On June 30, 2023, the State Bank of Viet Nam issued Circular 08/2023/TT-NHNN on conditions for foreign loans not guaranteed by the Government. Taking effect from August 15, 2023 (except for the regulations on short-term foreign loan rooms that will take effect from January 1, 2024), Circular 08/2023/TT-NHNN will replace Circular 12/2014/TT-NHNN guiding foreign exchange management for enterprise’s foreign loan borrowing and repayment. Circular 08/2023/TT-NHNN provides some notable regulations as follows:
(i) Supplementing the principles on using foreign loan capital and regulations applied to foreign loans in form of deferred payment for imported goods;
(ii) Supplementing the definition of foreign debt restructuring plan and fundamental contents of a foreign debt restructuring plan;
(iii) Providing specific regulations on purposes of foreign loans;
(iv) Providing regulations on foreign loan room applied to medium-term and long-term foreign loans.
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