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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:
111/1999/TT-BTC
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Hanoi,
September 17, 1999
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CIRCULAR
GUIDING THE IMPLEMENTATION OF THE FINANCIAL REGIME
APPLICABLE TO THE STATE BANK OF VIETNAM
Pursuant to the Government’s
Decree No. 100/1998/ND-CP of December 10, 1998 on the financial regime of the
State Bank of Vietnam, and after consulting and reaching an agreement with the State
Bank of Vietnam, the Ministry of Finance hereby guides its implementation as
follows:
I. GENERAL PROVISIONS
1. This Circular applies to the State Bank of
Vietnam (hereinafter abbreviated into the SB), including: the Central SB; the SB’s
branches in the provinces and centrally-run cities; its domestic and overseas
representative offices; and such non-business units attached to the SB as:
"Thoi Bao Ngan Hang" (the Banking Times), "Tap Chi Ngan
Hang" (the Banking Review), the Credit Information Center, the Propaganda
and Press Center, and the Management Board of International Credit Projects.
The Banking Institute and enterprises attached
to the SB shall not be subject to this Circular and shall comply with the
general financial management regime prescribed by the State for the
non-business units and State enterprises.
2. On principle, the SB’s financial revenues and expenditures
shall comply with the State Budget Law and the Law on the State Bank of
Vietnam. The SB may use its revenue sources to cover its operation expenses.
The remainder of the difference between the revenues and expenditures, after
deductions are made for setting up various funds according to the Law on the
State Bank of Vietnam, the Government’s Decree No. 100/1998/ND-CP of December
10, 1998 regarding the financial regime of the State Bank of Vietnam and the
specific provisions of this Circular, shall be remitted to the State budget.
3. The SB shall not have to pay taxes for its
professional operations and banking services.
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5. The Ministry of Finance shall perform the
function of State management over finance, and exercise the financial
management over the SB through the plan evaluation and synthesization, and
inspection and examination of financial revenue- and expenditure-related
activities of the SB.
II. PROVISIONS ON CAPITAL,
FUNDS AND ASSETS
1. The SB shall have to strictly manage, and
rationally and safely use for the right purpose the capital, funds and the State’s
assets already assigned to it for management, more concretely:
1.1. The legal capital: The SB’s
legal capital is 5,000 billion VN dong (five trillion VN dong) derived from the
State capital source.
The SB shall coordinate with the Ministry of
Finance in identifying the State capital sources currently managed by the SB
which are allowed to be accounted into the SB’s legal capital. The deficient difference
between the existing capital and the initial legal capital as prescribed shall
be annually supplemented by the following sources:
- Capital for procurement of fixed assets,
technical and informatic facilities and equipment, and storehouse and fund
safety, which is accounted into the annual expenditures as prescribed.
- Capital for the capital construction
investment which is annually allocated by the State.
The change of the legal capital level shall be
decided by the Prime Minister at the proposals of the SB Governor and the
Minister of Finance.
1.2. The capital for the capital construction
investment and fixed asset procurement:
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+ Fixed asset depreciation.
+ Funds allocated by the State for capital construction
according to the State’s
plans.
+ Amounts deducted from the annual expenditures
which are equal to 12% of the average fixed asset value in the year.
+ Proceeds from the liquidation, assignment and
sale of the fixed assets, after paying for liquidation, assignment and/or sale
expenses (if any).
+ Other lawful sources according to the State’s
regulations.
- The SB’s entire capital construction and fixed
asset procurement work shall be carried out within the capital source ratified
in the annual capital construction plans. The capital construction investment
and fixed asset procurement by the SB must comply with the State’s
regulations on investment and construction management.
The investment capital planned for the capital
construction in a year, which has not been used up, shall be incorporated into
the capital source for capital construction investment for use in the
subsequent year.
1.3. The SB shall have to manage and use for the
right purpose(s) the money amounts put into circulation, which have been
approved by the Government, with a view to materializing the monetary policy.
1.4. Deposits of credit institutions and the
State Treasury.
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1.6. Other capital sources such as exchange rate
difference and price difference due to the revaluation of foreign
currency(ies), gold, silver and assets.
1.7. The SB shall strictly manage the State’s gold,
silver and foreign currency reserve funds, use them for the purposes of
materializing the monetary policy and ensuring the international settlement
capability. The gold, silver and foreign currency reserve funds shall be
supplemented under the Prime Minister’s decisions. Quarterly, the SB shall
report on the use of such funds to the Government and the Ministry of Finance.
1.8. The SB’s fund for materialization of the national
monetary policy and risk reserve are the State capital assigned to the SB for
management and use. Annually, the SB shall be entitled to set aside 10% of the
revenue and expenditure difference to supplement the fund for materialization
of the national monetary policy. Such fund shall be administered by the SB
Governor according to the objectives annually approved by the Government, aimed
at serving the materialization of the national monetary policy. The risk
reserve shall be set up and used under the specific guidance in this Circular.
1.9. Other capital sources and funds shall be used
in service of the SB’s
professional operations.
2. The SB is not allowed to make capital
contributions to or purchase shares of credit institutions and other
enterprises.
3. The SB shall carry out the revaluation of its
asset in the following cases:
- Inventory and revaluation of asset under the
decisions of the competent State agency(ies).
- Transfer, assignment or sale of assets to
organizations outside the SB.
The asset inventory and revaluation shall be
carried out strictly according to the State’s regulations. The increase or reduction
amounts due to the asset revaluation shall be accounted as the increase or
decrease of the State’s
capital.
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4.1. The transfer of the State’s
assets at the SB shall comply with the provisions of the Government’s
Decree No.14/1998/ND-CP of March 6, 1998 on the management of the State’s
assets and other relevant regulations.
4.2. The procurement, liquidation, assignment
and sale of assets being automobiles, vessels, communications means, machinery
and equipment in service of working activities shall be decided by the SB
Governor. The SB shall have to determine the price such assets and organize
auctions thereof according to the provisions of law.
4.3. The difference between the proceeds from
the asset liquidation, assignment and/or sale, and the expenses therefor (if
any) shall be accounted into the capital source for capital construction
investment and fixed asset procurement.
5. The loss of assets at the SB must be
determined by a loss inspection council set up by the SB Governor’s
decision. Such council shall make a minutes clearly identifying the cause(s)
and level of the loss, then report them to the SB Governor for consideration
and decision on the handling thereof, on the following principles:
- If it is due to subjective cause(s), the
person at fault shall have to compensate therefor.
- If it is due to objective cause(s) for assets
which have been insured through the purchase of insurance, such loss shall be
indemnified by the concerned insurance organization.
- The remaining loss amount (after substracting
the compensation amount made by the people at fault, and the insurance
organization’s
indemnity) shall be accounted into the expenditures.
- For cases where a loss is caused by force
majeure incidents such as a natural calamity, fire or enemy sabotage...,
the SB shall, before accounting such loss into the expenditures, report in
detail the loss level and propose the options to the Ministry of Finance for
consideration and settlement according to its competence. The Ministry of
Finance shall forward cases beyond its competence to the Prime Minister for
consideration and decision.
For all cases of asset losses, excesses or
deficits, the causes thereof must be identified, the liabilities determined and
compensations made. Such losses, excesses or deficits must be fully accounted
and reflected in annual settlement reports.
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7. The State’s capital and assets at the SB must be
inventoried by the end of the 31st of December each year. The differences in
kind and in value through the inventory must be handled according the State’s
regulations.
III. PROVISIONS ON MANAGEMENT
OF REVENUES AND EXPENDITURES
A. PRINCIPLES
- The SB shall have to fully, accurately and
promptly account its revenues and expenditures in strict accordance with the
provisions of the legislation on accountancy and statistics and the Regulation
on organization of the State accountancy. The SB shall account all of its
revenues and expenditures according to principles applied to cash revenues and
expenditures (actual revenues and actual expenditures).
- All revenues and expenditures must be
evidenced by invoices or vouchers according to the State’s regulations.
- Revenues and expenditures in foreign
currency(ies) or gold must be converted into VN dong. The revenues and
expenditures in foreign currency(ies) shall be converted into VN dong at the
average transaction exchange rate(s) on the interbank foreign-currency market
announced by the SB at the time the economic transactions arise for accounting
them into revenue-expenditure accounts.
- The foreign currency exchange rate differences
arising during the accounting period from the SB’s foreign currency trading activities
shall be accounted into its revenues or expenditures in the year. The foreign
currency exchange rate differences due to the revaluation of the balance of
foreign-currency accounts at the end of each accounting period shall not be
accounted into the expenditures or revenues, but accounted as capital increase
or decrease.
- The reduction, exemption or reimbursement of
interest amounts of the SB shall be effected under the decisions of the
competent agency(ies) and fully recorded in financial settlement reports.
B. Contents of financial
revenues and expenditures
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- Revenues from credit operations, such as:
Collection of capital re-allocation interest, loan interest, deposit interest
and guarantee fee;
- Revenues from open-market operations,
including: revenues from operation of trading in treasury bills, deposit
certificates, the State Bank’s credit bills and other short-term
valuable papers on the monetary market;
- Revenues from operation of foreign exchange
(foreign currencies and gold) trading and transactions according to the
regulations;
- Revenues from payment, information and
treasury services;
- Revenues being dividends of capital
contributions to international organizations;
- Revenues from the money destruction;
- Revenues from other banking services;
- Revenues being collected fees and charges.
Particularly, fees and charges belonging to the State budget shall be collected
according to the Government’s Decree No. 04/1999/ND-CP of January 30,
1999 and the Ministry of Finance’s implementation guiding documents.
- Revenues arising in the banking activities:
fund abundance; fines for breaches of economic contracts; revenues from the
liquidation of working tools and cheap non-durables; recovery of already
forgiven debts; revenues from the publication of bulletins, documents,
newspapers, etc.
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2. The SB’s
expenditures are all amounts spent to maintain the professional operations of
the SB system, which shall be accounted into its expenditure account(s) under
the guidance in this Circular, including:
2.1. Expenses for professional operations and
banking services:
2.1.1. Payments of deposit and loan interests,
expenses for foreign exchange (foreign currencies and gold) trading and transaction
operations; expenses for open-market operations;
2.1.2. Expenses for printing, minting,
preservation, transportation, forwarding, issuance, withdrawal from
circulation, replacement and destruction of money and payment instruments
substituting money.
Including:
- Expenses for printing and/or minting of money
and payment instruments substituting money.
- Expenses for money preservation,
transportation and destruction.
These expenses shall be effected as follows:
a/ Expenses for designing money models, making
money specimens and special expenses in service of the State’s
strategic tasks, shall be decided by the SB Governor.
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c/ In cases where the SB purchases
money-printing paper from domestic and/or overseas production establishments,
the payment of money therefor shall be made on the basis of the signed
contracts and valid vouchers. The expense for money-printing paper purchase
shall be accounted on the account "Reserve materials" and gradually
included in the banking expenditures upon each payment by the bank for
money-printing products.
d/ Expenses for money safeguarding: including
the following:
- Allowances given according to the prescribed
regime to the force watching, safeguarding and protecting storehouses,
escorting money, gold, silver, gems and payment instruments substituting money;
expenses for fire prevention and fighting, anti-intrusion, etc.
- Expenses for anti-counterfeiting task.
The level of money safeguarding expenses of each
year shall be set and explained by the SB in the year’s financial plans.
e/ Expenses for transportation, loading and
unloading: including the following:
- Expenses for petrol and oil for transport
means.
- Expenses for hiring transport means, which
shall be paid according to contracts signed with service providers.
- Expenses for loading and unloading at ports,
stations, airports... according to the contracts signed with the service
providers. The expense level for the overfulfillment of the prescribed norm of
loading and unloading money into/out of storehouses shall be set by the SB and
approved by the Ministry of Finance.
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g/ Expenses for money destruction: The norms of
money destruction expenses such as allowances for officials engaged in the
destruction activities, expenses for materials used for the destruction....
shall be decided by the SB Governor. Particularly, the level of allowances for
officials engaged in the money destruction must be approved by the Ministry of
Finance.
2.1.3. Expenses for payment and information
services:
2.2. Amounts paid to officials, public employees
and staff of the SB and contractual employees, and expenses for rewards and
welfare:
Including:
- Wages and wage allowances paid to the SB’s
officials, public employees and staff according to the prescribed regime.
- Lunch allowance paid to officials, public
employees and staff present at working places in the year, which shall be
decided by the SB Governor, provided that the monthly payment level per person
shall not exceed the minimum wage level set by the State for State employees
(particularly for 1999, the level of the lunch allowance for officials, public
employees and staff present at working places in the year shall be 150,000 VN
dong/person/month).
- Expenses for transaction attire of the SB’s
officials, public employees and staff according to the expense norm set for
each of the SB’s
official, public employee or staff member in the annual financial plan. The
annual attire expense level shall be set by the Ministry of Finance.
- Expenses for labor protection applicable to
the subjects equipped and provided with labor protection equipment according to
the State�s current regime.
- Expenses for regular and irregular rewards and
welfare to the SB’s
collectives and officials, public employees and staff members. The total annual
spending level on these two shall be equal to the total wage fund actually paid
in the year. Reward expenses include:
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+ Expenses for regular and irregular rewards
according to the SB Governor’s regulations.
- Expenses for rewards given to collectives
and/or individuals of various branches that have made outstanding contributions
to the Bank: Such expenses’ annual level must not exceed a half of
the monthly wage actually paid in the year by the SB. The eligible subjects,
reward forms and specific levels shall be decided by the SB Governor.
2.3. Expenses for wage-based contributions: social
and medical insurance premiums, trade union operating fund and other
contributions according to the prescribed regimes.
2.4. Expenses in support of activities of the
Party and mass organizations in the office according to the State’s
regulations (excluding amounts spent in support of the branch trade union,
localities, social organizations and other agencies).
2.5. Expenses for difficulty and severance
allowances: the eligible subjects and levels thereof shall comply with the State’s
regulations.
2.6. Expenses for management activities and
public missions:
These expenses shall be effected on the
following principles:
- The level of each expense shall comply with
the regime prescribed by the State.
- The SB’s average annual level of expenses for
management activities and public missions calculated on the number of the SB’s
officials, public employees and staff members must not exceed 16 million VN
dong/person/year.
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a/ Expenses for office equipment
b/ Expenses for postage and information
communication charges:
These expenses are amounts spent on postage,
information communication, telegraph, hiring of communication channels, telex,
facsimile, ... paid according to the invoices of post offices.
The expenses for installation of telephones at
private houses of eligible subjects shall be paid according to the State’s
current regulations applicable to administrative and non-business units. In
cases where, due to peculiarities of the SB’s operations, it is necessary to install
telephones for a number of subjects other than those eligible therefor as
defined by the State to meet the requirements of such tasks as storehouse
safeguarding, money transportation, ...the SB shall have to send written
requests therefor to the Ministry of Finance, and carry out the installation
after obtaining the latter’s approval.
c/ Expenses for electric power and water supply,
healthcare and office sanitation.
d/ Expenses for petrol and oil:
- Expenses for purchase of petrol and oil for
means transporting officials, public employees and staff members on working
missions, and leading officials on working trips according to the regimes
prescribed by the State.
e/ Working mission allowances:
Working mission allowances for officials, public
employees and staff members who are sent on working missions within the country
or overseas shall be paid according to the Ministry of Finance’s
current regulations.
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These expenses include amounts spent on
organizing conferences, reception of international and domestic guests; and
meetings on the occasion of major anniversaries.
These expenses shall be effected according to
the Ministry of Finance’s
current regulations and within the scope of the year’s financial plan already ratified.
g/ Expenses for the inspection and auditing of
the SB according to the prescribed regime.
h/ Expenses for professional trainings and
scientific and technological research activities, including:
- Expense for organizing short-term
professional, informatic and foreign language training and fostering courses
for the SB’s
officials, public employees and staff members.
- Expense for procurement, printing and
translation of documents in service of the professional trainings and
fosterings and research activities.
- Expense for organizing scientific workshops.
- Expense for scientific research projects.
- Expense for study and elaboration of legal
documents.
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- Expense for education support (this expense
shall be effected after obtaining the Ministry of Finance’s
approval).
- Other expenses according the State’s
regulations (if any).
Expenses for professional banking training and
scientific and technological research shall be effected on the basis of the
total expense level set in the year’s financial plan already ratified. The
plans for professional training, scientific workshops and researches shall be
decided by the SB Governor who also approves the expense estimates thereof. The
expenditures shall be effected according to the regimes prescribed by the State
and within the plan limits already ratified.
i/ Expenses for technical modifications and
innovations.
j/ Expenses for documents, publications,
libraries, propaganda and advertisements, including:
- Expenses for publishing magazines, newspapers,
bulletins and professional documents:
+ Royalties for article writers according to the
general regulations.
+ Printing costs, which shall be paid according
to the contracts signed with the printing establishments.
The plans for publishing magazines, newspapers,
bulletins and banking professional documents must be ratified by the SB
Governor, who also includes cost estimates therefor into the year’s
financial plan.
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- Expenses for propaganda and advertisements.
Particularly, advertising expenses shall be based on the advertising contracts
signed between the advertiser(s) and the SB.
2.7. Expenses for assets at the SB, including:
- Fixed asset depreciation;
- Expenses for asset repair and maintenance;
- Expenses for minor constructions;
- Expenses for procurement of working tools;
- Expenses for asset hiring.
a/ Fixed asset depreciation:
- The depreciation of the SB’s
fixed assets shall be made according to the State’s regulations applicable to the State
enterprises.
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b/ Expenses for asset repair and maintenance:
are amounts actually paid in the year for these purposes and must not exceed 5%
of the average fixed asset value in the year. The expenses for repairing and
maintaining fixed assets shall not be accounted as increase of such assets’
value upon the completion of the repair and maintenance.
c/ Expenses for minor constructions: Expenses
for minor constructions, which are accounted into the expenditures, shall be
effected only for auxiliary projects built as additions to main projects being
in use, such as: boundary walls and fenses, yards, gates, reception and guard
houses, toilets, kitchen rooms, garages, water tanks, wells, internal routes,
water drainage culverts and ditches, etc. For new projects, such auxiliary
constructions must not be detached from the main projects, but must be built
with the capital construction investment source. The funds for minor
constructions must not be used for construction of projects involved in the
capital construction source, such as working houses of grade 4 or higher.
d/ Expenses for procurement of working tools:
The SB�s
annual average expense level for procurement of working tools calculated on the
number of its officials, public employees and staff members must not exceed 2.2
million VN dong/person/year.
e/ Expenses for hiring assets: are amounts spent
on hiring assets under the asset hiring contracts between the lessors and the
SB.
2.8. Expenses for investment in development of
professional techniques and banking technologies: Annually, the SB may spend
and account into its expenditures an amount equal to 12% of the average fixed
asset value in the year to supplement the capital source for procurement of
fixed assets, technical and informatic equipment as well as storehouse and fund
safety facilities. Such expenses shall be managed and used according to the
State’s
regulations on capital construction investment.
2.9. Expense for setting up the risk reserve:
- Annually, the SB is entitled to set aside an
amount for risk reserve from the banking operation expenditures which shall be
equal to 10% of its total revenues minus the expenses other than risk reserve
expense.
- The risk reserve shall be used under the SB
Governor’s
decision to make up for losses incurred in credit activities, payment and
treasury services due to objective causes and the loss remainder after the loss
compensations are made by concerned collectives or individuals according to the
provisions of law. For losses incurred due to subjective causes, the extent of
loss caused by each concerned party must be determined in order to compel the
compensations (for losses caused by individuals) or deduct them into the SB’s
welfare or reward expenses (for losses caused by collectives).
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2.10. Other expenses are those arising in
the course of operation but not yet specified above, including the following
principal ones:
- Expenses for the recovery of debt amounts
already written off.
- Loss amount remainder after compensations are
made with sources specified in Point 5, Section II of this Circular.
- Expenses for preservation of dossiers,
vouchers, accounting books and documents.
- Expenses for payment of taxes and fees (except
for taxes and fees paid upon procuring fixed assets which must be accounted
into such fixed assets’
value according to the State’s regulations).
- Expenses for vehicle insurance.
- Other expenses actually arising with valid
vouchers therefor.
3. Expense amounts to be
accounted into the SB’s
expenditures must be expenses evidenced with valid and lawful grounds and made
according to the prescribed regime. The SB must not account into its
expenditures the following amounts:
- Fines paid to the State or to its customers
for material damages subjectively caused by the SB in the course of carrying
out banking operations.
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- Expenses for the construction, repair,
maintenance and equipping of such welfare real estate as dwelling houses and
sanitariums of the SB’s
officials, public employees and staff; expenses for other welfare projects.
- Expenses in support of localities, social
organizations and other agencies.
- Expenses covered by other funding sources.
IV. THE DISTRIBUTION OF
REVENUE-EXPENDITURE DIFFERENCE AND THE STATE BUDGET REMITTANCE
1. The SB’s revenue-expenditure difference shall be
determined at the end of each fiscal year according to the following formula:
Revenue-expenditure difference = Revenues -
(Reasonable and valid expenses + Risk reserve)
The SB’s revenue-expenditure difference shall be
distributed in the following order:
- Deductions for the fund for materialization of
national monetary policy: 10% of the revenue-expenditure difference.
- The remainder shall be remitted into the State
budget.
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Quarterly, the SB shall temporarily remit into
the State budget 60% of its revenue-expenditure difference arising in the
quarter, the remainder shall be remitted into the State budget after the annual
financial settlement report is ratified by the SB Governor.
3. In cases where the SB’s annual financial result is negative (its
revenues are not enough to make up for its expenditures) due to the performance
of the function of State management over monetary-credit-banking activities,
the Ministry of Finance shall inspect and report to the Prime Minister for
handling.
V. FINANCIAL PLANS,
FINANCIAL REPORTS AND REGULATIONS ON ACCOUNTING, FINANCIAL SETTLEMENT,
FINANCIAL AUDIT AND INSPECTION
1. A fiscal year of the SB shall commence on
January 1st and end on December 31st of the calendar year.
2. Financial plans:
a/ The State Bank shall elaborate annual
financial plans under the Ministry of Finance’s guidance. The SB’s financial plans include the following
planning parts:
- The revenue-expenditure plan (together with
detailed explanation on the revenue and expense items and specific expenditure
norms estimated for the plan year).
- The plan for capital construction and fixed
asset procurement (together with detailed explanation on planned capital
construction, fixed asset procurement and balance of capital sources).
- The payrolls - wage - income plan.
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Any unexpected objective fluctuations in the
fiscal year that lead to readjustment of the annual financial plan shall be
jointly reported by the SB and the Ministry of Finance to the Prime Minister
for decision.
3. Accounting and book-keeping:
- The SB shall conduct the accounting and
auditing activities according to the State Bank Law, the legislation on
accounting and statistics, and other current regulations of the State on
accounting and auditing.
- The SB shall have to strictly and fully comply
with regulations in the accounting regime applicable to the SB, including:
general legal regulations, the regime of accounting vouchers, the system of
accounting accounts, the regime of accounting books, the regime of financial
statements,...
4. Financial reports:
- The SB shall make financial settlements and
fully comply with the provisions on the making and sending of financial reports
to the Ministry of Finance in the legislation on accountancy and statistics and
the specific provisions in this Circular.
- Financial reports to be sent to the Ministry
of Finance include:
a/ Quarterly reports, which shall be sent to the
Ministry of Finance within 20 days after the end of each quarter, including:
- The report on implementation of the
revenue-expenditure plan.
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- The report on fluctuations in the State’s
gold, silver and foreign currency funds, the fund for materialization of the
national monetary policy and the risk reserve.
b/ Annual financial reports, which shall be sent
to the Ministry of Finance within 45 days after the end of each fiscal year,
including:
- The annual accounting account balance sheet
and the asset balance sheet.
- The implementation of the revenue-expenditure
plan in the year.
- The explanation of the report on implementation
of the revenue-expenditure plan in the year and the proposals on financial
solutions.
- The report on fluctuations in the State’s
gold, silver and foreign currency funds, the fund for materialization of the national
monetary policy and the risk reserve.
The SB’s annual financial settlement reports must
be audited and certified by the State audit agency. The auditing results shall
be reported to the Prime Minister and notified to the Ministry of Finance.
5. Financial inspection:
The Ministry of Finance shall conduct
inspections of the SB’s
finance, including:
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- Inspection according specialized issues as
required by the financial management work.
- In cases where it deems that breaches of the SB’s
financial discipline occur in many concerned branches and attached units or
that data provided in settlement reports are not totally truthful, the Ministry
of Finance shall report such to the Prime Minister and request the State audit
agency to check and re-determine the annual settlement data.
VI. ORGANIZATION OF
IMPLEMENTATION
1. The SB shall have to guide the
grassroots units in organizing the implementation of financial regime in strict
accordance with the to provisions of the Government’s Decree No.100/1998/ND-CP of December 10,
1998 on the SB’s
financial regime and the guidance in this Circular.
The SB shall have to send documents for internal
guidance on this Circular within the branch to the Ministry of Finance for
monitoring the implementation thereof. The SB shall not be allowed to set out
expenses in contravention of the Government’s Decree No.100/1998/ND-CP of December 10,
1998 on the SB’s
financial regime, the specific guidance in this document and other regulations
of the State.
2. This Circular takes effect as from January
1st, 1999. Any problems arising in the course of implementation shall be
reported by the SB to the Ministry of Finance for study, consideration and
solution.
FOR THE MINISTER OF FINANCE
VICE MINISTER
Tran Van Ta