Vietnam: New regulations on foreign exchange management for international bond issuance

Apolat Legal

31st August 2022

The State Bank of Vietnam (SBV) has issued Circular 10/2022/TT-NHNN guiding the management of foreign exchange for the issuance of bonds to the international market that are not guaranteed by the Government.

The State Bank of Vietnam (SBV) has issued Circular 10/2022/TT-NHNN guiding the management of foreign exchange for the issuance of bonds to the international market that are not guaranteed by the Government.

This Circular stipulates the procedures for registration, changes in the issuance of bonds to the international market that are not guaranteed by the Government; Other contents on foreign exchange management related to foreign loans in the form of bond issuance to the international market shall comply with regulations on foreign exchange management for foreign borrowing and repayment of enterprises.

According to the Circular, before a bond offering is made, the issuer shall send 1 set of registration dossiers for international bond issuance to the State Bank (Foreign Exchange Management Department). Within 8 working days from the date of receipt of the complete and valid dossier, the State Bank shall issue a written confirmation or refusal to the issuance limit. In case of refusal to the issuance limit, the State Bank shall send a written explanation clearly stating the reason.

After the regulatory documents are officially signed between the related parties, the issuer completes the application for registration of the issuance with the official components in accordance with the laws.

Within 02 working days from the date of receiving the official dossier as prescribed, the State Bank shall send a written confirmation of registration of the international bond issuance to the issuer. In case of refusal, the State Bank shall send a written explanation clearly stating the reason.

This Circular takes effect from September 15^th, 2022.

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