THE STATE BANK
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 24/2015/TT-NHNN
Hanoi, December 8, 2015
 
CIRCULAR
ON FOREIGN CURRENCY LOANS GRANTED TO RESIDENTS BY CREDIT INSTITUTIONS AND BRANCHES OF FOREIGN BANKS
 
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to the Ordinance on Foreign exchange No. 28/2005/PL-UBTVQH11 dated December 13, 2005 and the Ordinance on amendments to the Ordinance on Foreign Exchange No. 06/2013/PL-UBTVQH13 dated March 18, 2013;
Pursuant to the Government’s Decree No. 70/2014/ND-CP dated July 17, 2014 on guidelines for the Ordinance on foreign exchange and the Ordinance on the amendments to a number of articles of the Ordinance on foreign exchange;
Pursuant to the Government's Decree No. 156/2013/ND-CP dated November 11, 2013 defining the functions, tasks, entitlements and organizational structures of the State Bank of Vietnam;
At the request of the Director of the Financial Policy Department;
The Governor of the State Bank of Vietnam promulgates a Circular on foreign currency loans granted to residents by credit institutions.
Article 1. Scope of adjustment
This Circular deals with foreign currency loans granted to residents by credit institutions and branches of foreign banks (hereafter referred to as credit institutions).
Article 2. Subject of application  
1. Credit institutions that are licensed to trade in foreign exchange and grant foreign currency loans.
2. Borrowers being residents applying for loans at credit institutions as prescribed in the law on lending activities.
Article 3. Demands for foreign currency loans
1.  Credit institutions shall consider granting the foreign currency loans serving certain purposes as specified below:
a) Short-term, mid-term and long-term loans used as outward remittance for imported goods or services, when the borrowers’ foreign currency derived from their business operation is sufficient to repay such loans;
b) Short-term loans granted to central petroleum importers who are given annual quotas on petroleum import by the Ministry of Industry and Trade to  pay for such import when the borrowers’ foreign currency derived from their business operation is not sufficient to repay such loans;