Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Decree deals with the issuance, registration, depositing, listing and trading of government debt instruments on securities market; powers and responsibility of organizations and individuals involved in issuing and trading government debt instruments.
Article 2. Regulated entities
1. The Ministry of Finance, the State Bank of Vietnam (SBV), the State Treasury, the Vietnam Securities Depository (VSD), Stock Exchanges and market makers as defined in this Decree.
2. Organizations and individuals involved in issuing, registering, depositing, listing and trading government debt instruments on securities market.
Article 3. Interpretation of terms
In addition to terms defined in the Law on public debt management and the Law on securities, for the purpose of this Decree, these terms are construed as follows:
1. “market maker” refers to an organization appointed by the Ministry of Finance to exercise and perform its rights and duties in the issuance and trading of government debt instruments in domestic market in accordance with regulations herein.
2. “fixed-rate tender” refers to the method of determining bidding result whereby the interest rate of debt instruments issued is the highest bid-winning interest rate and commonly applied to all successful bidders.
3. “variable-rate tender” refers to the method of determining bidding result whereby the interest rate of debt instruments issued applied to each successful bidder is equal to the interest rate offered by such bidder.
4. “standard debt instruments” refer to standard bond codes selected and announced by issuers in order for market makers to perform offering obligations under a firm commitment.
5. “international bonds” refers to government bonds which are issued on international capital markets in accordance with regulations herein.
6. “credit rating agency” refers to an agency that evaluates, assesses and assigns credit ratings to sovereign entities and enterprises.
Article 4. Issuer
1. Issuer of government debt instruments is the Ministry of Finance.
2. With regard to government debt instruments issued in domestic market, the Ministry of Finance shall directly organize the issuance or authorize the State Treasury to organize the issuance and fulfill the issuer’s obligations as prescribed in this Decree.
Article 5. Purposes
1. Government debt instruments are issued in the domestic market to serve the purposes specified in Clause 1, Clause 2 and Clause 3 Article 25 of the Law on public debt management.
2. The purposes of international bonds are set forth in Clause 1 Article 28 of the Law on public debt management.
Article 6. Buyers
1. The followings are entitled to buy government debt instruments issued in the domestic market:
a) Domestic and foreign organizations and individuals are allowed to purchase government debt instruments with unlimited quantity, unless otherwise prescribed by law;
b) Securities investment funds and voluntary pension funds are allowed to entrust the purchase of government debt instruments to fund management companies;
c) Off-budget financial funds are allowed to purchase government debt instruments in accordance with applicable relevant laws.
2. Buyers of government debt instruments issued on the international market are organizations and individuals authorized by laws applicable in the issuing market.
Article 7. Rights and obligations of holders of government debt instruments
1. A holder of government debt instruments is entitled to:
a) receive full payment of principal and interest on debt instruments upon their maturity date.
b) transfer, give, donate, discount or pledge debt instruments, leave them as inheritance or use them to conduct other transactions in accordance with applicable laws.
2. A holder of government debt instruments is obliged to pay tax on his/her income derived from such government debt instruments in accordance with applicable laws on taxation.
Article 8. Payment of principal and interest
1. The Government shall provide funds for paying principal and interest on government debt instruments when they are due in accordance with regulations of the Law on state budget and the Law on public debt management.
2. The Ministry of Finance shall take charge of paying principal and interest on government debt instruments issued in the domestic market to holders when they are due.
3. The Ministry of Finance shall transfer money to accounts of authorized settlement agencies to pay principal and interest on international bonds to holders upon their maturity date.
Article 9. Using funds from issuance of government debt instruments
1. Total proceeds from each issue of government debt instruments in the domestic market shall be transferred to the central-government budget in accordance with regulations of the Law on state budget, the Law on public debt management and relevant laws.
2. Total proceeds from each issue of international bonds shall be used for the purposes defined in Clause 1 Article 28 of the Law on public debt management and the purposes of issued international bonds as approved by the Government under regulations of Clause 1 Article 31 herein.
Article 10. Expenses associated with issuance, registration, depositing, payment, repurchase and swap of government debt instruments
1. Expenses incurred during the issuance, registration, depositing, payment, repurchase and swap of government debt instruments, and relevant expenses shall be covered by the central-government budget.
2. Payments to organizations conducting bidding, underwriting, private placement, registration, depositing, settlement, repurchase or swap of government debt instruments in the domestic market shall be made according to guidance of the Minister of Finance.
3. Expenses associated with the issuance and trading of international bonds shall be covered by the central-government budget under specific agreement or contracts signed with partners involved in the bond issuance, and according to notifications of relevant service providers.
Tìm kiếm
Nghị định 95/2018/NĐ-CP (Bản Word)
Nghị định 95/2018/NĐ-CP (Bản Pdf)
