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THE GOVERNMENT
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SOCIALIST REPUBLIC OF
VIET NAM
Independence - Freedom – Happiness
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No: 34/1999/ND-CP
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Hanoi, May 12, 1999
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DECREE
STIPULATING THE
ISSUANCE OF THE 1999 GOVERNMENT BONDS FOR NATIONAL CONSTRUCTION
THE GOVERNMENT
Pursuant to the Law on Organization of the
Government of September 30, 1992;
Pursuant to Ordinance No. 12/1999/PL-UBTVQH10 on the Issuance of Government
Bonds for National Construction of April 27, 1999;
In order to organize the issuance of Government bonds for national construction
according to the National Assembly’s Resolution No. 18/1998/QH10 of November
25, 1998;
At the proposal of the Minister of Finance,
DECREES:
Chapter I
GENERAL PROVISIONS
Article 1.- The purposes of the issuance
of government bonds
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Article 2.- Government bond buyers
1. Vietnamese citizens within and without the
country.
2. Overseas Vietnamese.
3. Foreigners working and/or residing in
Vietnam.
4. Administrative and non-business agencies.
5. Political, socio-political, social and
socio-professional organizations.
6. State enterprises.
7. Other enterprises of all economic sectors.
8. Foreign organizations operating on the
Vietnamese territory.
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Chapter II
SPECIFIC PROVISIONS
Article 3.- Government bond currency,
term and issuance period and capital volume to be mobilized
1. Government bonds for national construction
issued in 1999 shall yield proceeds collected and registered in Vietnamese
currency and have a term of 5 years from the date of issuance.
2. The issuance period shall begin on May 19,
1999.
3. The total capital volume to be mobilized
shall be 4,000 billion VND (four thousand billion VND).
Article 4.- Government bond denominations
1. Government bonds issued in 1999 shall be
bearer bonds with pre-printed denominations.
2. The minimum denomination of a bond shall be
20,000 VND (twenty thousand VND) and the maximum denomination shall be
50,000,000 VND (fifty million VND).
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Article 5.- Government bond tickets
1. The Ministry of Finance shall prescribe the
size, designs, flower patterns and other particulars of the government bond
tickets convenient for their use, preservation, storage and
anti-counterfeiting.
The Minister of Finance shall give his signature
on government bond tickets.
2. The Ministry of Finance shall organize the
printing, preservation and transport of government bond tickets in strict
compliance with provisions of law.
Article 6.- Guaranteeing the government
bonds’ denomination value and interest rate
On the basis of guaranteeing the government
bonds’ denomination value and interest rates according to provisions of
Ordinance No. 12/1999/PL-UBTVQH10 of April 27, 1999, on the Issuance of
Government Bonds for National Construction the interest rate inscribed on the
government bonds issued on 1999 shall be 10%/year (including inflation rate and
an interest rate of 1.5%/year) and the gross interest rate for 5 years shall be
50%.
In cases where the actual five-year inflation
rate plus the five-year interest rate (7.5%) is higher than 50%, the government
bond owners shall enjoy the interest rate difference made up for by the State.
In cases where the actual five-year inflation
rate plus the five-year interest rate (7.5%) is lower than or equal to 50%, the
government bond owners shall still enjoy the interest rate of 50% as inscribed
on the already issued government bonds.
Article 7.- The government bond repayment
maturity
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In cases where the owners of mature government
bonds have not yet been repaid, such government bonds’ principals and interests
shall be reserved on separate accounts pending the repayment. The post-maturity
period shall not enjoy interest.
Article 8.- Pre-mature repayment
1. In special cases where the government bond
owners wish to get pre-mature repayment of such bonds, they shall be entitled
to get the bond principals fully and promptly repaid and enjoy the interests
calculated on the money amounts inscribed on the bonds as follows:
a) If the bonds have been bought for less than
12 months, they shall not enjoy interest.
b) If the bonds have been bought for 12 to under
24 months, they shall enjoy an interest rate of 10%.
c) If the bonds have been bought for 24 to under
36 months, they shall enjoy an interest rate of 20%.
d) If the bonds have been bought for 36 to under
48 months, they shall enjoy an interest rate of 30%.
e) If the bonds have been bought for 48 to under
60 months, they shall enjoy an interest rate of 40%.
2. The Ministry of Finance shall concretely
guide the special cases of pre-mature repayment of government bonds.
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1. The government bond owners shall be entitled
to sell, donate, bequeath or pledge their government bonds.
2. The government bond owners must not use
government bonds as substitutes for money in circulation and directly use them
in other payment transactions.
Article 10.- Preservation and storing of
government bond tickets
1. The government bond owners shall have to
maintain and preserve government bond tickets. The government bond tickets
which have been erased, modified or patched shall not be repaid.
2. The government bond owners who have lost such
bond tickets shall not get the repayment.
3. The government bond owners may deposit their
government bond tickets at the State Treasury for preservation and
safe-keeping, and shall have to pay a fee set by the Ministry of Finance, which
shall not be higher than the fee level for safe-keeping at the State Bank.
Article 11.- Management of government
bonds bought by organizations
1. Government bonds bought by organizations
shall be managed like other assets of such units.
2. In cases where an organization that has bought
government bonds is dissolved, bankrupt, merged, amalgamated, divided or split
up or its operation is terminated, such government bonds shall be handled
according to provisions of law.
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1. Places for government bond issuance and
repayment shall be organized in a safe manner and convenient for bond buyers
and bond repayment.
2. Government bonds shall be issued and repaid
at the State Treasury’s units or at other agencies and organizations authorized
by the Ministry of Finance.
3. Organizations and individuals may buy
government bonds and get government bonds repaid at any places specified in
Clause 2 of this Article.
Article 13.- Expenses for government bond
issuance and repayment
Expenses for government bond issuance and
repayment shall be allocated from the State budget, and managed and used
according to the current financial management regime.
Article 14.- Mobilized capital source and
source of capital for government bond repayment
1. The source of capital mobilized from the
issuance of government bonds for national construction shall be fully reflected
into the State budget and used for the right purposes as specified in Article 1
of this Decree; and at the same time, be publicized according to provisions of
law.
2. The source of capital for repayment of
government bonds’ principals and interests shall be ensured by the State
budget.
Article 15.- Commendation, rewards and
handling of violations
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2. Organizations and individuals that commit
acts of violating the legislation on government bonds shall be handled
according to provisions of Articles 14 and 15 of Ordinance
No.12/1999/PL-UBTVQH10 of April 27, 1999 on the Issuance of Government Bonds
for National Construction.
Chapter III
IMPLEMENTATION PROVISIONS
Article 16.- Responsibilities of the
ministries, branches and concerned agencies
1. The Ministry of Finance shall base itself on
the situation of the population’s income and the financial capability of State
enterprises and other agencies as well as organizations to assign plans for
mobilizing the purchase of government bonds to the provinces, centrally-run
cities and organizations.
2. The Ministry of Culture and Information shall
coordinate with the Ministry of Finance, the concerned branches and the
provinces and centrally-run cities in propagating for the purposes and
significance of the issuance of government bonds among the people of all
strata, so that they can be fully aware thereof and actively participate
therein.
3. The Ministry of Planning and Investment shall
assume the prime responsibility and coordinate with the concerned ministries
and branches in revising and drawing up plans for use of the source of capital
mobilized from the issuance of government bonds for national construction for
the right purposes, then submit them to the competent agency(ies) for decision.
4. The General Department of Statistics shall
have to calculate and publicly announce the inflation rate at the Ministry of
Finance’s request in service of repayment of government bonds.
5. The ministries, the ministerial-level
agencies, the agencies attached to the Government, the People’s Councils and
People’s Committees of all levels shall, within their respective tasks and
powers, have to coordinate with the Fatherland Front’s chapters in organizing,
propagating and mobilizing the people of all strata to participate in the
purchase of government bonds for national construction.
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1. This Decree takes effect after its signing.
2. The Minister of Finance shall have to guide
the implementation of this Decree.
3. 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 Decree.
THE GOVERNMENT
Phan Van Khai