Press Release on issuance of Circular No.05/2017/TT-NHNN
The State Bank of Vietnam (SBV) issued Circular No. 05/2017/TT-NHNN on June 30, 2017 to revise a number of articles of Circular No.03/2016/TT-NHNN dated February 26, 2016 of the SBV Governor on guiding several substances concerning with forex management for the borrowing of foreign capital and the payment of foreign debts by enterprises.
The Circular revised a number of articles of Circular No.03/2016/TT-NHNN as follows:
(i) Revising Item 2 of Article 1 of Circular No.03/2016/TT-NHNN to add commercial banks with state capital to governing scope of Circular No.03/2016/TT-NHNN;
(ii) Supplementing Point c of Item 3 and revising Item 6 of Article 14 related to dossiers of foreign debt registration in order to reduce dossiers for several foreign debts of state –owned commercial banks and commercial banks with 50% of its charter capital owned by the state.
(iii) Adding group of commercial banks with the state owned capital to reporting implementers
This Circular abolishes Circular No.18/2011/TT-NHNN dated August 23, 2011 on guiding forex management for long and medium borrowing of foreign capital by commercial banks as the state –owned enterprises and a number of phrases in Article 1 of Circular No.12/2014/TT-NHNN dated March 31, 2014 of the SBV Governor to stipulate conditions of borrowing of foreign capital by enterprises without Government’s guarantee in order to add commercial banks as the state –owned enterprises to governing scope of Circular No.12.2014/TT-NHNN. The Circular will take effect from August 15, 2017.
Translated by Le Hang