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THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No.
28/2004/QD-BTC
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Hanoi,
March 23, 2004
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DECISION
ON THE SECOND-DRIVE ISSUANCE OF GOVERNMENT
BONDS IN 2004 FOR INVESTMENT IN SOME IMPORTANT TRAFFIC AND IRRIGATION WORKS OF
THE COUNTRY
THE MINISTER OF FINANCE
Pursuant to the Government's
Decree No. 77/2003/ND-CP of July 1, 2003 defining the functions, tasks, powers
and organizational structure of the Ministry of Finance;
Pursuant to the Prime Minister's Decision No. 235/2003/QD-TTg of November 13,
2003 defining the functions, tasks, powers and organizational structure of the
State Treasury under the Ministry of Finance;
Pursuant to the Government's Decree No. 141/2003/ND-CP of November 20, 2003 on
the issuance of Government bonds, Government-underwritten bonds and
local-administration bonds;
Pursuant to the Prime Minister's Decision No. 182/2003/QD-TTg of September 5,
2003 on the issuance of Government bonds for investment in some important
traffic and irrigation works of the country;
At the proposal of the general director of the State Treasury,
DECIDES:
Article 1.- To issue the
Government bonds in the second drive of 2004 with the total amount of Vietnam
dong (VND) 8,200 billion and US dollar (USD) 50 million for investment in the
construction of some important traffic and irrigation works of the country.
Article 2.- Government bonds
(hereinafter called bonds for short) shall be issued and paid in Vietnam dong
and US dollar, and in form of certificates or book entries.
Vietnam-dong bond certificates
include registered and bearer ones, pre-printed with different denominations of
VND 100,000, VND 200,000, VND 500,000, VND 1,000,000, VND 2,000,000, VND
5,000,000, VND 10,000,000, VND 20,000,000, VND 50,000,000 and VND 100,000,000.
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Article 3.- Modes of bond
issuance
3.1. Issuance through the system
of State Treasuries:
Vietnam dong bonds shall be
issued at the State Treasury units nationwide.
US dollar bonds shall be issued
at Hanoi State Treasury, Ho Chi Minh City State Treasury, Hai Phong State
Treasury, Quang Ninh State Treasury, Da Nang State Treasury and Ba Ria – Vung
Tau State Treasury.
a/ Bond buyers shall include
Vietnamese organizations and citizens; overseas Vietnamese; foreigners working
and/or residing in Vietnam; and foreign organizations operating in the
Vietnamese territory, except for those being bond-underwriting and -bidding
members (including Vietnam-dong bond bidding through the Securities Trading
Centers and US-dollar bond bidding through the State Bank's Transaction
Office).
Vietnamese organizations must
not use funding allocated from the State budget to purchase bonds.
b/ Bond term: 5 years.
c/ Bond interest rate shall be
decided by the Finance Minister at the time of issuance.
d/ Issuance duration: Beginning
from April 15, 2004 and ending before June 15, 2004.
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a/ Subjects eligible to
participate in the bond bidding are members of the market for bond bidding
through the Securities Trading Centers. Organizations and individuals wishing
to purchase bonds through bidding shall register with members of the
bond-bidding market and organizations licensed to trade at securities market.
b/ Bond terms: 5 years and 10
years.
c/ Bond interest rates shall be
formed through the bidding results.
d/ Issuance duration: Beginning
from April 15, 2004 and ending before December 15, 2004.
3.3. US-dollar bond bidding
through the State Bank:
a/ Subjects eligible to
participate in bond bidding are Vietnam-based credit institutions, licensed to
trade in foreign exchange and have foreign-currency accounts opened at the
State Bank.
b/ Bond terms: 5 years and 10
years.
c/ Bond interest rates shall be
formed through the bidding results.
d/ Issuance duration: Beginning
from April 15, 2004 and ending before December 15, 2004.
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a/ Subjects eligible to
participate in bond issuance underwriting are organizations permitted to
underwrite bond issuance according to the current regulations.
b/ Bond terms: 5 years and 10
years.
c/ Bond interest rates and issuance
underwriting charges shall be agreed upon between the issuance-underwriting
organizations and the State Treasuries according to the current prescribed
regimes.
d/ Issuance duration: Beginning
from April 15, 2004 and ending before December 15, 2004.
Article 4.- Principles and modes
for payment of bond principals and interests:
4.1. Bonds shall be paid in the
currency in which they are issued.
4.2. Vietnam dong bonds:
- Bearer ones, pre-printed with
denominations and issued through the State Treasuries, shall be paid at State
Treasury units nationwide.
- Registered ones, pre-printed
with denominations and issued through the provincial/municipal State
Treasuries, shall be paid at the State Treasuries where they are issued.
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4.3. US dollar bonds:
- Those which are issued through
Hanoi State Treasury, Ho Chi Minh City State Treasury, Hai Phong State
Treasury, Quang Ninh State Treasury, Da Nang State Treasury, and Ba Ria -
Vung Tau State Treasury (including registered and bearer ones, pre-printed with
denominations) shall be paid at the State Treasuries where they are issued.
- For those opened to bidding
through the State Bank: The State Bank's Transaction Office shall act as an
agent for the Finance Ministry in making payment for bonds upon their maturity.
4.4. Payment of bond principals:
Bond principals shall be paid in lump sums upon their maturity.
In cases where bond owners are
individuals that meet with special difficulties or force majeure circumstances and wish to get premature payment
for bonds, they must obtain certification by administra-tions of the localities
where they reside or agencies where they work; the general director of the
State Treasury shall consider and submit such to the Finance Minister for
permission for premature re-purchase. For bonds which are immature for interest
enjoyment, interests thereon shall not be paid.
4.5. Bond interest payment: Bond
interests shall be paid once a year when bonds are full 12 months, counting
from the date of purchase.
If upon the maturity for payment
of bond principals or interests, the bond owners do not come to get the
payment, such principals or interests shall be reserved for refund to the bond
owners when they need to get the payment; interest shall not be added to the
principals and shall not be paid for the over-mature period.
Article 5.- Bond owners shall
enjoy the following rights and preferences:
5.1. To be entitled to transfer,
donate, bequeath or use their bonds for pledges in credit relations.
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5.3. Bond owners being credit
institutions shall be entitled to trade in bonds on the monetary market;
discount and rediscount bonds according to the State Bank's regulations.
5.4. Bond owners being
individuals shall be exempt from personal income tax for their incomes from
bond interests and bond purchase/sale price differences; and may deposit their
bonds at the State Treasuries for free-of-charge custody if they so wish.
Article 6.- The general director
of the State Treasury shall have to:
6.1. Organize the bond issuance
and payment according to the provisions of Articles 3 and 4 of this Decision.
6.2. Take initiative in
administering the volume, term and interest rate of bonds issued by bidding or
underwriting modes prescribed at Points 3.2, 3.3 and 3.4, Article 3 of this
Decision within the volume limit, term and interest rate bracket approved by
the Finance Minister and in accordance with capital use demands.
6.3. Account, report on, and settle,
bond revenues and payments according to the prescribed regimes.
Article 7.- This Decision takes
effect 15 days after its publication in the Official Gazette.
The general director of the
State Treasury shall guide in detail and direct the implementation within the
whole State Treasury system, the heads of the concerned units under the Finance
Ministry, and the directors of the provincial/municipal Finance Services and
State Treasuries shall have to implement this Decision.
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MINISTER
OF FINANCE