Chapter III
INDICATORS OF PUBLIC DEBT SAFETY, 5-YEAR PUBLIC BORROWING AND REPAYMENT PLANS, 3-YEAR PUBLIC DEBT MANAGEMENT PROGRAMS, ANNUAL PUBLIC BORROWING AND REPAYMENT PLANS
Article 21. Indicators of public debt safety
1. Indicators of public debt safety mean a system of indicators setting forth public debt ceiling and threshold ratified by the National Assembly.
2. Indicators of public debt safety consist of:
a) Public debt-to-GDP ratio;
b) Government debt-to-GDP ratio;
c) The ratio of debt service of the Government (excluding on-lent loans) to total budget revenues;
d) External debt-to- GDP ratio;
dd) External debt service-to-exports ratio. export turnover.
Article 22. 5-year public borrowing and repayment plans
1. A 5-year public borrowing and repayment plan shall contain:
a) Indicators of public debt safety;
b) Total loans and debt service of central government budget and local government budget; limits on loans to be on-lent and Sovereign-guaranteed loans;
c) Public debt management solutions.
2. A report on 5-year public borrowing and repayment plan submitted to the National Assembly for ratification shall at least contain:
a) Evaluate the control of indicators of public debt safety, objectives for and solutions for previous 5-year public borrowing and repayment plan; evaluate results, limitations, reasons thereof, and lessons learned;
b) Objectives and indicators of public debt safety; orientations and solutions for public debt management with a view to ensure a safe and sustainable national finance for the subsequent 5-year period;
c) Total loans and debt service of the Government, including loans to be on-lent, total loans and debt service of provinces, limits on Sovereign-guaranteed loans for the subsequent 5-year period;
d) Essential solutions for carrying out the plan.
3. The People’s Committee of province makes 5-year borrowing and repayment plan of the province, including implementation of the previous 5-year borrowing and repayment plan; evaluation of results, limitations, reasons thereof and lessons learned; orientations and solutions for debt management, total loans and debt service of the provinces for the subsequent 5-year period, and then submit to People's Council of province for consultation before sending it to the Ministry of Finance for consolidating it to the 5-year borrowing and repayment plan.
4. The Ministry of Finance shall gather 5-year borrowing and repayment plans of provinces to make a consolidated plan, and send it to the Government; the Government shall then forward it to the National Assembly for ratification.
5. Procedures for preparing and approving a 5-year financial plan shall apply to the preparing and approving of 5-year public borrowing and repayment plan as prescribed in the Law on State budget.
6. In case of fluctuations in economic growth, inflation, exchange rates, interest rates, or budget deficit or failure to raise a given fund as approved resulting in indicators of public debt safety reaching thresholds, the Government shall adopt appropriate solutions to ensure that indicators of public debt safety will not exceed the ceilings prescribed by the National Assembly. The Government shall make an adjusted plan, as deemed necessary, and submit it to the National Assembly for consideration.
Article 23. 3-year public debt management programs
1. Annually, a 3-year public debt management program shall be made in conjunction with a 3-year financial plan as prescribed in the Law on State budget.
2. A 3-year public debt management program shall at least contain:
a) Evaluation of the progress of public debt management in the current year;
b) Estimates of total loans and debt service of the Government and of provinces, and limits on Sovereign-guaranteed loan of the planning year and the subsequent 2 years;
c) Forecasts of domestic and international capital market; borrowing source capacity and structure; loan and debt service plans; expenses associated with raising funds and possible risks in the planning year and the subsequent 2 years;
d) Essential solutions for carrying out the program.
3. The People’s Committee of province shall direct Department of Finance to formulate and include a 3-year debt management program of province in the 3-year financial plan of province, and then send it to the Ministry of Finance for including them in the 3-year public debt management program.
4. The Ministry of Finance shall formulate and submit a 3-year public debt management program to the Prime Minister for approval.
Article 24. Annual public borrowing and repayment plans
1. An annual public borrowing and repayment plan shall contain:
a) An annual borrowing and repayment plan of the Government;
b) Annual borrowing and repayment plans of provinces;
c) Annual limits on loans to be on-lent and Sovereign-guaranteed loans.
2. An annual borrowing and repayment plan of the Government shall be done in compliance with the following regulations:
a) The annual borrowing and repayment plan of the Government is made to perform tasks associated with finance, budget, and public investment in the planning year as approved by competent authorities;
b) The annual borrowing and repayment plan of the Government shall contain: loans for financing central budget deficit, repayment of principal, on-lent loans and debt restructuring; debt service, repayment of on-lent loans; loan restructuring and repayment sources;
c) Annually, the Ministry of Finance shall make a borrowing and repayment plan of the Government at the same with the state budget estimates.
3. An annual borrowing and repayment plan of the province shall be done in compliance with the following regulations:
a) The annual borrowing and repayment plan of the province is made to perform tasks associated with finance, budget, and public investment of the province in the planning year as approved by competent authorities;
b) The annual borrowing and repayment plan of the province shall contain: loans for financing local budget deficit, repayment of principal, repayment of on-lent loans; loan restructuring and repayment sources;
c) Annually, the People’s Committee of province shall make a borrowing and repayment plan of the province at the same with the state budget estimates, and then send it to People’s Council of province for consultation; and then forward it to the Ministry of Finance for consolidation.
4. Annual limits on Sovereign-guaranteed loans shall be done in compliance with the following regulations:
a) Annual Sovereign-guaranteed loan limit is determined provided that the growth rate of outstanding debt of sovereign guarantee does not exceed the growth rate of GDP of the previous year and within Sovereign-guaranteed loan limit for the 5-year period ratified by the National Assembly;
b) According to the need and capacity of raising fund and the Sovereign-guaranteed loan limit for a 5-year period ratified by the National Assembly, the Ministry of Finance shall submit the guaranteed loan limit of the planning year to the Government for approval.
5. The Ministry of Finance shall make a report on total loans and debt service of central budget and include the total loans and debt service of local budget in the state budget estimates, and then send it to the Government; the Government shall then forward it to the National Assembly for ratification.
6. According to annual total loans and debt service of state budget ratified by the National Assembly, limits on loans to be on-lent, Sovereign-guaranteed loans, the Ministry of Finance shall make an annual public borrowing and repayment plan and submit it to the Prime Minister for approval.
7. According to the annual public borrowing and repayment plan approved by the Prime Minister, Ministries, regulatory bodies, and local governments shall carry out the plan within its scope and approved limits.
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