Circular No. 31/2016/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 granted by credit institutions and branches of foreign banks to resident borrowers.

CIRCULAR

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

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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 dated December 13, 2005 on Foreign Exchange and Decree No. 6/2013/PL-UBTVQH13 dated March 18, 2013 amending and supplementing certain provisions of the Foreign Exchange Decree;

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

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

At the proposal of the Director of the Department of Tax Policy,"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."monetary policy;

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain articles of Circular No. 03/2013/TT-NHNN dated January 28, 2013 issued by the Governor of the State Bank of Vietnam on the activities of credit information of the State Bank of VietnamNo. of Circular No.No. 24/201Circular No. 5/2015/TT-NHNN dated December 8, 2015 of the Governor of the State Bank of Vietnam on foreign currency loans granted by credit institutions and branches of foreign banks to resident borrowers.logoforeign currency account of credit institutions, branches of foreign banks for resident borrower customers.

Article 1. Amending and supplementing Point c Clause 1 Article 3 of Circular No. 24/2015/TT-NHNN

"c) Granting short-term loans to meet short-term capital needs within the country for implementing export plans through border gates of Vietnam where 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 that granted the loan through spot foreign exchange transactions, except in cases where the borrower's need for capital is to execute transactions that must be conducted in foreign currency according to the law. This provision shall be implemented until December 31, 2017;"

Article 2

Replacing Table No. 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 Amount of Borrower's Loan Repayment and Projected Loan Repayment in the year issued together with this Circular.

Article 3. Implementation Organization

1. This Circular takes effect from January 1, 2017.

2. From the date this Circular takes effect, Circular No. 07/2016/TT-NHNN dated May 27, 2016 of the Governor of the State Bank of Vietnam amending and supplementing some articles of Circular No. 24/2015/TT-NHNN dated December 8, 2015 of the Governor of the State Bank of Vietnam on foreign currency loans granted by credit institutions and branches of foreign banks to resident borrowers shall cease to be effective.

3. 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-run cities; Chairmen of Boards of Directors, Chairmen of Management Councils and General Directors (Directors) of credit institutions and branches of foreign banks are responsible for organizing the implementation of this Circular.