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THE STANDING
COMMITTEE OF NATIONAL ASSEMBLY
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No: 12/1999/PL-UBTVQH10
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Hanoi, April 27, 1999
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ORDINANCE
ON THE ISSUANCE OF GOVERNMENT BONDS FOR
NATIONAL CONSTRUCTION
In order
to bring into full play the people’s patriotism, to create capital sources for
national industrialization and modernization and contribute to the national
construction and defense;
Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam;
This Ordinance stipulates the issuance of national construction bonds.
Chapter I
GENERAL PROVISIONS
Article 1.- The national construction bonds are issued by the Government
in order to mobilize capital from the people for the investment in construction
of national important projects and other key projects in service of production
and life and to create a material and technical base for the country.
Article 2.- The State bonds shall be purchased
on the principle of voluntariness.
The State encourages all Vietnamese
organizations and citizens and overseas Vietnamese to purchase government
bonds, thus contributing to the national construction.
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Article 3.- The State guarantees the bond value
and protects the ownership right and other legitimate rights and interests of
the government bond owners.
Article 4.- The ministries, the
ministerial-level agencies, the agencies attached to the Government, the People’s Councils and People’s
Committees of all levels, the Central Committee of the Vietnam Fatherland Front
and its member organizations shall, within their respective tasks and powers,
have to organize, guide, propagandize and mobilize organizations and
individuals to purchase government bonds for national construction.
Chapter
II
THE ISSUANCE AND REPAYMENT OF GOVERNMENT BONDS, THE INTERESTS OF
GOVERNMENT BONDS PURCHASERS
Article 5.- The issuance of government bonds shall be based on the demand
for capital mobilization in each period.
The Government shall organize and direct the
issuance of bonds for national construction under the National Assembly’s resolution(s).
Article 6.-
1. The government bonds include:
a) Bonds with proceeds collected and registered
in Vietnamese currency;
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c) Bonds with proceeds collected and registered
in gold.
2. Freely convertible foreign currencies,
measuring units and standards of gold used to purchase bonds shall be
prescribed by the Government when issuing such bonds.
Article 7.- The government bonds shall be issued in the following forms:
1. Registered bonds and bearer bonds;
2. Bonds with pre-printed denominations and
bonds without pre-printed denominations.
Article 8.- The government bonds shall have a term of five years or ten
years.
The Government shall specify the terms of bonds
when issuing them.
Article 9.- The sizes, designs, patterns and other particulars of the
government bonds, as well as the printing, preservation and transport of bonds
shall be stipulated by the Government.
Article
10.-
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a) The value of bonds with proceeds collected
and registered in Vietnamese currency shall be guaranteed with the amounts of
money denominated on such bonds plus the inflation rate at the time of bond
repayment against the time of bond purchase;
b) The value of bonds with proceeds collected
and registered in freely convertible foreign currency(ies) shall be guaranteed
with the amounts of such foreign currency(ies) denominated on such State bonds;
c) The value of bonds with proceeds collected
and registered in gold shall be guaranteed with the gold category inscribed on
such bonds.
2. The bond purchasers shall enjoy an interest
rate not lower than 1.5%/year on the amounts of Vietnamese currency, freely
convertible foreign currency(ies) or the gold quantities stated on the State
bonds. The specific interest rate for each issuance of bonds with five-year or
ten-year term shall be prescribed by the Government.
3. The bond interest as stipulated in Clause 2
of this Article shall not be subject to income tax.
Article
11.-
1. The Government shall organize and direct the
repayment of bonds in a quick and convenient manner and on time; both principal
and interest of government bonds shall be repaid in lump-sums at the State
Treasury system or at other agencies or organizations designated by the
Government.
2. Bonds purchased in Vietnamese currency shall
be repaid in Vietnamese currency; bonds purchased in a freely convertible
foreign currency(ies) shall be repaid in such foreign currency(ies); bonds
purchased in gold shall be repaid in gold of the same category.
3. If owners of bonds with proceeds collected
and registered in freely convertible foreign currency(ies), wish to have the
bond repayment in Vietnamese currency, such repayment shall be made at the
exchange rate(s) announced by the State Bank at the time of repayment as stated
on such bonds; if owners of bonds with proceeds collected and registered in
gold wish to have the bond repayment in Vietnamese currency, such repayment
shall be made at the purchasing price of gold of the same category on the
market at the time of repayment as stated on such bonds.
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Re-purchasers of government bonds, bond donatees
and bond inheritors shall have their legitimate rights and interests protected
by the State like the government bond purchasers; the government bond pledgees
shall have their legitimate rights and interests protected by the State like
the property pledgees under the provisions of law.
Chapter
III
REWARDS AND HANDLING OF VIOLATIONS
Article 13.- Organizations and individuals that
have made achievements in the purchase of government bonds for national
construction, in the mobilization of the people to purchase bonds or in the
organization of issuance of bonds shall be recommended and/or rewarded by the
State according to provisions of law.
Article 14.- Persons who commit acts of counterfeiting the government
bonds, hindering the bond issuance or repayment or other acts of violating the
provisions of this Ordinance shall, depending on the nature and seriousness of
their violations, be disciplined, administratively sanctioned or examined for
penal liability.
Article 15.- Persons who abuse their positions and powers vested to them
in the issuance and/or repayment to appropriate or cause loss to the sources of
capital mobilized from the issuance of bonds shall, depending on the nature and
seriousness of their violations, be disciplined or examined for penal
liability. If damage is caused, the compensation must be made according to the
provisions of law.
Chapter
IV
IMPLEMENTATION PROVISIONS
Article 16.- This Ordinance takes effect after
its announcement.
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The previous stipulations which are contrary to
this Ordinance are now annulled.
Article 17.- The Government shall
detail and guide the implementation of this Ordinance.
THE STANDING COMMITTEE
OF NATIONAL ASSEMBLY
Nong Duc Manh