|
THE
GOVERNMENT
-------
|
SOCIALIST
REPUBLIC OF VIETNAM
Independence- Freedom- Happiness
------------
|
|
No.164/1999/ND-CP
|
Hanoi,
November 16, 1999
|
DECREE
CONCERNING THE MANAGEMENT OF VIETNAM’S INTERNATIONAL
SETTLEMENT BALANCE
GOVERNMENT
Pursuant to the Law on Governmental
Organization dated September 30, 1992;
Pursuant to Law on State Bank of Vietnam 01/1997/QH10 dated December 12, 1997;
According to the proposal of the governor of the State Bank of Vietnam,
DECREES
Chapter I
GENERAL PROVISIONS
Article 1: Scale of
implementation
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
Vietnam's international settlement balance
(hereinafter referred to as the settlement balance) is a systematic summing-up
of all norms associated to economic transactions between Residents and
Non-residents in a certain period of time.
Article 2: The
establishment, observations and analysis of the settlement balance
1. The State Bank of Vietnam (hereinafter
referred to the State Bank) is responsible for organizing the establishment,
observations and analysis of the settlement balance.
2. The Ministry of Planning and Investment,
Ministry of Finance, Ministry of Trade, General Department of Statistics and
General Department of Customs are responsible for coordinating with the State
Bank to conduct the establishment, observations and analysis of the settlement
balance.
Article 3: Definitions
of some terms
In this Decree, some terms shall be understood
as follows:
1. "Economic transactions" consist of
transactions of commodities, services, incomes of employees, investment
returns, unilateral current transfers, unilateral transfers of capital,
transfers of capital into Vietnam, transfers of capital abroad in fields of
direct investment, investments in valuable papers, borrowings of foreign loans,
foreign debt payments, and lending and claiming of foreign debts. In addition,
they also include other forms of investment and transactions in accordance with
Vietnam's existing regulations and laws in-force which help raise or reduce
assets or liabilities between Residents and Non-residents.
2. "Residents" are organizations or
individuals, including:
a) State-owned enterprises, private enterprises,
companies, co-operatives and other economic organizations which belong to all
economic sectors of Vietnam, established and operating in Vietnam (hereinafter
referred to as Vietnamese economic organizations);
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
c) Vietnam's credit organisations, credit
joint-ventures, 100 per cent foreign-invested non-banking credit organisations,
and foreign banks' branches operating in Vietnam (hereinafter referred to as
credit organisations operating in Vietnam);
d) Vietnamese State-owned bodies, army forces,
political organisations, socio-political organisations, social organisations,
socio-professional organisations, social funds, and charity funds operating in
Vietnam;
e) Vietnamese representative bodies: diplomatic
corps, consulates, army forces, political organisations, socio-political
organisations, social organisations, socio-professional organisations, social
funds, and charity funds operating abroad; Vietnamese citizens working for
these organisations and their accompanying individuals;
f) Representative offices of Vietnamese economic
organisations, foreign-invested enterprises in Vietnam and credit organisations
in Vietnam operating abroad;
g) Vietnamese citizens residing in Vietnam, and
Vietnamese citizens having resided abroad for a period of less than 12 months;
h) Foreigners having resided in Vietnam for a
period of more than 12 months; and
i) Vietnamese citizens travelling, studying,
visiting or going abroad for medical examinations (period of residence abroad
is not counted).
3. "Non-residents" are organisations
or individuals, including:
a) Foreign economic organisations established
and operating overseas;
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
c) Vietnam’s
credit organisations and foreign credit organisations in Vietnam which
are established and operating abroad;
d) Foreign State-owned bodies, army forces,
political organisations, socio-political organisations, social organisations,
socio-professional organisations, social funds, and charity funds which are
operating abroad;
e) Diplomatic corps; consulates; representative
bodies of international organisations; representative bodies of
inter-governmental organisations; representative bodies of foreign
non-governmental organisations, army forces, political organisations,
socio-political organisations, social organisations, and socio-professional
organisations operating in Vietnam; and foreigner working for these
organisations and their accompanying individuals;
f) Representative offices of foreign economic
and credit organisations operating in Vietnam;
g) Foreigners residing abroad and foreigners
having resided in Vietnam for a period of less than 12 months;
h) Vietnamese citizens having resided abroad for
a period of 12 months or more; and
i) Foreigners travelling, studying, visiting and
going for medical examinations in Vietnam (period of residence is not counted).
In cases whereby it is hard to define Residents
or Non-residents, the governor of the State Bank is authorised to provide the
final decision.
4. "Earnings and expenditures of
services" mean all earnings from and expenditures for service activities
associated with transportation, tourism, postal, telecommunications, insurance,
aviation, banking, information, construction and other services provided
between residents and non-residents.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
6. "Investment returns" consist of all
profitable earnings of direct investment activities, interests from investments
in valuable papers, and other interests earned from loan agreements signed
between Residents and Non-residents, and vice versa.
7. "Unilateral current transfers"
include non-refundable aid, gifts, and other current transfers in cash or kind
from Residents to Non-residents for consumptive purposes, and vice versa.
8. "Unilateral transfer of capital"
includes non-refundable aids for investment purposes, debts cleared between
Residents and Non-residents, all assets in cash or kind brought into Vietnam by
Non-residents or taken away from Vietnam by Residents.
9."Net assets in foreign currencies"
are understood as the differential between assets in foreign currencies and
liabilities in foreign currencies which are presented on the monetary survey
balances of the State Bank and credit organisations.
10. "Exchanges of net assets in foreign
currencies" are understood as the increase or reduction of net assets in
foreign currencies at the starting or ending points of reports.
11. "Mistakes and shortcomings"
reflect the differential caused by mistakes and shortcomings in completing
statistics of all activities in the settlement balance.
Chapter II
THE ESTABLISHMENT OF THE
SETTLEMENT BALANCE
Article 4: The
settlement balance includes the forecast and real settlement balances
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
2. The real settlement balance is established on
the basis of economic and financial statistics recorded during the period of
making reports.
Article 5: Principles of
the establishment of the settlement balances
1. The settlement balance reflects all targets
associated to economic transactions between Residents and Non-residents.
2. The settlement balance is established with
the selections of suitable currency units by the governor of the State Bank.
3. Statistics associated to economic
transactions are completed at the point of transferring the ownership.
4. The value of economic transactions is counted
by the market price and converted into suitable currency units in accordance
with the exchange rates regulated by the State Bank.
Article 6: Structures
and main contents of the settlement balance
1. The current balance is the summing-up of all
targets on economic transactions between Residents and Non-residents concerning
commodities, services, incomes of labourers, direct investment returns,
earnings from investment in valuable papers, interests from loans, interests
from overseas deposits, unilateral current transfers, and other transactions
suited to Vietnam's existing regulations and laws in-force.
2. The capital and financial balance is the
summing-up of all targets on economic transactions between Residents and
Non-residents concerning the transfer of capital in and out Vietnam in fields
of direct investments, investments in valuable papers, borrowing foreign loans,
paying foreign debts, providing loans or claiming foreign debts, unilateral
transfer of capital, and other forms of investments and transactions suited to
Vietnam's existing regulations and laws in-force and help raise or reduce the
assets or liabilities.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
4. The supplement is counted through changes related
to net assets in foreign currencies and overdue debts, and assistance sources.
Detailed regulations of the settlement balance
are stated in Appendix 1 issued in connection with this Decree.
Article 7: Responsibilities
of ministries and branches in the establishment of the settlement balance
1. The Ministry of Planning and Investment
Ministry of Finance, Ministry of Trade, General Department of Statistics,
General Department of Customs, and other concerned ministries and branches are
responsible for providing the State Bank with information, and forecast and
real statistics on economic transactions between Residents and Non-residents
and other related statistics in accordance with detailed regulations stated in
Appendix 2 issued in connection with this Decree.
2. The State Bank is responsible for organising:
a) The definition of detailed contents and areas
of collecting information and statistics on the settlement balance for
ministries, branches, and credit and economic organisations;
b) The co-ordination with the Ministry of
Planning and Investment, Ministry of Finance, Ministry of Trade, General
Department of Statistics, and General Department of Customs to periodically
establish Vietnam's forecast and real settlement balances; and
3. The State Bank co-ordinates with the
General Department of Statistics and concerned ministries and branches to
conduct regular and irregular experimental surveys to collect information and
statistics necessary for the establishment of
the settlement balance.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
1. Terms of providing the State Bank with
information and statistics:
a) Pursuant to Article 7. 1 of this Decree,
concerned ministries and branches are responsible for providing the quarterly
forecast statistics before or on the fifteenth day of the final month of the
previous quarter (according to Appendix 2) and the yearly forecast statistics
before or on September 10 of the previous year;
c) Credit organisations and other economic
organisations are responsible for providing monthly statistics before or on the
twentieth day of the following month; and the quarterly and yearly statistics
as regulated in point 1.b of this Article.
2. Terms for the State Bank submitting the
settlement balance to the Prime Minister:
a) The State Bank is responsible for submitting
the Prime Minister the quarterly forecast settlement balance before or on the
twenty-fifth day of the final month of the previous quarter and the yearly
forecast settlement balance before or on September 25 of the previous year; and
b) The State Bank is responsible for submitting
the Prime Minister the quarterly real settlement balance before or on the final
working day of the first month of the following quarter and the yearly real
settlement balance before or on February 10 of the following year.
Chapter III
THE OBSERVATIONS AND
ANALYSIS OF THE SETTLEMENT BALANCE
Article 9: The State
Bank is responsible for:
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
2. Actively managing currency policies, credit
activities. and foreign currency controls; and setting forth measures to manage
foreign loans and debt payments of enterprises with the goal of perfecting the
settlement balance;
3. Providing concerned ministries and branches
with forecast and real settlement balances; and
4. Submitting the Prime Minister forecast and
real settlement balances, including the analysis of the settlement balances.
Article 10:
The Ministry of Planning
and Investment is responsible for observing and analysing impacts of the
settlement balances on macro-economic targets and proposing orientations,
policies and measures on economic administrations to be submitted to the
Government.
Article 11:
The Ministry of Trade is
responsible for observing and analysing impacts of import and export activities
on the settlement balances and proposing trade policies and measures aimed at
ensuring the balance of the settlement balances.
Article 12:
The Ministry of Finance
is responsible for, through the management of fiscal policies, proposing
financial policies and measures on State Budget's collections and expenditures
in association with foreign loans and debt payments in an aim of ensuring the
balance of the capital and financial settlement balances.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
IMPLEMENTATION
Article 13:
The Decree becomes
effective as of 15 days after the date of signing.
Article 14:
All violations against
contents, regulations, and terms of making reports and providing statistics
stated in this decree are subject to administrative punishments in accordance
with Vietnam's existing regulations and laws in-force.
Ministers, heads of ministerial level bodies,
heads of Governmental bodies, chairpersons of Centrally controlled municipal
and provincial People's Committees are responsible for implementing this Decree.
ON BEHALF OF THE GOVERNMENT
PRIME MINISTER
Phan Van Khai
APPENDIX 2
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
1. Ministry of Planning and Investment:
- Foreign direct investments in Vietnam;
- Vietnamese direct investments abroad;
- Imports and exports of goods and services;
- Foreign loans and debt payments;
- Providing loans and claiming foreign debts;
- Overseas assistance to Vietnam;
- Vietnamese assistance to foreign countries.
2. Ministry of Finance:
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
- Government providing loans and claiming
foreign debts;
- Vietnamese Government's assistance to foreign
countries;
- Foreign governments, and non-governmental and
international organisations' assistance to the Government of Vietnam;
- Foreign investors in Vietnam and Vietnamese
investors abroad transferring their investment profits home;
- Incomes of Non-residents working in Vietnam;
- Earnings and expenditures of Vietnam's
embassies, consulates, representative bodies, and diplomatic delegations abroad;
- Earnings and expenditures from insurance and
reinsurance services between Residents and Non-residents; and
- Governmental investments in valuable papers
issued by non-residents.
3. Ministry of Trade:
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
4. Ministry of Public Security:
- The number of Non-residents entering Vietnam;
and
- The number of Residents exiting Vietnam.
5. Ministry of Foreign Affairs:
- The number of Residents granted visas to exit
Vietnam;
- The number of Non-residents granted visas to
enter Vietnam;
- Earnings of individuals who are Residents working
in embassies, consulates, diplomatic corps and international organisations
listed as Non-residents doing business in Vietnam;
- Expenditures on head-office rentals,
electricity and water charges and other fees of embassies, consulates,
diplomatic delegations, representative bodies, international organisation
listed by the Government as Non-residents in Vietnam, an organisations listed
as Residents;
- Expenditures for annual fees of the
Government, organsations listed by the Government as Residents and
organisations listed as Non-residents; and
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
6. Ministry of Transport (including corporations
and companies of the maritime industry):
Shipping and railway and road transportation
services between Residents and Non-residents, including:
- Freights;
- Passenger transportation charges;
- Maritime fees;
- Fees for leasing means of transportation; and
- Supplementary services like storing goods,
leasing store- houses, loading and discharging of commodities, packaging,
tugging boats, navigation, repairs, maintenance of means of transportation,
life-savings, opening agencies, supplying and exporting sailors, and testing
technical data of machines, equipment and means of transportation.
7. Ministry of Culture and Information:
- Earnings from and expenditures for the use,
buying and selling of the copy rights of culture and information articles and
services such as movies, pictures, discs, tapes, art, broadcasting,
advertising, sports and physical culture activities, newspapers, and magazines
... between Residents and Non-residents.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
- Earnings from and expenditures for
construction and installation services of less than 12 month projects between
Residents and Non-residents.
9. Ministry of Education and Training:
- The number of residents studying abroad,
including:
+ The number of students granted scholarships by
non-residents;
+ The number of students granted scholarships by
residents; and
+ The number of students self paying school fees;
- The number of non-residents studying in Vietnam,
including:
+ The number of students granted scholarships by
residents;
+ The number of students granted scholarships by
non-residents; and
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
10. Ministry of Science, Technology and
Environment
- Fees collected from industrial property
rights, information technology and information supply services, and technologic
transfer and international co-operation projects; expenditure for international
co-operation activities; and earnings and expenditures concerning the
examinations, observations and evaluations of technologies and environmental
effects between Residents and Non-residents.
11. Ministry of Labour, War Invalids and Social
Affairs:
- Earnings from and expenditures for labour
co-operation activities and exchanges of experts between governments a between
organisations listed as residents and govemments organisations listed as
non-residents which include salaries wages and other incomes (in cash or kind)
of employees; and
- The number of non-residents granted labour
licenses Vietnam.
12. Ministry of Industry:
- Exports and imports of power between Residents
and Non-residents.
13. Ministry of Health:
- Earnings from and expenditures for health-care
services and exchanges of experts between Residents and Non-residents.
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
- The Ministry of Agriculture and Rural
Development, Ministry of Fisheries, Ministry of Defense, Vietnam National
Administration of Tourism, and the Committee of Physical Culture and Sports
provide information and statistics associated to the Vietnam's international
settlement balance upon the request of the State Bank.
15. State Securities Commission:
- Residents' investments in valuable papers
issued by Non-residents, and Non-residents' investments in valuable papers
issued by Residents.
16. General Department of Statistics:
- Gross National Products;
- Import and export of goods;
- Import and export of services; and
- Other earnings and expenditures associated to
the settlement balance.
17. General Department of Customs:
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
- The quantity of gold and foreign currencies
exported and imported into Vietnam; and
- The volume of overseas Vietnamese remittances.
18. Civil Aviation Administration of Vietnam:
Earnings from and expenditures for aviation
services
between Residents and Non-residents, including:
- Sales of flight tickets;
- Freights;
- Earnings and expenditures of airport services;
- Earnings and expenditures of operations of the
Flight Control Centre;
...
...
...
Please sign up or sign in to your Pro Membership to see English documents.
- Expenditures for having planes repaired and
maintained abroad; and
- Fees collected from other services such as
transit, use of flight zones, repairs and maintenance of planes, life-savings-opening
agencies for the transportation of passengers and goods, and other
supplementary services.
19. Post and Telecommunications Corporation, Sai
Gon Post and Telecommunications Services Share-holding Company, and Military
Share-holding Company
(including all companies of the post and
telecommunications industry):
- Post services: delivery of mails, newspapers,
magazines, mail items, leasing mail boxes, imports and exports of postal
stamps, and remittances;
- Telecommunications services: telephone, fax,
telex, telegraph, network installation, Internet, satellite, and other
supplementary services;
- Member fees applicable to international
organisations; and
- The volume of remittances between Residents
and Non-residents.