19 May 2022
Nguyen Tuan Minh
#VietnamLaw #BankingLaw #OverseasLoans #StockMarket #RealPropertyMarkets
SBV has recently prepared a new draft Circular on overseas borrowings without government guaranty by Vietnamese entities and may be circulating it for comments from the public and stakeholders. This Circular shall replace the existing Circular 12/2014/TT-NHNN dated 26 Feb 2014.
Among other things, it is clear of SBV intention trying to help curbing the highly bubble development of the country’s stock and real property markets. the Draft Circular provides that oversea short term borrowings shall be allowed for the purposes of payment of account payables incurred within 12 months from the date of signing the shorterm loan contract but EXCLUDING:
– payment of loans/borrowings under any other loan or borrowing contract signed by the borrower with any other Vietnamese resident;
– payment of debts or account payables under any transaction of stock trading, acquisition of shares or capital contribution in any other enterprise; acquisition of real property investment or taking transfer of real property projects.
At the same time, the Ministry of Finance is expected to introduce soon a new government Decree on private placements of corporate bonds underwhich corporate bonds issued on private placement basis for the purposes of restructuring corporates debts, payment of any transaction of stock trading, acquisition of shares or capital contribution in any other enterprise; acquisition of real property investment or taking transfer of real property projects may also be restricted.
Your comments or queries please contact us at contact@vietpremierlaw.vn
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