This Decision issues regulations on building and managing annual total commercial foreign loan limits for enterprises based on principles ensuring debt repayment capacity and efficient use of domestic capital resources. The plan will be developed and submitted to the Prime Minister for approval by the State Bank of Vietnam in coordination with the Ministry of Planning and Investment and the Ministry of Finance.
적용 범위
Enterprises
핵심 사항
- The State Bank of Vietnam will lead and coordinate with the Ministry of Planning and Investment and the Ministry of Finance to develop the annual total commercial foreign loan limit plan for enterprises and submit it to the Prime Minister for approval.
- The plan is divided into two parts: short-term loan limits and medium-to-long-term loan limits. The limits are calculated according to Appendix 1 of these Regulations.
- The State Bank of Vietnam will compare the plan with indicators assessing foreign debt, ensuring compatibility to meet economic capital needs and debt repayment capacity.
- Management of short-term foreign loan limits is based on borrowing conditions stipulated by the Governor of the State Bank of Vietnam and actual debt balances compared to approved limits.
- For medium-to-long-term foreign loans exceeding the limits approved by the Prime Minister, the State Bank of Vietnam will report to the Prime Minister for consideration and decision.
🌐 이 문서의 사회적 영향
- Positive impact: Helps enterprises have clear plans for foreign borrowing, ensuring foreign exchange balance and debt repayment capacity.
- Negative impact: May impose burdens on enterprises if foreign borrowing limits are too stringent.
❓ 자주 묻는 질문
Who builds the annual total commercial foreign loan limit plan?
The State Bank of Vietnam leads and coordinates with the Ministry of Planning and Investment and the Ministry of Finance to build this plan.
How are short-term and medium-to-long-term loan limits calculated?
Short-term loan limits are based on import data. Medium-to-long-term loan limits for foreign-invested enterprises are based on a percentage ratio between the amount borrowed and direct foreign investment, while medium-to-long-term loan limits for Vietnamese enterprises are based on specific calculation formulas.
When does this Decision take effect?
This Decision takes effect fifteen days from the date of signing.
What will the State Bank of Vietnam do if the total loan limit plan does not comply with specified indicators?
The State Bank of Vietnam will adjust mechanisms and policies to ensure that the plan meets economic capital needs and foreign debt repayment capacity at a safe level.
How will the State Bank of Vietnam handle special cases?
In special cases, for medium-to-long-term foreign loans exceeding the limits approved by the Prime Minister, the State Bank of Vietnam will report to the Prime Minister for consideration and decision.
전문
DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM
Issuing Regulations on Building and Managing Annual Total Foreign Trade Loan Limits for Enterprises
annual total limit for foreign trade loans of enterprises.
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated December 26, 1997;
Pursuant to the Decree No. 90/1998/NĐ-CP dated November 7, 1998 of the Government on the Management of Foreign Borrowing and Repayment;
Pursuant to the Government Decree No. 15/CP dated March 2, 1993 on the tasks, powers, and responsibilities for state management of ministries and ministerial-level agencies;
At the proposal of the Head of the Foreign Exchange Management Department,
DECISION:
Article 1. The accompanying Decision issues Regulations on Building and Managing Annual Total Foreign Trade Loan Limits for Enterprises.
Article 2. THIS DECISION SHALL TAKE EFFECT 15 DAYS FROM THE DATE OF SIGNATURE.
Article 3. The Director of the Office, Heads of the Exchange Control Department, and Heads of Units under the State Bank of Vietnam are responsible for implementing this Decision.
REGULATIONS ON BUILDING AND MANAGING ANNUAL TOTAL FOREIGN TRADE LOAN LIMITS FOR ENTERPRISES
(Issued together with Decision No. 26/2000/QD-NHNN7 dated January 19, 2000)
(Issued together with Decision No. 26/2000/QĐ-NHNN dated January 19, 2000)
of the Governor of the State Bank)
PART I
GENERAL PROVISIONS
Article 1.The annual total foreign trade loan limit plan of enterprises is the total amount of foreign currency equivalent to US dollars approved by the Prime Minister for enterprises to conduct foreign borrowing during the year.
Article 2.The construction and management of the annual total loan limit plan shall be based on the following principles:
1. Taking into account the ability to repay debts as well as ensuring other major balances of the national economy;
2. Meeting part of the capital investment needs of enterprises. Utilizing domestic capital resources effectively.
Chapter II
BUILDING THE ANNUAL TOTAL LOAN LIMIT PLAN
Article 3. The State Bank of Vietnam shall take the lead and coordinate with the Ministry of Planning and Investment and the Ministry of Finance to build the annual total foreign trade loan limit plan for enterprises to submit to the Prime Minister for approval.
Article 4.The annual total loan limit plan shall be built based on the main bases as follows:
1. The national strategy on foreign borrowing and repayment for each period, developed by the Ministry of Planning and Investment;
2. The annual foreign borrowing and repayment plan of the Government, developed by the Ministry of Finance;
3. The balance of payments, the country's ability to balance foreign currency sources;
4. The need for foreign borrowing and the obligation to repay of enterprises;
5. The actual situation of foreign borrowing and repayment of enterprises in previous years.
Article 5.
1. The annual total loan limit plan shall be divided into two parts as follows:
a/ Short-term foreign borrowing limit;
b/ Medium- and long-term foreign borrowing limit.
2. The annual total loan limit plan shall be calculated according to Appendix 1 of these Regulations.
Article 6.
1. After building the annual total loan limit plan, the State Bank of Vietnam shall compare it with the following evaluation indicators:
a/ The total debt obligations of the planning year compared to the current year's total export value and service turnover shall not exceed 20%;
b/ The total foreign debt of Vietnam in the planning year compared to the planning year's total export value and service turnover shall not exceed 165%;
c/ The total foreign debt of Vietnam in the planning year compared to the planned Gross Domestic Product (GDP) shall not exceed 50%;
d/ Forecast of the balance of payments.
2. In case the annual total loan limit plan constructed does not comply with the indicators prescribed in Clause 1 of this Article, the State Bank of Vietnam shall stipulate and adjust the mechanism and policies for managing the annual total loan limit plan to ensure that the annual total loan limit plan meets the capital needs of the economy while ensuring the ability to repay foreign debt at a safe and appropriate level.
Chapter III.
Article MANAGING THE TOTAL LIMIT
Article 7.The management of the annual limit on short-term foreign borrowing shall be based on the following grounds:
1.The conditions for short-term foreign borrowing as prescribed by the Governor of the State Bank of Vietnam during each period, and the provisions set forth in Circular No. 03/1999/TT-NHNN dated August 12, 1999, guiding foreign borrowing and repayment by enterprises;
2.The regulations of the Prime Minister regarding the management of import and export activities during each period;
3.The actual short-term debt balance in each period compared to the approved limit.
Article 8.The management of the annual limit on medium- and long-term foreign borrowing shall be carried out based on the following grounds:
1.The conditions for medium- and long-term foreign borrowing as prescribed by the Governor of the State Bank of Vietnam during each period, and the provisions set forth in Circular No. 03/1999/TT-NHNN dated August 12, 1999, guiding foreign borrowing and repayment by enterprises;
Article 9.The State Bank shall continuously monitor and evaluate the situation of foreign borrowing and debt to timely adjust mechanisms and policies in managing the total limit plan.
Article 10.In special cases, for medium- and long-term foreign borrowings exceeding the approved limit, the State Bank will report to the Prime Minister for consideration and decision.
Chapter IV
IMPLEMENTATION
Article 11. The Department of Foreign Exchange Management shall be responsible for:
1.In November of each year, the Department of Foreign Exchange Management shall develop the annual total limit plan to submit to the Governor for submission to the Prime Minister.
2.Monitoring the trends of short-term debt balances and medium- and long-term borrowing amounts, comparing them with the total limit plan and relevant economic indicators to assess, analyze, and propose management policies and mechanisms for timely submission to the Governor of the State Bank for decision-making or reporting to the Governor of the State Bank for submission to the Government for issues beyond the Governor's authority.
3.Keeping statistical records to promptly grasp data and situations.
Article 12.Responsibilities of Departments and Bureaus: The Monetary Policy Department and other Departments and Bureaus established before 1999 of the State Bank shall cooperate with the Department of Foreign Exchange Management in building and managing the annual total limit plan.
2.Foreign exchange management policy
3.Directional planning for socio-economic development during each period and sectoral, territorial planning, focusing on projects eligible for preferential loans and priority needs.
4.Other criteria assessing the ability to repay foreign debt, which the State Bank shall coordinate with the Department of Foreign Exchange Management in building and managing the annual total limit plan.
Chapter V
IMPLEMENTING PROVISIONS
Article 13.Any amendments or supplements to the provisions of this Regulation shall be decided by the Governor of the State Bank.
ANNEX 1
METHODS FOR CALCULATING THE TOTAL LIMIT
1.Short-term foreign borrowing:
As short-term foreign borrowing mainly serves import purposes and working capital replenishment, with only a small portion used for other purposes, it can be considered that import data serve as parameters to estimate the short-term debt level (including borrowing and guarantees provided by credit organizations operating in Vietnam).
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Formula |
Remarks |
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N |||t+1 At+1 = Aorganize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular. x --------- N |||organize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.
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đượ Aorganize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.: Maximum short-term debt balance serving imports in the current year, đượ At+1: Short-term debt limit for the planned year, đượ N |||organize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.: Actual import data for the current year. đượ N |||t+1: Projected import data for the planned year.
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2.Medium- and long-term foreign borrowing:
a.Foreign borrowing by enterprises with foreign investment:
The need for foreign borrowing by enterprises with foreign investment is objective because the investment projects have been specifically approved regarding the loan component.
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Formula |
Remarks |
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Et-i Zt-i = ------- x 100 FDIt-i (i = 0,…n) n ồ Zt-i x Et-i i=0 Y = ----------------- n ồ Et-i i=0 Et+1 = FDIt+1 x Y |
đượ FDIorganize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.: Current year's direct foreign investment data. đượ FDIt+1: Planned year's direct foreign investment data. đượ Eorganize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.: Medium- and long-term foreign borrowing amount of enterprises with foreign investment in the current year. đượ Et+1: Medium- and long-term foreign borrowing limit for enterprises with foreign investment in the planned year. đượ Zinternational: Percentage ratio of the medium- and long-term foreign borrowing amount of enterprises with foreign investment in each year and corresponding direct foreign investment data. đượ Y: Weighted average coefficient between the medium- and long-term foreign borrowing amount of enterprises with foreign investment and the percentage ratio Z in each corresponding year. |
b.Foreign borrowing by Vietnamese enterprises:
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Formula |
Remarks |
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H = I - SFor coal-fired thermal power plants where the enterprise holds 100% of the registered capital and uses 100% of its own capital to invest in the project approved by the competent authority, E is determined as 100%; : bid price after corrections and adjustments, minus any discount (if applicable) of the lowest bidder among those detailed financial evaluations;of - FDIt+1 - D where CAD = I - SFor coal-fired thermal power plants where the enterprise holds 100% of the registered capital and uses 100% of its own capital to invest in the project approved by the competent authority, E is determined as 100%; H = CAD - Gof - FDIt+1 - D 100 K = H x ------ 40 D = At+1/X%
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đượ I: Total social investment capital. đượ Provincial People's Committees set specific pricesFor coal-fired thermal power plants where the enterprise holds 100% of the registered capital and uses 100% of its own capital to invest in the project approved by the competent authority, E is determined as 100%;: Domestic savings. đượ Gof: Data on disbursement of foreign borrowing by the Government in the planned year (including ODA). đượ H: Need for medium- and long-term foreign borrowing by Vietnamese enterprises. đượ K: Medium- and long-term foreign borrowing limit for Vietnamese enterprises. đượ CAD: Trade balance deficit. đượ D: Short-term foreign borrowing amount for the planned year. đượ X: Ratio between short-term debt balance and short-term foreign borrowing amount in previous years. Through monitoring the borrowing and repayment of foreign debt by enterprises over time, it can be concluded that enterprises typically withdraw foreign borrowing over a three-year period at a rate of 40-30-30. |
c.Medium- and long-term foreign borrowing limit for enterprises:
HM= K + Et+1
c) The Reorganization Enterprise Fund at the state-owned holding corporation level is centralized in a separate account of the state-owned holding corporation, managed by the Board of Directors, to support the reorganization and ownership conversion of enterprises under the state-owned holding corporation as stipulated in Article 2 of this Decision and is responsible for settling accounts with the Ministry
HM: Medium- and long-term foreign borrowing limit for enterprises.
K: Medium- and long-term foreign borrowing limit for Vietnamese enterprises.
Et+1: Medium- and long-term foreign borrowing limit for enterprises with foreign investment in the planned year.
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