Chương VIII Thông tư 12/2022/TT-NHNN: Điều khoản thi hành

Chapter VIII

IMPLEMENTARY PROVISIONS

Article 50. Entry into force

1. This Circular shall enter into force from November 15, 2022, exclusive of provisions set forth in clause 2 of this Article.

2. Regulations on hedging against foreign currency risks for payment periods of foreign loans and regulations on the responsibility of checking documents of account service providers for the borrower's implementing foreign currency hedging operations applied from the time the regulations on conditions for foreign loans that are not guaranteed by the Government (including regulations on hedging against foreign currency risks for foreign loans) come into force.

3. From the date of entry into force of this Circular, the following instruments shall cease to be effective:

a) Circular No. 03/2016/TT-NHNN dated February 26, 2016 of the Governor of the State Bank of Vietnam on instructions on foreign exchange administration in respect of foreign borrowing and foreign debt repayment of enterprises;

b) Circular No. 05/2016/TT-NHNN dated April 15, 2016 of the Governor of the State Bank on amendments to Circular No. 03/2016/TT-NHNN dated February 26, 2016 of the Governor of the State Bank of Vietnam on instructions on foreign exchange administration in respect of foreign borrowing and foreign debt repayment of enterprises;

c) Circular No. 05/2017/TT-NHNN dated June 30, 2017 of the Governor of the State Bank on amendments to Circular No. 03/2016/TT-NHNN dated February 26, 2016 of the Governor of the State Bank of Vietnam on instructions on foreign exchange administration in respect of foreign borrowing and foreign debt repayment of enterprises.

Article 51. Transitional provision

1. As for arrangement of foreign loans in the form of deferred payment for import of goods: Medium-term or long-term foreign loans arranged in the form of deferred payment for import of goods of which registration or registration for changes has been confirmed by the State Bank before the date of entry into force of this Circular shall be continuously effected (including withdrawal of loan proceeds or debt repayment) according to statements on confirmation of registration or registration for changes of foreign loans. As for any change that may arise as stated in the statement of confirmation of registration, registration for changes of foreign loan, the borrower shall register the change based on the agreement with the creditor, and shall not be required to apply for registration for changes with the State Bank.

2. As for foreign loans denominated in Vietnam dong:

a) Foreign loans denominated in Vietnam dong of which registration or registration for changes is confirmed before April 15, 2016 shall be continuously effected according to the statement on confirmation of registration or registration for changes of such foreign loans issued by a State Bank branch.

b) Where there is any additional change to foreign loans denominated in Vietnam dong which has been certified by the State Bank (Department of Foreign Exchange Management) in terms of registration or registration for changes, the identification of the competent authority to process applications for registration of changes shall comply with Article 20 of this Circular.

3. As for arrangement of short-term foreign loans: a) Short-term foreign loans which have been arranged (loan proceed withdrawal or debt repayment) prior to the date of entry into force of this Circular shall be continued through current accounts.

4. As for a foreign loan with the creditor’s address that has been confirmed in the written confirmation of registration, confirmation of registration of changes, in case there is a change of the creditor’s address but the creditor’s country is not changed, the borrower is not required to register the change of foreign loans as prescribed in this Circular.

5. Applications for registration and registration for changes of foreign loans already submitted to the State Bank before the effective date of this Circular shall continue to be processed in accordance with Circular No. 03/2016/TT-NHNN dated February 26, 2016 of the Governor of the State Bank on guidelines for foreign exchange management for foreign borrowing and repayment of enterprises (and amending documents), except for the case that foreign loans, the registration for changes of foreign loans are no longer subject to registration or registration for changes in accordance with this Circular.

Article 52. Implementation

Head of Office, Director of Department of Foreign Exchange Management, Head of affiliates of the State Bank, credit institutions, foreign bank branches, enterprises, cooperatives, unions of cooperatives shall implement this Circular.