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Briefly
On 30 September 2022, the State Financial institution of Vietnam (SBV) formally issued Round No. 12/2022/TT-NHNN offering directions on overseas trade administration concerning offshore borrowing and offshore debt compensation of enterprises (“Round 12“).
Round 12 got here into impact on 15 November 2022, changing Round No. 03/2016/TT-NHNN and its amending circulars (“Round 03“).
Round 12 has offered varied vital adjustments to the laws below Round 03, as follows:
- The laws on the registration of offshore loans with the SBV have been amended and supplemented to be extra particular and allow the borrower to flexibly carry out the related procedures.
- Most references to the time period “assure” have been changed with the time period “safety” in order that the scope of safety measures referring to offshore loans have been expanded (together with each assure and different safety measures).
- Round 12 has launched the brand new idea of supporting safety financial institution.
- Round 12 supplies a set of detailed necessities on accounts serving abroad remittance in relation to the offshore loans.
- Different points in respect of pursuits charge relevant to indebtedness quantities between the borrower and the securing occasion have additionally been laid out in Round 12.
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