Công văn 4568/NHNN-QLNH

To: Commercial Banks

On 12/01/2009, the State Bank of Vietnam sent the dispatch No. 312/NHNN-QLNH to commercial banks giving instruction on the implementation of the Circular No. 17/2008/TT-BCT on instruction to implement the automatic licensing mechanism for import of several commodities of the Ministry of Industry and Trade.

In order to strengthen measures for controlling trade deficit in 2009 and to further tighten provisions on confirmation of payment via banks for enterprises, commercial banks (CBs) are required to implement following contents:

1. Only commercial banks which are authorized to perform international payment operations in compliance with the Licence for foreign exchange supply in international market as provided for in the Circular 03/2008/TT-NHNN issued by the State Bank of Vietnam shall be entitled to issue the Confirmation of payment via bank to enterprises.

2. CBs shall be responsible for not issuing the confirmation of payment via bank to enterprises if enterprises commit violation for 03 (three) times or more when actually they do not make payment via bank as committed.

3. Regarding reporting regime, CBs are required to continue the serious performance of reporting regime in accordance with provisions in the Circular 17/2008/TT-BCT on cases where enterprises do not make payment via bank upon the expiration of payment term as committed in order to deal with arising queries.

The State Bank of Vietnam would like to give notice for the knowledge and implementation by commercial banks.