Chương 1 Nghị định 219/2013/NĐ-CP: Quy định chung

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Decree prescribes enterprises’ borrowing of foreign loans and payment of foreign debts without government guarantee and the responsibilities of related agencies in managing such activities.

2. Enterprises regulated by this Decree (below referred to as borrowers) include:

a/ Enterprises established and operating under the Law on Enterprises;

b/ Credit institutions and foreign bank branches established and operating under the Law on Credit Institutions;

c/ Cooperatives and unions of cooperatives established and operating under the Law on Cooperatives.

Article 2. Subjects of application

1. State management agencies managing enterprises’ borrowing of foreign loans and payment of foreign debts without government guarantee as prescribed in this Decree.

2. Borrowers that take foreign loans without government guarantee.

3. Organizations and individuals involved in enterprises’ borrowing of foreign loans and payment of foreign debts without government guarantee.

Article 3. Interpretation of terms

In this Decree, the terms and phrases below are construed as follows:

1. Borrowing of a foreign loan means a borrower receiving a credit amount from a non-resident through signing and implementing a foreign loan agreement in the form of loan contract, contract on goods purchase and sale on deferred payment, loan provision entrustment contract, financial leasing contract, or issuance by the borrower of debt instruments.

2. Borrowing of a foreign loan without government guarantee (below referred to as borrowing a foreign loan by the mode of self-borrowing and self-payment) means a borrower taking a foreign loan by the mode of self- borrowing and self-responsibility for payment to the foreign lender.

3. Foreign debt by the mode of self-borrowing and self-payment means payable amounts, including the principal and interest arising from the borrowing of a foreign loan by a borrower by the mode of self-borrowing and self-payment in accordance with Vietnamese law.

4. Limit of foreign loans by the mode of self-borrowing and self-payment approved annually by the Prime Minister means the ceiling level of the total net loan amount (the actually received loan amount minus the principal payments) of medium- and long-term foreign loans by the mode of self-borrowing and self-payment in a year.

5. Licensed credit institutions include credit institutions and foreign bank branches in Vietnam that are licensed to deal in foreign exchange and provide foreign exchange services in accordance with law.

Article 4. Management principles

1. The Government shall manage the borrowing of foreign loans by the mode of self-borrowing and self-payment within the framework of management of national foreign debts, ensuring the safety of debts within the limit approved by a competent authority, and ensuring the national financial security and macroeconomic balances.

2. When borrowing foreign loans and paying foreign debts, borrowers must satisfy the conditions on borrowing of foreign loans and payment of foreign debts; register loans, open and use accounts, withdraw capital and transfer money for debt payment, and report on the implementation of the loans under regulations of the State Bank of Vietnam. The State Bank of Vietnam shall certify registration of loans within the foreign commercial loan limit approved annually by the Prime Minister.

Foreign loans borrowed by enterprises by the mode of self-borrowing and self-payment through issuance of international bonds or issuance of other debt instruments for non-residents must comply with this Decree, regulations on issuance of international bonds and foreign exchange management, and other relevant regulations.

3. Foreign loans by the mode of self-borrowing and self-payment through import of goods on deferred payment must comply with foreign exchange management policies, trade policies and other relevant regulations.

4. Borrowers shall take responsibility before law for the signing and performance of contracts on the borrowing of foreign loans by the mode of self-borrowing and self-payment. The Government is not responsible for the borrowing of foreign loans and payment of foreign debts by borrowers by the mode of self-borrowing and self-payment.

5. The policies on management of the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment must be consistent with the policies on domestic credit management in order to ensure the objectives of monetary policy and foreign exchange management policy in each period.

6. When necessary, in order to ensure national financial and monetary security and debt safety criteria, the Prime Minister shall decide on the application of appropriate measures to manage the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment.

Article 5. Contents of state management of foreign loans and debts by the mode of self-borrowing and self-payment

1. Elaborating, promulgating, and organizing the implementation of, legal documents on management of the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment.

2. Monitoring cash flows related to the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment for synthesizing the international payment balance, regulating monetary policies and managing foreign exchange.

3. Reviewing and reporting information on the borrowing of foreign loans by the mode of self-borrowing and self-payment.

4. Disseminating policies and laws on management of the borrowing of foreign loans by the mode of self-borrowing and self-payment.

5. Inspecting, examining and supervising the observance of the law on management of the borrowing of foreign loans by the mode of self-borrowing and self-payment.

6. Organizing professional training and retraining in operations of management of the borrowing of foreign loans by the mode of self-borrowing and self-payment.

7. Handling violations and settling complaints and denunciations in the implementation of regulations on management of the borrowing of foreign loans by the mode of self-borrowing and self-payment.

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