Chapter II
SPECIFIC PROVISIONS
Article 6. Forecast of annual levels of net foreign loans borrowed by the mode of self-borrowing and self-payment
1. Bases for forecasting annual levels of net foreign loans borrowed by the mode of self-borrowing and self-payment:
a/ Debt safety criteria under the five-year socio-economic development plan approved by the National Assembly;
b/ The medium-term debt management program for the period of three subsequent years, approved by the Prime Minister;
c/ Forecast of macroeconomic targets in the plan year;
d/ Forecast of Vietnam’s payment balance in the plan year;
dd/ Forecast of foreign loan demands of enterprises, credit institutions and foreign bank branches in each period, when necessary.
2. Pursuant to Clause 1 of this Article, the State Bank of Vietnam shall assume the prime responsibility for, and coordinate with the Ministry of
Finance and the Ministry of Planning and Investment in, forecasting annual levels of net foreign loans borrowed by the mode of self-borrowing and self-payment. When necessary, the State Bank of Vietnam shall coordinate with the Ministry of Finance, the Ministry of Planning and Investment and other related agencies in reviewing foreign loan demands of borrowers in order to forecast annual levels of net foreign loans borrowed by the mode of self-borrowing and self-payment in the plan year.
3. By January 31 every year at the latest, the State Bank of Vietnam shall send the forecast levels of net foreign loans borrowed by the mode of self-borrowing and self-payment to the Ministry of Finance for summarizing and elaborating annual limits of national foreign commercial loans.
Article 7. Monitoring of the implementation of limits of foreign loans borrowed by the mode of self-borrowing and self-payment
1. The State Bank of Vietnam shall monitor total new loans signed, levels of capital withdrawal and debt payment for medium- and long-term foreign loans borrowed by the mode of self-borrowing and self-payment; work out appropriate solutions to manage foreign loans borrowed by the mode of self-borrowing and self-payment to ensure that the total net loan amount of medium- and long-term foreign loans borrowed by the mode of self-borrowing and self-payment in a year is within the Prime Minister-approved limit of foreign loans borrowed by the mode of self-borrowing and self-payment.
2. When the economy needs more raised capital in excess of the Prime Minister-approved limit of foreign loans borrowed by the mode of self-borrowing and self-payment in the year, the Ministry of Finance shall assume the prime responsibility for, and coordinate with the State Bank of Vietnam and the Ministry of Planning and Investment in, calculating the adjustment and submitting it to the Prime Minister for decision.
Article 8. Competence of the Prime Minister
1. To approve the annual limit of foreign loans borrowed by the mode of self-borrowing and self-payment within the limit of national foreign commercial loans.
2. To approve the application of appropriate measures to manage the borrowing of foreign loans by the mode of self-borrowing and self-payment when necessary in order to ensure national foreign debt safety criteria.
3. To direct the inspection and examination of the use of foreign loans by state enterprises.
4. To decide on inter-sectoral coordination in the management of the borrowing of foreign loans by the mode of self-borrowing and self-payment when necessary.
Article 9. Responsibilities of the State Bank of Vietnam
1. To assume the prime responsibility for, and coordinate with the Ministry of Finance and the Ministry of Planning and Investment in, forecasting annual levels of medium- and long-term net foreign loans borrowed by the mode of self-borrowing and self-payment under Article 6 of this Decree.
2. To assume the prime responsibility for, and coordinate with the Ministry of Finance, the Ministry of Planning and Investment and related agencies in, setting conditions for short-, medium- and long-term foreign loans borrowed by the mode of self-borrowing and self-payment in each period.
3. To guide procedures for and organize the registration, change registration, revocation or cancellation of written certifications of registration of foreign loans borrowed by borrowers by the mode of self-borrowing and self-payment.
4. To assume the prime responsibility for, and coordinate with the Ministry of Finance, the Ministry of Planning and Investment and related agencies in, developing and submitting to the Prime Minister for approval and organizing the implementation of, measures to manage the borrowing of foreign loans by the mode of self-borrowing and self-payment in order to attain management objectives in each period.
5. To monitor the implementation of the limit of foreign loans borrowed by the mode of self-borrowing and self-payment.
6. To coordinate with the Ministry of Finance in developing a process of collecting, reporting, summarizing, sharing and publishing information on national foreign debts.
7. To review the annual situation of the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment by enterprises, credit institutions and foreign bank branches and report it to the Prime Minister and the Ministry of Finance for annual national review of the borrowing of foreign loans and payment of foreign debts.
8. To perform other tasks related to the state management of the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment under Article 5 of this Decree.
Article 10. Responsibilities of the Ministry of Finance
1. To assume the prime responsibility for, and coordinate with the State Bank of Vietnam and the Ministry of Planning and Investment in, submitting to the Prime Minister for approval the limits of national foreign commercial loans, including the limit of foreign commercial loans borrowed by the mode of self-borrowing and self-payment.
2. To assume the prime responsibility for developing a process of collecting, summarizing, reporting, sharing and publishing information on national foreign loans.
3. To advise the Government or the Prime Minister on the borrowing of foreign loans by state economic groups and corporations by the mode of self-borrowing and self-payment when necessary at the request of the Government or the Prime Minister in each period.
4. To coordinate with the State Bank of Vietnam in forecasting the level of net foreign loans borrowed by the mode of self-borrowing and self-payment in the plan year.
5. To coordinate with the State Bank of Vietnam in working out, and organizing the implementation of, measures to manage the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment.
6. To perform other tasks related to the borrowing of foreign loans and payment of foreign debts by state enterprises in accordance with law.
Article 11. Responsibilities of the Ministry of Planning and Investment
1. To coordinate with the State Bank of Vietnam in forecasting the level of net foreign loans borrowed by the mode of self-borrowing and self-payment in the plan year.
2. To coordinate with the State Bank of Vietnam in working out, and organizing the implementation of, measures to manage the self-borrowing of foreign loans and self-payment of foreign debts.
3. To assume the prime responsibility for, and coordinate with management agencies in charge of foreign direct investment in, reviewing demands of foreign-invested enterprises for foreign loans to be borrowed by the mode of self-borrowing and self-payment, when necessary.
Article 12. Coordination responsibility of agencies representing state capital owners
1. To approve plans on the borrowing of medium- and long-term foreign loans by the mode of self-borrowing and self-payment by state enterprises under their management in accordance with relevant laws before the enterprises sign foreign loan agreements.
2. To manage the borrowing of foreign loans by the mode of self-borrowing and self-payment by state enterprises within their competence.
3. To coordinate with the State Bank of Vietnam in implementing measures to manage the borrowing of foreign loans by the mode of self-borrowing and self-payment.
Article 13. Rights of borrowers
1. To decide on the forms of borrowing foreign loans as suitable to their demands and use purposes in accordance with relevant laws.
2. To select licensed credit institutions for execution of foreign loans in accordance with law.
3. To request the opening of overseas foreign-currency accounts for receiving loans and implement commitments in loan agreements with foreign lenders under regulations of the State Bank of Vietnam.
4. To purchase foreign currencies at licensed credit institutions for paying foreign debts as committed and agreed in loan agreements.
Article 14. Responsibilities of borrowers
1. To use foreign loans for proper purposes and within the scope of their operation in accordance with law.
2. To take responsibility for the legal capacity, financial capacity and ability to provide loans of foreign lenders.
3. To take responsibility for the signing and implementation of foreign loan agreements and other relevant agreements. To refrain from signing agreements with contents contrary to Vietnamese law.
4. To pay foreign debts and bear all risks when borrowing foreign loans by the mode of self-borrowing and self-payment.
5. To comply with the State Bank of Vietnam’s regulations on conditions for borrowing of foreign loans and payment of foreign debts; to register, or register the change of, foreign loans; to open and use accounts, withdraw capital and transfer money for debt payment for foreign loans.
6. To comply with this Decree, regulations on foreign exchange management, other relevant laws of Vietnam and international practices in the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment.
7. To comply with regulations on reporting on the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment.
8. To take responsibility for the accuracy and validity of produced dossiers, documents and papers of licensed credit institutions or overseas credit institutions (in case they are permitted to open and use overseas foreign-currency accounts) when conducting transactions related to foreign loans.
9. To comply with requests of competent agencies conducting inspection, examination and supervision of the borrowing of foreign loans and payment of foreign debts in accordance with law.
Article 15. Inspection, examination and supervision
1. The State Bank of Vietnam shall examine and supervise:
a/ The borrowing of foreign loans of credit institutions and foreign bank branches by the mode of self-borrowing and self-payment;
b/ Money transfer by borrowers related to foreign loans borrowed and debts paid by the mode of self-borrowing and self-payment;
c/ The borrowers’ compliance with regulations on the self-borrowing of foreign loans and self-payment of foreign debts and regulations on foreign exchange management;
d/ The provision of foreign exchange services by licensed credit institutions for the self-borrowing of foreign loans and self-payment of foreign debts.
2. The Ministry of Finance shall assume the prime responsibility for, and coordinate with related agencies in, examining and supervising the borrowing of foreign loans by the mode of self-borrowing and self-payment by state economic groups and corporations other than credit institutions.
3. The Ministry of Planning and Investment shall assume the prime responsibility for, and coordinate with investment management agencies and related agencies in, examining and supervising the borrowing of foreign loans by the mode of self-borrowing and self-payment by foreign-invested enterprises other than credit institutions and foreign bank branches.
4. The State Bank of Vietnam shall assume the prime responsibility for, and coordinate with the Ministry of Finance, the Ministry of Planning and Investment and related agencies in, inspecting the observance of regulations on foreign exchange management with regard to the borrowing of foreign loans by the mode of self-borrowing and self-payment in accordance with the current law on inspection.
5. When necessary, the Prime Minister shall decide on inspection or examination of the self-borrowing and use of foreign loans by borrowers.
Article 16. Reporting regime
1. Borrowers shall regularly or extraordinarily report on the withdrawal of capital and self-payment of foreign debts under regulations of the State Bank of Vietnam.
2. Licensed credit institutions shall implement the reporting regime under regulations of the State Bank of Vietnam.
3. Annually, the State Bank of Vietnam shall assume the prime responsibility for, and coordinate with related agencies in, summarizing and reporting to the Government the borrowing of foreign loans and payment of foreign debts by the mode of self-borrowing and self-payment by enterprises, credit institutions and foreign bank branches in Vietnam.
Article 17. Handling of violations
Organizations and individuals that violate this Decree shall, depending on the nature and severity of their violations, be administratively handled or examined for penal liability in accordance with law.
Tìm kiếm
Nghị định 219/2013/NĐ-CP (Bản Word)
Nghị định 219/2013/NĐ-CP (Bản Pdf)