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THE PRIME MINISTER OF
GOVERNMENT
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No:
13/1999/QD-TTg
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Hanoi, February
04, 1999
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DECISION
ON THE 1999
INVESTMENT CREDIT PLAN
THE PRIME MINISTER
Pursuant to the Law on Organization of the
Government of September 30, 1992;
In order to implement the State’s 1999 investment credit plan;
At the proposals of the Minister of Planning and Investment, the Minister of
Finance and the Governor of the State Bank,
DECIDES:
Article 1.- The State’s
investment credit capital in 1999 shall be used mainly for loans to ensure the
construction tempo of projects that have borrowed the State’s investment credit
capital but have not been completed yet; projects for which investment licenses
have been issued or capital has been allocated under the Prime Minister’s
decision; ODA projects with part of capital being the domestic reciprocal
capital and projects which should be implemented more quickly so that they can
be put into production and business in 1999.
Article 2.- Lending
organizations and loan capital sources for projects left with incomplete loans
are stipulated as follows:
1. Lending organizations (the Vietnam Investment
and Development Bank, the General Department for Investment and Development and
other commercial banks lending capital under Decision No.107/1998/QD-TTg of
June 11, 1998 of the Prime Minister), which have been providing loans for
projects since 1998 shall continue lending capital to those projects in 1999
according to the projects’ construction tempo and loan capital sources which
have already been determined in investment licenses. The projects’ investors
shall register the loan capital amounts with the project-management agencies
and the lending organizations; the project-management agencies shall report
thereon to the Ministry of Planning and Investment. The investors shall be
accountable for the investment efficiency and loan repayment on schedule; the
lending organizations shall take responsibility for the timely provision of
capital according to the construction tempo, examine and supervise the use of
loan capital for the right purposes and recover the loans fully and on
schedule.
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2. Loan capital sources for projects left with
incomplete loans shall be balanced with capital from the loan recovery and
capital mobilized from inside and outside the country by each lending
organization; in the immediate future, the Appendix attached to this Decision
shall apply. The Ministry of Planning and Investment shall have to make a
sum-up report on capital demands, arrange capital sources and notify each
ministry, branch, locality and lending organization of the total capital amount
arranged for them.
3. The loan terms, lending interest rates, loan
guaranty and responsibility of the investment licensing agencies, lending
organizations and investors shall comply with Decision No.52/1998/QD-TTg of
March 3, 1998 of the Prime Minister.
Article 3.- For new
projects, priority in 1999 shall be given to those on: production (including
the planting and growing of rubber, coffee, tea, fruit trees, and planting of
materials forests); processing and preservation of agricultural, forest and
aquatic products; production and processing of export goods; production of
import substitutes; shipbuilding, manufacture of force engines and farm
machines; machines in support of electricity generation, metallurgy,
large-scale fertilizer and cement production; medical and educational
instruments and equipment; production and/or business projects in difficult
areas as defined by the Law on Domestic Investment Promotion and a number of
infrastructure construction projects on communication, industrial parks and
urban centers.
Projects borrowing investment capital must be
implemented efficiently, capable of repaying debts and strictly comply with
investment and construction procedures. For investment project approved after
March 31, 1999, the competent agencies shall issue investment licenses only
after obtaining the lending organizations’ written certification of the
projects’ investment efficiency, debt-payment capability as well as the
availability of the loan capital sources. Group-A projects shall be evaluated
by the Ministry of Planning and Investment with participation of the lending
organizations according to the Prime Minister’s decision. For projects with
investment licenses, the lending organizations shall sign credit contracts and
provide loans as well as disburse capital in strict compliance with the projects’
investment tempo.
Article 4.- Capital
sources, mechanism and policies for the management of loans for projects
mentioned in Article 3 of this Decision:
1. Capital sources and lending organizations for
Group-A projects shall be decided on a case-by case basis upon the decision of
investment. The Ministry of Planning and Investment shall make an estimate of
the 1999 total capital sources and lending levels as well as a list of projects
and report thereon to the Prime Minister. The lending of capital for each
project shall be effected according to the project’s investment license.
In the immediate future, the Ministry of
Planning and Investment is assigned to sum up the lending levels for investment
projects approved before April 1st, 1999 and submit it to the Prime Minister
for deciding the 1999 lending levels as well as lending organizations.
2. Loan capital sources for Group B- and C-
projects shall include capital mobilized from postal savings and capital
mobilized by the National Investment Support Fund. In the immediate future, the
Vietnam Post and Telecommunications Corporation is assigned to mobilize savings
in 1999 as stipulated in the Appendix attached to this Decision and transfer
the mobilized capital to the National Investment Support Fund for use as a loan
capital source; the Ministry of Planning and Investment shall assign the total
loan capital amount for new projects of Groups B and C to each ministry, branch
and locality. Basing themselves on the notified amounts, the ministries,
branches and localities shall arrange capital for each project, but must
arrange enough capital according to the investment tempo as prescribed in the
project’s investment license, register with the lending organizations and
report thereon to the Ministry of Planning and Investment; the lending
organizations shall base themselves on the investment decision and loan capital
sources of the projects to sign capital-lending contract with the investors and
disburse capital according to the projects’ investment tempo.
3. For new projects of Groups B and C which are
included in the 1999 plan and are granted investment licenses after March 31,
1999, the National Investment Support Fund shall take assume responsibility for
loan provision. The Management Board of the National Investment Support Fund
shall have to elaborate a regulation on the evaluation of financial plans and
efficiency of projects before the competent agencies issue investment licenses.
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5. The loan term shall also cover the grace
period (the construction period), depending on the production cycle and the
project’s capital-retrieval time-limit, but shall not exceed 10 years; if the
loan term exceed this time-limit, it must be decided by the Management Board of
the National Investment Support Fund.
6. Pending the full debt payment, investors
shall not be allowed to transfer, sell or mortgage the loan - related
properties to borrow new capital. Investors being State enterprises shall not
have to mortgage properties when borrowing capital.
Article 5.- Projects other
than those entitled to investment as defined in Articles 2 and 3 of this
Decision shall be considered and granted loans by the banks according to the
Regulation on banking credit. The State shall adopt priority policy under the
provisions of the Law on Domestic Investment Promotion and the Government’s
stipulations, irrespective of economic sectors.
Article 6.- The arrangement
of capital sources, the allocation of capital and provision of loans for
national target programs such as the program on the planting of 5 million ha of
forests, program on hunger elimination and poverty alleviation, program on
clean water and environmental hygiene... and other programs on mechanical and
engineering development, offshore fishing, overcoming of natural calamities...
shall be effected by decisions of the Prime Minister or the competent agencies
as stipulated for each program.
Article 7.- This Decision
takes effect 15 days after its signing.
To set up an inter-branch group of experts to be
directed by Deputy Prime Minister Nguyen Tan Dung, which shall elaborate a
project on the basic renewal of the State’s investment credit mechanism and
submit it to the Prime Minister in June 1999 for the implementation thereof as
from the year 2000.
Article 8.- The ministers,
the heads of the ministerial-level agencies, the heads of the agencies attached
to the Government and the Presidents of the People’s Committees of the
provinces and centrally-run cities shall have to implement this Decision.
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THE PRIME MINISTER OF
GOVERNMENT
Phan Van Khai
APPENDIX
INVESTMENT CREDIT
CAPITAL SOURCES FOR 1999
(Issued together with Decision No.13/1999/QD-TTg of February 4, 1999 of the
Prime Minister)
I. Loan capital sources for incomplete
investment projects in 1999
1. The General Department for Investment and
Development
- Debt retrieval for loans: 200 billion dong
- Loans from the Social
Insurance Fund: 1,000 billion dong
- Mobilized capital: 500 billion dong
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- Debt retrieval for loans: 400 billion dong
- Loans from the Social
Insurance Fund: 1,000 billion dong
- Mobilized capital: 1,000 billion dong
- Foreign loans: 30 million USD, equivalent to
400 billion dong
3. The Ministry of Planning and Investment shall
sum up the loan amounts registered by the ministries, branches and localities;
and allocate the total loan amount for each ministry, branch and locality that
assumes the prime responsibility in providing loans.
II. Loan investment capital sources for new
projects in 1999
The Post and Telecommunications Corporation is
assigned to mobilize postal savings in 1999: 1,500 billion dong.
III. Plan on the distribution of loan capital
for new projects in 1999
1. The total amount of loan capital for new
projects of Group A and the amount of capital to be arranged for each project
shall be estimated by the Ministry of Planning and Investment when submitting
for approval investment licenses.
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THE PRIME MINISTER OF
GOVERNMENT
Phan Van Khai