Some foreign loans when falling into the case required to register under applicable law, the borrower shoud follow the Instructions the online registration of foreign loans in Vietnam. Procedures for the foreign loan registration through the online form, which is performed in the State Bank according to the following order:
Steps to register for the online foreign loan
Step 1: Register for the online account of an enterprise
- The borrower accesses to the website https://qlnh-sbv.cic.org.vn/qlnh/ and fills information in the electronic declaration to request for issuing an access account according to the guiding in the website, prints the declaration from the website, signs and marks;
- The borrower sends the declaration through the postal service or submits directly in the State Bank;
- Within 03 working days from the date of receiving the declaration to request for issuing the access account of users with the full and valid information, the State Bank shall approve and issue an access account through the e-email that an user has In case, the refusal of issuing the access account must respond in online that stating clearly the reason.
Step 2: Log in an account
Step 3: Carry out the foreign loan registration
- Create an account of an enterprise, the performance unit must declare information of the loan application.
- After completing the loan application in an account, enterprise must send the online application.
- Enterprises print the loan application form from the system, sign, mark, then send enclosed with the loan registration dossier to the State Bank.
Dossier of the foreign loan registration
- The online declaration loan application form has been signed and marked;
- A copy of the borrower’s legal dossier: The establishment license, the enterprise registration certificate, the registration certificate of cooperatives, union of cooperatives and the amending, supplement written (if any) or other equivalent documents.
- A copy or an original of the written proving the loan purpose, including:
- For loans to perform investment projects: The investment certificate, the investment registration certificate or the approval decision of the investment policy according to the law on investment and relevant legal regulation
- For loans to perform other business, manufacture plan that not the investment project: The plan to use foreign loans is approved by a competent authority according to the law on Investment, law on Enterprises and the enterprise’s charter, law on Cooperatives and the cooperate’s charter and other relevant legislations;
- For loans to restructure foreign debts of the borrower: The plan for restructuring foreign debts of the borrower is approved by a competent authority in accordance with the provisions of the Law on Enterprises and the enterprise’s charter, Law on Cooperatives and the cooperative’s charter and other relevant legislations;
- For short-term loans with extended the principal repayment period whose total loan term is over 01 year and short-term loans without an extension agreement but with outstanding principal balance (including interest debts entered principal) at the full date of 01 year from the date of first capital withdrawal: Report on the initial use of short-term foreign loans that satisfy the requirements for short-term foreign loans (enclosed with supporting documents such as the borrower’s plan on using foreign loans, the plan on structuring foreign debts);
- A copy of foreign language and Vietnamese translation of the foreign loan agreement and agreement to extend the short-term loan into medium or long-term (if any).
- A copy of foreign language and Vietnamese translation of the guarantee commitment written (letter of guarantee, a guarantee contract or other form of guarantee commitment) in case the loan is guaranteed.
- A copy of the competent authority’s written approving the foreign loan in accordance with the law on assignment and decentralization of exercise of rights, responsibilities and obligations of the state owner, agency represents the state owner in accordance with regulations on management and use of state capital in enterprises for borrowers being state enterprises (not applicable to loans of commercial banks that the State Bank being the owner representative agency and approved by the State Bank in accordance with regulations on management and use of state capital in enterprises).
- Report on compliance with regulations of the State Bank on prudential limits and ratios in operations of credit organizations and foreign bank branches in accordance with regulations on conditions for self-borrowing and self-repaying foreign loans at the end of the last 3 months before the date of signing the loan agreement to the end of the nearest month before the time of sending the complete dossier for the foreign loan registration according to the form specified in Appendix 02 enclosed with this Circular or a written proving the non-compliance with the provisions of law on credit limit and prudential ratios approved by the Prime Minister or the Governor of the State Bank in accordance with regulations of the law (if any) for the borrower being a credit organization or foreign bank branch.
- Confirmation of the bank providing account services on the situation of capital withdrawal and debt repayment (principal and interest) up to the time of loan registration (applicable to the borrower opening an account to loan and repay foreign loans at the bank providing account services) in the following cases:
- In case of foreign loans to restructure foreign debts: The written of the borrower’s bank providing account services on the situation of capital withdrawal and debt repayment for the foreign loan to be restructured from the source of foreign loans;
- In case the portion of capital transferred by foreign investors into Vietnam used to satisfy expenses to prepare the investment shall be converted into medium and long-term foreign loans of foreign direct-invested enterprises according to the provisions on foreign direct investment in Vietnam: Copies of foreign language and Vietnamese translations of documents of the lender’s account service provider bank on revenue and expenditure transactions related to the establishment of loans;
- In the case of a short-term loan with an extension of the principal repayment period, that the total term of the loan is more than 01 year and a short-term loan without an extension agreement but with outstanding principal balance (including interest debts entered principal) at the full date of 01 year from the date of first capital withdrawal: Written of the borrower’s account service provider bank on the situation of capital withdrawal and debt repayment for the initial short-term foreign loan;
- Writtens and documents proving that profits are legally distributed in Vietnamese dong from direct investment activities by the lender being a foreign investor contributing capital at the borrower and confirmation of the bank providing account services on the situation of distribution and repatriation of profits of the lender to prove the loan disbursement in case of foreign loan in Vietnamese dong according to the regulations on foreign borrowing conditions in Vietnamese dong.
- A written explanation of the need for a foreign loan in Vietnamese dong for the case of a foreign loan in Vietnamese dong must be approved by the Governor of the State Bank in accordance with the State Bank’s current regulations on foreign borrowing conditions in Vietnamese dong.
Authority to confirm the loan registration
The State Bank (Foreign Exchange Management Department)
Perform the registration confirmation, the change registration for loans with loan turnover over 10 (ten) million USD (or other foreign currencies of equivalent value) and foreign loans in Vietnamese dong.
State Bank branch in the provinces or centrally run cities where the borrower’s head office is located
Perform the registration confirmation, the change registration for loans with loan turnover up to 10 (ten) million USD (or other foreign currencies of equivalent value).
Services of the foreign loan registration of Viet An Law Firm
- Consulting on procedures for the foreign loan registration;
- Consulting on foreign loan contracts;
- Consulting, drafting dossiers for registration of foreign loans;
- Consulting on converting foreign loans into contributed capital of enterprises;
- Consulting on converting foreign loans for enterprises;
- Representative of enterprises to submit dossiers, monitor and complete procedures for the foreign loan registration;
- Consulting on procedures for statistical reporting on foreign loans;
- Comprehensive consulting on arising issues related to foreign loans of enterprises.
