Chapter II
TASKS AND POWERS IN PUBLIC DEBT MANAGEMENT
Article 10. Tasks and powers of the National Assembly
1. Ratify or adjust 5-year public debt borrowing and repayment plans.
2. Ratify or adjust annual total borrowing and repayment amounts of state budget.
Article 11. Tasks and powers of the Standing Committee of National Assembly
1. Offer opinions about schemes, projects and reports on public debt management submitted by the Government.
2. Decide the issue of development bonds.
Article 12. Tasks and powers of the State President
1. Decide negotiation, conclusion, ratification and adjustments to ODA or concessional loan agreements in the name of the State as prescribed in the Law on treaties.
2. Require the negotiation, conclusion, ratification and adjustments to ODA or concessional loan agreements in the name of the State as deemed necessary.
Article 13. Tasks and powers of the Government
1. Perform the unified state management of public debts.
2. Request the National Assembly to:
a) Ratify or adjust 5-year public borrowing and repayment plans;
b) Ratify or adjust annual total borrowing and repayment amounts of state budget.
3. Request the Standing Committee of National Assembly to:
a) Offer opinions about schemes, projects and reports on public debt management;
b) Decide the issue of development bonds.
4. Decide annual limits on loans to be on-lent and Sovereign-guaranteed loans.
5. Approve schemes for issuing sovereign bonds in the international capital market.
6. Report on public debts and indicators of public debt safety to the National Assembly, the Standing Committee of National Assembly, and the State President.
Article 14. Tasks and powers of the Prime Minister
1. Decide 3-year public debt management programs.
2. Decide annual public debt borrowing and repayment plans.
3. Decide the issues of sovereign bonds in the international capital market in accordance with the respective scheme approved by the Government.
4. Decide the use of accumulation fund for debt repayment (hereinafter referred to as debt repayment fund) to resolve problems associated with on-lending and sovereign guarantees.
5. Approve schemes for debt restructuring.
6. Approve programs and projects using ODA loans or external concessional loans.
7. Decide and direct the negotiation, conclusion, ratification, and adjustments of external loan agreement in the name of the Government.
8. Decide ODA on-lent loans or external concessional loans for every program or project.
9. Decide sovereign guarantees for every program or project.
Article 15. Tasks and powers of ministries and ministerial-level agencies
1. The Ministry of Finance shall assist the Government in performing the uniform state management of public debts and have the following tasks and powers:
a) Formulate a legislative document on public debt management, and then promulgate it within competence or request a competent authority to promulgate it;
b) Make a 5-year public borrowing and repayment plan or an annual report on borrowing and repayment amount of state budget and submit it to the Government; the Government shall then submit it to the Government for ratification or adjustments;
c) Make a plan for issue of development bonds and submit it to the Government; the Government shall then submit it to the Standing Committee of National Assembly for ratification;
d) Make a plan for annual limits on loans to be on-lent and Sovereign-guaranteed loans and a scheme for issuing sovereign bonds in the international capital market and submit them to the Government for approval;
dd) Make the following plans: 3-year public debt management program, annual public borrowing and repayment plans, issues of sovereign bonds in international capital market, use of debt repayment fund to resolve problems associated with on-lending and sovereign guarantees, schemes for debt restructuring, negotiation, conclusion, approval and adjustments of external loan agreements in the name of the Government, on-lending, issue of sovereign guarantees for every program/project, and then submit them to the Government for approval;
e) Make a plan for negotiation, conclusion, approval and adjustments of ODA loan agreements or external concessional loans in the name of the State and submit it to Prime Minister, the Prime Minister shall then submit it to the State President for approval;
g) Raise funds, issue debt instruments of the Government in the domestic and international capital market; take charge of negotiating and concluding trade loan agreements, framework agreements, agreements on ODA loans and external concessional loans in the name of the State and the Government;
h) Allocate capital to investment programs and projects financed by borrowed capital of the Government as per the law on state budget;
i) On-lend ODA loans or external concessional loans as prescribed by the Prime Minister;
k) Pay principal, interests, and other related fees associated with the Government’s debts;
l) Issue and manage sovereign guarantees according to decisions of the Prime Minister;
m) Manage the debt repayment fund;
n) Manage debt portfolio, implement schemes for debt restructuring and responses to risks according to decisions of the Prime Minister;
o) Do accounting for government debts; release statistics on, report and publish information about public debts as per the law;
p) Inspect and examine the observance of the law on public debt management.
2. Ministries and ministerial-level agencies cooperate with the Ministry of Finance in performing the roles of regulatory agencies in public debts as assigned by the Government.
Article 16. Tasks and powers of People's Councils of provinces
The People’s Council of a province shall:
1. Decide and adjust annual and 5-year borrowing and repayment plans of the province as prescribed in this Law and regulations and laws on state budget.
2. Decide a list of investment projects funded by borrowed capital of the province as per the law; and approve a scheme for issuing municipal bonds.
3. Oversee the borrowing, on-lending, issues of municipal bonds, use of loans and repayment thereof of the province.
Article 17. Tasks and powers of People's Committees of provinces
The People’s Committee of a province shall:
1. Make an annual or a 5-year borrowing and repayment plan of the province and submit it to People’s Council of province for approval.
2. Make a 3-year debt management program of the province and send it to the Ministry of Finance; the Ministry of Finance shall then forward it to the Prime Minister.
3. Issue provincial bonds, apply for loans borrowed from other lawful financial sources, ODA on-lent loans, and external concessional loans as prescribed in this Law.
4. Inspect the management and use of loans of the province.
5. Ensure that state budget is enough to make repayment in full and on schedule.
6. Provide explanation and report on mobilization, allocation, management, and use of loans and repayment thereof of the province to competent authorities.
Article 18. Tasks and powers of State Audit Office
Audit operations in connection with public debt management and use, including mobilization, allocation, and use of loans and repayment thereof, loans to be on-lent, and sovereign guarantees; report and publish audit results as prescribed in the Law on State Audit Office of Vietnam.
Article 19. Responsibilities of (end) borrowers or guaranteed borrowers
1. Use loans in an effective manner, with proper purposes, and intra vires as prescribed in this Law.
2. Fully fulfill obligations arising out of loan agreements, issues of debt instruments, on-lent loan agreements, or sovereign guarantees.
3. Provide information and reports as prescribed in regulations and laws on public debt management.
4. If an/a (end) borrower or guaranteed borrower commits a violation against the law, its head shall incur personal liability for such violation.
Article 20. Responsibilities of entities relating to public debt management
1. The Government, Prime Minister, Ministries, ministerial-level agencies, People’s Committees of province shall take legal responsibility for their performance of tasks and powers as assigned in public debt management.
2. If an entity relating to public debt management commits a violation against the law, its head shall incur personal liability for such violation.
3. Each entity relating to public debt management shall provide explanation and report on proposals, appraisal, and approval for borrowing policies; negotiation and conclusion of loan agreements; issue of debt instruments, allocation and use of loans, debt repayment and public debt management transactions to competent authorities.
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