Circular No. 103/2006/TT-BTC amends and supplements certain provisions on the issuance and payment of government bonds for investment in important transportation and water conservancy projects. This Circular applies to the Ministry of Finance, State Treasury, Social Insurance, issuing guarantors, and related units.
适用范围
The Ministry of Finance, State Treasury, Social Insurance, issuing guarantors, and related units.
要点
- Currency unit: Government bonds are issued and paid in Vietnamese dong and freely convertible foreign currencies. In case the holder requests payment in Vietnamese dong, foreign currency bonds will be converted according to the exchange rate.
- Forms of bond sale: Bonds issued directly through the State Treasury system are sold at par value; above par value; below par value. Specific forms are decided by the Minister of Finance.
- Auction method: Government bonds denominated in Vietnamese dong are issued through auction methods via the Securities Trading Center.
- Guarantee and issuance agency: Government bonds are issued through guarantee or issuance agency methods as stipulated in Circular No. 29/2004/TT-BTC of the Ministry of Finance.
- Bond interest payment: Bond interest is paid in the following ways: periodic interest payments; lump sum interest and principal payment upon maturity; immediate interest payment upon issuance. Early redemption or repurchase of bonds before maturity is carried out according to the regulations of the Ministry of Finance.
- Issuance and payment fees: Issuance and payment fees for retail bonds issued through the State Treasury system are 0.5% of the bond value. The maximum fee for issuing guarantors is 0.15% of the guaranteed bond amount. Issuance and payment fees for foreign currency government bonds auctioned through the State Bank are 0.05% of the bond issue value.
🌐 本文件的社会影响
- Positive impact: This Circular helps strengthen management and transparency in the issuance and payment of government bonds, thereby enhancing the efficiency of investment in important transportation and water conservancy projects.
- Negative impact: High issuance and payment fees may increase costs for bond buyers, affecting the access to capital of enterprises and individuals.
❓ 常见问题
What currencies are government bonds issued in?
Government bonds are issued and paid in Vietnamese dong and freely convertible foreign currencies. In case the holder requests payment in Vietnamese dong, foreign currency bonds will be converted according to the exchange rate.
How are bonds sold?
Bonds issued directly through the State Treasury system are sold at par value; above par value; below par value. Specific forms are decided by the Minister of Finance.
What are the issuance and payment fees for bonds?
Issuance and payment fees for retail bonds issued through the State Treasury system are 0.5% of the bond value. The maximum fee for issuing guarantors is 0.15% of the guaranteed bond amount. Issuance and payment fees for foreign currency government bonds auctioned through the State Bank are 0.05% of the bond issue value.
How are bonds paid interest?
Bond interest is paid in the following ways: periodic interest payments; lump sum interest and principal payment upon maturity; immediate interest payment upon issuance. Early redemption or repurchase of bonds before maturity is carried out according to the regulations of the Ministry of Finance.
How are bonds guaranteed?
Government bonds are issued through guarantee or issuance agency methods as stipulated in Circular No. 29/2004/TT-BTC of the Ministry of Finance detailing certain points regarding the guarantee and issuance agency of government bonds, government-guaranteed bonds, and local government bonds.
全文
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MINISTRY OF FINANCE |
SOCIALIST REPUBLIC OF VIETNAM |
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Number: 103/2006/TT-BTC |
Hanoi, November 2, 2006 |
CIRCULAR
Amending and supplementing Circular No. 88/2003/TT-BTC dated September 16, 2003 of the Ministry of Finance guiding the implementation of Decision No. 182/2003/QĐ-TTg dated September 5, 2003 of the Prime Minister on the issuance of government bonds for investment in important transportation and water conservancy works of the country
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Pursuant to Decision No. 171/2006/QĐ-TTg dated July 24, 2006 of the Prime Minister on the issuance and use of government bonds during the period from 2003 to 2010, the Ministry of Finance amends and supplements some articles of Circular No. 88/2003/TT-BTC dated September 16, 2003 guiding the implementation of Decision No. 182/2003/QĐ-TTg dated September 5, 2003 of the Prime Minister on the issuance of government bonds for investment in important transportation and water conservancy works of the country as follows:
1. Amending and supplementing Item 1, Part II:
"1. Currency for issuing and settling government bonds:
- Government bonds shall be issued and settled in Vietnamese dong and freely convertible foreign currencies.
- Foreign currency bonds at maturity shall be settled in the original foreign currency. In case the holder requests settlement in Vietnamese dong (partially or entirely), it shall be converted according to the buying rate published by the Commercial Bank on the local market at the nearest time point.
In case the amount of settlement of foreign currency bonds has a fraction (less than ten units of currency), it shall be converted into Vietnamese dong according to the selling rate published by the Commercial Bank on the local market at the nearest time point to pay the customer."
2. Amending and supplementing Subparagraph c, Point 6.1, Item 6, Part II:
"c) Government bonds issued directly through the State Treasury system shall be sold in the following forms: Par value; above par value; below par value. The specific form of bond sale for each issuance shall be decided by the Minister of Finance."
3. Amending Subparagraph a, Point 6.3, Item 6, Part II:
"a) Government bonds denominated in Vietnamese dong shall be issued through auction via the Securities Trading Center in accordance with Circular No. 21/2004/TT-BTC dated March 24, 2004 of the Ministry of Finance guiding the auction of government bonds, government-guaranteed bonds, and local government bonds through the centralized securities trading market."
4. Amending Point 6.4, Item 6, Part II:
"6.4 Guarantee and agency issuance
Government bonds denominated in Vietnamese dong shall be issued through guarantee or agency issuance in accordance with Circular No. 29/2004/TT-BTC dated March 24, 2004 of the Ministry of Finance detailing certain aspects regarding the guarantee and agency issuance of government bonds, government-guaranteed bonds, and local government bonds."
5. Amending and supplementing Subparagraph b, Point 7.1, Item 7, Part II:
"b) Interest on government bonds shall be paid in the following methods: Periodic interest payment, lump-sum interest payment together with principal at maturity, and immediate interest payment upon issuance as decided by the Minister of Finance."
6. Amending and supplementing Point 7.2, Item 7, Part II:
"7.2 Early redemption and repurchase of government bonds:
a) In case the holder of government bonds has an objective need to redeem the bonds early, such redemption may be considered. The redemption of principal and interest shall be determined based on the actual holding period and implemented according to the regulations of the Ministry of Finance for each issuance.
b) If necessary, the Minister of Finance shall decide specifically on the early repurchase of bonds in accordance with the state budget's capacity and the objectives of national financial policy. The State Treasury shall organize the repurchase of bonds in accordance with the decision of the Minister of Finance."
7. Amending Subparagraphs a, e, and f, Point 11.1, Item 11, Part II:
"a) Issuance and settlement fee for retail government bonds through the State Treasury system shall be 0.5% of the bond value.
For the issuance and settlement of bonds for Social Insurance, the State Treasury shall receive a maximum fee of 0.05% of the bond value.
e) Fee for organizations providing issuance guarantees shall be a maximum of 0.15% of the guaranteed bond amount.
f) Issuance and settlement fee for foreign currency-denominated government bonds through auction via the State Bank shall be 0.05% of the bond issuance value."
This Circular takes effect fifteen days after its publication in the Official Gazette.
The Minister, Heads of Ministries equivalent to Ministries, Heads of agencies under the Government, Chairmen of People's Committees of provinces and centrally governed cities, General Directors of the State Treasury, Heads of units under the Ministry of Finance, Directors of State Treasuries of provinces and centrally governed cities are responsible for implementing this Circular./.
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DEPUTY SIGNATURE OF THE MINISTER |
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