In order to keep up with the trend of information technology revolution, state agencies are increasingly expanding the application of websites to carry out administrative procedures. Circular 12/2022/TT-NHNN of the State Bank (“Circular 12”), which took effect on 15 November, is supplemented several new regulations on foreign exchange management for borrowing, foreign debt repayment of the enterprise. Accordingly, the website of the State Bank will be enhanced to be used when carrying out loan registration and reporting procedures, specifically as follows:

About the loan registration procedure

According to the previous regulations, when applying for a self-borrowing loan, an enterprise can choose to submit an application directly or online on the website of the State Bank (the “Website”). When Circular 12 takes effect, these 2 forms will still be applied. However, if an enterprise chooses to submit the application directly, now can still declare the information on the Website before submitting the application to save time when carrying out the procedure.

In addition, enterprises will only need to notify on the Website without having to register for loan changes in some cases such as change of capital withdrawal time, principal repayment within 10 days, change of address only of the borrower but not the province, city... These cases are clearly defined in Circular 12.

Enterprises should note to apply these regulations to minimize the processing time for applications for registration and change registration of foreign loans.

About the periodic loan reporting procedure

Circular 12 has officially "excluded" the loan reporting procedure by direct application. Accordingly, enterprises making loan reports are required to go through the website from 15 November 2022. However, the form of direct reporting will only be temporarily applied in case the Website encounters a technical error that the State Bank has not been able to fix.

It should be noted that when there is a technical error, the enterprise must actively and urgently find solutions to overcome the error or actively coordinate with the technical department in charge of the Website to find solutions to overcome the error. At the same time, the enterprise is responsible for updating the report on the Website as soon as the problem is fixed.