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THE GOVERNMENT
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
28/2003/ND-CP
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Hanoi, March 31, 2003
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DECREE
PRESCRIBING THE ISSUANCE OF THE 2003 NATIONAL
CONSTRUCTION BONDS – EDUCATION BONDS
THE GOVERNMENT
Pursuant to the Law on Organization of the
Government of December 25, 2001;
Pursuant to Ordinance No. 12/1999/PL-UBTVQH10 of April 27, 1999 on the Issuance
of National Construction Bonds;
Effecting the issuance of education bonds under Resolution No. 09/2002/QH11 of
November 28, 2002 of the National Assembly;
At the proposal of the Minister of Finance,
DECREES:
Chapter I
GENERAL PROVISIONS
Article 1.- The purposes of the issuance of bonds
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Article 2.- Bond buyers
1. Vietnamese citizens at home and abroad.
2. Overseas Vietnamese.
3. Foreigners working and/or residing in
Vietnam.
4. Administrative and/or non-business agencies.
5. Political organizations, socio-political
organizations, socio-political and professional organizations, social
organizations, and socio-professional organizations.
6. State enterprises.
7. Other enterprises of all economic sectors.
8. Foreign organizations operating in the
Vietnamese territory.
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Chapter
II
SPECIFIC PROVISIONS
Article 3.- Bond currency, term and issuance period and
capital amount to be mobilized
1. The education bonds shall be issued,
collected and registered in Vietnamese currency and have a term of 5 years
counting from the time of issuance.
2. The issuance period shall begin on May 5,
2003.
3. The total capital amount to be mobilized is
VND 2,000 billion (two thousand billion Vietnam dong).
Article 4.- Forms and denominations of bonds
1. The education bonds shall be issued in two
forms:
- Bearer bonds with pre-printed denominations
(hereinafter referred to as bearer bonds);
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2. The minimum denomination of a bearer bond
ticket shall be VND 50,000 (fifty thousand dong) and its maximum denomination
shall be VND 100,000,000 (one hundred million dong).
The Ministry of Finance shall specify the
denomination of each type of bond, suitable and convenient for bond buyers.
3. The registered bond tickets shall be used in
cases where organizations, enterprises or individuals buy bonds with a value of
VND 50,000,000 (fifty million dong) or more. Registered bond tickets shall only
be allowed to be inscribed with the maximum denomination of VND 10,000,000,000
(ten billion dong).
Article 5.- Bond tickets
1. The Ministry of Finance shall prescribe the
sizes, designs, patterns and other particulars of bond tickets, so as to ensure
convenience for use, preservation, storage and forgery combat
The Minister of Finance shall give his/her
signature on bond tickets.
2. The Ministry of Finance shall organize the
printing, preservation and transportation of bond tickets in strict accordance
with law provisions.
Article 6.- Guarantee for bond denomination value and
interest rate
On the basis of guaranteeing bond denomination
value and interest rate according to the provisions of Ordinance No.
12/1999/PL-UBTVQH10 of April 27, 1999 on the Issuance of National Construction
Bonds, the interest rate inscribed on education bonds shall be 8%/year
(including inflation rate and interest rate of 1.5%/year) and the gross
interest rate for 5 years shall be 40%.
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In cases where the actual five-year inflation
rate plus the five-year interest rate is lower than or equal to 40%, the bond
owners shall still enjoy the interest rate of 40% as inscribed on the bond
tickets already issued.
Article 7.- Maturity of bonds
The money amount used for the purchase of
education bonds shall be repaid upon their maturity after 05 years (full 60
months), both the bond principals and interests shall be repaid in lump-sum.
In cases where bonds become mature and the bond
owners have not yet been repaid, the bond principals and interests shall be
reserved on separate accounts pending the payment. The post-maturity period
shall not enjoy interest.
Article 8.- Pre-mature payment
1. In special cases where the bond owners wish
to get pre-mature repayment of bonds, they shall be entitled to get the bond
principals repaid fully and in time and enjoy the interests calculated on the
money amounts inscribed on the bonds as follows:
a) The bond purchase duration of less than 12
months shall not be entitled to interest.
b) The bond purchase duration of between full 12
months and under 24 months shall be entitled to the interest rate of 8%.
c) The bond purchase duration of between full 24
months and under 36 months shall entitled to the interest rate of 16%.
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e) The bond purchase duration of between full 48
months and under 60 months, shall entitled to the interest rate of 32%.
2. The Ministry of Finance shall concretely
guide the special cases of entitlement to pre-mature payment of bonds.
Article 9.- The rights of the bond owners
1. The bond owners shall have the rights to
sell, present, donate, bequeath or pledge their bonds. In special cases, they
may request the pre-mature payment as prescribed in Article 8.
2. The bond owners must not use bonds as
substitutes for money in circulation, tax payment and performance of other
financial obligations towards the State.
Article 10.- Trading in bonds
1. Credit institutions being Vietnamese legal
entities and operating under the Law on Credit Institutions may trade in bonds.
2. The Ministry of Finance shall guide the sale
and purchase of bonds between organizations licensed to trade in bonds and
other organizations as well as individuals.
Article 11.- Preservation and storage of bonds
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2. The bearer bond owners who have lost their
bond tickets shall not get the repayment.
3. The registered bond owners, when losing their
bond tickets, shall have to immediately notify the bond-issuing State
Treasuries thereof. If the bond tickets have not yet been abused for money
withdrawal, the bond-issuing State Treasuries shall check and make
certification for use as basis for repayment of such bond tickets upon their
maturity.
4. The bond owners may deposit their bond
tickets at the State Treasuries for preservation and storage, and shall have to
pay a fee amount prescribed by the Ministry of Finance.
Article 12.- Management of bonds purchased by organizations
1. Bonds purchased by organizations shall be
managed like other assets of these units.
2. In cases where the bond-purchasing
organizations are dissolved, bankrupted, merged, amalgamated, separated or
split up or terminate their operation, their bonds shall be handled according
to law provisions.
Article 13.- Venues for bond issuance and repayment
1. The venues for bond issuance and repayment
shall be arranged in a safe and convenient manner for the bond buyers and bond
repayment.
2. Bonds shall be issued and repaid at the State
Treasury’ units or other agencies and organizations authorized by the Ministry
of Finance.
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Article 14.- Expenses for bond issuance and repayment
Expenses for bond issuance and repayment shall
be apportioned within the State budget and managed and used according to the
current financial management regime.
Article 15.- Mobilized capital sources and the sources of
capital for bond repayment
1. The source of capital mobilized from the
issuance of education bonds must be fully reflected into the State budget and
used for the right purposes as prescribed in Article 1 of this Decree; and at
the same time, be publicized according to law provisions.
2. The source of capital for repayment of bond
principals and interests shall be ensured by the State budget.
Article 16.- Commendation, rewards and handling of
violations
1. Organizations and individuals that record
achievements in the purchase of education bonds, in bond purchase mobilization
and/or in organization of bond issuance shall be commended and/or rewarded
according to law provisions.
2. Organizations and individuals that commit
acts of violating the legislation on bonds shall be handled according to
Articles 14 and 15 of Ordinance No. 12/1999/PL-UBTVQH10 of April 27, 1999 on
the Issuance of National Construction Bonds.
Chapter
III
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Article 17.- Responsibilities of concerned ministries,
branches and agencies
1. The Ministry of Finance shall have to:
a) Organize the issuance of education bonds
according to the provisions of this Decree;
b) Base itself on the situation of population’s
income and the financial capability of State enterprises and other agencies as
well as organizations to assign plans on bond purchase mobilization to
provinces, centrally run cities, enterprises, agencies and organizations;
c) Allocate the source of capital mobilized from
the issuance of education bonds to make concentrated investment for
mountainous, Central Highland and difficulty-hit provinces in order to attain
the targets of putting an end to the situation of 3-shift classrooms as well as
bamboo and thatch classrooms, and solidifying schools.
2. The Ministry of Education and Training shall
have to:
a) Revise, inspect and annul collection items
and school-building contributions contrary to regulations.
b) Organize the provision of information on the
current state of material foundations of school system and the list of some
institutions and schools in key regions and geographical areas requiring
investment in solidification, which shall serve as basis for propagation and
mobilization of education bond purchase.
3. Vietnam State Bank shall have to mobilize
credit institutions to arrange their capital sources and use their capital
rationally so as to purchase education bonds strictly according to assigned
mobilization plans.
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5. The General Department of Statistics shall
have to calculate and announce the inflation rate in service of bond repayment.
6. The ministries, the ministerial-level
agencies, the agencies attached to the Government, and the People’s Councils
and People’s Committees of all levels shall, within the scope of their tasks
and powers, have to coordinate with Vietnam Fatherland Front’s organizations at
all levels in organizing, propagating and mobilizing people of all strata to
purchase education bonds.
Article 18.- Implementation effect
1. This Decree takes effect 15 days after it is
published on the Official Gazette.
2. The Minister of Finance shall have to guide
the implementation of this Decree.
3. The ministers, the heads of the
ministerial-level agencies, the heads of the agencies attached to the
Government and the presidents of the provincial/municipal People’s Committees
shall have to implement this Decree.
ON BEHALF OF THE GOVERNMENT
PRIME MINISTER
Phan Van Khai
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