PROCEDURE FOR FOREIGN LOAN APPLICATION

PROCEDURE FOR FOREIGN LOAN APPLICATION

For foreign loans not guaranteed by the government, loans that need to be registered include: Foreign medium and long-term loans; short-term loans are extended with a total term of more than 01 year; short-term loans without extension contracts but outstanding principal at the time of 01 year from the date of first withdrawal, unless the Borrower completes the repayment of the Loan within 10 days from the date of 01 year from the date of the first withdrawal. The following article will provide information about who needs to apply for a loan and the procedure for foreign loan application.

SUBJECTS AND PROCEDURES FOR FOREIGN LOAN APPLICATION:

* Subjects of foreign loan application:

The borrower to implement foreign loan application includes::

– The borrower signs a foreign loan agreement for direct cash disbursement with the non-resident lender.

– Credit institutions and foreign bank branches receive entrusted loans from non-resident entrusting parties.

– The obligor repays the debt under the debt instrument issued to non-residents.

– The lessee in the financial leasing agreement with the lessor is a non-resident.

* Procedure:

– Step 1: Prepare an Application for a Foreign Loan not Guaranteed by the Government

+ Case 1 – online form: The Borrower shall declare the Application for a Foreign Loan not guaranteed by the Government on the Website to receive the Loan code number, print the Application from the Website, sign and stamp;

+ Case 2 – Traditional form: The borrower completes the application form according to Appendix 01 of the circular 03/2016/TT-NHNN.

– Step 2: Submit your application

Send the Loan application dossier as prescribed in this Circular by post or in person at the competent Loan registration confirmation agency.

Application deadline:

The borrower must submit the foreign loan application within 30 (thirty) days from:

+ The date of signing a medium- or long-term foreign loan agreement or the date of signing a written guarantee in case of a guaranteed loan or the date of signing a written withdrawal agreement in case the parties agree on the withdrawal of capital on the basis of the signed framework agreement and before making the withdrawal of capital; 

+ The date of signing the agreement on extension of short-term foreign loans into medium- and long-term loans for self-payment loans specified in Clause 2, Article 9 of the Circular 03/2016/TT-NHNN;

+ The date of 01 (one) year from the date of first withdrawal of capital for self-payment loans specified in Clause 3, Article 9 of the Circular 03/2016/TT-NHNN.

Deadline for refusal/confirmation by the State Bank:

+ 12 working days from the date of receipt of complete and valid documents from the Borrower in case the Borrower chooses the online form;

+ 15 working days from the date of receipt of a complete and valid application from the Borrower in case the Borrower chooses the traditional form; or

+ 45 working days from the date of receipt of complete and valid dossiers of the Borrower, in case the loan in Vietnamese dong must be considered and approved by the Governor of the State Bank in accordance with current laws on conditions for foreign loans of enterprises not guaranteed by the Government.

Legal basis:

  • Circular 03/2016/TT-NHNN.

𝐋𝐈𝐍𝐂𝐎𝐍 𝐋𝐀𝐖 𝐅𝐈𝐑𝐌 – 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐜𝐨𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧

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