for Issuing International Bondsconcerning the classification and determination of state management authority in the field of crop production1. Within five (05) working days from the date of receipt of the documents, the State Bank shall check the completeness and validity of the documents. In case the documents are incomplete, invalid, or if necessary, the State Bank shall issue a document requesting the state-owned commercial bank to amend and supplement the documents.

2. Within thirty (30) days from the date of receipt of complete and valid documents, the State Bank shall provide its opinion in writing on the results of reviewing the plan for issuing international bonds.

a) If the plan for issuing international bonds by the state-owned commercial bank complies with the principles and conditions for issuing international bonds as stipulated in Decree 90/2011/ND-CP, the provisions of this Circular, and other relevant laws, the State Bank shall notify the state-owned commercial bank in writing about submitting the plan for issuing international bonds to the Prime Minister for consideration and approval.

b) If the plan for issuing international bonds by the state-owned commercial bank does not comply with the principles and conditions for issuing international bonds as stipulated in Decree 90/2011/ND-CP, the provisions of this Circular, and other relevant laws, the State Bank shall issue a notification in writing.

CONFIRMATION OF THE ISSUANCE LIMIT FOR INTERNATIONAL BONDS

Chapter III

CONFIRMATION OF LIMIT ON ISSUANCE OF FOREIGN BONDS

Article 10. Application for Confirmation of Issuance Limit Administrative Procedure: Recognition of forest tree planting seed sources 1. The application for confirmation of issuance limit shall include:

1. For state-owned commercial banks, the application for confirmation of issuance limit shall include:

a) An application form for confirming the issuance limit of international bonds (as per Appendix 01 attached to this Circular);

b) A copy of the issuance plan for international bonds that has been approved by the competent authority in accordance with Clause 3, Article 24 of Decree No. 90/2011/NĐ-CP;

c) A copy of the approval document from the competent authority regarding the issuance plan for international bonds in accordance with Clause 3, Article 24 of Decree No. 90/2011/NĐ-CP;

2. For enterprises that are not state-owned commercial banks, the application for confirmation of issuance limit shall include:

a) An application form for confirming the issuance limit of international bonds (as per Appendix 01 attached to this Circular);

b) Legal documents of the enterprise including: A certified copy of the Enterprise Registration Certificate or Investment Certificate or Business Registration Certificate issued in accordance with the law and any amendments thereto (if any);

c) A copy of the issuance plan for international bonds that has been approved by the competent authority in accordance with Clause 3, Article 24 of Decree No. 90/2011/NĐ-CP;

d) A copy of the approval document from the competent authority regarding the issuance plan for international bonds in accordance with Clause 3, Article 24 of Decree No. 90/2011/NĐ-CP;

đ) A certified copy of the approval document from the competent authority in accordance with the current laws regarding the investment programs and projects of the enterprise; plans to increase operational capital scale; restructuring of the enterprise's debt to be implemented using funds raised from issuing international bonds;

e) A certified copy of the audited financial report of the enterprise for the last three (03) consecutive years prior to the issuance year;

g) A report and evaluation of credit rating in accordance with Point đ), Clause 1, Article 23 of Decree No. 90/2011/NĐ-CP dated October 14, 2011;

h) A report on matters related to compliance with the regulations on ensuring the participation ratio of foreign parties in the enterprise as stipulated in Point b, Clause 2, Article 23 of Decree No. 90/2011/NĐ-CP (applicable to enterprises issuing convertible international bonds or international bonds accompanied by warrant rights);

i) A report on compliance with safety ratios and limits as prescribed in Articles 128, 129, and 130 of the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010 and guiding documents of the State Bank at the time of applying for confirmation of issuance limit (applicable to enterprises that are credit organizations);

k) A report on matters related to compliance with requirements on capital adequacy ratios and other restrictions on ensuring safety in operations for businesses operating in regulated industries as prescribed by specialized laws (applicable to enterprises that are not credit organizations).

Article 11. Procedures for Confirming Issuance Limit

1. Enterprises shall submit directly or through postal service to the State Bank (Department of Foreign Exchange Management) one (01) set of documents as prescribed in Article 10 of this Circular.

2. Within ten (10) days from the date of receipt of complete and valid documents from the enterprise, the State Bank shall send the enterprise a document confirming the issuance limit. In case of refusal to confirm the issuance limit, the State Bank shall issue a document stating the reasons.

Chapter IV

REGISTRATION OF ISSUANCE ITEMS

Article 12. Documents for registering the issuance amount

1. The bond issuance registration form for international bonds (as per Appendix 02 attached to this Circular).

2. A certified copy from the original document notifying the results of the competent authority's review regarding the enterprise's plan to issue international bonds (applicable to state-owned enterprises).

3. A certified copy from the original document approving the Prime Minister's plan to issue international bonds (applicable to state-owned enterprises).

4. A certified copy from the original document notifying the opinion of the State Securities Commission (applicable to public companies issuing convertible bonds or warrant-linked bonds).

5. A foreign language copy and a Vietnamese translation (confirmed by the enterprise) for:

a) The bond issuance guarantee contract or the bond purchase and sale contract;

b) The contract specifying the organization acting as the lender's representative (if applicable);

c) Agency agreements according to the structure of the issuance period;

d) The issuance advisory contract.

6. A foreign language copy and a Vietnamese translation (confirmed by the enterprise) of other contracts or agreements (if any) that the enterprise signs with foreign parties binding it to pay fees related to the issuance amount.

Article 13. Procedure for registering the issuance amount

1. After selecting the bond issuance guarantors, agents, and legal advisors, the enterprise directly sends or sends via postal service to the State Bank (Department of Foreign Exchange Management) one (01) set of documents as stipulated in Article 12 of this Circular to register the issuance amount.

For the documents specified in Clause 5 and Clause 6 of Article 12 of this Circular, the enterprise submits the final drafts detailing the relevant conditions of the bonds.

2. Within ten (10) working days from the date of receiving the complete registration documents from the enterprise, the State Bank checks the completeness and validity of the documents. If clarification, supplementation, or amendment of the relevant content is required, the State Bank will request the enterprise to perfect the issuance amount registration documents through a written notice.

3. When implementing the issuance period, the enterprise completes the bond issuance amount registration documents with the following materials:

a) The bond issuance registration form (as per Appendix 02 attached to this Circular);

b) A foreign language copy and a Vietnamese translation (confirmed by the enterprise) of the documents specified in Clause 5 and Clause 6 of Article 12 of this Circular.

Article Article 14. Timeframe for confirming the registration of the issuance amount

1. The State Bank examines and confirms the registration of the issuance amount of international bonds within two (02) working days from the date of receiving the complete documents in the following cases:

a) Contracts and agreements officially signed are consistent with the final drafts submitted to the State Bank as stipulated in Clause 1 of Article 13 of this Circular.

b) Officially signed contracts and agreements differ from the final drafts submitted to the State Bank as stipulated in Clause 1 of Article 13 of this Circular, but their contents ensure compliance with Vietnamese laws. In this case, the enterprise must submit a report to the State Bank detailing the relevant contents.

2. If the requirements of Clause 1 of this Article are not met, within two (02) working days from the date of receiving the documents, the State Bank will request the enterprise to supplement or amend the issuance amount registration documents through a written notice.

ArticleonArticle 15. Sending a copy of the confirmation of the issuance amount registration

The State Bank sends a copy of the confirmation of the issuance amount registration of the enterprise to the Ministry of Finance (Debt Management and External Financial Department, State Securities Commission) for coordination in monitoring and managing the borrowing and repayment activities of the enterprise through the issuance of international bonds.

Chapter V

REGISTRATION OF CHANGES TO THE ISSUANCE AMOUNT

Article 16. Registration for Changes to Issuance Terms

In cases where changes occur compared to the contents confirmed in the issuance registration document, before implementing such changes, the enterprise shall be responsible for registering the changes with the State Bank within thirty (30) days from the date of signing the change agreements or the date when related parties notify the exercise of the right to convert bonds into shares.

Article 17. Documents for Registration of Changes to Issuance Terms

1. The documents for registration of changes to issuance terms include:

a) An application form for registration of changes to the issuance terms of international bonds (as per Appendix 03 attached hereto);

b) Copies in foreign language and Vietnamese translations (certified by the enterprise) of the signed change agreements;

c) A notification document regarding the implementation of bond conversion into shares (applicable to enterprises issuing convertible international bonds);

d) Copies of the approval documents from competent authorities agreeing to the issuance plan of international bonds by the enterprise concerning the changed issuance terms of international bonds.

2. In cases where the content of the change has been approved by the competent authority approving the issuance plan on a principle basis at the time of approval or the content of the change complies with the provisions of the law without the necessity of formally signing a written agreement between the parties, the documents for registration of changes to issuance terms include:

a) The documents mentioned in Point a and c Clause 1 of this Article;

b) An explanatory document from the enterprise detailing the content of the change to the issuance terms.

Article 18. Procedure for Confirmation of Registration of Changes to Issuance Terms, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP1. The enterprise directly sends or sends via postal service to the State Bank (Department of Foreign Exchange Management) one (01) set of documents as stipulated in Article 17 of this Circular. Within a maximum period of fifteen (15) working days from the date of receipt of complete and valid registration change documents, the State Bank will issue a document agreeing or refusing to confirm the registration of changes to issuance terms. In case of refusal, the State Bank will issue a document notifying the reasons.

2. If additional information is required to have sufficient grounds for confirmation or rejection of the registration of changes to issuance terms, the State Bank will issue a document requesting the enterprise to supplement necessary documents and information within ten (10) working days from the date of receipt of the enterprise's documents.

FOREIGN BANKS PERMITTED

Chapter VI

RESPONSIBILITIES OF FINANCIAL INSTITUTIONS AND BRANCHES

Article 19. Responsibilities of Credit Institutions, Branches of Foreign Banks Permitted

1. Open foreign borrowing and repayment accounts upon request of enterprises issuing international bonds.i 2. Carry out the receipt of proceeds from the issuance; transfer funds for issuance fees and principal and interest payments of the enterprise's bonds based on the State Bank's confirmation documents for registration, registration of changes to issuance terms (if applicable), agreements or contracts presented by the enterprise with related parties for the issuance of international bonds.

3. Conduct verification and reconciliation of relevant documents to ensure compliance with registered transactions, changes to registration with the State Bank, and conformity with current laws.

4. Statistically record transactions of capital withdrawal, debt repayment arising from the issuance of international bonds by the enterprise, and report to the State Bank as prescribed in this Circular.

5. Guide enterprises to comply with current regulations on foreign borrowing and repayment, foreign exchange management for foreign borrowing through the issuance of international bonds, and promptly report to the State Bank in case of discovering violations of current laws.

REQUIREMENTS FOR REPORTING, INSPECTION WORK, AND VIOLATION HANDLING

5. Guide enterprises to comply with current regulations on foreign borrowing and repayment, and foreign exchange management for foreign borrowing through the issuance of international bonds, and promptly report to the State Bank in cases where signs of violation of current relevant laws are detected.

Chapter VII

REQUIREMENTS FOR REPORTING, INSPECTION WORK, AND VIOLATION HANDLING

Article 20. Reporting regime for enterprises issuing international bondsNo.1\. Within fifteen (15) days from the completion of the bond issuance and receipt of payment for the issued bonds, the enterprise shall submit to the State Bank of Vietnam and its provincial or municipal branch where the enterprise's headquarters is located, a report on the results of the bond issuance.

2\. Quarterly and annually, the enterprise shall be responsible for submitting to the State Bank of Vietnam's provincial or municipal branch where the enterprise's headquarters is located, and sending a copy to the State Bank of Vietnam, a report on the implementation of the international bond issuance (in accordance with Appendix 04 attached hereto). The reporting deadlines are as follows:

a\. For quarterly reports: no later than the tenth day of the first month of the following quarter;

b\. For annual reports: no later than January 31 of the following year.

3\. Annually, no later than January 31, state-owned commercial banks issuing international bonds shall be responsible for submitting to the State Bank of Vietnam a report on the repayment of principal and interest on the bonds and the use of funds raised from the bond issuance in the previous year.

4\. Within fifteen (15) days from the due date for the full repayment of principal and interest on the bonds, the enterprise shall submit to the State Bank of Vietnam and send a copy to the State Bank of Vietnam's provincial or municipal branch where the enterprise's headquarters is located, a report on the repayment of principal and interest on the bonds and the use of funds raised from the international bond issuance.

5\. In cases of issuing convertible international bonds or international bonds accompanied by warrant rights, within ten (10) days from the completion of the conversion of bonds into shares or the exercise of the right to purchase shares by the bondholders holding warrant rights, the issuing enterprise shall report to the State Bank of Vietnam in accordance with Clause 3, Article 32 of Decree No. 90/2011/ND-CP.

6\. In exceptional cases, enterprises issuing international bonds shall prepare reports as required by the State Bank of Vietnam.

Article 21. Reporting regime for credit institutions and foreign bank branches permitted

1\. Monthly and annually, credit institutions and foreign bank branches permitted to open accounts for enterprises to implement bond issuances shall be responsible for submitting to the State Bank of Vietnam a report on the implementation of the international bond issuance by the enterprise (in accordance with Appendix 05 attached hereto). The reporting deadlines are as follows:

a\. For monthly reports: no later than the tenth day of the following month;

2\. In exceptional cases, credit institutions and foreign bank branches permitted shall prepare reports as required by the State Bank of Vietnam.

3\. Annually, no later than January 31, state-owned commercial banks issuing international bonds shall be responsible for submitting to the State Bank of Vietnam a report on the repayment of principal and interest on the bonds and the use of funds raised from the bond issuance in the previous year.

Article 22. Functions, tasks, and coordination mechanisms among units under the State Bank of Vietnam

Chapter VIII

IMPLEMENTATION

a\. Serve as the focal point for consolidating opinions from relevant units under the State Bank of Vietnam to submit to the Governor of the State Bank of Vietnam for approval of the review of the issuance plan of state-owned commercial banks' international bonds;

1. Banking Inspection and Supervision Authority

b\. Notify the State Bank of Vietnam's opinion on the issuance plan of state-owned commercial banks;

c\. Submit to the Governor for signing the document to present to the Prime Minister for consideration and approval or rejection of the issuance plan of state-owned commercial banks' international bonds;

d\. Implement inspections, audits, and handle violations related to the use of funds raised from international bond issuance and compliance with relevant laws when implementing the issuance of international bonds by state-owned commercial banks;

đ\. Implement inspections, audits, and handle violations related to compliance with foreign exchange management regulations concerning activities related to the issuance of international bonds by enterprises as stipulated in this Circular.

2\. Department of Foreign Exchange Management

a\. Carry out confirmation of the issuance limit of international bonds by enterprises;

b\. Coordinate with the Banking Inspection and Supervision Agency in participating in the review of the issuance plan of international bonds by state-owned commercial banks;

c\. Confirm registration and changes in the issuance of international bonds by enterprises;

d\. Compile the issuance plan of international bonds by enterprises to coordinate with the Ministry of Finance in establishing the annual trade borrowing limit of the country;

đ\. Compile the amount of principal and interest repayment on international bonds to monitor the foreign borrowing and repayment situation of enterprises.

Article 23. This Circular takes effect from September 1, 2013

Article 23. Effectiveness of Implementation

2\. This Circular replaces Circular No. 19/2011/TT-NHNN dated August 24, 2011 of the State Bank of Vietnam guiding foreign exchange management for the issuance of international bonds by enterprises not guaranteed by the Government.

3\. Abolish the following provisions of Circular No. 18/2011/TT-NHNN dated August 23, 2011 of the State Bank of Vietnam guiding foreign exchange management for medium and long-term foreign loans by state-owned commercial banks: Clause 4, Article 3; Clause 3, Article 4; provisions on the issuance of international bonds in Clause 4, Article 2; Clause 6, Article 2; Clause 1, Article 4; Article 5; Article 6; Article 12; Point b, Clause 1, Article 13; Point c, Clause 1, Article 13; Point a, Clause 2, Article 13; Point a, Clause 3, Article 13; Point a, Clause 4, Article 13; Point a, Clause 5, Article 13.

The Director of the Office, the Director of the Banking Inspection and Supervision Agency, the Heads of units under the State Bank of Vietnam, the Governors of the State Bank of Vietnam's provincial and municipal branches directly under the Central Government; General Directors (Directors) of credit institutions and foreign bank branches permitted; Boards of Directors, Members of the Board, General Directors (Directors) of enterprises issuing international bonds within their respective functions are responsible for implementing this Circular.

Article 24. Implementation Provisions

The Director of the Office, the Head of the Banking Inspection Department, Heads of units under the State Bank, Governors of the State Bank branches in provinces and centrally-administered cities; General Directors (Directors) of credit organizations and foreign bank branches permitted; Boards of Directors, Members of Management Councils, General Directors (Directors) of enterprises issuing international bonds within their respective functions are responsible for implementing this Circular.