THE NATIONAL ASSEMBLY
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 10/2003/QH11
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Hanoi, June 17, 2003
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LAW
AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF THE VIETNAM STATE
BANK LAW
(No. 10/2003/QH11 of
June 17, 2003)
Pursuant to the 1992 Constitution of
the Socialist Republic of Vietnam, which was amended and supplemented under
Resolution No. 51/2001/QH10 of December 25, 2001 of the Xth National Assembly,
the 10th session;
This Law amends and supplements a number of articles of the Vietnam State Bank Law of December 12, 1997.
Article 1.-
To amend and supplement a number of
articles of the Vietnam State Bank Law as follows:
1. Article 9 is amended and
supplemented as follows:
"Article 9.-
Interpretation of terms
In this Law, the following words and
phrases are construed as follows:
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2. Monetary market means a
short-term capital market, where the short-term purchase and sale of valuable
papers, including treasury bills, the State Bank's bills, deposit certificates
and other valuable papers are carried out.
3. Banking activities mean
currency-trading and banking service-providing activities with regular contents
being to receive deposits and use them for the supply of credits and/or
provision of payment services.
4. Open-market operations mean the
short-term purchase and sale of valuable papers, which are conducted by the
State Bank on the monetary market in order to implement the national monetary
policy.
5. Compulsory reserve means a sum of
money which must be deposited at the State Bank by credit institutions for the
implementation of the national monetary policy.
6. Foreign exchange means foreign
currencies, gold of international standard, valuable papers and payment
instruments in foreign currencies.
7. Foreign exchange transactions
mean the operations of investment, borrowing, lending, guarantee, purchase,
sale and other transactions related to foreign exchange.
8. Foreign exchange rate means the
rate between the value of Vietnam dong and that of a foreign currency.
9. International reserve means the
State's foreign exchange reserve managed by the State Bank and the foreign
exchange reserves of credit institutions licensed to conduct foreign exchange
transactions.
10. Re-financing means a form of
allocating the State Bank-secured credits with a view to supplying short-term
capital and payment instruments to banks.
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12. Base interest rate means the
interest rate announced by the State Bank, which shall serve as a basis for
credit institutions to set their business interest rates.
13. Re-financing interest rate means
the interest rate applied by the State Bank when re-allocating capital.
14. Re-discount interest rate means
a form of re-financing interest rates to be applied when the State Bank
re-discounts negotiable instruments and other valuable papers for credit
institutions.
15. Short-term valuable papers are
those with a term of less than one year.
16. Long-term valuable papers are
those with a term of one year or more, counting from their issuance till their
maturity.
17. Short-term purchase or sale mean
the purchase or sale of valuable papers with a term of less than one
year."
2. Article 17 is amended and
supplemented as follows:
"Article 17.-
Forms of re-financing
The State Bank shall re-finance
banks in the following forms:
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2. Discounting or re-discounting of
negotiable instruments and other valuable papers;
3. Providing loans secured by
pledging negotiable instruments and other valuable papers."
3. Article 21 is amended and
supplemented as follows:
"Article 21.-
Open-market operations
The State Bank shall conduct
open-market operations through short-term purchase and/or sale of treasury
bills, deposit certificates, the State Bank's bills and other valuable papers
on the monetary market for the implementation of the national monetary
policy."
4. Article 32 is amended and
supplemented as follows:
"Article 32.-
Advances for the State budget
The State Bank shall provide
advances for the central budget to deal with a temporary deficit in the State
budget fund under the Prime Minister's decision. Such advance amount must be
refunded in the budget year, except for special cases to be decided by the
National Assembly Standing Committee."
Article 2.-
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Article 3.-
1. This Law takes implementation
effect as from August 1, 2003.
2. The Government shall detail and
guide the implementation of this Law.
This Law was adopted on June 17,
2003 by the XIth National Assembly of the Socialist Republic of Vietnam at its
3rd session.
NATIONAL ASSEMBLY CHAIRMAN
Nguyen Van An