On September 30, 2022, the State Bank of Vietnam promulgated Circular 12/2022/TT-NHNN on guidelines for foreign exchange administration in respect of enterprises’ foreign borrowing and repayment, replacing Circular 03/2016/TT-NHNN and its amendments and supplements (Circular 05/2016/TT-NHNN, Circular 05/2017/TT-NHNN). This Circular 12 took effect from November 15, 2022 with some notable points as follows:
(i) Provide further regulations on the implementation of foreign loans after a borrower is divided, separated, consolidated, or merged;
(ii) Supplement cases of amending foreign loans in which borrowers make changes on the Portal for administration of foreign borrowing and repayment without guarantee by the Government. Accordingly, there is no need to register for changes to foreign loans; and
(iii) Supplement guidance on foreign exchange administration in respect of asset security for foreign loans.