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THE
GOVERNMENT
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
40-CP
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Hanoi,
July 03, 1995
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DECREE
ON
REPAYING FOREIGN DEBTS WITH GOODS AND SERVICES PAID FOR IN FOREIGN CURRENCY
THE GOVERNMENT
Pursuant to the Law on
Organization of the Government on the 30th of September 1992;
At the proposal of the Chairman of the State Planning Committee in Official
dispatch No.1712-UB/TMDV on the 31st of May 1995,
DECREES:
Article 1.- The total
value of export goods for repayment of foreign debts including services paid
for in foreign currency is an inseparable part of the plan to repay debts,
which has been passed by the National Assembly as part of the annual draft
State budget.
Article 2.-
The Ministry of Finance shall discuss with the State Planning Committee, the
Ministry of Trade, and the branches concerned to draft the annual plan for
repayment of foreign debts on the basis of the revenue and expenditure
capabilities of the budget, the balance of trade, and the trade agreement with
each country. This plan shall be worked out specifically for each country (each
separate creditor) and according to each form of repayment in money, goods,
services...
Article 3.-
Basing itself on the plan for repayment of foreign debts (the part repaid in
goods and services) already ratified, the Ministry of Finance shall inform the
State Planning Committee, the Ministry of Trade and the branches concerned of
the concrete amounts to be repaid to each country (each separate creditor). On
this basis, the Ministry of Trade and the assigned branches shall negotiate and
sign memoranda of understanding with the foreign side on export goods and
services within the set quota, and in conformity with the annual export plan.
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Article 4.-
The goods and services exported in accordance with the Government's plan for
repayment of debts are goods and services produced and supplied in Vietnam, and
paid for by the State budget, according to the results of biddings for each
commodity line, category and kind of export goods and services.
Article 5.-
Basing itself on the memoranda of understanding already signed with the foreign
side, the Ministry of Finance shall discuss with the branches concerned how to
carry out the plan for repayment of debts in the form of bidding organized for
State-owned enterprises, to fill the State's orders for goods to repay debts.
Article 6.-
The bidding for repayment of debts shall be conducted in accordance with the
Statute on bidding issued by the Minister of Finance, and shall be carried out
step by step with regard to a number of countries and a number of major
commodity lines; from 1996 on, the export of goods and services for repayment
of debts shall be carried out entirely through bidding.
Article 7.-
To assign the Minister of Finance to set up an inter-ministerial Bidding
Council, and to ratify the Statute on bidding and the function and task of this
Council in order to organize biddings of State-owned enterprises to supply
export goods and services for repayment of debts.
The Council shall be chaired by
an authorized representative of the Ministry of Finance, and shall include
authorized representatives of the Ministry of Trade, the State Planning Committee,
the State Bank, the Government Pricing Commission, and the Managing Council of
the corporations of commodity lines concerned. The Ministry of Finance may
invite other representatives to take part in the Council, if need be.
Article 8.- With
regard to those categories of goods and those kinds of goods to which the
mechanism of bidding is inapplicable, the State Planning Committee shall
discuss with the Ministry of Trade, the controlling Ministry of the commodity
lines, and the Ministry of Finance, to make a plan for allocation of quotas to
repay debts, and submit it to the Prime Minister for approval, according to the
following principles :
1. They shall be directly
assigned to the production and business corporations according to the commodity
lines at central and local levels which have a large production scale, and to
the enterprises which conduct efficient production and ensure a high quality of
export goods.
2. With regard to the goods
which are bought mainly from production workshops of the people, cooperatives
and families, they shall be assigned to production and business enterprises at
central and local levels according to the commodity lines.
3. With regard to the goods the
export of which is assigned to the exporters and made public by the Ministry of
Trade, they shall be assigned only to these exporters, while taking into
consideration the opinions of the Associations of production and business
enterprises operating according to the commodity lines.
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Article 9.-
Those enterprises, which are to deliver goods for debt repayment (either by winning
the bidding, or being assigned to do so), shall have to comply with the
procedures of commitment to fill the State's orders, as stipulated and guided
by the Ministry of Finance.
Those enterprises which have won
the bidding can directly export, or assign other enterprises to export, the
quota of goods for debt repayment they have successfully bid for.
Those enterprises, which have
been given quotas for debt repayment (concerning those kinds of goods which are
not yet subject to the bidding mechanism), can export these goods directly, or
assign the export to the licensed exporters (concerning those kinds of goods
the export of which should be conducted by the authorized exporters), or assign
the export to any import-export companies (concerning those kinds of goods for
which no exporter has been named).
Article 10.- In
principle, no price subsidy shall be given to the goods exported, or to the
losses incurred in the export of the goods and services paid for in foreign
currency for debt repayment; the special cases shall be submitted to the Prime
Minister for consideration and decision.
The import of goods, or purchase
of goods not produced in Vietnam for debt repayment, is strictly banned.
Article 11.- The
enterprises concerned are permitted to export the goods for debt repayment as
they have successfully bid for (or the kinds of goods assigned to them) to
other countries to receive the convertible foreign currencies, and transfer
them to the banks of the creditor countries, as stipulated and directed by the
Ministry of Trade, the Ministry of Finance, the General Department of Customs,
and the Foreign Trade Bank of Vietnam.
Article 12.-
The tasks of the financial institutions, banks and commercial companies in
carrying out the plan for debt repayment are stipulated as follows :
1. The State Bank shall monitor
the repayments of debts by the enterprises concerned in order to confirm the
statements of accounts with the Banks of the creditor countries in Vietnam's
bank accounts; timely report to the Ministry of Finance when the Banks of the
creditor countries announce receipt of the sums owed them for each consignment
of goods delivered; and direct the Foreign Trade Bank to fill the procedures of
repayment of the State's debts to the foreign side.
2. The Ministry of Trade shall
supply information on contracts and prices to the Vietnamese enterprises
concerned, and see to it that the export of goods for debt repayment is
conducted in the same way as that of ordinary commercial export; and keep the
domestic and foreign partners concerned informed of the implementation of the
plan for debt repayment, if necessary.
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Every quarter, the Ministry of
Finance shall have to review the situation and file a report to the Prime
Minister on the results obtained in implementing the plan for debt repayment;
cooperate with the other Ministries and branches concerned to settle problems
arising from the implementation of the plan for debt repayment; in case there
is any problem beyond its powers, the Ministry of Finance shall have to report
it to the Prime Minister for decision.
Article 13.-
This Decree takes effect from the date of its signing, and replaces Decree
No.47-CP on the 26th of June 1993.
Article 14.-
With regard to those principles on the management of imports-exports which are
not mentioned in this Decree, Decree No.33-CP on the 19th of April 1994 of the
Government shall apply.
Article 15.-
The Ministers, the Heads of ministerial-level agencies, the Heads of the
agencies attached to the Government, and the Presidents of the People's
Committees of the provinces and cities directly under the Central Government
shall have to give guidance on and implement this Decree.
ON
BEHALF OF THE GOVERNMENT
FOR THE PRIME MINISTER
DEPUTY PRIME MINISTER
Phan Van Khai