Bản dịch văn bản 01/2000/ND-CP
Decree 01/2000/ND-CP
Cơ quan ban hành: Chính phủ
Ngày ban hành: 2000-01-13

DECREE No DECREE No. 01/2000/ND-CP OF JANUARY 13, 2000 PROMULGATING THE REGULATION ON THE ISSUANCE OF THE GOVERNMENT BONDS THE GOVERNMENT Pursuant to the Law on Organization of the Government of September 30, 1992; Pursuant to the State Budget Law of March 20, 1996; Pursuant to Law No.06/1998/QH10 of May 20, 1998 amending and supplementing a number of articles of the State Budget Law; At the proposal of the Minister of Finance, DECREES: Article 1.- To promulgate together with this Decree the Regulation on the issuance of the Government bonds. Article 2.- This Decree takes effect 15 days after its signing and replaces the Government�s Decree No.72/CP of July 26, 1994. The Minister of Finance shall have to guide the implementation of this Decree. Article 3.- The ministers, the heads of the ministerial-level agencies, the heads of the agencies attached to the Government and the presidents of the People�s Committees of the provinces and centrally-run cities shall have to implement this Decree. On behalf of the Government For the Prime Minister Deputy Prime Minister NGUYEN TAN DUNG REGULATION ON THE ISSUANCE OF THE GOVERNMENT BONDS (Issued together with the Government�s Decree No. 01/2000/ND-CP of January 13, 2000) Chapter I GENERAL PROVISIONS Article 1.- Scope of regulation This Regulation provides for the issuance of the Government�s bonds and matters related to the Government�s bonds on the territory of the Socialist Republic of Vietnam. Article 2.- Interpretation of terms In this Regulation the following terms shall be construed as follows: 1. The Government bond is a type of security, issued by the Finance Ministry, which has a definite term, par value and interest and which acknowledges the debt-repayment obligation of the Government toward the bond owner. 2. The bond issuance means the sale of the Government bonds to individuals and organizations. 3. The retail via the State Treasury system means the State Treasury units sell bonds directly to the buyers. 4. Bidding for the Government bonds is the sale of bonds to organizations and individuals that participate in the bidding, meet all requirements of the Finance Ministry and offer the lowest interest rates. 5. Issuance agency means the organizations licensed to act as the issuance agents reach agreement with the Finance Ministry to undertake the sale of the Government bonds. Where the bonds are not sold out, the issuance agents may return the remaining bonds to the Finance Ministry. 6. Issuance underwriting means the underwriters help the Finance Ministry fill in the procedures before the issuance of bonds into the market, buy the Government bonds for re-sale or buy the unsold Government bonds. 7. Custody of the Government bonds means an organization is licensed to keep and preserve the Government bonds for customers and help the latter exercise their rights over the Government bonds. 8. The Government bond settlement agency means organizations are authorized by the Finance Ministry to conduct the payment of both principals and interests of the Government bonds upon their maturity. 9. Pledge means the Government bond owner transfers his/her bonds to another individual or organization to ensure the performance of his/her civil obligations. Article 3.- Types of the Government bond 1. Treasury bill is a type of Government bond that has a term of under 1 year and is issued for the purpose of offsetting the temporary State budget deficit and creating more tools for the monetary market. 2. Treasury bond is a type of Government bond that has a term of 1 year or more and is issued for the purpose of mobilizing capital under the annual State budget plan already approved by the National Assembly. 3. Investment bond is a type of Government bond that has a term of 1 year or more, including the following kinds: a/ The bond issued to mobilize capital for each specific project which is eligible for the State budget investment and included in the investment plan already ratified by the Government but has not yet been allocated the budget capital in the plan year; b/ The bond issued to mobilize capital for the Development Assistance Fund under the annual development investment credit plan ratified by the Government. Article 4.- Issuance of bonds 1. The Government bonds shall be issued and settled in Vietnam dong or foreign currency(ies). The issuance of bonds in foreign currency(ies) shall apply only to investment projects that have the demand of mobilizing capital in foreign currency(ies); the Finance Ministry shall elaborate the detailed issuance plan to be submitted to the Prime Minister for decision. 2. The Government bonds shall be issued in form of certificates or book-entries, registered or bearer. 3. The Government bond�s par value is stipulated as follows: a/ For bonds issued and settled in Vietnam dong, the minimum par value shall be 100,000 VND while the other par values shall be the multiples of 100,000 VND, which shall be specified by the Minister of Finance; b/ For bonds issued and settled in foreign currency(ies), the Minister of Finance shall provide detailed guidance for each time of issuance. 4. The Government bonds shall be issued in series. The Finance Ministry shall decide the mode of issuance, the issuance subjects and amounts, the par values, terms, interest rates and provisions on the payment of the bond principals and interests. Before the issuance of a series of bonds, the Finance Ministry shall announce the relevant specific provisions on the mass media. Article 5.- The Government bond buyers shall be the Vietnamese organizations and individuals, overseas Vietnamese and foreign organizations and individuals working and living lawfully in Vietnam. Vietnamese organizations shall not be allowed to use the State budget sources for the purchase of the Government bonds. Article 6.- Rights of the Government bond owners 1. To be guaranteed by the Government on the full and timely payment of the bonds� principals and interests upon their maturity. 2. To sell, present, donate, bequeath or pledge the bonds. 3. Subjects being individuals shall be exempt from income tax on the revenue from the bonds. Article 7.- The Government bonds shall not be used as substitute for money in circulation and performance of financial obligations towards the State budget. Article 8.- The Government bond owners may have their bonds in custody at organizations licensed for securities custody as currently prescribed by law or may deposit them at the State Treasuries for preservation. Article 9.- The Government bonds with a term of 1 year or more may be listed and traded at the central securities trading market (the securities trading center or stock exchange). The listing and trading of bonds shall comply with the law provisions on securities and securities market. Article 10.- The Government bond owners shall have to keep and preserve their bonds. Those bonds which are imitated, torn, damaged or fail to maintain their form or contents shall not be settled. The Finance Ministry shall specify cases where the Government bonds are invalid for settlement. Article 11.- Loss or misplacement of Government bonds 1. The bearer bonds which are lost or misplaced shall not be settled. 2. For the registered bonds which are lost or missing, if the person losing the bonds can prove his/her ownership thereover and the bonds have not yet been abused for settlement, he/she shall be entitled to the settlement of the bonds upon their maturity by the issuing agency. Article 12.- All acts of abusing, destroying or imitating bonds shall be handled according to law. Chapter II TYPES OF GOVERNMENT BONDS Section I. TREASURY BILLS Article 13.- Treasury bills shall be issued in form of bidding via the State Bank. The volume and interest rates of treasury bills shall be decided based on the bidding results. The State Bank shall act as an agent for the Finance Ministry in the issuance and settlement of the bid-winning treasury bills and enjoy an amount of fee to be set by the Finance Ministry. Article 14.- Subjects entitled to participate in bidding for treasury bills 1. Banking organizations operating in Vietnam, including commercial banks, development banks, investment banks, policy banks, cooperation banks, joint-venture banks, branches of foreign banks and other types of bank operating under the Law on Credit Institutions. 2. Financial companies, insurance companies, insurance funds and investment funds operating in Vietnam. Article 15.- Treasury bills shall be traded on the monetary market or discounted at the transaction bureau of the State Bank. The State Bank shall have to organize the management and control of the treasury bill market. Article 16.- All borrowings from treasury bills shall be concentrated into the central State budget. The central State budget shall ensure sources for the settlement of treasury bills upon their maturity. Article 17.- The Finance Ministry shall reach agreement with the State Bank to issue a Regulation on Bidding for Treasury Bills as well as legal documents on the control of the treasury bill market. Section II. TREASURY BONDS Article 18.- Modes of issuance of treasury bonds 1. Retail through the State Treasury system: a/ The State Treasuries shall sell bonds directly to the eligible subjects; b/ Bonds retailed through the State Treasury system shall be issued by the mode of discounting or par-value equivalence. 2. Bidding via the central securities trading market: The bidding for treasury bonds via the central securities trading market shall comply with the provisions of the Finance Ministry and the State Securities Commission. Subjects entitled to participate in bidding for treasury bonds via the central securities trading market include: a/ Securities companies; b/ Subjects defined in Article 14 of this Regulation; c/ State corporations established under the Prime Minister�s Decision No. 90/TTg and Decision No. 91/TTg of March 7, 1994; d/ The other subjects participating in bidding for treasury bonds must meet the conditions prescribed by the Finance Ministry and the State Securities Commission. 3. Issuance agents: a/ Organizations to be selected as agents to issue treasury bonds include securities companies, financial companies and banking organizations operating under the Law on Credit Institutions; b/ The issuance agents shall sell treasury bonds for the Finance Ministry and be enjoy an amount of fee as agreed upon with the latter. 4. Issuance underwriting: a/ Organizations to be selected for treasury bond-issuance underwriting companies, financial companies and banking organizations operating under the Law on Credit Institutions; b/ The issuance underwriting organizations shall receive treasury bonds from the Finance Ministry for sale to the public and enjoy an amount of fee as agreed upon with the latter. Where the bonds are not sold out, the underwriting organizations shall have to buy the remainder. Article 19.- Payment of treasury bond principals and interests 1. The State Treasuries shall organize the payment of the bond principals and interests to bond owners upon the bonds� maturity, regarding the bonds issued through the State Treasury system. 2. The bond settlement agents or bond custody organizations shall be entrusted to pay the bond principals and interests to bond owners upon the bonds� maturity, regarding treasury bonds issued by the mode of bidding, issuance agency or underwriting. Article 20.- Transfer of treasury bonds upon their sale, present, donation or bequeathal. 1. For bonds which are not listed and traded on the central securities trading market, their transfer shall be conducted as follows: a/ The transfer of the bearer bonds shall not be registered with the issuing agencies; b/ The transfer of the registered bonds must go through the procedures at the State treasuries where the bonds are issued or at the bond issuing or underwriting organizations under guidances of the Finance Ministry. 2. For treasury bonds listed and traded on the central securities trading market, their transfer shall comply with the provisions of Decree No.48/1998/ND-CP of July 11, 1998 on securities and securities market. Article 21.- All borrowings from treasury bonds shall be concentrated into the State budget to meet use for the spending demands according to the State budget estimates already ratified by the National Assembly. Article 22.- The central budget shall ensure sources for the settlement of the bond principals, interests and fees for organizations issuing and settling treasury bonds. Section III. INVESTMENT BONDS Article 23.- Investment bonds mobilized for projects When having a demand to mobilize capital for projects which are entitled to the State budget allocations and included in the State investment plan but have not yet been allocated the budget capital in the plan year, the concerned ministries and branches (for the centrally-run projects) or the People�s Committees of the provinces and centrally-run cities (for the locally-run projects) shall work out the bond issuance plans and send them to the Finance Ministry for appraisal and submission to the Prime Minister for decision. Article 24.- Conditions for the issuance of investment bonds to mobilize capital for projects 1. The projects are included in the annual investment plan of the State. 2. There�s a bond issuance option and plan on the use of the loan capital and debt repayment already ratified by the Prime Minister. The contents of such option must meet the following conditions: a/ Having a certification of the Finance Minister (for the centrally-run projects) or the People�s Committee of the province or centrally-run city (for the locally-run projects) regarding the arrangement of sources for the settlement of the bonds upon their maturity under the State budget plan; b/ For the locally-run projects, the total balance of the mobilized capital sources at the time of mobilization must not exceed 30% of the annual investment capital for capital construction given by the budget of the province or centrally-run city (referred to collectively as the provincial-level budget). Article 25.- The mode of issuance, settlement and transfer of investment bonds to mobilize capital for projects shall be effected as for treasury bills stipulated in Articles 18, 19 and 20 of this Regulation. Article 26.- All borrowings from investment bonds to mobilize capital for projects shall be concentrated into the State budget (the central budget and provincial-level budgets) for distribution to the projects for which the Prime Minister has ratified the issuance option. Article 27.- Sources for the payment of principals, interests and fee to organizations issuing and/or settling investment bonds to mobilize capital for projects shall be ensured by the State budgets (the central budget and provincial-level budgets) and included in the annual development investment capital plan. In cases where the bonds are mature but the provincial budget cannot arrange sources for the settlement, the Finance Ministry shall make deduction from the yearly additional source of the central budget for the provincial budget or from the remaining fund of the provincial budget to settle the bonds. Article 28.- The issuance of investment bonds to mobilize capital for the Development Assistance Fund under the State�s development investment credit plan shall be conducted as follows: 1. On the basis of the development investment credit plan already approved by the Government, the Development Assistance Fund shall work out the investment bond issuance plan and option, and submit them to the Finance Ministry for decision. 2. The mode of issuing, settling and transferring bonds shall be effected as for the treasury bonds stipulated in Articles 18, 19 and 20 of this Regulation. 3. The bond borrowings shall be transferred to the Development Assistance Fund, which shall have to manage and use the bond issuance capital sources in strict compliance with the provisions of its Organization and Operation Charter and ensure sources for timely payment of the bond principals and interests as well as the issuance fees. Chapter III STATE MANAGEMENT RESPONSIBILITIES AND POWERS REGARDING THE GOVERNMENT BONDS Article 29.- The Finance Ministry shall have the responsibility: 1. To promulgate legal documents guiding in detail the issuance and settlement of the Government bonds of different types. 2. To work out the annual plans on the bond issuance and settlement. 3. To exercise the unified management of the printing of stamps for the Government bonds. 4. To organize the issuance and settlement of the Government bonds. 5. To examine the options on the issuance of investment bonds. 6. To ensure sources for the settlement of investment bonds for the centrally-run projects. 7. To organize the cost-accounting of accounts in strict compliance with the State�s regime. 8. To coordinate with the State Bank in organizing the treasury bill bidding market. 9. To coordinate with the State Securities Commission in organizing the Government bond-bidding market as well as the bond issuance agency and underwriting. 10. To inspect and supervise the use of the bond issuance capital sources. 11. To decide the suspension of the bond issuance. Article 30.- The State Bank shall have the responsibility: 1. To coordinate with the Finance Ministry in organizing treasury bills biddings through the State Bank as well as the management and control of the treasury bill market. 2. To coordinate with the State Securities Commission in managing the bond issuance agency, underwriting and trading activities of banking organizations. 3. To join the Finance Ministry in determining the Government bond�s interest rates. Article 31.- The State Securities Commission shall have the responsibility: 1. To coordinate with the Finance Ministry in organizing the Government bond issuance market in form of bidding at the central securities trading market. 2. To manage and supervise the Government bond issuance agency, underwriting, listing and trading activities via the central securities trading market. Article 32.- The ministries, branches and People�s Committees of the provinces and centrally-run cities that have the investment bond issuance projects shall have the responsibility: 1. To work out the annual plans on the investment bond and send them to the Finance Ministry; 2. To elaborate the investment bond issuance options and send them to the Finance Ministry for examination before their submission to the Prime Minister for decision; 3. To coordinate with the Finance Ministry in organizing the bond issuance and settlement; to inspect and supervise the use and withdrawal of investment capital; 4. As for investment bonds for the locally-run projects, the People�s Committees of the provinces and centrally-run cities shall have to balance the provincial budgets to ensure sources for the settlement of bonds upon their maturity according to the provisions of the State Budget Law and the legal documents guiding the implementation thereof. Article 33.- Handling of violations Organizations and/or individuals that violate the provisions of this Regulation shall, depending on the nature and seriousness of their violations, be administratively handled, disciplined and have to pay compensation for damage incurred as prescribed by law. Serious violations shall be subject to examination for penal liability. On behalf of the Government For the Prime Minister Deputy Prime Minister NGUYEN TAN DUNG