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THE
NATIONAL ASSEMBLY
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.
20/2017/QH14
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Hanoi,
November 23, 2017
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LAW
ON PUBLIC DEBT MANAGEMENT
Pursuant to the 1992
Constitution of the Socialist Republic of Vietnam;
The National Assembly
promulgates the Law on Public Debt Management.
Chapter I
GENERAL PROVISIONS
Article 1.
Scope
1. This Law sets forth public debt
management, which covers the borrowing, use of loans and debt repayment and
public debt management transactions.
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Article 2.
Regulated entities
This Law applies to organizations
and individuals involved in the borrowing, use of loans, debt repayment and
public debt management transactions.
Article 3.
Interpretation of terms
For the purposes of this Law, these
terms below shall be construed as follows:
1. ”government debt” means a
debt arising from an internal or external loan which is signed or issued in the
name of the State or the Government.
2. ”sovereign-guaranteed debt” means
a debt arising from a loan borrowed by an enterprise or a bank for social
policies guaranteed by the Government.
3. ”provincial debt” means a
debt arising from a loan borrowed by a People’s Committee of province.
4. ”borrowing” means the
process of creating debt obligations through the conclusion and performance of
a loan treaty, contract or agreement (hereinafter referred to as loan
agreement) or issuing debt instruments.
5. ”ODA loan” (Official
Development Assistance loan) means an external loan with a grant element of
at least 35% (in case of conditional loan relating to procurement of goods and
services as prescribed by the foreign donor) or at least 25% (in case of
unconditional loan).
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7. ”market loan” means a
loan provided under market conditions.
8. ”grant element” means a
percentage of loan’s face value, reflecting the concessionality of the loan,
calculated on the basis of currency, maturity, grace period, interest rate,
other related fees with the discount rate equivalent to the loan interest of
Vietnamese Government on the market determined when the grant element is
calculated.
9. ”debt instrument” refers
to a bond, a treasury bill, or development bond, which gives rise to debt
obligations.
10. ”sovereign bond” means a
debt instrument issued by a government intended for raising funds for state
budget or debt restructuring.
11. ”provincial bond” means
a debt instrument issued by a People’s Committee of province for raising funds
for local budget.
12. ”sovereign-guaranteed bond” means
a debt instrument issued by an enterprise or a bank for social policies and
guaranteed by the Government.
13. ”treasury bill” means a
debt instrument issued by Vietnam State Treasury for a term of up to 52 weeks.
14. “development bond” means
a bond issued by the Government intended for raising capital from citizens to
build important national projects and other facilities serving production, life
and infrastructure for the country.
15. “outstanding debt” means
a loan that has been disbursed but remains unpaid at a certain point of time.
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17. “debt repayment” means
the repayment of a due debt, including the repayment of principal, interests,
and other related fees arising from the loan.
18. “debt restructuring” means
a transaction to be used to alter the terms of the debt agreement, restructure
a part or the whole of the public debt portfolio, including assignment of
ownership, charge-off, write-off, debt purchase, debt extension, debt swap, or
any debt restructuring transaction as per the law.
19. “on-lending” means that
the Government on-lend a sum of money that it has borrowed from ODA loans or
external concessional loans to a People’s Committee of province or a public
sector entity.
20. ”sovereign guarantee” means
the Government's commitment with the lender to make the repayment of principal
and interests in case of borrower’s failure to pay the due debt in full.
21. “limit on sovereign
guarantee” means a maximum sum of money that the sovereign guarantees for 1
year or 5 years, being determined by actual sum of loan minus (-) principal.
22. “risks faced by public debt
portfolio” means possibility of loss or public debt increase.
Article 4.
Public debt classification
1. Government debts include:
a) Debts arising from issue of debt
instruments by the Government;
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c) Debts arising from central
government budget’s loans borrowed from financial reserve fund of state, state
funds available on State Treasury’s accounts (hereinafter referred to as state
funds), or off-budget financial fund.
2. Sovereign-guaranteed debts
include:
a) Debts of enterprises guaranteed
by the Government;
b) Debts of banks for social
policies guaranteed by the Government.
3. Provincial debts include:
a) Debts arising from issue of
provincial bonds;
b) Debts arising from ODA on-lent
loans, external concessional loans;
c) Debts arising from local
government budget’s loans borrowed from banks for social policies, financial
reserve fund of provinces, state funds, and other loans as per the law on state
budget.
Article 5.
Principles for public debt management
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2. Strictly control indicators of
public debt safety, ensure a safe and sustainable national finance with
macroeconomic stability.
3. Any proposal, appraisal, and
approval for a borrowing policy, negotiation and conclusion of loan agreement,
issue of debt instruments, or allocation and use of loans must be carried out
with proper purposes and effectiveness. A loan granted for financing budget deficit
is only used for development investment, not recurrent expenditures.
4. A borrower, end borrower, or
sovereign-guaranteed borrower shall discharge obligations tied to a loan, an
on-lent loan or a sovereign-guaranteed loan respectively fully and on schedule.
An ODA on-lent loan, external concessional loan, or sovereign-guaranteed loan
may not be converted into allocated capital of state budget.
5. Ensure that any public debt is
calculated accurately and sufficiently; ensure the transparency in public debt
management associated with responsibilities of relevant entities in public debt
management.
Article 6.
State management of public debts
1. Promulgate and implement
legislative documents on public debt management.
2. Formulate and implement
programs, plans, solutions, and policies on public debt management.
3. Perform public debt management,
including proposal, appraisal, and approval for borrowing policies; negotiation
and conclusion of loan agreements; issue of debt instruments, allocation and
use of loans, debt repayment and public debt management transactions.
4. Monitor and provide information
about public debt management and use, and assess effectiveness thereof.
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6. Give commendation, take actions
against violations, and handle complaints and denunciation in terms of public
debt management.
Article 7.
Supervision of public debt management
1. The National Assembly and each People’s
Council shall supervise the implementation of regulations and laws on public
debt management as prescribed in the Law on supervisory activities of the
National Assembly and People’s Councils and relevant law provisions.
2. Vietnamese Fatherland Front
shall supervise the implementation of regulations and laws on public debt
management in accordance with regulations of Vietnamese Fatherland Front and
relevant law provisions.
Article 8.
Prohibited acts in public debt management
1. Borrowing, lending, and
guaranteeing loans ultra vires, without approval of competent authorities, or
exceeding the limits decided by competent authorities.
2. Using loans for improper
purposes or by improper persons, exceeding the prescribed limits; or failure to
make debt repayment properly.
3. Taking advantage of one’s
position to appropriate or embezzle in public debt management and use.
4. Failing to comply with
regulations on public debt management; causing loss or waste of loans due to
irresponsibility.
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6. Obstructing the supervision,
inspection, audit and actions against violations of laws and regulations on
public debt management.
Article 9.
Actions against violations of regulations and laws on public debt management
1. The head of an entity shall be
held accountable for any violation against regulations and laws on public debt
management committed by such entity. Depending on nature and severity of the
violation, the head of such entity shall be disciplined or face a criminal
prosecution as per the law.
2. Any entity violating regulations
and laws on public debt management shall, depending on his/her/its nature and
severity of the violation, be disciplined, incur an administrative penalty or
face a criminal prosecution, and make compensation in case of causing damage as
per the law.
Chapter II
TASKS AND POWERS IN PUBLIC DEBT MANAGEMENT
Article 10.
Tasks and powers of the National Assembly
1. Ratify or adjust 5-year public
debt borrowing and repayment plans.
2. Ratify or adjust annual total
borrowing and repayment amounts of state budget.
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1. Offer opinions about schemes,
projects and reports on public debt management submitted by the Government.
2. Decide the issue of development
bonds.
Article 12.
Tasks and powers of the State President
1. Decide negotiation, conclusion,
ratification and adjustments to ODA or concessional loan agreements in the name
of the State as prescribed in the Law on treaties.
2. Require the negotiation,
conclusion, ratification and adjustments to ODA or concessional loan agreements
in the name of the State as deemed necessary.
Article 13.
Tasks and powers of the Government
1. Perform the unified state
management of public debts.
2. Request the National Assembly
to:
a) Ratify or adjust 5-year public
borrowing and repayment plans;
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3. Request the Standing Committee
of National Assembly to:
a) Offer opinions about schemes,
projects and reports on public debt management;
b) Decide the issue of development
bonds.
4. Decide annual limits on loans to
be on-lent and Sovereign-guaranteed loans.
5. Approve schemes for issuing
sovereign bonds in the international capital market.
6. Report on public debts and
indicators of public debt safety to the National Assembly, the Standing
Committee of National Assembly, and the State President.
Article 14.
Tasks and powers of the Prime Minister
1. Decide 3-year public debt
management programs.
2. Decide annual public debt
borrowing and repayment plans.
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4. Decide the use of accumulation
fund for debt repayment (hereinafter referred to as debt repayment fund) to
resolve problems associated with on-lending and sovereign guarantees.
5. Approve schemes for debt restructuring.
6. Approve programs and projects
using ODA loans or external concessional loans.
7. Decide and direct the
negotiation, conclusion, ratification, and adjustments of external loan
agreement in the name of the Government.
8. Decide ODA on-lent loans or
external concessional loans for every program or project.
9. Decide sovereign guarantees for
every program or project.
Article 15.
Tasks and powers of ministries and ministerial-level agencies
1. The Ministry of Finance shall
assist the Government in performing the uniform state management of public
debts and have the following tasks and powers:
a) Formulate a legislative document
on public debt management, and then promulgate it within competence or request
a competent authority to promulgate it;
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c) Make a plan for issue of
development bonds and submit it to the Government; the Government shall then
submit it to the Standing Committee of National Assembly for ratification;
d) Make a plan for annual limits on
loans to be on-lent and Sovereign-guaranteed loans and a scheme for issuing
sovereign bonds in the international capital market and submit them to the
Government for approval;
dd) Make the following plans:
3-year public debt management program, annual public borrowing and repayment
plans, issues of sovereign bonds in international capital market, use of debt
repayment fund to resolve problems associated with on-lending and sovereign
guarantees, schemes for debt restructuring, negotiation, conclusion, approval
and adjustments of external loan agreements in the name of the Government,
on-lending, issue of sovereign guarantees for every program/project, and then
submit them to the Government for approval;
e) Make a plan for negotiation,
conclusion, approval and adjustments of ODA loan agreements or external
concessional loans in the name of the State and submit it to Prime Minister,
the Prime Minister shall then submit it to the State President for approval;
g) Raise funds, issue debt
instruments of the Government in the domestic and international capital market;
take charge of negotiating and concluding trade loan agreements, framework
agreements, agreements on ODA loans and external concessional loans in the name
of the State and the Government;
h) Allocate capital to investment
programs and projects financed by borrowed capital of the Government as per the
law on state budget;
i) On-lend ODA loans or external
concessional loans as prescribed by the Prime Minister;
k) Pay principal, interests, and
other related fees associated with the Government’s debts;
l) Issue and manage sovereign
guarantees according to decisions of the Prime Minister;
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n) Manage debt portfolio, implement
schemes for debt restructuring and responses to risks according to decisions of
the Prime Minister;
o) Do accounting for government
debts; release statistics on, report and publish information about public debts
as per the law;
p) Inspect and examine the
observance of the law on public debt management.
2. Ministries and ministerial-level
agencies cooperate with the Ministry of Finance in performing the roles of
regulatory agencies in public debts as assigned by the Government.
Article 16.
Tasks and powers of People's Councils of provinces
The People’s Council of a province
shall:
1. Decide and adjust annual and
5-year borrowing and repayment plans of the province as prescribed in this Law
and regulations and laws on state budget.
2. Decide a list of investment
projects funded by borrowed capital of the province as per the law; and approve
a scheme for issuing municipal bonds.
3. Oversee the borrowing,
on-lending, issues of municipal bonds, use of loans and repayment thereof of
the province.
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The People’s Committee of a
province shall:
1. Make an annual or a 5-year
borrowing and repayment plan of the province and submit it to People’s Council
of province for approval.
2. Make a 3-year debt management
program of the province and send it to the Ministry of Finance; the Ministry of
Finance shall then forward it to the Prime Minister.
3. Issue provincial bonds, apply
for loans borrowed from other lawful financial sources, ODA on-lent loans, and
external concessional loans as prescribed in this Law.
4. Inspect the management and use
of loans of the province.
5. Ensure that state budget is
enough to make repayment in full and on schedule.
6. Provide explanation and report
on mobilization, allocation, management, and use of loans and repayment thereof
of the province to competent authorities.
Article 18.
Tasks and powers of State Audit Office
Audit operations in connection with
public debt management and use, including mobilization, allocation, and use of
loans and repayment thereof, loans to be on-lent, and sovereign guarantees;
report and publish audit results as prescribed in the Law on State Audit Office
of Vietnam.
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1. Use loans in an effective
manner, with proper purposes, and intra vires as prescribed in this Law.
2. Fully fulfill obligations
arising out of loan agreements, issues of debt instruments, on-lent loan
agreements, or sovereign guarantees.
3. Provide information and reports
as prescribed in regulations and laws on public debt management.
4. If an/a (end) borrower or guaranteed
borrower commits a violation against the law, its head shall incur personal
liability for such violation.
Article 20.
Responsibilities of entities relating to public debt management
1. The Government, Prime Minister,
Ministries, ministerial-level agencies, People’s Committees of province shall
take legal responsibility for their performance of tasks and powers as assigned
in public debt management.
2. If an entity relating to public
debt management commits a violation against the law, its head shall incur
personal liability for such violation.
3. Each entity relating to public
debt management shall provide explanation and report on proposals, appraisal,
and approval for borrowing policies; negotiation and conclusion of loan agreements;
issue of debt instruments, allocation and use of loans, debt repayment and
public debt management transactions to competent authorities.
Chapter III
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Article 21.
Indicators of public debt safety
1. Indicators of public debt safety
mean a system of indicators setting forth public debt ceiling and threshold
ratified by the National Assembly.
2. Indicators of public debt safety
consist of:
a) Public debt-to-GDP ratio;
b) Government debt-to-GDP ratio;
c) The ratio of debt service of the
Government (excluding on-lent loans) to total budget revenues;
d) External debt-to- GDP ratio;
dd) External debt
service-to-exports ratio. export turnover.
Article 22.
5-year public borrowing and repayment plans
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a) Indicators of public debt
safety;
b) Total loans and debt service of
central government budget and local government budget; limits on loans to be
on-lent and Sovereign-guaranteed loans;
c) Public debt management
solutions.
2. A report on 5-year public
borrowing and repayment plan submitted to the National Assembly for
ratification shall at least contain:
a) Evaluate the control of
indicators of public debt safety, objectives for and solutions for previous
5-year public borrowing and repayment plan; evaluate results, limitations,
reasons thereof, and lessons learned;
b) Objectives and indicators of
public debt safety; orientations and solutions for public debt management with
a view to ensure a safe and sustainable national finance for the subsequent
5-year period;
c) Total loans and debt service of
the Government, including loans to be on-lent, total loans and debt service of
provinces, limits on Sovereign-guaranteed loans for the subsequent 5-year
period;
d) Essential solutions for carrying
out the plan.
3. The People’s Committee of
province makes 5-year borrowing and repayment plan of the province, including
implementation of the previous 5-year borrowing and repayment plan; evaluation
of results, limitations, reasons thereof and lessons learned; orientations and
solutions for debt management, total loans and debt service of the provinces for
the subsequent 5-year period, and then submit to People's Council of province
for consultation before sending it to the Ministry of Finance for consolidating
it to the 5-year borrowing and repayment plan.
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5. Procedures for preparing and
approving a 5-year financial plan shall apply to the preparing and approving of
5-year public borrowing and repayment plan as prescribed in the Law on State
budget.
6. In case of fluctuations in
economic growth, inflation, exchange rates, interest rates, or budget deficit
or failure to raise a given fund as approved resulting in indicators of public
debt safety reaching thresholds, the Government shall adopt appropriate
solutions to ensure that indicators of public debt safety will not exceed the
ceilings prescribed by the National Assembly. The Government shall make an
adjusted plan, as deemed necessary, and submit it to the National Assembly for
consideration.
Article 23.
3-year public debt management programs
1. Annually, a 3-year public debt
management program shall be made in conjunction with a 3-year financial plan as
prescribed in the Law on State budget.
2. A 3-year public debt management
program shall at least contain:
a) Evaluation of the progress of
public debt management in the current year;
b) Estimates of total loans and debt
service of the Government and of provinces, and limits on Sovereign-guaranteed
loan of the planning year and the subsequent 2 years;
c) Forecasts of domestic and
international capital market; borrowing source capacity and structure; loan and
debt service plans; expenses associated with raising funds and possible risks
in the planning year and the subsequent 2 years;
d) Essential solutions for carrying
out the program.
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4. The Ministry of Finance shall
formulate and submit a 3-year public debt management program to the Prime
Minister for approval.
Article 24.
Annual public borrowing and repayment plans
1. An annual public borrowing and
repayment plan shall contain:
a) An annual borrowing and
repayment plan of the Government;
b) Annual borrowing and repayment
plans of provinces;
c) Annual limits on loans to be
on-lent and Sovereign-guaranteed loans.
2. An annual borrowing and
repayment plan of the Government shall be done in compliance with the following
regulations:
a) The annual borrowing and
repayment plan of the Government is made to perform tasks associated with
finance, budget, and public investment in the planning year as approved by
competent authorities;
b) The annual borrowing and
repayment plan of the Government shall contain: loans for financing central
budget deficit, repayment of principal, on-lent loans and debt restructuring;
debt service, repayment of on-lent loans; loan restructuring and repayment
sources;
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3. An annual borrowing and
repayment plan of the province shall be done in compliance with the following
regulations:
a) The annual borrowing and
repayment plan of the province is made to perform tasks associated with
finance, budget, and public investment of the province in the planning year as
approved by competent authorities;
b) The annual borrowing and
repayment plan of the province shall contain: loans for financing local budget
deficit, repayment of principal, repayment of on-lent loans; loan restructuring
and repayment sources;
c) Annually, the People’s Committee
of province shall make a borrowing and repayment plan of the province at the
same with the state budget estimates, and then send it to People’s Council of
province for consultation; and then forward it to the Ministry of Finance for
consolidation.
4. Annual limits on
Sovereign-guaranteed loans shall be done in compliance with the following
regulations:
a) Annual Sovereign-guaranteed loan
limit is determined provided that the growth rate of outstanding debt of sovereign
guarantee does not exceed the growth rate of GDP of the previous year and
within Sovereign-guaranteed loan limit for the 5-year period ratified by
the National Assembly;
b) According to the need and
capacity of raising fund and the Sovereign-guaranteed loan limit for a 5-year
period ratified by the National Assembly, the Ministry of Finance shall submit
the guaranteed loan limit of the planning year to the Government for approval.
5. The Ministry of Finance shall
make a report on total loans and debt service of central budget and include the
total loans and debt service of local budget in the state budget estimates, and
then send it to the Government; the Government shall then forward it to the
National Assembly for ratification.
6. According to annual total loans
and debt service of state budget ratified by the National Assembly, limits on
loans to be on-lent, Sovereign-guaranteed loans, the Ministry of Finance shall
make an annual public borrowing and repayment plan and submit it to the Prime
Minister for approval.
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Chapter IV
MANAGEMENT OF THE GOVERNMENT LOANS AND REPAYMENT
THEREOF
Article 25.
Purposes of the Government's loans
1. Financing budget deficit for development
investment but not recurrent expenditures.
2. Financing temporary central
budget deficit and ensure the liquidity of sovereign bond market.
3. Paying due principal and
restructuring Government debts.
4. Grant ODA on-lent loans or
external concessional loans to People’s Committees of provinces, public sector
entities and enterprises.
Article 26.
Forms of Government loans
1. Forms of Government loans
include:
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b) Conclusion of loan agreements.
2. The Government may borrow in
local and foreign currencies, precious metal or goods of local or foreign
currency equivalence.
Article 27.
Issues of debt instruments in domestic capital market
1. Debt instruments of the
Government include:
a) Sovereign bonds;
b) Treasury bills;
c) Development bonds.
2. According to an annual public
borrowing and repayment plan, the Ministry of Finance shall issue debt
instruments of the Government.
3. The process for issuing debt
instruments shall be through bidding, underwriting or private placement.
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5. The Government sets forth
issues, registration, deposit, listing and dealings of debt instruments of the
Government in the securities market.
Article 28.
Issues of sovereign bonds in the international capital market
1. The Government issues sovereign
bonds in the international capital market to finance central budget deficit for
development investment as prescribed in the Law on State budget and debt
structuring of the Government.
2. According to annual state budget
estimates and annual public borrowing and repayment plan, the Ministry of
Finance shall submit a scheme for issuing sovereign bonds in international
capital market to the Government for approval.
3. A scheme for issuing sovereign
bonds in international capital market shall at least contain:
a) Necessity of issues of sovereign
bonds in the international capital market;
b) Demand for and capacity to raise
funds, domestic macro economy, Vietnam’s credit rating and international
capital market;
c) Types of processes for bond
issuance, amount, terms, expected interest rates, currency, and market;
d) A plan for using raised capital;
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4. The Ministry of Finance shall
implement the scheme approved by the Government, the decision of the Prime Minister
on issue of sovereign bonds in the international capital market.
Article 29.
ODA loans, external concessional loans
1. Ministries, regulatory bodies,
and local governments shall make programs and projects for using ODA loans or external
concessional loans as prescribed in this Law and relevant law provisions.
2. A program/project for using ODA
loans or external concessional loans shall at least contain:
a) Necessity, objectives, and scope
of the program/project;
b) Expected total sources of funds
and proportion thereof, including external loans and reciprocal capital;
c) Loan amount, lender and loan
terms and conditions (if any);
d) Proposed domestically operated
financial mechanism; repayment source balance plan;
dd) Expected results of the
program/project.
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4. According to the approval of the
Prime Minister, the governing body shall prepare a pre-feasibility study report
or a report on program/project for using ODA loans or external concessional
loans, and then submit it to the authority competent to decide investment
policies as per the law.
5. According to the investment
policies on program/project for using ODA loans or external concessional loans
approved by competent authority, the government body shall prepare a
feasibility study report and then submit it to the authority competent to
decide investment as per the law.
6. The State President, the
Government and the Prime Minister has the power to negotiate and conclude an
ODA or external concessional loan agreement as follows:
a) The Government shall submit a
loan agreement in the form of international treaty in the name of the State to
the State President for negotiation, conclusion, and ratification;
b) The Prime Minister shall
negotiate and conclude a loan agreement in the name of the Government.
7. The conclusion of an ODA loan or
external concessional loan agreement is considered qualified when the following
conditions are fulfilled:
a) all of investment procedures are
completed as per the laws; and
b) the ODA loan or external
concessional loan agreement has been approved by the competent authority.
8. ODA loans or external
concessional loans must be allocated and used closely and effectively in the
following rules:
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b) Given on-lent loans to People’s
Committees of provinces, public sector entities, and enterprises.
9. The Government provides
guidelines for management of ODA loans and external concessional loans.
Article 30.
Other domestic loans
1. Other domestic loans of the
Government shall be applied in accordance with the decision of the competent
authority or loan agreement, including:
a) Loans borrowed from financial
reserve fund of the State according to decisions of competent authorities in
accordance with the Law on State budget;
b) Loans borrowed from off-budget
financial fund, state funds, loans borrowed from financial institutions or
credit institutions in accordance with loan agreement.
2. The loan agreement shall be made
in the form of a loan contract, at least containing: loan amount, loan term,
interest rate and other charges associated with the loan, options for repayment
method, repayment period, extension, and late payment fines (if any), rights
and responsibilities of contractual parties, other terms and conditions
relating to the loan.
3. According to the annual state
budget estimates ratified by the National Assembly and the annual public
borrowing and repayment plan approved by the Prime Minister, the Ministry of
Finance shall:
a) Request the Prime Minister to
apply for a loan borrowed from financial reserve fund of the State to finance
the budget deficit as prescribed in the Law on State budget. The Ministry of
Finance shall decide a loan with the repayment plan within the year;
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c) Negotiate and conclude a loan
agreement with the off-budget financial fund, a financial institution, or a
credit institution.
Article 31.
Use of the Government's loans
1. If a program/project is eligible
for state funding, the procedures below shall be followed:
a) Expenditures of the
program/project eligible for funding from central budget shall be included in
expenditure estimate of central budget, which shall then be submitted to the
National Assembly for ratification;
b) Dedicated additional loans for
local budget shall be included in expenditure estimate of local budget, which
shall then be submitted to the National Assembly for ratification;
c) Expenditures of the
program/project eligible for funding from local budget shall be included in the
expenditure estimate of local budget, which shall then be submitted to the
People’s Council of province for ratification.
2. In case of end borrowers, the
Ministry of Finance shall appraise and conclude or authorize a bank for social
policies/credit institution to appraise and conclude an on-lent loan contract
as prescribed in this Law.
Article 32.
Repayment of government debts
1. The Government shall set aside
an amount in central budget to repay government debts. The National Assembly
shall ratify the new loan amount to pay off the principal in the total loan of
annual state budget.
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3. The Ministry of Finance and an
intermediary borrower authorized by the Ministry of Finance must recover such
an amount of principal, interests, and other related fees associated with
programs and projects for ODA on-lent loans and external concessional loans,
and then deposit the amount to the debt repayment fund to ensure external loan
repayment.
Chapter V
MANAGEMENT OF ODA ON-LENT LOANS AND EXTERNAL
CONCESSIONAL LOANS
Article 33.
Eligible end borrowers and intermediary borrowers
1. Eligible end borrowers of ODA
on-lent loans and external concessional loans include:
a) People's Committees of
provinces;
b) public sector entities; and
c) enterprises.
2. Intermediary borrowers include
the Ministry of Finance, banks for social policies, and credit institutions
authorized to on-lend loans by the Ministry of Finance.
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1. The Government only on-lends ODA
loans or external concessional loans; the Government does not issue sovereign
bonds in the international capital market or request foreign commercial loans
to on-lend them.
2. The Government shall on-lend the
whole or a part of ODA loans or external concessional loans to eligible end
borrowers prescribed in Clause 1 Article 33 of this Law.
3. Each loan must be on-lent in
transparent and effective manner, to eligible end borrowers and with proper
purposes approved by competent authorities.
4. An on-lent loan amount,
maturity, and grace period shall not exceed the respective items prescribed in
the external loan agreement of the Government; the on-lent currency and
repayment currency is the currency in which the external loan is borrowed. If
the external debt is paid back in Vietnam dong, the selling exchange rate at
the time of repayment disclosed by Joint Stock Commercial Bank for Foreign
Trade of Vietnam, commonly referred to as Vietcombank, shall apply.
5. On-lending interest rate
includes external loan interest rate, charges specified in the loan agreement,
charges for management of on-lent loans and on-lent loan loss reserves.
6. The end borrower must have a
feasible financial plan approved by competent authority as prescribed in
Article 38 of this Law.
Article 35.
On-lending methods
1. The Ministry of Finance shall
on-lend a loan to the People’s Committee of province to carry out programs and
projects for socio-economic development eligible for funding from local budget
in compliance with the laws and regulations on state budget.
2. An intermediary borrower being
bank for social policies authorized by the Ministry of Finance shall on-lend
loans to enterprises or public sector entities to carry out programs and
projects named in the list of preferred investments of state. In this case, the
intermediary borrower will not take the credit risk.
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a) Its credit rating graded by an
international credit rating agency is equal or one level lower than its
national credit rating.
b) It shall take all credit risks.
Article 36.
Eligibility for on-lent loans
1. A People’s Committee of province
is eligible for an on-lent loan when it fulfills the following conditions:
a) it has a program/projects for
socio-economic development under a mid-term public investment plan of province
approved by the competent authority and investment procedures thereof have been
completed as per the law;
b) the program/project mentioned in
Point a of this Clause is funded by ODA loans or external concessional loans;
c) there is no debt overdue for
more than 180 days associated with an ODA on-lent loan or an external
concessional loan;
d) the outstanding debt of local
budget at the time of applying for on-lending loans does not exceed certain
amount of that as prescribed in laws and regulations on state budget; and
dd) the local budget commits to pay
off the loan in full and on schedule.
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a) it has exercised financial
autonomy associated with recurrent expenditures and investment expenditures and
has taken its own responsibility for capital efficiency and debt repayment as
per the law;
b) it has an investment project to
be financed by ODA on-lent loans approved by the competent authority and has
completed relevant investment procedures as per the law;
c) it has a feasible financial plan
approved by competent authority as prescribed in Article 38 of this Law;
d) it has no overdue debt when an
application for an on-lent loan is submitted; and
dd) the loan has been secured as
per the law.
3. An enterprise is eligible for an
on-lent loan when it fulfills the following conditions:
a) it has legal status, established
lawfully in Vietnam and operated for at least 3 years;
b) it has an investment project to
be financed by ODA on-lent loans approved by the competent authority and has
completed relevant investment procedures as per the law;
c) it has a feasible financial plan
approved by competent authority as prescribed in Article 38 of this Law;
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dd) it has not incurred loss for
the last 3 consecutive years according to the audit report, except for the loss
incurred due to adoption of state policies as approved by competent authority;
e) it has no overdue debt when the
application for an on-lent loan is submitted; and
g) the loan has been secured as per
the law.
Article 37.
Charge for managing on-lent loans, on-lent loan loss reserves
1. Charge for managing on-lent
loans:
a) The charge for managing on-lent
loans is 0.25 per year calculated based on on-lent outstanding debt to be paid
by the end borrower;
b) The abovementioned charge is
used to pay expenses associated with borrowing, management, and recovery of
on-lent loans by intermediary borrower.
2. On-lent loan loss reserves:
a) The on-lent loan loss reserve is
calculated according to evaluation of the end borrower’s financial situation
and level of risks of each program/project provided not exceeding 1.5% per year
based on the outstanding debt to be paid by the end borrower;
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c) The on-lent loan loss reserve is
set aside as an allowance for external loan repayment if the end borrower fails
to pay off the debt in full and on schedule.
Article 38.
Assessment of on-lent loans
1. An ODA on-lent loan or external
concessional loan to be given to a People’s Committee of province shall be
assessed as follows:
a) The Ministry of Finance shall
assess if the People’s Committee of province is eligible for on-lent loans as
prescribed in Clause 1 Article 26 of this Law;
b) According to the assessment
results and relevant documentation, the Ministry of Finance shall request the
Prime Minister to consider giving the on-lent loan to such People’s Committee
of province.
2. An ODA on-lent loan or external
concessional loan to be given to a public sector entity or enterprise shall be
assessed as follows:
a) The end borrower shall send the
on-lent loan application and documentation on program/project to the Ministry
of Finance and the intermediary borrower. The end borrower shall take
responsibility for the accuracy and truthfulness of documents applied for
on-lent loans;
b) The following matters shall be
assessed: eligibility for on-lent loans prescribed in Clause 2 and Clause 3
Article 36 of this Law; end borrower’s financial situation; borrowing and use
plan, revenues, expenses, investment efficiency and creditworthiness of the end
borrower; collateral; plan for management and disposition of collateral; level
of risks, risk prevention and mitigation;
c) The intermediary borrower shall
assess matters prescribed in Point b of this Clause; offer opinions about
creditworthiness and propose eligibilities for the on-lent loan and on-lent
loan loss reserves applicable to the end borrower;
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Article 39.
On-lent loan credit risk management
1. The on-lent loan credit risk
arises when the end borrower defaults on the debt obligations or fails to repay
debt in full and on schedule as specified in the on-lent loan contract.
2. The risk control shall be
considered on a case-by-case basis based on reasons, level of risks and
creditworthiness of the end borrower.
3. Responses to assessed risks
associated with on-lent loans shall be adopted in accordance with Article 55 of
this Law.
4. If the end borrower still
defaults on the debt despite adoption of responses to assessed risks, the
Ministry of Finance shall take charge and cooperate with Ministries, regulatory
bodies, and local governments in formulating a scheme for debt restructuring
and submitting it to the Prime Minister for approval.
Article 40.
Responsibilities of intermediary borrowers and end borrowers
1. The Ministry of Finance and
intermediary borrowers shall:
a) Monitor and examine the use of
on-lent loans by end borrowers;
b) Complete legal dossiers, manage
and dispose of collateral and other assets tied to the loan as security pledged
by the end borrower;
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d) Send periodic or ad-hoc report
on implementation of programs and projects financed by on-lent loans to
competent authorities and take responsibility for the accuracy and truthfulness
of these reports;
dd) In case of an intermediary
borrower taking all of credit risks, if it fails to recover a part or the whole
of borrowed fund, including principals, interests, and other related fees,
after applying necessary methods and sanctions, it must repay the debt on
behalf of the end borrower.
2. The end borrower must:
a) Manage and use the on-lent loan
with proper purposes as approved by the competent authority;
b) Repay debts in full and on
schedule under the terms and conditions specified in the on-lent loan contract.
If the end borrower fails to repay debt in full and on schedule, it must
observe methods and sanctions applied by the intermediary borrower to recover
debts and to incur liabilities as per the law;
c) Comply with the law on mortgage
and loan security methods;
d) Send periodic or ad-hoc report
on implementation of programs and projects financed by on-lent loans to the
Ministry of Finance, intermediary borrower, and competent authorities and take
responsibility for the accuracy and truthfulness of these reports.
3. The Government provides
guidelines for management of ODA on-lent loans and external concessional loans.
Chapter VI
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Article 41.
Borrowers of sovereign guarantees
1. Any enterprise whose investment
projects are subject to investment policy decisions of the National Assembly,
the Government, or subject to investment decision of the Prime Minister as
prescribed in the Law on Investment and the Law on Public Investment.
2. Any bank for social policies
that have carried out state credit program.
Article 42.
Policies on issue of sovereign guarantees
1. A guaranteed borrower may, according
to its need, apply for issue of sovereign guarantees associated with the state
credit program to the Ministry of Finance for consolidating, determining the
limit on sovereign-guaranteed loan for 5 years and annually, and then submit
application to the competent authority for decision.
2. According to the annual
sovereign-guaranteed loan limit that has been determined, the Ministry of
Finance shall request the Prime Minister to issue sovereign guarantees to every
specific program/project.
Article 43. Eligibility
for sovereign guarantees
1. An enterprise is eligible for a
sovereign guarantee when it fulfills the following conditions:
a) it has legal status, established
lawfully in Vietnam and operated for at least 3 years;
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c) it has no overdue debt when the
application for a sovereign guarantee is submitted;
d) its debt-to-equity ratio does
not exceed 3 to 1 according to the last annual financial statement of the year
of assessment;
dd) The guarantee amount is within
the annual guarantee limit approved by the Government;
e) it has completed investment
procedures under the investment law and other relevant laws;
g) it has the financial plan
assessed by the Ministry of Finance and approved by the Prime Minister;
h) its ratio of owner’s equity to
total investment of the project is at least 20%. The owner’s equity will be disbursed
according to time for performance.
2. A bank for social policies is
eligible for a sovereign guarantee when it fulfills the following conditions:
a) It has established and operated
as per the law and raised funds in accordance with its charter promulgated by
the competent authority;
b) The guarantee amount is within
the annual guarantee limit approved by the Government;
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3. When an enterprise issues
sovereign-guaranteed bonds in the domestic capital market, it must both fulfill
conditions prescribed in Clause 1 of this Article and obtain an application for
issue of bonds as prescribed in laws on securities and relevant law provisions.
Article 44.
The power to issue sovereign guarantees
1. The Ministry of Finance shall
take charge and cooperate with relevant agencies in assessing applications for
issue of sovereign guarantees associated with state credit program, investment
project, and then send the assessment results to the Prime Minister.
2. The following matters in an
application for issue of sovereign guarantee shall be assessed:
a) financial situation of the
borrower;
b) Financial plan of the program/project
financed by the loan and creditworthiness;
c) Terms and conditions of the
sovereign-guaranteed loan;
d) Risks of the program/project
associated with sovereign-guaranteed loan.
Article 45.
Limit on sovereign guarantee for investment project
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2. Apart from the
sovereign-guaranteed loan prescribed in Clause 1 of this Article, the
sovereign-guaranteed borrower must undertake that it may maintain sufficient
sources of funds to carry out the project with total estimated investment as
approved.
Article 46.
Management of sovereign guarantees
1. The guaranteed borrower must pay
a sum of guarantee fee depending on risk level of each program/project but not
exceeding 2% of guaranteed outstanding debt. The proceed of guarantee fee may
be appropriated partially for the management of sovereign guarantees.
2. The guaranteed borrower must put
an asset up as collateral as prescribed in laws on security interest
registration.
3. Any assignment of rights and
obligations of the borrower associated with a sovereign-guaranteed loan must
undertake that obligations of the guarantor remain unchanged and notified to
the Ministry of Finance in advance. The assignee shall inherit all of rights
and obligations associated with the guaranteed loan.
4. Any assignment of a
sovereign-guaranteed loan by the guaranteed borrower must undertake that the
guarantor does not incur heavier obligations, with the consent of the lender.
The guaranteed borrower shall report on the assignment to the Ministry of
Finance and the Ministry of Finance shall then forward it to the Prime Minister
for approval.
5. Any division, consolidation,
acquisition, or conversion of business entity type of the guaranteed borrower
must undertake that the guarantor does not incur heavier obligations and be
reported to the Ministry of Finance; the Ministry of Finance shall then forward
it to the Prime Minister for approval.
6. The assignment of shares of a
shareholder whose name is included in the list of shareholders holding at least
65% of shares which has been registered with the Ministry of Finance when the
application for issue of sovereign guarantee has been assessed shall be reported
to the Ministry of Finance, the Ministry of Finance shall then forward it to
the Prime Minister for approval.
7. The assignment of project or
project property after investment of the guaranteed borrower must undertake
that the obligations of the guarantor are not expanded and obligations of the
guaranteed borrower towards the lender and the guarantor do not change. The
guaranteed borrower shall report on the assignment to the Ministry of Finance
and the Ministry of Finance shall then forward it to the Prime Minister for
approval.
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Article 47.
Management of sovereign guarantee risks
1. Sovereign-guaranteed loans and
bonds must be monitored for risk prevention and mitigation.
2. Any guaranteed borrower that has
overdue debt arising from debt repayment fund must be supervised by the
Ministry of Finance as prescribed by the Government.
3. The sovereign guarantee risk
prevention and mitigation shall be done in accordance with Article 55 of this
Law.
Article 48.
Responsibilities of guarantors, borrowers, Ministries, ministerial-level
agencies, and People’s Committees of provinces
1. The Ministry of Finance acting
as the guarantor shall:
a) Assess policies and applications
for issue of sovereign guarantees and issue sovereign guarantees;
b) Negotiate, offer opinions about
loan agreement and bond issue plans in consideration of the application
submitted by the guaranteed borrower;
c) Supervise the use of loan; make
a proposal for measures and sanctions when a borrower faces difficulty in debt
service, and send it to the Prime Minister for approval;
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dd) Apply necessary measures and
sanctions as per the law to recover debts and expenses arising from the debt
repayment on behalf of the borrower;
e) Consolidate and report on the
issue and management of sovereign guarantees to competent authorities.
2. The guaranteed borrower must:
a) Provide adequate documentation
and take responsibility for accuracy and truthfulness of documentation
furnished to the Ministry of Finance;
b) Preside over negotiation of loan
agreement or bond issue;
c) Manage and use the
sovereign-guaranteed loan with proper purposes as approved by the competent
authority;
d) Discharge debt obligations to
the lender in full;
dd) Fulfill obligations to guarantor
adequately. When failing to repay debts in full and on schedule, the borrower
must abide by measures and sanctions applied by the guarantor; and take legal
responsibility in case of debt default;
e) Provide information about the
performance of project, and fulfillment of obligations specified in the loan
agreement or bond issue on a regular basis or at the request of the Ministry of
Finance; and take responsibility for the accuracy and truthfulness of the
information;
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3. Relevant Ministry,
ministerial-level agency, or People’s Committee of province shall:
a) Approve scheme for loan or bond
issue of enterprises under its scope of management;
b) Cooperate with the Ministry of
Finance in assessing the policy on issue of guarantee or sovereign guarantee;
c) Inspect and expedite guaranteed
borrowers under its management to fulfill their obligations; take actions
against violations committed by guaranteed borrowers;
d) Cooperate with the Ministry of
Finance in settling any dispute arising from the implementation of letter of
guarantee.
4. The Government shall provide
guidelines for issue and management of sovereign guarantees.
Chapter VII
MANAGEMENT OF PROVINCIAL DEBTS
Article 49.
Purposes of provincial loans
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2. Repaying principal of local
budget loans as prescribed in the Law on State Budget.
Article 50.
Rules for provincial loans
1. A loan granted for financing
local budget deficit is only used for development investment to carry out
programs and projects in the mid-term public investment plan ratified by
People’s Council of province.
2. The outstanding debt of a
province must maintain a limit as prescribed in laws and regulations on state
budget.
3. The People’s Committee of
province may not apply for any external loan.
Article 51.
Forms of provincial loans
1. Issuing provincial bonds in
domestic capital market.
2. Receiving ODA on-lent loans or
external concessional loans.
3. Applying for loans from other
domestic financial sources as prescribed in laws and regulations state budget.
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1. A People Committee of province
which applies for a domestic loan for a project of socio-economic development
eligible for funding from local budget as prescribed in the Law on State Budget
must fulfill the following conditions:
a) The project has completed
investment procedures as per the law and has been included in a list of
mid-term public investment of province with approval of the competent
authority;
b) It has a loan repayment plan
according to every source of funds for investment as set forth in the Law on
State Budget and the Law on Public Investment;
c) In case of raising a loan
through bond issue, the scheme for issuing bonds must be made and assessed as
prescribed in regulations of the Government on bond issues;
d) The amount of the loan or issued
bonds is within the local budget's outstanding debt and deficit in accordance
with laws and regulations on state budget.
2. A People’s Committee of province
applying for ODA on-lent loan or external concessional loan must fulfill the
conditions prescribed in Clause 1 Article 36 of this Law.
Article 53.
Applying for and repaying provincial loans
1. A People’s Committee of province
shall apply for a loan through forms prescribed in Article 51 of this Law and
the following regulations:
a) In case of issuing provincial
bonds in the domestic capital market, the People’s Committee of province shall
make a scheme for bond issue, send it to the People’s Council of province for
ratification, and then forward it to the Ministry of Finance for approval in
terms of terms and conditions of bonds before the issue;
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c) In case of a state fund loan,
the People’s Committee of province shall submit an application for state fund
loan enclosed with relevant documentation to the Ministry of Finance for
decision;
d) In case of a loan from other
domestic financial sources, the People’s Committee of province shall negotiate
and conclude a loan agreement.
2. The People’s Committee of
province shall set aside an amount in local budget or from other legitimate
sources of funds as per the law to repay debt in full and on schedule.
3. The Government shall provide
guidelines for provincial debt management.
Chapter VIII
CAPACITY TO REPAY PUBLIC DEBTS
Article 54.
Capacity to repay public debts
1. The fund raising in form of
loans must maintain indicators of public debt safety within prescribed limits
and set aside amounts to repay public debts in full and on schedule.
2. A new loan only is granted after
fully evaluating impacts on scope of public debts, capacity to repay debt for a
mid-term period and ensuring limits on indicators of public debt safety.
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a) Pay interests, charges and other
expenses arising out of the debts according to the annual state budget
estimates approved by the competent authority;
b) Gain revenue surplus and revenue
increase as mentioned in the responding estimate, attain expenditure decrease,
budget surplus and other legitimate sources of funds to repayment principals in
full and on schedule;
c) The National Assembly shall
ratify the new loan amount to pay off the principal to be included in the total
loan of annual state budget.
4. Borrowers of guarantees and ODA
on-lent loans or external concessional loans must repay debts in full and on
schedule.
Article 55.
Risk management of public debts
1. Risk management of public debts
refers to the identification of risks faced by public debt portfolios,
determination of extent of negative impacts thereof with the purpose of
adopting prevention and remedial measures and ensuring the capacity to repay
public debts.
2. Public debt risks include:
a) Risks of interest rates, foreign
exchange rates;
b) Risks from fluctuations of
financial market that affect the fund raising;
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d) Credit risk caused by failure of
end borrowers or guaranteed borrowers to repay the debt in full and on
schedule;
dd) Other risks likely to affect
the public debt safety.
3. Preventive measures for risks
faced by public debts, including:
a) Granting on-lent loans in which
the intermediary borrower takes all of credit risks;
b) Request security for loans,
manage collateral for loans to be on-lent and sovereign guarantees;
c) Require borrowers of sovereign
guarantees, ODA on-lent loans or external concessional loans to purchase trade
credit insurance;
d) Conduct active preventive
transactions, including debt purchase, debt swap, use of derivatives and other
transactions.
4. Responses to risks faced by
public debts, including:
a) Restructuring debts according to
the scheme approved by the competent authority;
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c) Use debt repayment fund as
prescribed in Clause 4 Article 56 of this Law and require guaranteed borrowers
of sovereign guarantees to undertake to be in debt.
5. According to specific risks and
impacts thereof on every loan, the Ministry of Finance shall take charge and
cooperate with relevant agencies in submitting a scheme for debt restructuring
to the Prime Minister for approval, including preventive measures for and
responses to risks as follows:
a) Restructure domestic and
external debts of the Government;
b) Assign ownership of enterprises
with debt obligations to the Government;
c) Make a charge-off or write-off
when an end borrower or a guaranteed borrower suffers partial or total loss of
capital and assets due to force majeure events.
6. The Ministry of Finance shall
restructure debts through debt purchase, debt swap, or loan deferment and
report on them to the Prime Minister.
7. An end borrower or guaranteed
borrower must set aside reserves to response to risks as per the law; make
plans for responses to risks as deemed appropriate; and subject to inspection
and supervision of competent authorities.
8. The Government shall provide
guidelines for risk management transactions associated with public debts.
Article 56.
Debt repayment fund
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2. The management of debt repayment
fund must meet the following requirements:
a) Ensure accurate and adequate
collection and use sources of fund as prescribed in this Law;
b) Ensure liquidity, safety,
maintenance and growth of the fund, raise effectiveness of the fund;
c) Do accounting and audit and make
financial disclosure as per the law.
3. Revenues of the debt repayment
fund comprise:
a) Debts recovered from loans to be
on-lent of the Government;
b) Receipt from on-lent loan loss
reserves;
c) Receipt from charges for
management of on-lent loans and sovereign guarantees;
d) Funds recovered from amounts
advanced from the fund;
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e) Deposit interests, loan
interests, and receipt from sources of fund as trust services;
g) Other lawful revenues.
4. The debt repayment fund is used
to:
a) Repay loans to be on-lent to
state budget and external loans;
b) Advance funds for guaranteed
borrowers of sovereign guarantee when they default on the debt;
c) Advance funds for debt
restructuring, restructuring portfolios of government debts and
sovereign-guaranteed debts according to the scheme approved by competent
authority;
d) Finance expenditures on
responses to risks arising from ODA on-lent loans or external concessional
loans and sovereign guarantees as decided by the competent authority;
dd) Finance expenditures on public
debt management transactions as decided by the Prime Minister.
5. The sources of the debt
repayment fund after balancing, used for purposes prescribed in Clause 4 of
this Article, are considered temporary idle funds and to be financed to the
state budget when revenues of state budget have not been raised enough; deposit
services; fund management trust services; or government/sovereign bond
investment. The Ministry of Finance shall decide the management and use of
aforementioned idle funds and ensure its maintenance and effectiveness.
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a) The proportion of foreign
currencies must be maintained in such a way that the Government must repay
enough external debt service within at least a certain period in a year;
b) If the revenue in foreign
currencies of the debt repayment fund is not enough to meet the expenditure on
foreign currencies, the deficit shall be financed by the foreign currency fund
of state budget.
7. If the debt repayment fund is
not enough to repay debt service despite responses to risks in accordance with
this Law, the Government shall report on revenues, expenditures, debt service,
reasons for insufficient fund for debt repayment, and remedial measures to the
Standing Committee of National Assembly, and then the Standing Committee of
National Assembly shall forward it to the National Assembly for ratification as
prescribed in laws and regulations on state budget.
8. The debt repayment fund shall do
accounting in accordance with laws and regulations on accounting.
9. The Government shall provide
guidelines for management of debt repayment fund.
Chapter IX
ACCOUNTING, AUDITING, STATISTICS, REPORTS AND
DISCLOSURE OF INFORMATION ABOUT PUBLIC DEBTS
Article 57.
Accounting of public debts
1. Any loan, debt repayment,
outstanding debt of the Government, or provincial debt shall be accounted as
prescribed in the Law on Accounting, the Law on State Budget and relevant law
provisions.
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3. The Minister of Finance shall
provide guidelines for accounting system associated with loans and debt
repayment of the Government and provinces; release statistics on and monitor
debts arising from on-lent loans and sovereign guarantees.
Article 58.
Auditing of public debts
1. State Audit Office shall perform
its tasks and powers as prescribed in Article 18 of this Law.
2. The manager of a program/project
must enter into an audit agreement with an audit firm with the purpose of
auditing annual financial statements and final investment accounts as
prescribed in laws and regulations on independent audits.
Article 59.
Statistics on and establishment of a database on public debts
1. The statistics on public debts must
stay honest and impartial, accurate, adequate, and timely; remain free of
duplication and redundancy-free; and keep transparent and comparative as per
the law.
2. Apply information technology in
public debt management to meet objectives and tasks of public debt state
management; give priorities to researches and application of advanced tools,
diagrams, and practices of debt management in accordance with international
practices and standards, in conformity with socio-economic development
conditions for certain periods.
3. The Ministry of Finance shall
establish a single database on public debts; develop applications in public
debt management.
Article 60.
Reports on public debts
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a) Public debts and indicators of
public debt safety, including outstanding debts, debt structure, creditors,
borrowed currencies;
b) Implementation of borrowing and
repayment plan of the Government, provinces and annual sovereign-guaranteed
loan limits;
c) Negotiation and conclusion of
international treaties on public debts;
d) On-lent loans, issue and
management of sovereign guarantees, including projects on on-lending or
sovereign guarantees that face difficulty in repaying debts and the debt
repayment fund must be advanced to cover such debts, on the case-by-case basis;
dd) Management and use of debt
repayment fund, including opening balance, accrual revenues and expenditures,
closing balance;
e) Implementation of resolutions of
the National Assembly and the Standing Committee of National Assembly on public
debts;
g) Other related information.
2. Annually, Ministries and
ministerial-level agencies must send a report to the Government on
implementation of public debt state management as assigned by the Government.
3. Annually, People's Committees of
provinces shall send reports on public debts to People's Councils of provinces,
the Ministry of Finance and competent agencies, at least containing:
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b) Implementation of programs and
projects eligible for provincial loans;
c) Management and supervision of
provincial debts;
d) Other related information.
Article 61.
Public debt information disclosure
1. Indicators of public debts to be
disclosed comprise:
a) Government debts, including
external debts listed by lenders; government debt instruments listed by
instrument types;
b) Provincial debts, including
provincial bonds, ODA on-lent loans, external concessional loans, loans taken
out from state funds, and other loans;
c) Sovereign-guaranteed debts,
including outstanding debts and advances from the debt repayment fund (if any).
2. Information about public debts
under the list of state secret matters shall be provided and disclosed in
accordance with laws and regulations on state secret protection.
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a) The Ministry of Finance shall
disclose information on public debts;
b) Presidents of People’s
Committees of provinces shall disclose information on provincial debts.
4. Public debt information shall be
disclosed in the following forms:
a) Websites of the Ministry of
Finance and the People’s Committees of provinces;
b) Press conferences, press
releases;
c) Public debt newsletter.
5. Public debt newsletters shall be
issued biannually by the Ministry of Finance in Vietnamese and English
translation in the form of publication and data in the website of the Ministry
of Finance.
6. Ministries, ministerial-level
agencies, People’s Committees of provinces, intermediary borrowers, and
relevant agencies shall cooperate with the Ministry of Finance in collating and
confirming data of public debts and relevant matters.
Chapter X
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Article 62.
Entry in force
1. This Law comes into force as of
July 1, 2018.
2. The Law on Public Debt
Management No. 29/2009/QH12 expires from the date on which the effective date
of this Law.
3. In case of any discrepancy in
the regulations on the same matter between this Law, the Law on Public
Investment No. 49/2014/QH13, and the Law on the State bank of Vietnam No.
46/2010/QH12, the regulation of this Law shall prevail.
Article 63.
Transitional regulations
A loan agreement concluded, a debt
instrument or a sovereign guarantee issued before the effective date of this
Law shall be done in accordance with the Law on Public Debt Management No.
29/2009/QH12.
This Law is passed on November
23, 2017 by the 14th National Assembly of the Socialist Republic of Vietnam at
its 4th session.
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