MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom - Happiness
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No:.06/2013/TT-BTC
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Hanoi, January
09, 2013
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CIRCULAR
GUIDING FINANCIAL REGIME FOR MICROFINANCE INSTITUTIONS
Pursuant to the Law on Enterprises dated
November 29, 2005;
Pursuant to the Law on Credit Institutions
dadted June 16, 2010;
Pursuant to the Decree No.57/2012/ND-CP dated
7/20/2012 of the Government on financial regime for the credit institutions and
foreign bank branches;
Pursuant to the Decree No.118/2008/ND-CP
dated 11/27/2008 of the Government defining the functions, tasks, powers and
organizational structure of the Ministry of Finance;
At the request of the Director of Finance on
Banks and Financial Institutions;
The Minister of Finance issues the Circular
to guide the financial regime for microfinance institutions.
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GENERAL PROVISIONS
Article 1. Scope of
regulation
This Circular guides a number of Articles on
financial regime for the microfinance institutions in Vietnam.
Financial activities of the microfinance
institutions shall comply with the provisions of the Law on Credit Institutions
dated June 16, 2010 (herein referred to as the Law on Credit Institutions); the
Decree No.57/2012/ND-CP dated July 20, 2012 of the Government on the financial
regime for the credit institutions and foreign bank branches (in the Circular
referred to as the Decree No.57/2012/ND-CP); specific guidance in this Circular
and other related legal documents on financial management.
Article 2. Application
subjects
This Circular applies to the microfinance
institutions in Vietnam that were established, organized and operating under
the Law on Credit Institutions.
Chapter II
SPECIFIC PROVISIONS
Article 3. Capital of the microfinance
institutions
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a) Charter capital.
b) The difference in the exchange rate in
accordance with the law provisions.
c) The difference in revaluation of assets is
the difference between the book value of the assets compared with value of
revaluation of assets when having the decision of the State.
d) The additional reserve funds for charter
capital, funds for investment and development, the financial reserve fund.
e) Undistributed profits.
g) Other capital under the legal ownership of
microfinance institutions in accordance with the law provisions.
2. Capital raised in the form.
a) Receipt of deposits in Vietnamese dong under
the following forms:
- Compulsory savings in accordance with the
provisions of the microfinance institutions.
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b) Loans from the credit institutions, financial
institutions and other domestic or foreign individuals and organizations in
accordance with the law provisions.
c) Capital received from entrustment to lend
under the programs and projects of the Government, the domestic or foreign
organizations and individuals.
Article 4. Use of capital,
assets
1. The microfinance institutions are responsible
for the management, use, monitoring of all existing assets and capital,
performing accounting in accordance with the current accounting regime;
reflecting the full, accurate and timely use, changes in capital and assets in
the course of business; identifying clear responsibilities and sanctions of
handling of each department, individual for each case of damage or loss of
assets, capital of the microfinance institutions.
2. The microfinance institutions are used
working capital to serve the business under the provisions of the Law on Credit
Institutions, the Decree No.57/2012/ND-CP and the specific guidances in this
Circular on the principles of assurance of safety and capital development.
a) During the operation, business, the
microfinance institutions must remain limited investment in the construction,
procurement of fixed assets in direct service to the business by the principle
of: residual value of fixed assets shall not exceed 50% of the charter capital
and additional reserve fund for charter capital of the microfinance
institutions.
b) For real estates held by the handling of the
loans as stipulated in Clause 3, Article 132 of the Law on Credit Institutions:
- For real estates held temporarily by the
microfinance institutions to sell, transfer to withdraw funds, the microfinance
institutions shall not account increase of assets, shall not depreciate.
- For real estates acquired by the microfinance
institutions in direct service to the business, the microfinance institutions
shall account increase of assets, shall depreciate in accordance with the law
provisions and ensure limited investment in construction, procurement of fixed
assets in accordance with provisions of point a, Clause 2 of this Article.
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- For provision for risks in banking operation,
the microfinance institutions shall set up and use the provision for risks as
prescribed by the State Bank Governor of Vietnam, after agreeing with the
Minister of Finance.
- For provision for devaluation of stocks,
provision for loss of long-term investments, provision for bad debts (other
than provision for risks in banking operation): the microfinance institutions
appropriate reserve funds according to the general provisions applicable to the
enterprises.
d) Lease, mortgage, pledge of assets: the
microfinance institutions have the right to lease, mortgage, pledge assets of
the microfinance institutions under the provisions of the Civil Code, the Law
on the Credit Institutions and other provisions of law to ensure effective,
safe capital development.
đ) For leased assets, the microfinance
institutions are responsible for the management, maintenance or use as agreed
with clients in accordance with the provisions of law.
e) Transfer or liquidation of assets:
- The transfer or liquidation of the assets of
the microfinance institutions shall comply with the provisions of the law and
the provisions of the Charters of the microfinance institutions.
- The microfinance institutions are allowed to
transfer assets to recover funds used for more effective business purpose.
- The microfinance institutions are allowed to
liquidate assets of degraded, poor quality; damaged assets that are unable to
recover; technically obsolete assets without the need to use or used without
effectiveness and unable to be sold as is; assets used beyond their use time in
accordance with provisions and can not continue to be used. When liquidating
assets, the microfinance institutions must establish liquidation Council.
- For assets required by law to make auction
sale as transfer or liquidation, the microfinance institutions must hold the
auction in accordance with the law provisions.
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1. Revenues of the microfinance institutions
include the revenues provided for in Article 15 of the Decree No.57/2012/ND-CP,
specifically:
a) ) Revenue from business activities, includes:
- Revenue from credit activities: revenue from
interest on deposits, interest from credit granting operation, other revenues
from credit operation.
- Revenue from services includes: revenue from
the service receiving entrustment to lend, revenue from provision of collection
and remittance services and transfer money to microfinance clients, revenue
from financial advisory services related to the field of microfinance
activities, revenue from agents providing insurance services.
- Revenue from exchange rate differences in
accordance with provisions of accounting standards and the provisions of the
current law.
- Revenue from other business activities,
including: revenue from renting out assets and revenue from other business
activities based on operation license.
b) Other revenues include:
- Revenue from the transfer or liquidation of
fixed assets.
- Revenue from the loans handled by risk reserve
(including the debts that have been forgiven, now recovered).
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- Revenue from fines of clients, money paid for
compensation by clients due to breach of contract.
- Revenue from insurance compensation.
- Revenue from taxes paid and reduced, refunded.
- Revenue from returning the surplus amount from
the provision for risks (amount required to set aside is lower than the numbers
set aside) but not recorded cost decrease as prescribed by law for the
provision for risks.
- Revenue from non-refundable grant for the
development programs, the activities of microfinance institutions.
- Other revenues.
2. Revenue recognition principles.
a) Interest revenue from credit providing
activities: microfinance institutions account the receivable interest arising
in the period into income for the qualified debts which are not required to make
appropriation for risks specifically as prescribed. For the receivable interest
arising in the period of the remaining debts, it is not required to account
income, the microfinance institutions shall monitor off-balance sheet to urge
the collection; when collected, account as revenue from business.
b) Deposit interest revenue: the amount of
interest receivable during the period.
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d) For revenue from the remaining activities:
revenue is the entire proceeds from the sale of products, goods and provision
of services generated in the period accepted to make payment by the clientss
after minus (-) a commercial discount amount, reducing price of goods sold and
value of sold goods to be returned (if having valid documents) regardless of
whether money is collected or not.
đ) For the receivable revenues accounted for in
income but when the maturity comes, they are not obtained, the microfinance
institutions shall account reduction of revenue if it is in the same accounting
period or account into costs if it is not in the same accounting period and
tracking off-balance sheet to urge the collection. When they are collected,
then account into revenue from business activities.
3. The revenues of the microfinance institutions
arising in the period must have valid invoices or vouchers and must be fully
accounted in sale revenue.
Article 6. Cost management
1. Expenses of the microfinance institutions,
include the expenses specified in Article 16 of the Decree No.57/2012/ND-CP.
For some expenses, the microfinance institutions shall comply with the
following guidelines:
a) Expenses for business:
- Spending on credit activities: paying for
interest on deposits, interest on loans, and other expenses for the operation
of providing credit.
- Spending on business of banking services:
paying for the service receiving entrustment to lend, paying for fees of
entrustment to lend, paying for collection and remittance services and transfer
money to microfinance clients, paying for the activity to act as insurance
providing agents, and paying for financial advisory services related to the
field of microfinance activities.
- Spending on exchange rate differences in
accordance with provisions of accounting standards and the provisions of the
current law.
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b) Expenses for taxes, fees and charges,
including taxes, charges and fees relating to land rents (excluding corporate
income tax) in accordance with the law provisions.
c) Expenses for assets:
- Expenses for depreciation of fixed assets used
for business activities shall comply with the regime of management, use and
appropriation for depreciation of fixed assets for enterprises.
In case of purchase for deferred payment of
fixed assets: the microfinance institutions account for the difference between
the total amount payable and fixed asset purchase price paid right in the cost
according to the maturity except that the difference is included in the primary
price of fixed assets (capitalization) in accordance with the provisions of
accounting standards.
- Expenses for leasing fixed assets: Cost of
lease of fixed assets shall comply with the lease contract. In case of making
lump-sum payment for the rent of assets for many years, the rent is apportioned
into the cost of doing business by the number of years of using assets. For the
expenses related to the land lease that can not be deducted from the rent
according to regulations, the microfinance institutions apportion into the cost
over time using leased land.
- Expenses for maintenance and repair of fixed
assets.
- Expenses for procurement; repair of tools and
instruments.
- Expenses for asset insurance.
d) Expenses for employees in accordance with the
law provisions, including the following items:
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- Expenses for salary contribution: Paying for
social insurance, health insurance, unemployment insurance, trade union fees.
- Expenses for allowances of unemployment to
employees in accordance with the law for enterprises.
- Expenses for purchase of personal accident
insurance.
- Expenses for shift meals.
- Expenses for labor protection for those who
are required personal protective equipment while working.
- Expenses for uniforms for staffs working in
the microfinance institutions according to regulations.
- Expenses for annual leave as prescribed by
law.
- Medical expenses including the expenses for
period medical examination for employees, purchase of reserve medicine and
other medical expenses under the responsibility of the enterprises as
prescribed by law.
- Payment of annual leave as prescribed by law.
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đ) Expenses for management activities, public
service:
- Expense for travelling expenses.
- Expense for electricity, water, telephone,
materials, printing paper, stationery, printing of management forms.
- Expense for treasury, store operations.
- Expense for hiring consultants, hiring
domestic or foreign experts.
- Expense for auditing.
- Expenses for training, strengthening capacity
for officials and employees; including expense for training freelancers and
clients within the scope of microfinance activities.
- Expenses for remuneration to freelancers under
cooperation contracts or agreements between the parties.
- The commission for agents, entrusting costs
must be stated in the agent contract, entrusting contract with all the
reasonable and valid papers.
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- Expense for scientific and technological
research: the missing part of expense after using up the scientific and
technological development fund.
- Expense for rewarding innovations, increase of
labor productivity, cost savings: by the principle in accordance with the
actual effectiveness; the microfinance institutions must build and publish
regulations on reward and establishment of Council for initiative acceptance
test.
- Expense for fire fighting and prevention.
- Expense for environmental protection.
- Expense for protection of the agencies.
- Expense for reception festivities, propaganda,
advertising, marketing, promotions, foreign affairs conferences, and other
costs according to regulations and required to have invoices or vouchers in
accordance with the provisions of the Ministry of Finance, in association with
the business results of the microfinance institutions.
- Brokerage commission costs: The expense for
brokerage commissions of the microfinance institutions must be linked to
economic efficiency brought by the brokerage. The microfinance institutions are
based on guidelines of brokerage commission costs of the Finance Ministry,
their specific conditions and characteristics to formulate Regulations on
brokerage commission expense applied uniformly and publicly in the microfinance
institutions. The Council of members or General Director (Director) of the
microfinance institutions approves the Regulations on brokerage commission
exspense applied in their units.
Those entitled to brokerage commissions are the
organizations and individuals (domestic and foreign) to provide brokerage
services to the microfinance institutions. Brokerage commissions are not be
applied to the subjects as agents of the microfinance institutions, the
customers designated, the titles of management, employees of the microfinance
institutions.
The expense for brokerage commissions must be
based on contract or written certification between the microfinance
institutions and the recipient of brokerage commission, which must contain the
basic contents: the name of the commission recipient; content of spending;
spending rate; payment method; implementation and end time; responsibilities of
the parties.
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For the expenses for brokerage of selling assets
mortgaged, pledged: spending level for brokerage commission to sell assets
mortgaged, pledged of the microfinance institutions must not exceed 1% of the
actual value obtained from the sale of assets through brokerage.
e) Expenses for risk prevention: Expenses for
provision for operations of the microfinance institutions as prescribed in item
c, Clause 2, Article 4 of this Circular.
g) Expense for participating in organization to
preserve and insure deposits as prescribed by law.
h) Other expenses:
- Expense for fees of domestic or foreign
associations and industries participated in by the microfinance institutions
according to the fees prescribed by these associations.
- Expense for the activities of Party and unions
in the microfinance institutions (expenditures outside the budget of the Party
organization, unions paid from specified sources).
- Expense for the items accounted as revenue but
not collected actually and not accounted reduction of revenue.
- Expense for payable liabilities, determined as
loss of creditors and accounted into income but then identified its creditors.
- Expense for the transfer and liquidation of
assets (if any), including the residual value of fixed assets to be liquidated,
transferred.
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- Expense for fines from administrative
violations; fines and damages compensation for breach of economic contract
under responsibilities of the credit institutions.
- Expense for the recovery of forgiven debts,
recovery of bad debts.
- Expense for handling the remaining asset
losses after offsetted by the sources as provided for in Article 11 of the
Decree No.57/2012/ND-CP.
- Expense for social work including funding for
health, education, funding for disaster recovery, for care for, support,
improvement of social security for the poor and other expenses in accordance
with the law provisions.
- Expense for court fees, fees for execution.
- Other expenses.
2. Principle on recorgnition of expenses.
a) The expenses of the microfinance institutions
are the expenses actually incurred during the period related to business
activities.
b) The expenses recorded in costs of doing
business of the microfinance institutions must comply with the principle of
matching of revenue and expenses and with sufficient lawful invoices, vouchers
in accordance with law provisions.
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a) The expenses not related to the business of
the microfinance institutions.
b) Expenses without valid vouchers.
c) The fines for administrative violations that
individuals must pay under the provisions of the law include: violation of
traffic laws and violations of business registration regime, violations of the
statistics, accounting regime, violations of the tax law and other
administrative violations.
d) The items accounted as expense but not paid
actually.
đ) Other reasonable expenses
Article 7. Accounting
currency
The determination of the accounting currency
shall comply with the provisions of Article 18 of the Decree No.57/2012/ND-CP.
Economic activities of the microfinance
institutions arising in foreign currency must be converted into Vietnam dong as
prescribed by law.
Article 8. Regime of
accounting, statistics, auditing, reporting and financial disclosure
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2. Fiscal year of the microfinance institutions
starts on January 01 and ends on December 31 of the calendar year.
3. The microfinance institutions perform
financial settlement; fully abide by the regulations on establishment and
submission of financial statements to the State Bank of Vietnam under the
provisions.
Chairmen of the Councils of members or the
general directors (directors) of the microfinance institutions are responsible
for the accuracy and truthfulness of these statements.
4. Content, the time limit for submission of
financial statements:
a) Financial statements.
System of annual financial statements, mid-year
financial statements and accounting reports and the time limit for submitting
the reports: the microfinance institutions shall comply with the provisions of
the State Bank of Vietnam on financial reporting regime toward the credit
institutions.
b) Report on the result of the annual financial
statement audit: the microfinance institutions send the annual financial
statements audited together with the conclusions of the independent audit
organizations right after the end of the audit.
c) Irregular report: At the request of the
authorities.
5. Recipients of report:
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b) The microfinance institutions send the
reports on the result of the annual financial statement audit to the State Bank
of Vietnam and the Ministry of Finance.
Article 9. Inspection,
handling of financial violations
1. Financial inspection.
a) Financial inspection form.
The financial inspection shall be performed
under the following forms:
- Periodical or irregular financial inspection.
- Inspection by each subject in accordance with
requirements for the financial management.
b) Financial inspection agency
- State Bank is responsible for inspecting,
examining, monitoring comprehensively the activities of the microfinance
institutions, including financial activities; notifying the Ministry of Finance
the violations, the difficulties related to the implementation of the financial
management regime detected during the inspection, examination, monitoring for
the Ministry of Finance to coordinate in handling and improving the policies.
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2. Handling of violations.
Microfinance institutions violating financial
regime, the financial report regime of the State shall be sanctioned according
to the law provisions.
Article 10. Responsibility
of the management agencies
1. The Ministry of Finance, State Bank
implements their responsibilities under the provisions of Article 34, Article
35 of the Decree No.57/2012/ND-CP.
2. Quarterly, annually the State Bank of Vietnam
shall inform the Ministry of Finance the financial situation of the
microfinance institutions under the provisions of Clause 1, Article 35 of the
Decree No.57/2012/ND-CP, specifically with the following indicators:
a) Number of the microfinance institutions.
b) Total charter capital, the equity capital of
the microfinance institutions.
c) Total assets with the rate of safety in the
operation of the microfinance institutions.
d) Total outstanding loans, total deposits,
non-performing loan ratio in the operation of the microfinance institutions.
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e) Number remitted to the State budget of the
microfinance institutions (classified by the types of taxes and fees).
g) The violations of financial regime of the
microfinance institutions are detected during the inspection and supervision.
h) Other concerned norms, contents.
Chapter III
IMPLEMENTATION
ORGANIZATION
Article 11. Implementation
organization
1. This Circular takes effect from February 25, 2013.
2. In the course of implementation, if any
problems arise, the concerned bodies should report them to the Ministry of
Finance for study, consideration and settlement./.
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FOR MINISTER
DEPUTY MINISTER
Tran Xuan Ha