On 30/06/2023, the State Bank of Vietnam issued Circular 08/2023/TT-NHNN on conditions for foreign loans not guaranteed by the Government. Upon taking effect from 15/08/2023 (except for the provisions on short-term foreign loan limits, which take effect from 01/01/2024), Circular 08 will replace Circular 12/2014/TT-NHNN guiding foreign exchange management for foreign borrowing and debt repayment by enterprises. Circular 08/2023/TT-NHNN contains a number of notable provisions as follows:

(i) Supplementing the principles for the use of foreign loans and provisions on foreign loans in the form of deferred-payment imports of goods;
(ii) Supplementing the definition of a foreign debt restructuring plan and the basic contents that a foreign debt restructuring plan must contain;
(iii) Specific provisions on the purposes of foreign borrowing;
(iv) Regulations on foreign borrowing limits applicable to medium- and long-term foreign loans.