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THE GOVERNMENT
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
50/1999/ND-CP
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Hanoi, July 8, 1999
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DECREE
ON THE
ORGANIZATION AND OPERATION OF THE DEVELOPMENT SUPPORT FUND
THE GOVERNMENT
Pursuant to the Law on Organization of the
Government of September 30, 1992;
Pursuant to Decree No. 43/1999/ND-CP of June 29, 1999 of the Government on the
State’s development investment credit;
At the proposals of the Minister of Finance, the Minister-Head of the
Government Commission for Organization and Personnel and the Minister-Director
of the Government Office,
DECREES:
Article
1.- To set up the Development Support Fund in order to mobilize
medium- and long-term capital, receive and manage the State’s
capital sources reserved for development investment credit, with a view to
materializing the State’s development investment
support policy.
Article 2.- The Development Support Fund is a State
financial organization which operates for non-profit purpose, but ensure the
capital retrieval and expense coverage, has the legal person status, its
charter capital, financial balance and own seal, and is entitled to open its
accounts at the State Treasury and banks at home and overseas. The Development
Support Fund shall operate according to its charter ratified by the Prime
Minister.
The Fund shall be exempt from taxes and State
budget remittances in order to reduce its lending interest rate and guaranty
fee.
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Article 3.- The Fund’s charter
capital is 3,000 billion VN dong derived from the existing charter capital of
the National Investment Support Fund and annual supplementary State budget
allocations.
Article 4.- The Development Support Fund is headquartered in
Hanoi capital city. Depending on its operation scale and scope, the Fund shall
have its branches or transaction offices located in provinces and centrally-run
cities. The Fund may open its overseas transaction offices under the Prime
Minister’s decisions.
Article 5.- The Development Support Fund shall have the
following tasks:
1. To mobilize medium- and long-term capital,
receive the State’s capital sources (including
domestic and overseas capital) for the materialization of the State’s
development investment support policy;
2. To use its capital sources efficiently and
for the right purposes;
3. To provide investment loans and recover
debts;
4. To provide post-investment interest rate
support;
5. To provide guaranty for investors to borrow
investment capital; to re-guarantee and undertake the re-guaranty for
investment funds;
6. It may entrust or take the entrusted
provision of investment loans;
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8. To strictly abide by the State’s
laws and other regulations concerning its operation;
9. To observe the regime of periodical reports
to the Prime Minister and the concerned ministries and branches as prescribed.
Article 6.- The Development Support Fund shall have the
following rights:
1. To inspect and request investors to provide
documents and explain matters related to the management and use of the State’s
development investment support capital;
2. To evaluate financial plans and debt
repayment plans of investment projects;
3. To refuse and file petitions to the
authorities competent to decide investment about the provision of loans,
post-investment interest rate support and/or investment credit guaranty for
projects which are ineligible for the State’s
development investment support or inefficient or fail to meet the conditions
prescribed by the Government on the State’s
development investment credit;
4. To discontinue the State’s
development investment support whenever it detects that investors breach credit
contracts, interest rate support contracts or guaranty contracts;
5. To request the competent State management
agencies to promulgate, supplement or amend policies and/or mechanisms related
to the management of construction investment and its operation;
6. To deal with risks and handle assets used as
loan security according to the Government’s
regulations on the State’s development investment
credit;
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Article 7.- The managerial and executive apparatus of the
Development Support Fund shall be composed of the Managing Council, the Control
Board, the general director, the deputy general directors and the professional
bureaus and sections.
The appointment, dismissal, commendation and
discipline of members of the Managing Council, the head of the Control Board,
the general director and the deputy general directors of the Fund shall be
decided by the Prime Minister at the proposal(s) of the Minister-Head of the
Government Commission for Organization and Personnel.
Article 8.- The Development Support Fund’s
Managing Council shall be composed of 5 members, including 2 full-time members
being its chairman and vice chairman-cum-general director, and 3 part-time
members being competent representatives of the Ministry of Finance, the
Ministry of Planning and Investment and the State Bank of Vietnam.
The Fund’s Managing
Council shall have the following tasks and powers:
1. To submit to the Prime Minister for approval
the supplements and/or amendments to the Fund’s charter
as well as matters concerning the development investment credits which are
beyond its jurisdiction;
2. To adopt the operation orientations,
financial plans and final settlement reports of the Fund;
3. To perform tasks and exercise powers as
stipulated in the Fund’s charter;
4. To supervise and inspect the Fund’s
operations according to the Fund’s charter and decisions of the
Fund’s Managing Council;
5. To scrutinize reports of the Control Board;
settle complaints specified in Clause 4, Article 9 of this Decree, and report
cases beyond its jurisdiction to the Prime Minister for consideration and
settlement.
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The Control Board shall have the following tasks
and powers:
1. To inspect and supervise the observance of
the guidelines, policies, professional regimes and rules in the Fund’s
operations in order to raise the efficiency of the Fund’s
operations and ensure the safety of the State’s property
and the Fund’s assets; to report to the Fund’s
Managing Council on the inspection and supervision results and propose the
handling measures;
2. To carry out its work independently according
to the program already adopted by the Fund’s Managing
Council;
3. To present its reports or recommendations on
the inspection and supervision results and/or reports on financial settlement
evaluation at meetings of the Fund’s Managing Council, but it
shall not be entitled to vote;
4. To consider and submit to the competent
authority(ies) for settlement complaints lodged by capital lending
organizations, investors, credit institutions undertaking the entrusted loan
provision and other organizations and individuals about the Fund’s
operations.
Article 10.- The general director is the Fund’s
legal representative, answerable to the Prime Minister and the Fund’s
Managing Council and before law for the entire operations of the Fund.
The general director’s tasks and
powers shall comply with the provisions of the Development Support Fund’s
charter.
The general director shall be assisted by the
deputy general directors and an assisting apparatus.
The setting up and dissolution of professional
bureaus and sections, branches and transaction offices, as well as the
appointment and dismissal of heads and deputy heads of bureaus and sections;
directors and deputy directors of branches and transaction offices shall be
decided by the general director after obtaining consents of the Fund’s
Managing Council.
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1. Supervise the operation of the Development
Support Fund’s Managing Council and be competent to:
- Attend meetings of the Development Support
Fund’s Managing Council when he/she deems it necessary.
- Receive periodical and extraordinary reports,
including reports of the Control Board of the Development Support Fund on the
Fund’s operation and resolutions of the Fund’s
Managing Council. In cases where he/she detects faults in such reports or
disagrees with contents of resolutions of the Fund’s Managing
Council, he/she shall personally work with the Managing Council to consider and
reach unanimity in the handling of such faults or readjustment of resolutions’
contents. In cases where faults committed by the Fund in its operation and
contents of resolutions of the Fund’s Managing Council are
contrary to the Government’s Decree on the State’s
development investment credit, this Decree and other relevant legal documents,
he/she shall report such to the Prime Minister for consideration and decision.
2. Perform several other specific tasks assigned
by the Prime Minister.
Article 12.- The responsibilities of the State management
agencies over the Development Support Fund
1. The ministries, the ministerial-level
agencies, the agencies attached to the Government shall perform the function of
State management over the Fund as well as the investors having investment
projects eligible for the State’s development investment
support as provided for by law.
2. Besides performing the function of State
management over the Fund according to provisions of Clause 1, this Article, a
number of agencies shall also be assigned the following tasks:
a) The Ministry of Planning and Investment:
- To propose the Prime Minister to assign the
Development Support Fund annual plans on capital sources, total credit capital
as the State’s development investment support in various forms
(investment loans, post-investment interest rate support, investment credit
guaranty) and according to the structures of branches, domains and territorial
regions; to inspect the implementation of plan norms assigned to the Fund.
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- To nominate a vice minister to join the Fund’s
Managing Council.
b) The Ministry of Finance:
- To fully allocate the charter capital to the
Development Support Fund as prescribed;
- To effect the capital allocation and debt
recovery in respect of capital sources assigned by the State to the Fund, which
shall be provided by the latter as loans with subsequent recovery.
- To propose to the Prime Minister for
promulgation the financial regime of the Development Support Fund; prescribe
the accounting regime; inspect and supervise the Fund’s financial
operations;
- To nominate a vice minister to join the Fund’s
Managing Council.
c) The State Bank of Vietnam:
- To direct the credit institutions to
coordinate with the Development Support Fund in undertaking the loan provision
entrusted by the Fund, providing loans to projects guaranteed by the Fund and
post-investment interest rate support;
- To guide and inspect the implementation of
monetary policies and foreign exchange management and settlement by the Fund;
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d) The Ministry of Labor, War Invalids and
Social Affairs shall propose to the Prime Minister for decision regime of
salary, wages and allowances for officials and employees of the Development
Support Fund.
3. The People’s
Committees of the provinces and centrally-run cities shall:
- Perform the function of State management over
investors with projects eligible for the State’s
development investment support under their respective management;
- Inspect and supervise the law observance by
the Development Support Fund and investors executing investment projects which
have been given the State’s investment support in their
respective localities.
Article 13.-
1. Units and individuals with meritorious
achievements in the management and use of the Fund’s capital
shall be commended and/or rewarded according to the general regime of the
State.
2. The settlement of complaints and
denunciations about the organization and operation of the Development Support
Fund shall comply with the legislation on complaints and denunciations.
3. The Fund’s officials
and employees who commit violations of the provisions of this Decree and other
relevant legal documents shall, depending on the nature and seriousness of
their violations, be disciplined or examined for penal liability. If they cause
monetary losses to the Fund, they shall have to make compensations therefor.
Organizations and individuals that have borrowed
loans from the Fund but used them for wrong purpose(s) or caused capital losses
shall, depending on the seriousness of their violations, be disciplined,
administratively sanctioned or examined for penal liability, and shall have to
make compensations for the lost borrowed capital amounts.
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To annul the Prime Minister’s
Decision No. 808/TTg of December 9, 1995 on the setting up of the National
Investment Support Fund and the previous stipulations which are contrary to the
provisions of this Decree as from January 1st, 2000.
Article 15.- The ministers, the heads of the
ministerial-level agencies, the heads of the agencies attached to the
Government, the presidents of the People’s
Committees of the provinces and centrally-run cities, the chairman of the
managing council and the general director of the Development Support Fund shall
have to implement this Decree.
ON BEHALF OF THE GOVERNMENT
PRIME MINISTER
Phan Van Khai