Quyết định 883/2005/QD-NHNN

DECISION

PROVIDING FOR THE FOREIGN BORROWING COST OF ENTERPRISES

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam in 1997; the Law on the amendment, supplement of several articles of the Law on the State Bank of Vietnam in 2003;
- Pursuant to the Law on the issuance of legal documents in 1996; the Law on the amendment, supplement of several articles of the Law on the issuance of legal documents in 2002;
- Pursuant to the Decree No. 52/2003/ND-CP dated 19/05/2003 of the Government providing for the function, assignment, authority and organizational structure of the State Bank;
- Pursuant to the Decree No. 90/1998/ND-CP dated 07/11/1998 of the Government on the issuance of the Regulation on the management to foreign borrowing and repayment;
- Upon the proposal of the Director of the Foreign Exchange Control Department,

DECIDES:

Article 1. Enterprises shall consider and decide by themselves on the foreign borrowing cost (including interest rate, fees and related charges) with reference to lending interest rates in the international capital market and all types of fees in line with the international practices at each time where they enter into borrowing agreements and take self -responsibility for their own decision.

Enterprises stipulated in this Decision shall be enterprises which are provided for in Point 1, Section I, Chapter I of the Circular No. 09/2004/TT-NHNN7 dated 21/12/2004 of the State Bank of Vietnam guiding the foreign borrowing and repayment by enterprises.

Article 2. In respect of borrowing subjects, borrowing purposes and application file for the registration of foreign borrowing, Enterprises shall comply with provisions of the State Bank stated in the Circular No. 09/2004/TT-NHNN dated 12 December 2004 guiding the foreign borrowing and repayment by enterprises.

Article 3. This Decree shall be effective after 15 days since its publication in the Official Gazette and replace the Decision No. 980/2001/QD-NHNN dated 01 August 2001 of the Governor of the State Bank of Vietnam on the regulation on the foreign borrowing cost of enterprises.

Article 4. Director of Administrative Department, the Director of the Legislative Department, the Director of the Foreign Exchange Control Department, Heads of units of the State Bank, General Managers of the State Bank branches in provinces, cities under the Central Governments management; General Directors (Directors) of credit institutions and related enterprises, within the scope of their functions, assignments, shall be responsible for the implementation of this Decision.