Thông tư 25/2011/TT-NHNN về đơn giản hóa thủ tục hành chính lĩnh vực ngoại hối

CIRCULAR

ON IMPLEMENTING THE SCHEME OF ADMINISTRATIVE PROCEDURE SIMPLIFICATION IN FOREIGN EXCHANGE AREA UNDER RESOLUTIONS OF THE GOVERNMENT ON THE SIMPLIFICATION OF ADMINISTRATIVE PROCEDURES WITHIN THE JURISDICTION OF THE STATE BANK OF VIETNAM

- Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;

- Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;

- Pursuant to Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH dated 13 December 2005;

- Pursuant to the Decree No. 96/2008/ND-CP dated 26 August 2008 of the Government providing for the functions, duties, authorities and organizational structure of the State Bank of Vietnam;

- Pursuant to the Resolution No. 60/NQ-CP dated 17 December 2010 of the Government on simplifying administrative procedures within management scope and function of State Bank of Vietnam;

- Pursuant to the Resolution No. 25/ND-CP dated 2 June 2010 of the Government on simplifying 258 administrative procedures within management scope and function of related Ministries, branches,

The State Bank of Vietnam (hereinafter referred to as State Bank) hereby makes amendment, supplement, replacement or abrogation, repeal of provisions in legal documents issued by the State Bank in order to implement the plan of simplifying administrative procedures related to foreign exchange area as follows:

Article 1. To supplement provisions regarding procedures on management of foreign borrowings and repayment for implementing the scheme of simplification as mentioned in paragraph 7, section II, Part A of the Resolution 60/NQ-CP as follows:

1. Procedure of verifying the registration of foreign medium, long term loans under the method: person who borrows, will pay by himself:

a. Within a period of 30 business days since the date of signing:

- the contract of foreign medium, long term borrowing (foreign borrowing in the form of international bond issue excluded) or since the date of signing the guarantee agreement (in case of guaranteed loan);

- the contract of rescheduling short term loan and total rescheduled time and time of the short term loan is more than 1 year.

Borrowers who are enterprises, credit institutions (state owned commercial banks excluded), foreign bank branches (hereinafter referred to as “enterprises”) shall prepare 01 set of file for foreign borrowing registration and send it either by post or directly to:

- State Bank (Foreign Exchange Control Department) for loans with turnover from over USD 10 million (or in other foreign currencies of the same value);

- State Bank branches in provinces, cities where enterprises’ head offices are located for loans with turnover up to USD 10 million (or in other foreign currencies of the same value).

b. Within a period of 15 business day since the full receipt of valid files:

- The State Bank shall verify registration for medium, long term loans of enterprises with turnover of over USD 10 million (or in other foreign currencies of the same value at the time of signing loan contract). In case of refusal of verification, the State Bank shall provide a written document clearly stating the reason thereof.

- The State Bank branches in provinces, cities where enterprises’ head offices are located shall verify registration for medium, long term loans of the enterprises with turnover up to USD 10 million (or in other foreign currencies of the same value at the time of signing the loan contract). In case of verification refusal, the State Bank branches in provinces, cities shall provide a written document clearly stating the reason thereof.

c. File components:

- A registration form for foreign medium, long term loan (under the Appendix No. 01.DGH attached to this Circular);

- Notarized copies of legal profiles of enterprise (except for credit institution, foreign bank branch), such as: Establishment Decision, Certificate of Business Registration, Investment Certificate, Operation Licence or other related documents issued by competent authorities;

- Notarize copies of the document issued by competent level approving Investment Project or business, production Plan (except for credit institutions, foreign bank branches and foreign invested enterprises which have had investment certificate or investment permit for a specific investment project);

- A copy and Vietnamese translation of the signed foreign borrowing contract (to be certified by competent representative of enterprise regarding the accuracy of the translation);

- A copy and Vietnamese translation (if the original is in foreign language) of guarantee agreement of the guarantor for foreign loans (to be certified by competent representative of enterprise regarding the accuracy of the translation);

- Apart from above mentioned documents:

+ Groups, state owned corporations which have foreign medium, long term borrowings, shall be required to obtain the written consent from Ministry of Finance and Ministry in change of branch management about their performance of foreign medium, long term borrowings;

+ Enterprises which register their medium, long term loan to be rescheduled from the short term loan shall be required to present: Copy and Vietnamese translation of the contract for rescheduling foreign short term loans to become medium, long term loans (which are certified by competent representative of the enterprises regarding the accuracy of the translation) and a written confirm from the commercial bank (where enterprise maintains their account for performing the loans) about the loan performance status (funds withdrawal, debt repayment) till the time when the foreign short term loans are rescheduled to be medium, long term ones.

2. Procedures to verify registration for changes of foreign medium, long term loans under the method: person who borrows will make payment by himself:

a. Where there is any change in any content related to loan of the enterprise as stated in the dispatch of State Bank on verification of registration for foreign borrowing, repayment, within 30 business days since the date of signing agreement on changes and before the effective date of changed contents, the enterprise shall be required to prepare a set of file for registration of changes of foreign borrowings and send it either by post or directly to:

- State Bank of Vietnam (Foreign Exchange Control Department) for loans with turnover from over USD 10 million (or in other foreign currencies with the same value);

- State Bank branch in province, city where enterprise’s head office is located for loans with turnover upto USD 10 million (or in other foreign currencies with the same value).

b. Within a period of 15 business days since the full receipt of valid documents:

- State Bank shall verify change registration for medium, long term loans of the enterprise with turnover of over USD 10 million (or in other foreign currencies with the same value at the time of signing loan contract). In case of verification refusal, the State Bank shall provide a written document clearly stating the reason thereof.

- State Bank branch in province, city where enterprise’s head office is located shall verify change registration for medium, long term loans of the enterprise with turnover upto USD 10 million (or in other foreign currencies with the same value at the time of signing loan contract). In case of verification refusal, the State Bank branch in province, city shall provide a written document which clearly states the reason thereof.

c. File components:

- A registration form for changes in foreign loans (under appendix No. 02.DGH attached hereto);

- Copy and Vietnamese translation (to be certified by competent representative of enterprise) of the signed agreement on changes;

- A written consent by Guarantor for foreign loans of enterprise about changes (in case where enterprise is guaranteed).

Article 2. To supplement provisions regarding procedures for issuing Permit for opening and using foreign currency account overseas to economic organizations, foreign owned enterprises (B-NHA-001783-TT) in order to carry out plan of simplification as stated in paragraph 8, section II, Part A of the Resolution No. 60/NQ-CP as follows:

1. To amend the name of administrative procedure as “Issuance of Permit for opening and using foreign currency account overseas to residents being economic organizations which have branches, representative offices located overseas or have a demand for opening a foreign currency account overseas to receive foreign loan funds, to perform commitment and contract entered with foreign party”.

2. Provisions on sequences to perform procedures:

a. Economic organizations which have branch, representative office located overseas or have a demand for opening a foreign currency account overseas to receive foreign loan funds, to perform commitment and contract entered with foreign party shall prepare a file set and send it either by post or directly to State Bank (Foreign Exchange Control Department);

b. Within a period of 15 business days since the full receipt of valid file, State Bank shall grant the permit or refuse to grant the permit for opening and using foreign currency account overseas.

In case of refusal, the State Bank shall provide a written document clearly stating the reason thereof.

c. File components:

- For the economic organization which opens branch, representative office overseas, its file shall include:

+ An application for the grant of Permit for opening and using foreign currency account overseas (under the form in Appendix No. 03.DGH attached to this Circular)

+ Notarized copy of business registration Certificate or Investment Certificate;

+ Letter from a competent agency of Vietnam permitting or certifying the registration for establishment of representative office, branch overseas (enclosed with certified Vietnamese translation thereof);

+ Annual estimated expense for overseas representative office, branch’s activities and written approval by General Director (Director) or person who is authorized to approve operation expense of such branch, representative office;

+ Regulation on organization and operation of oversea representative office, branch (if any);

+ Other related papers

- For Vietnamese economic organizations, foreign owned enterprises which have a demand for opening a foreign currency account overseas for performing medium, long term loans, and their lender requires them to open a foreign currency account overseas to manage loan funds and follow up the debt repayment, the file shall include:

+ An application for the grant of Permit for opening and using foreign currency account overseas (under the form in Appendix No. 03.DGH attached to this Circular)

+ Notarized copy of the Decision on enterprise establishment, business registration Certificate or Investment Permit;

+ Vietnamese translation, to be certified by competence representative of enterprise, of borrowing contract signed with foreign party;

+ A document proving that the foreign lender requires them to open foreign currency account overseas, explaining purposes of receipts, payments on the account, time for maintaining the account;

- For economic organization which opens account to perform commitments, agreements made with foreign party, the file shall include:

+ An application for the grant of Permit for opening and using foreign currency account overseas (under the form in Appendix No. 03.DGH attached to this Circular)

+ Notarized copy of business registration Certificate or Investment Certificate;

+ Notarized copy and its certified Vietnamese translation of the document signed with the foreign party on the performance of commitments, agreements entered into with the foreign party;

+ A document from the foreign party requiring them to open foreign currency account overseas (enclosed with certified Vietnamese translation thereof) in case this provision is not included in the commitment, agreements;

+ Other related papers.

- For opening foreign currency account overseas of enterprises which are specially important investment objects under Government’s program; Enterprises which make investment under the form of BOT, BTO, BT need to open account overseas for performing commitments, their file shall include:

+ An application for the grant of Permit for opening and using foreign currency account oversea (form in the Appendix No. 04.DGH attached to this Circular);

+ An written explanation about the necessity to open an account overseas and all evidences (the version in foreign language and Vietnamese translation to be certified by competent representative of enterprise in case these documents are made in foreign language);

+ Notarize copy o f Investment Certificate;

+ Estimated contents of monthly foreign currency receipts, payments on the account opened overseas.

Article 3. To amend, supplement several paragraph of the Circular No. 03/2008/TT-NHNN dated 11 April 2008 of the State Bank of Vietnam on activity of foreign exchange service supply of credit institutions for implementing the scheme of simplification as mentioned in paragraph 12, section II, part A of the Resolution No. 60/NQ-CP as follows:

1. To amend, supplement point b, c of paragraph 6:

“b) Availability of equipments and material facilities that satisfy the requirements of performance of foreign exchange services in the domestic market, such as: machine, equipment system to serve foreign exchange activity, information, data carrier devices; availability of software supporting the performance of operations related to foreign exchange such payment, risk control; availability of offices which are well equipped with such working facilities as: computer, table, chair, telephone, fax machine, recording system for entire foreign exchange transactions.

c) Executive officers and operational officers at least have to graduate from university with the major of economics, banking, finance; or have university degree for majors other than those mentioned above, but at least have 3 years of working directly in banking, finance area; their English is of level B and more to be able to communicate, read, study information related to foreign exchange transaction; have been trained by a credit institution or another organization for 3 months and more about knowledge of business and management of risks in foreign exchange trading, supply.”

2. To amend, supplement point b, c of paragraph 7:

“b) Availability of equipments and material facilities that satisfy the requirements of performance of foreign exchange services in the international market, such as: machine, equipment system to serve foreign exchange activity in the international market, information, data carrier devices; availability of software supporting the performance of operations related to foreign exchange such as payment, risk control; availability of offices which are well equipped with such working facilities as: computer, table, chair, telephone, fax machine, recording system for entire foreign exchange transactions.

c. Having enough officers who have ability and are knowledgeable about operation of foreign exchange service supply in the international market. Specifically as follows:

- For such operations as supply of international payment service; performing transactions of foreign currency trading in foreign market, performing activity of gold export, import under applicable provisions of the State Bank: Executive officers and operational officers must at least graduate from University with the major of economics, banking, finance; or graduate from a university with the major other than those mentioned above, but they must have at least 3 years of directly working in finance, banking area; their English level is of level B and more to be able to communicate, read, study information related to foreign exchange transaction; have been trained by a credit institution or another organization from 3 months and more about knowledge of business and management of risks in foreign exchange trading, supply.

- For such operations as: Performing the borrowing, lending, indirect investment to abroad; carrying out monetary operations overseas (investment, taking deposit with the term of less than 1 year, etc); performing derivative transactions overseas: Executive officers and operational officers must at least graduate from a university with the major of economics, banking, finance, have at least 3 years of working in area of foreign exchange trading and supply; or graduate from a university with the major other than those mentioned above, but, at least, have 5 years of working in area of foreign exchange trading and supply; their English level must be at level C and more; have been trained for 6 months and more about knowledge of business and management of risks in foreign exchange trading, supply.”

3. To amend paragraph 14: “14. Credit institutions, which have the demand for foreign exchange service supply in the domestic and international market, shall be required to prepare 1 file set and send by post or directly to the State Bank (Banking Investment, Supervision Agency) to get the Confirmation of being qualified, Confirmation of registration for foreign exchange service supply. Documents, papers enclosed in the file must be the originals or notarized copies of originals or copies confirmed by a competent person of the credit institution who undertakes to take responsibility for those documents. Where the file is made in foreign language, it is required to have Vietnamese translation of which the signature of translator is certified in accordance with provisions of applicable laws.”

Article 4. To supplement provisions regarding procedures for granting Permit to economic organization to act as an foreign currency payment agent for authorized credit institution (B-NHA-001804-TT) for implementing the scheme of simplification as mentioned in paragraph 13, section II, Part A of the Resolution No. 60/NQ-CP as follows:

1. To amend name of the administrative procedure as: “Verification for economic organizations to act as foreign currency payment agent for authorized credit institutions”

2. Provisions on sequences to perform procedures:

a. Any economic organization which has a demand for being an agent of foreign currency payment and is authorized by a credit institution to act as its agent of foreign currency payment shall prepare 1 file set and send it by post or directly to State Bank branch in province, city in the local area.

b. Within 15 business days since the full receipt of valid documents, the State Bank branch in province, city in the local area shall consider verifying the registration. In case of verification refusal, a written document clearly stating the reason thereof is required.

c. File components:

- An application for being agent of foreign currency payment (under the form in Appendix No.05.DGH attached to this Circular);

- A principle agent contract entered with the authorized credit institution;

- A notarized copy of the decision on establishment of the economic organization, Certificate of Business Registration, Investment Permit, Operation Licence.

d. In order to be certified as an agent of foreign currency payment for authorized credit institution, economic organization shall be required to satisfy following conditions:

- To be established and operating under applicable laws of Vietnam;

- Availability of full material facilities that satisfy requirements for performing service of foreign currency payment;

- To be delegated by the authorized credit institution as its agent of foreign currency payment.

Article 5. To supplement provisions regarding procedures for granting the Permit to carry currencies of the country sharing border with Vietnam and Vietnamese Dong in cash overseas (B-NHA-001849-TT) for implementing the scheme of simplification as mentioned in paragraph 14, section II, Part A of the Resolution No. 60/NQ-CP as follows:

1. Any individual who has a demand for bringing currency of the country sharing the common border with Vietnam and Vietnamese Dong exceeding the stipulated amount that needs declaring to border checkpoint’s custom or exceeding the brought amount which has been already declared to borer checkpoint’s custom upon entry shall prepare 01 file set and send it by post or directly submit to State Bank branch in province, city or a commercial bank branch authorized by the State Bank branch in province, city to be granted the Permit for carrying currency of the country sharing the common border with Vietnam and Vietnamese Dong in cash to abroad.

2. Within a period of 5 business days since the full receipt of valid file, the State Bank branch in province, city or the commercial bank branch authorized by the State Bank branch in province, city shall grant the permit or refuse to grant the permit. In case of refusal, the State Bank branch in province, city or the commercial bank branch authorized by the State bank branch in province, city shall provide a written document clearly stating the reason thereof.

3. File components:

a. An application for the grant of Permit to carry currency of the country sharing the common border with Vietnam and Vietnamese Dong to abroad (according to the form in Appendix 06.DGH attached to this Circular).

b. Copy of passport/ immigration personal document or document to prove the border.

c. All the papers related to spending demand in foreign country (for individual being Vietnamese citizen) or other papers to prove legal income in Vietnam (for individual being citizen of the country sharing the common border with Vietnam)

4. Conditions for granting the Permit

a. Individuals who are permitted by competent agency to exit the country by immigration personal documents/passport or document to prove the border;

b. Having a demand for spending overseas (for individual who is Vietnamese citizen) or having legal income arising in Vietnam (for individual who is citizen of the country sharing the common border with Vietnam).

Article 6. To amend, supplement several articles of the Payment Regulation in trading, exchanging goods and services at border area and Vietnam- China border checkpoint’s economic zone issued in conjunction with the Decision No. 689/2004/QD-NHNN dated 07 June 2004 of the Governor of the State Bank for implementing the scheme of simplification as mentioned in paragraph 15, section II, Part A of the Resolution No. 60/NQ-CP as follows:

1. To amend, supplement paragraph 2, Article 10:

“2. File, procedures for granting Permit to collect CNY cash:

a. Enterprises as stated in Paragraph 1 of this Article having a demand for collecting Chinese currency in cash shall prepare a set of file to send by post or directly to State Bank branches in provinces, cities in the local area where enterprises are located to be granted the Permit for collecting Chinese currency in cash. The file includes:

- An application for the grant of Permit for collecting Chinese currency in cash (under the form in Appendix 01 of this document)

- A document issued by competent agency permitting enterprise to sell duty free commodities or provide services to foreigners.

b. Within a period 10 business days since the full receipt of valid file, the State Bank branches in provinces, cities shall consider and grant the Permit for collecting Chinese currency in cash to enterprises under the form in Appendix 2. In case of refusal to grant the Permit, the State Bank branches in provinces, cities shall provide a written document clearly stating the reason thereof.”

2. Appendix 07.DGH, 08.DGH attached to this Circular shall replace the Appendix 01, 02 attached to the Payment Regulation in trading, exchanging goods and service at border area and Vietnam- China border checkpoint’s economic zone issued in conjunction with the Decision 689/2004/QD-NHNN dated 7 June 2004 of the Governor of the State Bank.

Article 7. To amend, supplement paragraph 1, Article 7, Chapter II of the Regulation on foreign currency exchange agent issued in conjunction with the Decision No. 21/2008/QD- NHNN dated 11 July 2008 of the Governor of the State Bank for implementing the scheme of simplification as mentioned in paragraph 18, section II, Part A of the Resolution No.60/NQ-CP as follows:

“1. After having entered into foreign currency exchange agent contract with an authorized Credit Institution, organization shall prepare a set of file and send it either by post or directly to the State Bank Branch in province, city in the local area where they wish to locate their foreign currency exchange agent so as to get a Certificate of registration for foreign currency exchange agent.”

Article 8. To amend, supplement point a, b, paragraph 3 Article 3 of the Payment Regulation in trading, exchanging goods, services, investment and giving aid between Vietnam and Lao issued in conjunction with the Decision No. 845/2004/QD-NHNN dated 8 July 2004 of the Governor of the State Bank for implementing the scheme of simplification as mentioned in paragraph 19, section II, Part A of the Resolution No. 60/NQ-CP as follows:

“a. The issuance of permit for opening and using account in a bank in Lao shall be only applied to Vietnamese organizations, enterprises which open accounts in Lao to perform commitments, agreements entered with Lao, if the opening of account domestically cannot ensure the full performance of obligations of such signed commitments, agreements.

Vietnamese organizations, enterprises which have a demand for opening VND account, LAK account in Lao to perform projects or to serve business activities, shall prepare 01 set of file to send either by post or directly to State Bank branch in province, city in the local area where such organizations, enterprises’ head offices are located in order to be considered granting the Permit for opening VND account, Permit for opening LAK account in banks in Lao. The file includes:

- An application for the grant of Permit for opening and using account in Banks in Lao (Appendix 1).

- Notarized copy of the Decision on the establishment of organization, enterprise or Business Registration Certificate with export, import trading code or Investment Permit or document by a competent Vietnamese agency assigning them to implement aid project, other projects.

- Commitment or agreement already signed with Laos party, which clearly states the necessity to open and use account in a bank in Lao to perform signed commitments, agreements.

Within a period of 7 business days since the full receipt of valid file, the State Bank branch in province, city shall consider, grant the Permit to enterprises, organizations (Appendix 2). In case of refusal to grant the Permit, the State Bank branch in province, city shall give out a document clearly stating the reason thereof.

b. Vietnamese enterprises, organizations shall only use VND account, LAK account opened in banks in Lao for purposes related to export activity with Lao, to perform payments, receipts related to aid activity, investment or other authorized activities in Lao.”

Article 9. To amend, supplement paragraph 1, Article 8 of the Payment Regulation in trading, exchanging goods and commercial services in border area of Vietnam – Cambodia issued in conjunction with the Decision No. 17/2004/QD-NHNN dated 5 January 2004 of the Governor of the State Bank for implementing the scheme of simplification as mentioned in paragraph 20, section II, Part A of the Resolution No. 60/NQ-CP as follows:

“1. The use of foreign currencies freely convertible into cash to make payment in transactions of trading, exchanging goods and commercial services at border area between Vietnamese businessmen and Cambodian businessmen shall only be applied if businessmen of the two parties/countries are unable to make payment via bank, and only be applied to Vietnamese businessmen who are authorized to receive payment in foreign currency cash through goods trading and supplying services to Cambodian businessmen, not applied to Vietnamese businessmen who are authorized to use foreign currency cash to make payment for imported goods and services supplied from Cambodia’s party.

Upon having a demand for collecting foreign currency cash, Vietnamese businessmen shall prepare 1 set of file to send either by post or directly to State Bank branch in province, city in the local area where their offices are located to be granted the Permit for collecting foreign currency cash from export activity to Cambodia. The application file for the grant of Permit includes:

- An application for the grant of Permit for collecting foreign currency cash from export activity to Cambodia (under the Form in Appendix 1)

- Notarized copies of Business Registration Certificate with the code of export, import enterprise (for enterprises which apply for Permit in the first time);

- Copy of written consent by competent agency for the case of goods which are temporarily suspended from export and conditional export goods;

- Copy of the commercial contract signed with Cambodian businessman, in which there is an agreement on method of payment in foreign currency which is freely convertible into cash (to be certified by enterprise’s head).

After having fully received file of Vietnamese businessmen who apply for collecting foreign currency cash, managers of State Bank branches in province, city shall consider and solve the problem. Managers of the State Bank branches in province, city shall be authorized to sign the Permit for collecting amount of less than USD 500,000 (five hundred thousand US dollar) or in other foreign currencies with the same value for each contract. For contracts with the value of USD 500,000 and more, the State Bank branch in province, city shall give out their written opinion and send the file to Foreign Exchange Control Department – State Bank for consideration and solution.

Within a period of 7 business days since the full receipt of valid file, manager of the State Bank branch in province, city or Director of Foreign Exchange Control Department- State Bank shall, within their competence, grant or not grant the Permit to enterprises for collecting foreign currency cash (under the Permit form in the Appendix 2). In case of refusal to grant the permit, a document clearly stating the reason thereof is required.

Vietnamese businessmen must deposit the collected amount of foreign currency cash to their foreign currency deposit account opened in an authorized Bank within 3 business days since the foreign currency cash is brought back to the country according to the confirmation of border checkpoint’s Custom.

Upon depositing foreign currency cash into the account, besides the granted permit for collecting foreign currency cash, Vietnamese businessmen shall be required to submit following documents to the commercial bank:

- Original copy of custom declaration form (to be certified by the border checkpoint’s Custom about amount of foreign currencies brought from abroad);

- Copy of export goods declaration form (submit after goods have been exported).”

Article 10. To supplement provisions regarding procedures that permit to carry currency of the country sharing the common border with Vietnam to domestic provinces (B-NHA-042669-TT) for implementing the scheme of simplification as mentioned in paragraph 21, section II, Part A of the Resolution No. 60/NQ-CP as follows:

1. Citizen of the country sharing border with Vietnam, who has registered for business at Border area and border checkpoint’s economic zone, if permitted by competent Vietnamese agency to go to domestic provinces, has a demand for carrying currency of the country sharing border with Vietnam for personal purpose or selling to an authorized bank, shall prepare 1 file set and send it either by post or directly to State Bank branch in border province in the local area.

2. Within 5 business days since the full receipt of file as stipulated, State Bank branch in border province in the local area shall grant or refuse to grant the Consent for bringing currency of the country sharing the border with Vietnam to domestic provinces. In case of refusal to grant the Consent, State Bank branch in border province in the local area shall provide a document clearly stating the reason thereof.

3. File components:

a. An application for the consent to bring currency of the country sharing the border with Vietnam to domestic provinces (under the form in Appendix 09.DGH attached to this Circular);

b. Permit to go to domestic provinces granted by competent Vietnamese agency (in case of submitting the copy, it is required to present the original for comparison);

c. Notarized copy of business registration Certificate.

Article 11. To supplement provisions for procedures to verify registration of foreign currency account and rate of progress of remitting investment funds overseas (B-NHA-001907-TT) for implementing the scheme of simplification as mentioned in paragraph 22, section II, part A of the Resolution No. 60/NQ-CP as follows:

1. Credit institutions, enterprises which are authorized to make investment to abroad shall prepare 1 set of application file for registration of foreign currency account and rate of progress of remitting investment funds overseas, and send it either by post or directly to State Bank.

2. Within a period of 5 business days since the full receipt of valid file, State Bank shall be responsible for verifying the opening of account and registration of rate of progress of remitting investment funds overseas to make basis for Vietnamese Investors to remit their investment funds to abroad for performing investment projects via the account opened at authorized bank.

3. File components:

a. A registration form for account and rate of progress of remitting investment funds overseas (under the form in appendix 01.DGH attached to this Circular);

b. Business registration certificate (notarized copy)

c. Permit of investment to abroad granted by Vietnamese competent agency (notarized copy).

d. Investment consent granted by the investee country (enclosed with Vietnamese translation supported by seal and signature for verification of General Director or Director);

dd. Document stipulating the rate of progress of investment capital contribution (stating in the charter or joint venture contract, business cooperation contract already approved by competent agency of the investee country (if any), or estimated schedule about rate of progress of investment capital contribution of enterprises authorized to make investment to abroad).

4. Receipt of files and verification of account opening and registration of rate of progress of remitting investment funds overseas:

a. State Bank (Foreign Exchange Control Department) shall receive application file for foreign currency account and rate of progress of remitting investment funds overseas for credit institutions. State Bank shall verify the account opening and registration of rate of progress of remitting investment funds overseas of credit institutions.

b. State Bank branch in province, city where head office of enterprises is located shall receive application file and verify the opening of account and registration of rate of progress of remitting investment funds overseas for enterprises.

Article 12. To supplement provisions for procedures to grant Permit to economic organizations to perform the service of foreign currency receipt and payment (B-NHA-001818-TT) for implementing the scheme of simplification as mentioned in paragraph 13, section A, Part XVI of the Resolution No. 25/NQ-CP as follows:

1. Process of performing procedures:

a. Economic organizations which apply for the Permit to perform the service of foreign currency receipt and payment shall prepare 1 file set to send by post or directly submit to State Bank branch in province, city in the local area.

b. Within 15 days since the full receipt of valid file, State Bank branch in province, city in the local area shall consider granting the Permit or refuse to grant the Permit, in case of refusal, a document clearly stating the reason thereof should be required.

c. File components:

- An application for the grant of permit for foreign currency receipt and payment (under the form in Appendix No. 11.DGH attached to this Circular);

- A contract of foreign currency receipt, payment entered into with foreign party;

- Plan on the service of foreign currency receipt and payment;

- Notarized copy of business registration certificate, investment permit or investment certificate (for foreign owned enterprises), Operation Certificate of the branch (where the economic organization performs activity of foreign currency receipt, payment at their branch);

- Documents verifying legal status of the foreign party.

2. Requirements, conditions for economic organizations which apply for the Permit to perform the service of foreign currency receipt, payment;

a. To be established and operating under applicable laws of Vietnam

b. Availability of material facilities that satisfy requirements for performing the service of foreign currency receipt and payment;

c. Having entered into an agreement with the foreign party about the service of foreign currency receipt, payment;

d. Availability of a plan on the service of foreign currency receipt, payment.

3. Effective time for the Permit is 5 years since the date of signing.

Article 13. To repeal provisions for administrative procedures “Verifying registration for opening account “capital contribution, share purchase in Vietnamese dong” at commercial bank of foreign investor (B-NHA-001939-TT) for implementing the scheme of simplification as mentioned in paragraph 15, section A, part XVI of the Resolution No. 25/NQ-CP.

Article 14. Implementing provisions

This Circular shall be effective since 14 October 2011.

Article 15. Implementation organization

Director of Administrative Department, Heads of related units of the State Bank, Managers of State Bank branches in provinces, cities under central Government’s management and Chairman of Board of Directors (members Board), General Director (Directors) of credit institutions and other related organizations, individuals shall be responsible for implementation of this Circular.

APPENDIX NO. 01.DGH

REGISTRATION FORM FOR MEDIUM, LONG TERM FOREIGN LOANS

Pursuant to the Decree No. 134/2005/ND-CP dated 1 November 2005 of the Government on the issuance of the Regulation on management to foreign borrowings and repayment and other guiding documents thereof;

Pursuant to the Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing guidance on the implementation of the Ordinance on Foreign Exchange and other guiding documents thereof;

Pursuant to the Borrowing Contract signed with Foreign Lender (s) on …../…/….

Pursuant to the Guarantee Letter dated …./……./……. or Guarantee Contract signed on ……/……./……

Enterprise named below would like to register with State Bank of Vietnam for their medium, long term foreign loans as follows:

PART 1: INFORMATION OF RELATED PARTIES

I. Information of the borrower:

1. Name of borrowing enterprise:

2. Address:

3. Telephone:                                 Fax:

4. Full name of competent representative

5. Establishment decision (or Investment Permit or Investment Certificate or Business

Registration Certificate, ect ) number……, issued by…….. on…….

6. Scope of legal operation of the enterprise

7. Total investment funds of enterprise (applied to foreign owned enterprise) or total charter capital (for other type of enterprise);

8. Type of enterprise (determined according to enterprise establishment documents):

9. Status of debt outstanding at the time of preparing application file:

- Short term foreign loan outstanding: ……….. (of which overdue:…. )

- Short term domestic loan outstanding: ……….. (of which overdue:…. )

- Medium, long term foreign loan outstanding: ……….. (of which overdue:…. )

- Medium, long term domestic loan outstanding: ……….. (of which overdue:…. )

II. Information of the lender (if there are several lenders, please clearly state following information for each lender):

1. Name of the lender:

2. Address:

3. Country of the lender:

4. Type of lender

5. Relationship with the lender (agent, parent company): ………

III. Information of other related parties

1. Guarantor:

1.1. Name of the guarantor

1.2. Address of the guarantor

2. Insurer:

2.1. Name of the insurer

2.2. Address of the insurer:

3. Authorized credit institution:

3.1. Name of authorized credit institution

3.2. Address of authorized credit institution:

3.3. Number of account “foreign borrowings and repayment” opened at authorized CI:

4. Other related parties (clearly state name, address related to the loan, if any):

PART II. INFORMATION ABOUT BORROWING PURPOSES

1. Borrowing purposes (for project financing, goods import, service payment, finance lease): …..

2. Name of investment project which will use the loan

3. Documents proving the legality of investment project (project approval, investment registration certificate, ect):……

4. Locality, place where the loan shall be used

PART 3: INFORMATION OF THE LOAN

1. Date of signing the foreign borrowing contract

2. Effective date of the contract:

3. Loan amount:

3.1. In number:

3.2. In words:

4. Currency of borrowing, repayment:

5. Form of borrowing:

6. Form of repayment (by money, by goods or other kinds, please clearly state):..

7. Borrowing period: ……… (of which clearly state grace period: ……..)

8. Borrowing interest rate:

8.1. Fixed interest rate:

8.2. Floating interest rate: Clearly sate type of selected interest rate, method of calculation, method of application, interest margin:

9. Types of fee (guarantee fee; premium; arrangement fee; management fee; other fees, please clearly state):

10. Penalty interest:

11. Security form (guarantee, mortgage, deposit, pledge, etc):

12. Plan of funds withdrawal:

13. Plan of debt repayment:

13.1. Plan of principal repayment:

13.2. Plan of interest repayment:

14. Other conditions (if any):

* Notice: please clearly state reference clause in the borrowing contract for each content in this part.

PART IV: COMMITMENT

1. Person who undersigns (competent representative of enterprise) hereby undertakes to take all responsibilities for the accuracy of all information stated in the Registration for this foreign loan and attached documents in the registration file for foreign loan of Enterprise.

2. [Name of borrowing enterprise] hereby undertakes to comply with provisions of applicable laws of Vietnam, provisions in the Decree No. 134/2005/ND-CP of the Government, dated 1

November 2005 on the issuance of the Regulation on management to foreign borrowings and repayment; the Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing in details for the implementation of the Ordinance on Foreign Exchange; guiding documents of above mentioned Decrees and other legal documents of related laws.

APPENDIX NO. 02.DGH

REGISTRATION FORM FOR CHANGES IN FOREIGN LOAN

Pursuant to the Decree No. 134/2005/ND-CP dated 1 November 2005 of the Government on the issuance of the Regulation on management to foreign borrowings and repayment and other guiding documents thereof;

Pursuant to the Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing guidance on the implementation of the Ordinance on Foreign Exchange and other guiding documents thereof;

Pursuant to Official Dispatch No….., dated …/……./……. of the State Bank of Vietnam, branch…… on verifying registration of the foreign loan;

Pursuant to the Borrowing Contract signed with Foreign Lender (s) on …../…/….

Enterprise named below would like to register with State Bank of Vietnam/State Bank of Vietnam, branch….. about changes in some contents related to foreign loans as follows:

I. THE BORROWER:

1. Name of borrowing enterprise:

2. Number, date of the Document verifying the registration for foreign borrowings, repayment of the State Bank of Vietnam or State Bank of Vietnam, branch….

3. Number, date of the Documents verifying the registration for changes in foreign loans of the State Bank of Vietnam or State Bank of Vietnam, branch…. (please state all documents, if any).

II. CHANGING CONTENTS

(Please state in details every changing content according to following items)

1. Change in the lender:

- Current lender:

- New lender:

- Reason for change:

2. Change in turnover:

- Current turnover:

- New turnover:

- Reason for change:

3. Change in borrowing conditions (interest rate, fee, penalty interest, currency of repayment, form of repayment, ect):

- Current contents:

- Changed contents:

- Reason for change:

4. Change in funds withdrawal plan:

- Current funds withdrawal plan:

- New funds withdrawal plan:

- Reason for change:

5. Change in repayment plan:

- Current repayment plan:

- New repayment plan:

- Reason for change:

6. Change in guarantor:

- Current guarantor:

- New guarantor:

- Reason for change:

7. Other changes:

- Changing contents

- Reason for change

III. PETITIONS

[Name of borrowing enterprise] hereby proposes State Bank of Vietnam, branch….. to verify that [name of borrowing enterprise] has registered for changes in contents of the foreign loan at the State Bank of Vietnam, branch….

IV: COMMITMENT

1. Person who undersigns (competent representative of enterprise) hereby undertakes to take all responsibilities for the accuracy of all information stated in the Registration form for changes in this foreign loan and attached documents in the registration file for changes in the foreign loan of Enterprise.

2. [Name of borrowing enterprise] hereby undertakes to comply with provisions of applicable laws of Vietnam, provisions in the Decree No. 134/2005/ND-CP of the Government, dated 1 November 2005 on the issuance of the Regulation on management to foreign borrowings and repayment; the Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing in details for the implementation of the Ordinance on Foreign Exchange; guiding documents of above mentioned Decrees and other legal documents of related laws.

Attached files:

- Agreement on changes between the Borrower and the Lender (enclosed with Vietnamese translation to be certified by competent representative of enterprise)

- Written confirmation for foreign loan registration and the confirmation for previous registration for changes (if any).

- Written consent by the Guarantor to the foreign loan of the enterprise for changes (if the loan is guaranteed)

APPENDIX NO. 03.DGH

APPLICATION FOR THE GRANT OF PERMIT FOR OPENING AND USING FOREIGN CURRENCY ACCOUNT OVERSEAS

Name of organization:

Foreign trading name (if any): Head office:

Telephone: Fax: Establishment decision No.

Issued by…………… date of issue: Business registration No.

Issued by……….. date of issue: Business sector:

Charter capital:

Oversea Office (if any):

Telephone    Fax:

would like to propose the State Bank of Vietnam to consider and grant the Permit for opening foreign currency account overseas

Location to open account: Bank:

Address: Country:

Purpose of opening foreign currency account overseas (clearly state the reason to open the account, estimated receipt and payment sources on the account):

Time of using account overseas: Vietnamese remitting Bank:

We hereby undertake to correctly comply with current provisions on foreign exchange control of the State.

Attached documents:

- Notarized copy of the establishment decision of the enterprise;

- Notarized copy of Business Registration Certificate

- Other related documents under provisions in this Circular.

APPENDIX NO. 04.DGH

APPLICATION FOR THE GRANT OF PERMIT FOR OPENING AND USING FOREIGN CURRENCY ACCOUNT OVERSEAS

Name of enterprise:

Investment Permit Number:         issued on……/……../……. Address:

Telephone number:         Fax: Investment form:

- 100% foreign owned enterprise:

- joint venture enterprise:

Sector of production- business: Investment funds:

Of which: legal capital: Loan funds:

Letter by State Bank confirming the registration of foreign loans, number…….. dated……./…../………. would like to propose the State Bank to consider and grant the permit for opening foreign currency account overseas.

Purposes of opening foreign currency account overseas: Location to open account: country……….. bank…..

Time for using account overseas:

We hereby undertake to correctly comply with current provisions of Vietnam on foreign exchange control and provisions stated in the Permit for opening foreign currency account overseas of the State Bank of Vietnam

Attached files

- Written explanation about the necessity to open an account overseas and all evidences (foreign language version and Vietnamese translation to be certified by competent representative office);

- Notarized copy of Investment Certificate

- Estimated contents of monthly foreign currency receipt, payment on the account opened overseas.

APPENDIX NO. 05.DGH

REGISTRATION FORM FOR FOREIGN CURRENCY PAYMENT AGENT

To:State Bank branch in province/city……

Name of organization: Located in:

Telephone number                         Fax number

Business Registration Certificate/Establishment and Operation Licence/Investment Permit/ Operation Certificate of Branch number……… issued on……….

Place of issue:

Pursuant to the Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing in details for the implementation of the Ordinance on foreign exchange;

On the basis of the authorized agent contract for foreign currency payment number…… dated……… entered into between (name of economic organization) and (name of authorizing organization).

would like to propose the State Bank branch in province, city………. to consider granting the Registration Certificate of foreign currency payment agent in the local area with the following contents:

We undertake, during operation of the foreign currency payment agent, to correctly comply with current provisions of Vietnam on foreign exchange control and other related provisions of applicable laws.

Attached documents

- Business Registration Certificate/ Establishment and Operation Licence/ Investment permit/ Operation Certificate

- Schedule for undertaking the service of foreign currency receipt and payment

- Principle contract with foreign party

APPENDIX NO. 06/DGH

SOCIALIST REPUBLIC OF VIETNAM
INDEPENDENCE- FREEDOM- HAPPINESS
--------------------------------

APPLICATION FOR THE GRANT OF PERMIT TO BRING CURRENCY OF THE COUNTRY SHARING BORDER WITH VIETNAM AND VIETNAMESE DONG OVERSEAS

To:                                          

My name is

Permanent address:

Number of passport (or border ID card): Issued by…………. on:……..

Would like to bring amount of money as follows:

- Currency of the country sharing border with Vietnam:

- Vietnamese dong: Via the border checkpoint:

Reason for carrying the money amount:

I would like to ask the State Bank branch in province, city……. for permission to bring the above mentioned amount via the border and shall take self-responsibility for any risk related to the cash carrying.

APPENDIX NO. 07.DGH

APPLICATION FOR THE GRANT OF PERMIT TO COLLECT CHINESE CURRENCY IN CASH

To:State Bank branch in province/city…

Name of enterprise:

Foreign trading name: Head office:

Telephone number                       Fax number

Business Registration Certificate (or Investment Permit) number: Issued by……………………… on……..

Business place for collecting Chinese currency in cash:

Telephone number:                      Fax number:

Would like to propose the State Bank branch in province/city…… to consider and permit us to collect Chinese currency in cash at the place mentioned above from activity…….

We hereby undertake:

- To use Chinese currency collected for the purposes which are permitted by applicable laws of Vietnam and to make self-balance for this money amount for importing goods, making payment for services to foreign parties or selling to authorized bank to exchange for Vietnamese dong in accordance with current related provisions on foreign exchange control.

- Not to require to convert Chinese currency in cash already collected to freely convertible foreign currencies, not to sell such amount of Chinese currency to buy convertible foreign currencies in free market to deposit into the bank.

APPENDIX NO. 08.DGH

PERMIT TO COLLECT CHINESE CURRENCY IN CASH

MANAGER OF STATE BANK BRANCH IN PROVINCE/CITY……….

- Pursuant to the Decision No. 689/2004/QD-NHNN dated 7 June 2004 of the Governor of the State Bank on the issuance of the payment Regulation in trading, exchanging goods, services at border area and at Vietnam- China border checkpoint’s economic zone;

- Based on application file for the grant of Permit to collect Chinese currency in cash of ….. (name of enterprise)

1. To permit……. (name of enterprise): Address:

Telephone number:         Fax number: Business Permit (or Investment Permit) number:

to collect Chinese currency in cash (CNY) from activity……….

2. …… (name of enterprise)……….. shall only be entitled to collect Chinese currency in cash for the right subjects as stipulated in Point 1 mentioned above. Amount of Chinese currency collected shall be used for……….. and selling to the Bank which is authorized to trade in CNY in the local area of the border province under current provisions on foreign exchange control.

3. (For enterprises which collect cash CNY from activity of trading in lottery game for foreigners only)

If player wins an award and has a demand to bring Chinese currency in cash overseas in exceed of the amount that needs declaring to border checkpoint’s Custom, it is required for him to have a permit to bring foreign currency cash which is granted by Manager of the State Bank branch in province/city…….., ……(name of enterprise) shall be responsible for verifying the winning amount of the player to make basis for granting Permit for carrying Chinese currency in cash overseas.

4. On monthly basis, on the 10th of the first month in next quarter at the latest, ……. (name of enterprise) shall make a written report to the State Bank branch in province/city………. on their receipt, payment of Chinese currency in cash in the quarter.

5. This Permit shall take effect within 5 years since the date of signing. General Director/Director of ……. (name of enterprise) shall be responsible for correctly implementing the contents stated in this Permit and current provisions of Vietnam on foreign exchange control.

DIRECTOR

APPENDIX NO. 09.DGH

SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
--------------------------

………, date………..

APPLICATION FOR THE CONSENT TO THE CARRYING OF CURRENCY OF THE COUNTRY SHARING BORDER WITH VIETNAM TO DOMESTIC PROVINCES

To:State Bank branch in province/city..

My name is …………., date of birth:

Passport number (or border ID card):

Issued by……………… on:

I have amount of money in cash of the country sharing border with Vietnam to be:

In number:

In words:

I hereby would like to require the State Bank branch in province/city …………. to let me bring the above mentioned money amount to domestic provinces to use for purpose…….

I shall take full responsibilities to the law for the carrying and using of the above mentioned amount.

APPENDIX NO. 10.DGH

REGISTRATION FOR FOREIGN CURRENCY ACCOUNT AND RATE OF PROGRESS OF REMITTING INVESTMENT FUNDS OVERSEAS

Name of credit institution, enterprise of Vietnam which makes investment to abroad:…….

Address:

Telephone number:

Business Licence number…… dated………

Investment receiving Permit of investee country number……. dated

Permit for making investment to abroad number…….. dated

- Total investment funds:

- Legal capital:

- Of which Vietnamese party contributed:

+ In money:

+ In assets (machines, equipment, materials, etc):

We submit this application to require the Bank to verify our registration of foreign currency account and rate of progress of remitting investment funds to perform the investment project in the country….. as follows:

Investment funds in money to be performed through the foreign currency account number….. opened at the Bank…….

We hereby undertake to correctly comply with current provisions of Vietnam on foreign exchange control and other provisions related to the implementation of oversea investment project.

GENERAL DIRECTOR (DIRECTOR) OF CI, ENTERPRISE

APPENDIX NO. 11.DGH

APPLICATION FOR THE GRANT OF PERMIT FOR FOREIGN CURRENCY RECEIPT, PAYMENT

To:State Bank branch in province/city….

Name of economic organization:

Address of head office:

Telephone number                    Fax number

Business registration certificate/Investment Permit/Operation Certificate of the branch number……….., issued on………..

Issued by

Pursuant to the Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing in details for the implementation of the Ordinance on foreign exchange;

On the basis of the contract number….., dated……….., entered into between (name of economic organization) and (name of foreign partner) to receive foreign currencies remitted from foreign country to make payment to domestic beneficiary.

We would like to require the State Bank branch in province/city………. to consider granting the

Permit for foreign currency receipt and payment in following places:

During the operation of foreign currency payment agent, we would like to undertake to correctly comply with current provisions of Vietnam on foreign exchange control and other provisions of related laws.

GENERAL DIRECTOR (DIRECTOR)