On 30 September 2022, the State Bank of Vietnam officially issued Circular No. 12/2022/TT-NHNN providing instructions on foreign exchange administration regarding offshore borrowing and offshore debt repayment of enterprises (“Circular 12”). Circular 12 came into effect on 15 November 2022, replacing Circular No. 03/2016/TT-NHNN and its amending circulars.
The National Assembly of Vietnam has passed the new Insurance Business Law on 16 June 2022 at the meeting of the National Assembly. The New Law has provided significant changes to the Current Law and will have a major impact on the development of Vietnam’s insurance market.
The State Bank of Vietnam released a draft circular on conditions for enterprises’ offshore loans without government guarantee, which aims to replace Circular No. 12/2014/TT-NHNN dated 31 March 2014. The Draft Circular tightens the control on offshore loans to tackle the risk of excess national foreign debt quota and to promote the onshore loan market. Borrowers are now expected to meet additional conditions to borrow offshore loans without government guarantee.