REPAYMENT OF SHORT-TERM FOREIGN LOANS GRANTED BY DEFERRAL OF PAYMENT FOR IMPORTED GOODS
On April 15, 2016, the State Bank of Vietnam issued the Circular No. 05/2016/TT-NHNN dated April 15, 2016 of the State Bank of Vietnam on amending and supplement a number Articles of the Circular No. 03/2016/TT-NHNN by the Governor of the State Bank on guidelines for certain details of the management of foreign exchange with regard to enterprises’ foreign borrowings and repayment.
Within that, the important content is that when transferring repayments on the principal and interest of a foreign loan granted by deferral of payment for imported goods, a borrower shall be responsible for presenting documents and papers as requested by the bank providing account services. Repayment of short-term foreign loans granted by deferral of payment for imported goods.
Besides, the date of disbursement of foreign loan granted by deferral of payment for imported goods shall be the ninetieth day from the date that transport documents are issued if the bank providing account services requires transport documents included in the payment documents; the forty-fifth day from the date that the examination of information in the cleared customs declaration if the bank providing account services does not require transport documents included in the payment documents.
Also in accordance with this Circular, borrowers can utilize the account for direct investment or an account for foreign borrowings and repayment (as distinct from the account for direct investment) to process receipts and spending related to foreign borrowings. Each short-term foreign borrowing shall only be processed through 01 (one) bank that provides account services. Borrowers can utilize 01 (one) account for 01 (one) or various short-term foreign borrowings.
This Circular takes effect on April 15, 2016.
