Circular No. 18/2017/TT-NHNN amending and supplementing certain Articles of Circular No. 24/2015/TT-NHNN dated December 8, 2015, issued by the Governor of the State Bank of Vietnam on foreign currency loans by credit institutions and foreign bank branches to resident borrowers.

CIRCULAR

Amending and supplementing certain provisions of Circular No. 24/2015/TT-NHNN dated December 8, 2015 of the Governor of the State Bank of Vietnam on foreign currency loans by credit institutions and branches of foreign banks to resident borrowers pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

CPursuant to Decree No. 70/2014/NĐ-CP dated July 17, 2014 of the Government detailing a number of articles of the Foreign Exchange Ordinance and the Ordinance amending and supplementing certain provisions of the Foreign Exchange Ordinance;

Pursuant to the Law on Credit Institutions dated June 16, 2010;

Pursuant to the Foreign Exchange Decree dated December 13, 2005 and the Decree Amending and Supplementing Certain Articles of the Foreign Exchange Decree dated March 18, 2013;

Circular No. 24/2015/TT-NHNN

Pursuant to Decree No. 16/2017/NĐ-CP dated February 17, 2017 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Article 1.

1. Clause 1 of Article 3 shall be amended and supplemented as follows: đ) The Vietnam Fatherland Front Central Committee and political-social organizations at the central level;" dated December 8, 2015 of the Governor of the State Bank of Vietnam on foreign currency loans by credit institutions and branches of foreign banks to resident borrowers.

Article 1. Amending and supplementing certain provisions of Circular No. 24/2015/TT-NHNN dated December 8, 2015 of the Governor of the State Bank of Vietnam on foreign currency loans by credit institutions and branches of foreign banks to resident borrowers

Point c Clause 1 Article 3 is amended and supplemented as follows:

"c) Short-term loans to meet short-term capital needs within the country for implementing production and business plans for goods exported through border gates of Vietnam, provided that the borrower has sufficient foreign currency from export proceeds to repay the loan; when the credit institution or branch of a foreign bank disburses the loan, the borrower must sell the borrowed foreign currency to the credit institution or branch of a foreign bank in the form of spot foreign exchange transactions, except where the borrower's need for funds is to execute payment transactions which must be denominated in foreign currency under the law. This provision shall be implemented until December 31, 2018;"
Replacing Table 02 - Amount of Borrower's Loan Repayment and Projected Loan Repayment in 2016 issued together with Circular No. 24/2015/TT-NHNN with the model table Amount of Borrower's Loan Repayment and Projected Loan Repayment in the Year issued together with this Circular.

Article 2

The Director of the Office, Heads of the Monetary Policy Department and Heads of units under the State Bank of Vietnam, Governors of the State Bank of Vietnam Branches in provinces and centrally governed cities; Chairmen of Management Boards, Chairmen of Board of Members and General Directors (Directors) of credit institutions and branches of foreign banks are responsible for organizing the implementation of this Circular.

This Circular takes effect from December 25, 2025/.

1. This Circular takes effect from January 1, 2018.

Article 4. Effective date

2. This Circular abolishes Circular No. 31/2016/TT-NHNN dated November 15, 2016 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 24/2015/TT-NHNN dated December 8, 2015 of the Governor of the State Bank of Vietnam on foreign currency loans by credit institutions and branches of foreign banks to resident borrowers./.

This Circular abolishes Circular No. 31/2016/TT-NHNN dated November 15, 2016, issued by the Governor of the State Bank of Vietnam amending and supplementing certain Articles of Circular No. 24/2015/TT-NHNN dated December 8, 2015, issued by the Governor of the State Bank of Vietnam regarding foreign currency loans by credit institutions and branches of foreign banks for resident borrowers./.