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Two new regulations on financial activities to take effect from August

New regulations on the operation of money exchange agents of bordering countries and eligibility requirements for foreign loans without the Government’s guarantee will officially take effect from August, 2023.
Two new regulations on financial activities to take effect from August ảnh 1Illustrative image (Photo: vneconomy.vn)
Hanoi (VNA) – New regulations on the operation of money exchange agentsof bordering countries and eligibility requirements for foreign loans withoutthe Government’s guarantee will officially take effect from August, 2023.

The State Bank of Vietnam issued Circular04/2023/TT-NHNN dated June 16, 2023 specifying regulations on the operation ofmoney exchange agents of bordering countries which takes effect on August 1.

Under the circular, the agents may only operate in the form of using Vietnamesedong to buy money from bordering countries sold by individuals.

Those located at departure waiting rooms at international andmain border gates may sell bordering countries' currency in cash for Vietnamesedong to individuals.

They may also sell money of bordering countries in cash toforeign individuals who have completed exit procedures.

Two new regulations on financial activities to take effect from August ảnh 2Illustrative image (Photo: VNA)
Regarding requirements for foreign loans that are not guaranteedby the Government, the central bank’s Circular 08/2023/TT-NHNN dated June 30,2023 stipulates that those subject to this regulation include residents thatare enterprises, cooperatives, cooperative unions, credit institutions and foreignbank branches (FBBs) established and operating in Vietnam and known as the partiesapplying for foreign loans (borrowers), and credit institutions or FBBs inVietnam where borrowers’ accounts are opened to serve their foreign borrowingand repayment of foreign loan debts.

Borrowers of foreign loans in the form of international bondissuance, in addition to meeting the conditions for foreign loans that are notguaranteed by the Government, must comply with the provisions of law on theoffering of corporate bonds to the international market and other relevant regulations.

Borrowers who are state-owned enterprises, in addition tomeeting the loan conditions, must comply with regulations on management and use ofstate capital invested in production and business at enterprises and otherrelevant regulations.

This circular will come into effect on August 15./.


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