Foreign Currency Loans for Fuel Importation

On May 2, 2012, the State Bank of Vietnam (SBV) sent Document No. 2650/NHNN-CSTT to credit institutions and foreign bank branches, asking for foreign currency loans for fuel importation.

 

Accordingly, in case primary fuel importers with the 2012 fuel importation quotas designated by the Ministry of Industry and Trade have demands of foreign currency loans for overseas payment but do not have enough foreign currency revenue from production - business to repay the loans, credit institutions and foreign bank branches may extend short-term foreign currency loans to them as stipulated in Item 1, Article 2 of Circular No.03/2012/TT-NHNN of the SBV Governor dated March 8, 2012 stipulating foreign currency lending by credit institutions and foreign bank branches for resident borrowers.

 

The SBV requires credit institutions and foreign bank branches to make short-term foreign currency lending to the primary fuel importers in accordance with Circular No. 03/2012/TT-NHNN, legal text on foreign exchange management and the other relevant legal texts, thus ensuring the principal and interest recovery on due date.