Chapter III
POST-INVESTMENT INTEREST RATE INCENTIVE
Article 23. Incentive rate
1. The VEPF shall approve the rate of post-investment preferential interest rate incentive in a particular year and ensure that the maximum rate does not exceed the positive-value difference between the interest rate on a state-controlled investment credit loan and the interest rate on a preferential loan applied by the VEPF in that year.
2. Principles of determining a post-investment interest rate incentive to a single project
a) The incentive rate must match specific projects and be offered to the project owner;
b) The incentive rate must be calculated on the basis of total principal amount which has been actually repaid in accordance with the credit agreement with the credit institution and must be restricted to 70% of total investment in fixed assets according to the settlement report of the approved investments in the project;
c) The post-investment preferential rate incentive shall only be applied to the amount of capital borrowed by the project owner to pay the credit institution upon receipt of the written approval of the settlement report of investments in the project, issued by the state regulatory authorities;
d) The post-investment incentive shall only be applied to the project which has been completely commissioned and brought into operation, and for which the fund borrowed from legal credit institutions operating within the territory of Vietnam has been repaid in part or in full to these credit institutions;
dd) The post-investment incentive shall only be applied to the project which has not yet had access to preferential loans, financing or co-financing derived from the VEPF’s operating capital;
e) The post-investment preferential interest rate incentive shall only be applied to the project which have not yet had access to the state credit subsidy policy.
g) As for a loan under which the project owner makes early repayment, the post-investment incentive rate shall be calculated on the basis of the actual duration of such loan as agreed upon in the signed credit agreement;
h) As for the project having access to debt relief, the debt relief period shall not be included in the actual borrowing period as a basis for calculation of the interest rate incentive;
i) The maximum post-investment incentive duration shall be equal to the loan term specified in the primary credit agreement;
k) The post-investment incentive shall not be applied to late repayments or repayments made within the debt rescheduling period;
l) The post-investment incentive shall not be applied to loans used for paying loan interest to the credit institution, repaying working capital loan debts, paying VAT, investing in items or workloads which have not been specified in the approved project;
m) The post-investment incentive shall not be applied to the project of which the owner is changed.
3. Method of determining the rate of post-investment incentive to a single project:
a) The rate of post-investment incentive to the entire project
Total rate of post-investment incentive to the entire project shall be equal to total annual rate of post-investment incentive to the project which is equal to total rate of post-investment incentive applied to each debt repayment made within one year in the project;
b) The post-investment incentive rate applied to a single debt repayment made within a specified year shall be calculated as follows:
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The post-investment incentive rate applied to a single debt repayment
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The actual amount of principal repayment in each debt repayment instalment to which the post-investment incentive is applied
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x
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Approved rate
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x
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The actual borrowing period (converted into years) of the actual amount of principal repayment to which the post-investment incentive is applied
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The actual amount of principal repayment in each debt repayment instalment to which the post-investment incentive is applied shall be determined on the basis of the actual amount of principal repayment as agreed upon in the credit agreement which is eligible for the post-investment incentive.
The actual borrowing period as the basis for calculation of the post-investment incentive denotes the period of time (converted into years) from the date (dd/mm/yyyy) of receipt of loan disbursement to the date (dd/mm/yyyy) of unmatured principal paid to the credit institution under the primary credit agreement. The actual borrowing period shall be expressed as 1 month equivalent to 30 days and 1 year equivalent to 360 days.
The post-investment preferential interest rate shall be calculated on the basis of the annual preferential lending interest rate approved by the VEPF;
c) The actual borrowing period shall be determined based on the date of indebtedness specified on the Statement of disbursed capital amounts of the credit institution and the date of repayment of principal specified on the Statement of debt repayments to the credit institution (converted into years) which have been signed by the borrowing project owner and the lending credit institution. The number of actual borrowing days shall represent the interval between the date of initial disbursement of borrowed fund and the date of first repayment of unmatured principal according to which the actual number of borrowing days of the principal amount repaid in the following installments.
The rate of post-investment incentive to projects financed by foreign currency loans shall be calculated in the original currency unit. Upon the date of grant of the post-investment subsidy, the rate of post-investment incentive denominated in the Vietnamese dong to a single project shall be calculated based on the interbank foreign currency exchange rate between USD and VND or the cross exchange rate between foreign currencies and VND which are quoted by the State Bank of Vietnam.
Article 25. Application for the post-investment interest rate incentive
1. Documents required by laws shall include the followings:
a) 01 duplicate copy of the Business Registration Certificate or the Establishment Decision;
b) 01 duplicate copy of the Statutes of the borrowing enterprise;
c) 01 duplicate copy of the Decision on Appointment of Director and Chief Accountant;.
2. Financial documents shall be composed of the followings:
a) 01 duplicate copy of the Credit Agreement;
b) 01 original copy of the Report on Settlement of investments in the project;
c) 01 original copy of the Statement of capital disbursements made by the credit institution;
d) 01 original copy of the written Receipt of repayments made by the lending credit institution, which is required in case of application for access to the post-investment preferential interest rate incentive;
dd) 01 duplicate copy of documents evidencing loan disbursement and debt repayment in the credit agreement related to the project to which application for the post-investment incentive is submitted.
2. Project-related documents shall be constituted by the followings
a) 01 original copy of the loan application form for the post-investment incentive by using the Form No. 04 hereto attached;
b) 01 duplicate copy of the approved Investment Project;
c) 01 original copy of the Decision on approval of the investment project;
d) 01 original copy of the Decision on approval of technical design, detailed estimate of total costs paid for project items;
dd) 01 duplicate copy of the Contract for execution of the project, including construction contract, equipment procurement contract, etc.;
e) 01 duplicate copy of the certificate of fulfillment of environmental protection requirements required by laws (where available);
g) 01 duplicate copy of the legal Invoice; the duplicate set of import documents in case of equipment imported or acquired by the entrusted import by the project owner;
h) 01 duplicate copy of the Dossiers of commissioning of project constituents;
i) 01 duplicate copy of the approved Documentation on Settlement of project-related costs.
Article 26. Acceptance and processing of the application for the post-investment interest rate incentive
1. The project owner eligible for access to the post-investment incentive shall submit one set of all required documents referred to in Article 25 hereof in a direct manner, by post, or via the online public service (where available), to the VEPF.
2. Upon receipt of such application, the VEPF shall promptly verify whether all required documents have been submitted. After the duration of 07 business days, the VEPF shall notify the project owner in writing of the verification result.
Article 27. Assessment of the application for the post-investment interest rate incentive
The VEPF shall carry out assessment of the application for the post-investment incentive within the duration of 25 business days of receipt of all required and valid documents. With regard to the complicated investment project, the duration of assessment may be extended but shall not exceed 55 business days. The following issues shall be subject to such assessment:
1. Subjects of the post-investment interest rate incentive.
2. Adequacy, legitimate and validity; relevance in terms of contents, data and sequence of release of materials included in the dossiers of the project having access to the post-investment incentive.
a) Conformity to the requirement that materials submitted to apply for the post-investment incentive must show consistency, relevance, chronological order, project name and investment contents;
b) Conformity to the requirement that materials submitted to apply for the post-investment incentive must show all legally required numbers and codes; date (dd/mm/yyyy) or stamp; signature; title, full name of the person having competence in affixing signature; title stamp which must be relative to the competence of the signer;
c) Conformity to the requirement that submitted materials, whether original or duplicate, must comply with applicable laws on issue of duplicate copies of the original copy in the copy authentication register and signature authentication. The duplicate copy of a material consisting of at least 02 sheets must be fan-stamped.
Article 28. Decision whether or not to grant the post-investment interest rate incentive
Upon completion of the assessment of the entire project, within the maximum duration of 30 business days, the VEPF shall issue a written decision whether or not to grant the post-investment incentive to the project owner. In case of rejection, the VEPF shall send a written notification to the VEPF in which clear reasons for such rejection should be given, and simultaneously forward such notification to the Ministry of Natural Resources and Environment for reporting purposes.
Article 29. Disbursement of post-investment incentive fund
1. Post-investment incentive fund disbursement shall be made once a year and shall be calculated on the basis of the amount of principal repaid by the project owner to the lending credit institution within that year as specified in the loan agreement.
2. Documents submitted to request the disbursement of post-investment incentive fund shall be composed of the followings:
a) 01 original copy of the Report of Commissioning of the entire project or separate protect constituents which have been completely developed for operation;
b) 01 duplicate copy of the Agreement on post-investment incentive, the Indebtedness Contract between the project owner and the lending credit institution extending a loan outside of the VEPF;
c) 01 duplicate copy of the Document evidencing the debt repayment made within the specified year by the project owner to the lending credit institution.
Tìm kiếm
Thông tư 03/2017/TT-BTNMT (Bản Word)
Thông tư 03/2017/TT-BTNMT (Bản Pdf)