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FOREIGN LOANS THAT MUST BE REGISTERED WITH THE STATE BANK INCLUDE:
- Foreign medium and long-term loans.
- Short-term loans are entitled to an extension of the principal repayment period with the total term of the loan being over 01 year.
- Short-term loans without an extension agreement but still have outstanding principal, including interest debts, which are credited at the full time of 01 year from the date of the first capital withdrawal, unless the borrower completes the payment of the above-mentioned principal balance within 30 working days from the time of full 01 year from the date of the first capital withdrawal.
FOREIGN LOANS UNDER DEFERRED PAYMENT CONTRACTS FOR IMPORT OF GOODS
1. Foreign loan in the form of deferred payment of goods import means an import of goods with the first capital withdrawal date before the final payment date; in which:
a) The date of withdrawal of capital of a foreign loan in the form of import of deferred payment goods is:
The 90th day from the date of issuance of the transport document in case the bank providing the account service requires the set of payment documents to be accompanied by transport documents;
The 45th day from the date of completion of the inspection stated on the customs declaration that has been cleared in case the bank providing account services does not require the set of payment documents to have transport documents;
b) The final payment date is determined as:
The last payment date of the contractual payment term;
The date of the last actual payment in case of failure to comply with the contract or the contract does not specify the payment deadline;
c) The term of a foreign loan in the form of import of goods with deferred payment is the time limit determined from the date of the first capital withdrawal to the date of the last payment.
2. Self-borrowed or self-paid loans in the form of import of deferred payment goods are not subject to registration or registration of changes in foreign loans as prescribed.
3. Transactions of remittance of money for debt repayment (principal and interest) and payment of fees related to foreign loans in the form of import of deferred-payment goods are not required to be made through foreign loan and debt repayment accounts.
SPECIAL NOTES ON LOANS FROM DEFERRED IMPORTS OF GOODS
- The company’s foreign loans in the form of deferred import of goods can be converted into medium- and long-term debts, but are not subject to registration with the State Bank as prescribed in Circular No. 12/2022/TT-NHNN.
- At the same time, foreign loans in the form of deferred payment of goods are not required to comply with the regulations on foreign loan conditions specified in Circular No. 08/2023/TT-NHNN, especially the condition on foreign loan limits on the difference between the total investment capital and the investor’s contributed capital recorded in the Investment Registration Certificate.
- When making foreign loans in the form of deferred payment imports, the company is responsible for complying with the regulations on management of foreign loans and debt repayment, including making reports on the website in accordance with current regulations on reporting on foreign loans and repayment of enterprises; regulations on foreign exchange management and other regulations on commercial contracts, tax risks, etc.
Please contact VIVA Business Consulting’s experts for guidance and to carry out all procedures for foreign loans.
