Chapter VII
RESPONSIBILITIES OF INVOLVED PARTIES
Article 43. Responsibilities of borrowers
1. Comply with regulations on administration of foreign borrowing or foreign debt repayment in this Circular and other relevant regulations when signing and performing foreign loan agreements and agreements on security of foreign loans.
2. Present documents or records in accordance with laws and upon the request of the account service provider when determining that the form of the loan is either a monetary loan or a financial lease and/or another form and when performing money transfers related to foreign loans.
3. Implement regulations on declaring information, making reports and maintaining information security in accordance with provisions set forth in this Circular.
4. Take legal responsibility for:
a) determining that the form of the loan is either a monetary loan or a financial lease and/or another form. In case a foreign loan is a loan in the form of a financial lease, the borrower is responsible for determining the date of receipt of the leased asset and providing information to the competent authority or the account service provider upon request;
b) the accuracy and authenticity of: the information provided and declared on the Website through their log-in account; information or documents attached to applications for registration or registration for changes of loans, reports sent to competent authorities; information provided, documents presented to commercial banks when performing money transfer transactions related to foreign loans.
Article 44. Responsibilities of bank providing secured transactions
1. Provide money transfer services to fulfill security obligations as prescribed in this Circular.
2. Check and keep documents when providing money transfer services to fulfill security obligations as prescribed in this Circular.
3. Provide accurate information on the money transfer for performance of security obligations at the request of the competent authority, the borrower, the borrower's account service provider.
Article 45. Responsibilities of account service provider
1. Provide account services for foreign loan transactions (withdrawal of loan proceeds, debt repayment, fee payment, money transfer relating to security of foreign loans as prescribed in this Circular) on the basis of:
a) Statement on confirmation of registration or registration for changes of foreign loans (applicable to the case in which foreign loans are subject to registration or registration for changes), documents relating to cancellation of statement on confirmation of registration or registration for changes of foreign loans;
b) Loan agreements, agreements on changes of loan agreements and other arrangements relevant to foreign loans;
c) Plan on using loans, investment project using short-term foreign loan of short-term foreign loan (with the borrower's commitment that this Plan has been approved by a competent authority in accordance with the regulations on foreign borrowing and debt repayment conditions), applicable to short-term foreign loans;
d) Documents proving that the grantor has performed the security obligations related to the conventional loan (money transfer document proving that the guarantor has acted on behalf of the borrower to repay debts, document proving that the grantor or grantor’s representative has transferred the amount of realization of collateral to the borrower or the borrower’s representative or any other equivalent documents);
dd) Documents proving the borrower's compliance with the online reporting regime on short-term foreign loan and repayment as prescribed in this Circular (screenshot of the report on the website, certified by the borrower);
e) Documents proving that the borrower performs foreign currency risk prevention operations for the payment period of foreign loan in accordance with current regulations on management of foreign loan and repayment (if any);
g) Other documents according to internal regulations of the account service provider.
2. Inspect and check the matching up between the money transfer requests (loan proceed withdrawal, debt repayment) and documents presented by the borrower and involved parties to ensure that money transfer transactions relating to foreign loans must be consistent with the written confirmation of registration or registration for changes (in the event of loans subject to registration), loan agreement and other relevant arrangement; in accordance with regulations on foreign exchange management.
3. Provide the borrower’s accurate information about foreign loans (including amount and time of loan proceed withdrawn or debt repaid; reference information about loan agreements or borrower) in the written confirmation of how foreign loans are effected which is issued by the borrower upon request of the borrower or the competent authority.
Article 46. Responsibilities of the Department of Foreign Exchange Management
1. Take charge of establishing the model of administration of information about foreign borrowing and foreign debt repayment through websites.
2. Implement functions or duties in accordance with this Circular.
3. Make best use of the database of foreign borrowing and foreign debt repayment which assists the work of establishing and operating policies in consistency with its functions and duties.
4. Take charge of and cooperate with the National Credit Information Center of Vietnam in:
a) Creating user’s manuals, and posting and updating information on websites in a regular manner;
b) Revising and improving contents of websites in order to offer users advantages, and undertaking that the database must assist administration of foreign borrowing and repayment of foreign debts which are not guaranteed by the Government;
c) Answering any question about websites; receiving and providing timely guidance, and dealing with any difficulty or requests of users during the process of using and operating such websites;
d) Providing instructions on registration and issuance of log-in accounts or any change to information about these log-in accounts for entities referred to in subparagraph b and c paragraph 1 Article 10 hereof.
Article 47. Responsibilities of the National Credit Information Center of Vietnam
1. Maintain safety and stability during operation of websites, and prevent unauthorized access to websites and databases for administration of foreign borrowing and foreign debt repayment.
2. Use information on foreign loan and repayment of enterprises to build a national credit information database, serving management requirements of the State Bank and business and risk management activities of credit institutions, foreign bank branches.
3. Cooperate with the Department of Foreign Exchange Management in implementation of provisions laid down in clause 4 Article 46 hereof.
Article 48. Responsibilities of the State Bank branches
1. Implement functions or duties under authority stipulated by this Circular.
2. Take responsibility to guide, oversee, remind and encourage borrowers to declare information declaration, and make reports in accordance with provisions laid down in this Circular.
3. Make best use of the database of foreign borrowing and foreign debt repayment within its delegated authority which assists administration of foreign borrowing or foreign debt repayment on its territory of operation in consistency with its functions and duties.
4. Provide opinions from supervision of the compliance with the law on prudential ratios in banking operations by the borrower being a credit institution or foreign bank branch (under the State Bank branch’s authority to inspect and supervise micro-safety when receiving an advisory opinion request from the competent authority). The scope of supervision opinions includes opinions on individual indicators and consolidated indicators of ratios and limits reported by credit institutions and foreign bank branches in Appendix 02 appended to this Circular;
5. Inspect, examine and impose penalties for administrative violations within its jurisdiction in respect of cases of administrative violations in the course of implementing provisions laid down in this Circular.
Article 49. Responsibilities of Banking Inspection and Supervision Authority
1. Provide opinions from supervision of the compliance with the law on prudential ratios in banking operations by the borrower being a credit institution or foreign bank branch (under the authority of Banking Inspection and Supervision Authority to inspect and supervise micro-safety when receiving an advisory opinion request from the competent authority). The scope of supervision opinions includes opinions on individual indicators and consolidated indicators of ratios and limits reported by credit institutions and foreign bank branches in Appendix 02 appended to this Circular.
2. Inspect, examine and impose penalties for administrative violations within its jurisdiction in respect of cases of administrative violations in the course of implementing provisions laid down in this Circular.
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