THE STATE BANK OF VIETNAM

Circular No.  37/2013/TT-NHNN dated December 31, 2013 of the State Bank of Vietnam on guiding some details relating to foreign exchange control against offshore loans and collection of guaranteed debts from non-residents
PursuanttotheLawontheStateBank ofVietnamNo.46/2010/QH12dated16June 2010;
Pursuant to the Law on Credit institutions No. 47/2010/QH12 dated 16 June 2010;
Pursuant to the Ordinance No. 28/2005/PL-UBTVQH11 dated 13 December 2005;
Pursuant to the Ordinance No. 06/2013/PL-UBTVQH13 dated 18 March 2013 amending, supplementing several articles ofthe Ordinance on Foreign Currency;
Pursuant to the Decree No.156/2013/ND-CP dated 11 November 2013 of the Governmentprovidingforthefunctions,duties, authoritiesandorganizational structure of State Bank of Vietnam
Upon proposal of the Director of the Foreign Exchange Control Department;
TheGovernoroftheStateBankofVietnam herebyissuestheCircularonguidingsome details relating to foreign exchange control against offshore loans and collection of guaranteed debts fromnon-residents.
Chapter I
GENERAL PROVISIONS
Article 1. Governing scope
1. This Circular provides for:
a) The opening and use of accounts for performing offshore loans, the guarantee obligations and for collecting guaranteed debts from non-residents by economic organizations, in which the loan and guarantee to non-resident are subject to permission by the Prime Minister.
b) The opening and use of accounts for performing guarantee obligation and collecting guaranteed debts from non-residents by credit institutions, foreign bank branches;
c) Procedures of registration, registration for change of offshore loan; registration, registration for change of guaranteed debt collection arising from the performance of guarantee obligation to non-residents by economic organizations;
d) Procedures of registration, registration for change of guaranteed debt collection arising from the performance of guarantee obligation to non-residents by credit institutions, foreign bank branches.
2. In addition to provisions of this Circular, the supply of offshore loan and debt collection, guarantee to non-residents by credit institutions, foreign bank branches shall be subject to current regulations of the State Bank on foreign exchange control against offshore loan and debt collection by credit institutions and regulations on banking guarantee.