The State Bank of Vietnam(“SBV”) has issued
Circular 25/2014/TT-NHNN dated 15 September 2014 regulating the
registration of foreign loans.Circular 25 replaces in part
Circular 09/2004/TT-NHNN dated 21December 2004 on foreign loans and
Circular 25/2011/TT-NHNN dated 31 August 2011 on administrative
procedures in the foreign exchange sector.

Circular 25 will take effect from 1 November 2014.

Below are some key changes in Circular 25 which may be of interest:

Certain loans to Vietnamese borrowers from overseas require
registration with the SBV. Broadly, only loans with a term of more than
one year have to be registered. Circular 25 however now extends the
registration requirement to include short- term foreign loans that have
not been fully repaid within one year and ten days of the first

2. Foreign loans in Vietnamese Dong to foreign-invested
enterprises sourced from that entity’s distributed profits must now be

3. Changes in timing of the drawdowns or repayments
of foreign loans of up to ten (10) days are not required to be
registered with the SBV.

4. The application documents required
for registration of foreign loans are listed in more detail than under
the current laws. New prescribed forms for registration are also

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