Decree No. 141/2003/ND-CP on the issuance of government bonds, government-guaranteed bonds, and local government bonds.

DECREE OF THE GOVERNMENT

Regarding the issuance of government bonds, guaranteed bonds, and local government bonds

guarantees and local government bonds

_______________________ 

THE GOVERNMENT

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Based on the State Budget Law dated December 16, 2002;

At the proposal of the Minister of Finance,

DECREE:

 PART I

GENERAL PROVISIONS

Article DArticle 1. Scope of Regulation

1. This Decree stipulates the issuance of government bonds, guaranteed bonds, and local government bonds denominated in Vietnamese dong and foreign currencies within the territory of the Socialist Republic of Vietnam.

2. This Decree does not apply to:

a) Bonds issued by credit organizations in accordance with the Law on Credit Organizations;

b) Bonds issued by enterprises through self-lending and self-repayment methods as prescribed by the Law on State-Owned Enterprises and the Law on Enterprises.

Article 2. Interpretation of Terms

1. Government bonds are a type of debt security issued by the Government, having a term, face value, interest rate, and confirming the Government's obligation to repay bondholders.

2. Guaranteed bonds are debt securities issued by enterprises to raise funds for designated projects according to the Prime Minister's instructions, with the Government committing to investors regarding the timely payment obligations of the issuer. In case the issuer fails to fulfill its repayment obligations (principal and interest) upon maturity, the Government will assume responsibility for repaying on behalf of the issuer.

3. Local government bonds are a type of debt security issued by provincial people's councils, having a term, face value, interest rate, and confirming the provincial people's council's obligation to repay bondholders. Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).y the People's Committee of the province issuing, having a term, face value, interest, confirming the obligation to repay of Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).y the People's Committee of the province to the holder of the bond.

4. The issuer is a legal entity borrowing funds through the issuance of bonds in accordance with this Decree.

5. Issuing bonds is the act of selling bonds to buyers.

6. Retailing bonds is the direct transfer of bonds and receipt of payment from the issuer to individual buyers.

7. Guaranteeing issuance involves an organization providing assistance to the issuer in completing procedures before issuing bonds to the stock market, distributing bonds to investors, purchasing bonds to resell, or buying remaining unsold bonds.

8. Bond auction is the selection of organizations and individuals participating in the bidding process that meet the requirements set by the issuer.

9. Agency issuance is the act of the issuer entrusting another organization to sell bonds to investors.

10. Custody of bonds is the act of bondholders depositing their bonds with an authorized organization for safekeeping and allowing that organization to exercise rights on behalf of the bondholder.

11. Agency payment of bonds is the act of the issuer authorizing another organization to make principal and interest payments when due.

12. Pledging is the act of a bondholder transferring their bonds to an individual or organization to secure the fulfillment of civil obligations.

Article 3. Subjects Issuing Bonds

1. The subject issuing government bonds is the Government.

2. The subject issuing guaranteed bonds is an enterprise..

3. The subject issuing local government bonds is Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).provincial People's Committees.

Article 4. Classification of Bonds

1. Government bonds include:

a) Treasury bills.

b) Treasury bonds.

c) Central construction bonds.

d) Investment bonds.

đ) Foreign currency bonds.

e) National construction bonds.

2. Guaranteed bonds.

3. Local government bonds.

Article 5. Currency for Issuance and Payment

1. Bonds shall be issued and paid in Vietnamese dong or freely convertible foreign currency.

2. The issuance of bonds in foreign currency shall only apply to cases specified in Section V, Chapter II of this Decree.

3. The currency used for payment of bonds must be the same type as the currency at the time of issuance.

Article 6. Form of Issuance

Bonds shall be issued in the form of certificates or book-entry records, with or without named holders.

Article 7. Par Value of Bonds

1. The par value of bonds issued and paid in Vietnamese dong shall be a minimum of 100,000 Vietnamese dong. Specific par values shall be determined by the Minister of Finance.

2. The par value of bonds issued and paid in foreign currency shall be specifically defined for each issuance.

Article 8. Bond Purchasers

Bond purchasers include Vietnamese organizations and individuals, overseas Vietnamese residents, and foreign organizations and individuals legally working and residing in Vietnam. Vietnamese organizations may not use state budget funds to purchase government bonds.

Article 9. Issuance and Payment Fees

Organizations guaranteeing issuance, service providers for tendering, agents, and trustees organizing bond issuance and payment shall be entitled to a fee as prescribed by the Ministry of Finance.

Article 10. Guaranteeing and Distributing Organizations

Organizations providing guarantees or acting as agents for bond issuance through guaranteed issuance or agency issuance methods are Securities Companies, Investment Funds, Financial Companies, and banks operating legally in Vietnam.

Article 11. Listing and Trading

1. Government bonds and local government bonds can be bought and sold on the money market or discounted and pledged at the State Bank according to the law.

2. Government bonds, government-guaranteed bonds, and local government bonds can be listed and traded on the securities market according to the law.

Article 12. Registration and Deposit of Bonds

Bondholders may register their bonds with organizations permitted to register securities or deposit them at the National Treasury, commercial banks for safekeeping. The Ministry of Finance shall prescribe fees for bond registration and deposit.

Article 13. Briefly describe technical improvements, production processes, raw materials, designs; new technology applications such as automation, digitalization, clean technology; management, marketing, distribution solutions; products winning awards or certifications related to innovation…):…Redeeming bonds from the issuing organization itself

The issuing organization has the right to redeem issued bonds before maturity.

Article 14. Rights of Bondholders

1. To have the issuer ensure full and timely payment of principal and interest when due.

2. To use bonds for sale, gift, donation, inheritance, pledge, or discount.

3. To be exempt from income tax on bond income according to the law.

Article 15. Limitations on Bond Payment and Circulation

Bonds shall not be used to replace currency in circulation or to fulfill financial obligations to the state budget.

Article 16. Lost or Damaged Bonds

Counterfeit bonds, unnamed bonds lost or torn, damaged, and no longer retaining their shape or content shall not be paid.

Named bonds lost or torn, damaged, if the person losing the bond proves ownership and the bond has not been fraudulently used for payment, will be paid by the issuing organization upon maturity.

Article 17. Counterfeiting or Misusing Bonds

All acts of misusing or counterfeiting bonds shall be handled according to the law.

Chapter II

GOVERNMENT BONDS

Section I

TREASURY BILLS

Article 18. Issuing Organization and Purpose

Treasury bills are government bonds with a term of less than one year issued by the State Treasury to develop the money market and raise funds to cover temporary budget deficits of the state budget for the fiscal year.

Article 19. Issuance Method

1. Treasury bills are issued through auction.

2. The volume and interest rate of treasury bills are formed based on the auction results.

3. The Ministry of Finance may entrust the State Bank, state commercial banks to issue and settle treasury bills.

Article 20. Participants in Auctioning Treasury Bills

1. Credit organizations operating under the Law on Credit Institutions.

2. Insurance companies, insurance funds, investment funds legally operating in Vietnam; branches of foreign investment funds in Vietnam.

3. In cases where the entities specified in Clause 1 and 2 of this Article do not purchase the entire volume of treasury bills issued in the issuance round, the State Bank may purchase the remaining portion.

Article 21. Usage and Settlement of Treasury Bills

1. The entire amount borrowed from treasury bills must be centralized in the central budget for use in accordance with the provisions of the State Budget Law.

2. The central budget ensures the source for principal and interest repayment of treasury bills when due and organizational costs for issuing and settling for entrusted organizations.

PART II

TREASURY BONDS

Article 22. Issuing Organization and Purpose

Treasury bonds are government bonds with a term of one year or more, issued by the State Treasury to raise funds to cover budget deficits according to the annual state budget plan decided by the National Assembly.

Article 23. Issuance Methods

1. Retail through the State Treasury system.

2. Auction through the securities trading market.

3. Guarantee issuance.

4. Agency issuance.

Article 24. Purchasers of Treasury Bonds

1. Entities specified in Clause 1 and 2 of Article 20 of this Decree.

2. Enterprises and economic organizations of Vietnam of all economic sectors.

3. Foreign organizations legally operating in Vietnam.

4. Vietnamese citizens, overseas Vietnamese residents, and individuals who are foreigners working and living legally in Vietnam.

Purchasers participating in auctions through the securities trading market must meet the conditions stipulated in the regulations on securities and the securities market.

Article 25. Interest Rate on Treasury Bonds

The interest rate on treasury bonds is determined by the Minister of Finance based on the actual situation of the financial market at the time of issuance. In case of interest rate bidding, the interest rate is formed based on the bidding results.

Article 26. Usage and Settlement of Treasury Bonds

1. The entire proceeds from the issuance of treasury bonds must be centralized in the central budget for use in accordance with the provisions of the State Budget Law.

2. The central budget ensures the source for principal, interest, and fees for organizing the issuance and settlement of treasury bonds.

Article 27. Organization of Treasury Bond Repayment upon Maturity

1. The State Treasury shall organize the repayment of principal and interest on treasury bonds to their owners upon maturity for treasury bonds issued through retail sales via the State Treasury system.

2. Financial and credit organizations entrusted by the Ministry of Finance may repay principal and interest on treasury bonds to their owners upon maturity for treasury bonds issued through auction, agency, or issuance guarantee methods.

Section III

CENTRAL PROJECT BONDS

Article 28. Issuance Organization and Purpose of Use

Central project bonds are government bonds with terms of one year or more issued by the State Treasury to raise funds based on decisions of the Prime Minister for central budget investment projects listed in the plan but not yet allocated funds within the year.

Article 29. Conditions for Issuance

1. Projects included in the annual list of key investment projects of the Government.

2. The bond issuance plan, loan usage plan, and debt repayment plan upon maturity must be implemented according to the decision of the Prime Minister based on the draft proposal led by the Ministry of Finance.

Article 30. Issuance Method

Central project bonds are issued through retail sales via the State Treasury system, auction, or issuance guarantee.

Article 31. Bond Purchasers

The purchasers of central project bonds shall be carried out as stipulated for treasury bonds under Article 24 of this Decree.

Article 32. Interest Rate on Bonds

The interest rate on central project bonds is determined by the Minister of Finance based on the actual situation of the financial market at the time of issuance. In case of auction interest rates, the interest rate will be formed according to the auction results.

Article 33. Usage and Payment

1. Loans from central project bonds shall be centralized in the central budget to fund projects approved by the Prime Minister. The central budget ensures the repayment of principal, interest, and fees for central project bonds.

2. The organization of repayment of principal and interest on central project bonds upon maturity shall be carried out as stipulated for treasury bonds under Article 27 of this Decree.

Chapter IV

INVESTMENT BONDS

Article 34. Issuance Organization and Purpose of Use

Investment bonds are government bonds with terms of one year or more issued by state financial organizations and financial and credit organizations designated by the Prime Minister to raise funds for investment according to government policy.

Article 35. Principles of Issuance

1. Issued separately for each economic target.

2. The total issuance amount does not exceed the quota approved by the Government or the Prime Minister for each economic target or for each specific year.

3. The issuance plan is reviewed by the Ministry of Finance.

4. The issuance amount, issuance date, face value, and term of the bonds are agreed upon by the issuer and the Ministry of Finance.

5. The Minister of Finance decides the ceiling interest rate for bond issuance.

Article 36. Issuance Method, Bond Purchasers

The issuance method and participants in purchasing investment bonds shall be carried out as stipulated for central project bonds under Articles 30 and 31 of this Decree.

Article 37. Interest Rate on Bonds

The Minister of Finance shall decide the ceiling interest rate for investment bonds for each period based on the actual situation of the financial market and the capital-raising needs of the issuing organizations. In cases where interest rates are bid, the interest rate will be formed according to the bidding results within the ceiling decided by the Minister of Finance.

Article 38. Use of Proceeds from Bond Issuance

Proceeds from the issuance of investment bonds must be tracked separately and only used for economic goals approved by the Prime Minister.

Article 39. Payment of Bonds

1. The issuing organization is responsible for paying the principal, interest on issued investment bonds upon maturity and related costs for organizing the issuance and payment.

2. The state budget shall pay part or all of the interest on bonds or compensate the interest rate difference for the issuing organization according to the decision of the Prime Minister for specific economic goals.

Section V

FOREIGN CURRENCY BONDS

 

Article 40. Issuing Organization and Purpose of Use

Foreign currency bonds are government bonds with a term of one year or more issued by the Ministry of Finance for purposes designated by the Prime Minister.

Article 41. Currency of Issue

1. The currency of issue is freely convertible foreign currency.

2. The specific type of foreign currency for each issuance is decided by the Minister of Finance in accordance with usage needs.

Article 42. Method of Issuance and Purchasing Entities

1. Retail through the State Treasury System:

a) The purchasing entities for foreign currency bonds are applied as those for treasury bonds as stipulated in Article 20 of this Decree.

b) The Minister of Finance decides the issuance territory for foreign currency bonds through the retail method via the State Treasury System.

2. Auction through the State Bank:

a) The participants in the auction for foreign currency bonds are credit institutions operating under the Law on Credit Institutions.

b) The State Bank acts as an agent for the Ministry of Finance in the issuance and payment of foreign currency bonds.

Article 43. Principles of Issuance

1. Foreign currency bonds are issued in batches. The Ministry of Finance develops specific issuance plans for each batch to be submitted to the Prime Minister for approval.

2. The volume and structure of each issuance must be consistent with the capital usage needs according to the designated economic goals of the Prime Minister.

3. The Minister of Finance decides the issuance time, currency of issue, issuance amount, interest rate, face value, and term of foreign currency bonds.

Article 44. Use and Payment of Foreign Currency Bonds

1. Foreign currency proceeds from bond issuance are used for purposes designated by the Prime Minister.

2. The state budget pays (principal, interest) foreign currency bonds upon maturity.

If the foreign currency obtained from bond issuance is sold to the State Bank to increase the country's foreign exchange reserves, then the State Bank has the responsibility to resell the foreign currency to the Ministry of Finance to pay the principal and interest of foreign currency bonds when they mature.

3. The Ministry of Finance specifies the issuance and payment fees for foreign currency bonds.

Chapter VI

NATIONAL CONSTRUCTION BONDS

Article 45. Issuing Organization and Purpose of Use

National construction bonds are issued by the Government to mobilize domestic capital from the people to invest in important national projects and other essential works serving production and living, creating material and technical foundations for the country.

Article 46. Issuance of National Construction Bonds

National Construction Bonds shall be issued in accordance with the provisions of Ordinance No. 12/1999/PL-UBTVQH10 dated April 27, 1999 of the Standing Committee of the National Assembly on the issuance of National Construction Bonds. Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).The Bonds are guaranteed by the Government.

Chapter III

Article 47. Organizing Issuance and Purpose of Use

Government-guaranteed bonds are bonds with a term of one year or more, issued by enterprises to raise capital for investment projects designated by the Prime Minister.

Article 48. Conditions for Issuance

1. The issuer organization is an enterprise designated by the Prime Minister as the main investor in state projects.

2. The investment project has completed procedures as prescribed by law.

3. Permission from the Prime Minister to issue bonds to raise funds for investment projects.

4. Guaranteed payment as stipulated in Article 50 of this Decree.

5. The issuance plan, usage, and repayment of borrowed capital must be approved in writing by the Ministry of Finance.

Article 49. Principles of Issuance

1. Bonds are issued for specific projects.

2. The total value of bonds issued for a project does not exceed the total value of the project. The specific issuance amount for each project is decided by the Prime Minister.

3. New bonds shall not be issued to pay off maturing bonds.

4. The issuance plan, issuance time, and bond term are agreed upon between the issuer and the Ministry of Finance.

5. The Minister of Finance decides the maximum interest rate for each issuance of government-guaranteed bonds.

Article 50. Payment Guarantee

1. The Ministry of Finance represents the Government in providing payment guarantee or authorizes state financial organizations and state credit institutions to implement it.

2. The maximum payment guarantee level equals 100% of the value (principal and interest) of the issued bonds.

3. Enterprises issuing bonds must pay a maximum guarantee fee of 0.05% per annum on the amount being guaranteed to the payment guarantor. The guarantee fee is included in the project cost during the investment phase and is included in operating costs for completed projects put into use.

4. The payment guarantor is responsible for arranging capital solutions to pay off maturing bonds for the issuing enterprise when the enterprise fails to fulfill its payment obligations.

Article 51. Issuance Method

Government-guaranteed bonds are issued through auction, guarantee, or agency issuance methods, listed on the securities market, and centrally deposited at depositary organizations.

Article 52. Bond Purchasers

Entities participating in purchasing government-guaranteed bonds follow the same rules as treasury bonds as stipulated in Article 24 of this Decree.

Article 53. Interest Rate on Bonds

The Minister of Finance determines the maximum interest rate for each issuance of government-guaranteed bonds based on the actual situation of the financial market at the time of issuance. The interest rate on auctioned bonds is determined by the auction results.

Article 54. Use of Proceeds from Bond Issuance

All proceeds from the issuance of bonds must be used for the designated project. The enterprise must account for these proceeds according to current state regulations, use them for the approved project purpose, and report periodically to the Ministry of Finance.

The entire revenue from issuing the bond shall be used for the designated project. The revenue from issuing the bond must be accounted for in accordance with the current regulations of the State and must be used for the approved purpose of the project and periodically reported to the Ministry of Finance.

Article 55. Payment of Bonds

1. The enterprise issuing bonds shall be responsible for paying the principal and interest of the bonds upon maturity using legitimate sources of capital of the enterprise.

2. In cases where the guarantor organization must arrange a capital plan to pay the maturing bonds, the enterprise shall have the responsibility to recognize the debt and repay it to the guarantor organization according to the conditions previously committed.

3. Costs associated with issuing bonds shall be included in the value of the investment project funded by bond issuance.

Chapter IV

LOCAL GOVERNMENT BONDS

 

Article 56. Issuing Organization and Purpose of Use

Local government bonds are investment bonds with a term of one year or more issued by the People's Committee of the province authorized by the State Treasury or financial and credit organizations within the locality, aimed at raising funds for projects and works under the local budget investment plan that have been recorded in the plan but not yet allocated budget funds for the year. Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).Article 57. Conditions for Issuance

1. Projects and works included in the five-year investment plan decided by the Provincial People's Council.

2. The bond issuance plan, loan usage plan, and repayment plan when due are developed by the People's Committee of the province and submitted to the People's Council for approval and received written approval from the Minister of Finance.

3. There is a decision by the Chairman of the People's Committee of the province authorizing the State Treasury or financial and credit organizations within the locality to be responsible for issuing and paying the bonds. Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).Article 58. Limit on Total Issuance

The maximum limit on total funds raised through local government bonds shall be implemented according to the provisions of Clause 3, Article 8 of the State Budget Law. For Hanoi and Ho Chi Minh City, specific regulations of the Government shall apply. Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).Article 59. Method of Issuance

Local government bonds shall be issued through tendering, issuance guarantee, or distribution agency methods.

Article 60. Bond Purchasers

Participants purchasing local government bonds shall be carried out as stipulated for treasury bonds under Article 24 of this Decree.

Article 61. Interest Rate on Bonds

1. The Minister of Finance decides the range of interest rate margins for local government bonds compared to government bonds of the same term.

2. The Chairman of the People's Committee of the province determines the specific interest rates for each term and each issuance method based on the margin range decided by the Minister of Finance and the actual interest rate level of government bonds of the same term at the time of issuance.

In case of interest rate bidding, the interest rate is formed according to the bidding results within the actual interest rate level of government bonds of the same term at the time of issuance plus the margin range decided by the Minister of Finance.

Article 62. Usage and Payment

1. Loans from local government bonds are recorded as revenue in the provincial budget to fund approved projects. Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).2. The provincial budget is responsible for paying the principal, interest, and related costs for organizing the issuance and payment of local government bonds.

3. The organization of paying the principal and interest of local government bonds upon maturity shall be carried out as stipulated for treasury bonds under Clause 2, Article 27 of this Decree.

Article 62. Usage and Payment

1. Proceeds from local government bonds shall be recorded in the provincial budget to fund approved projects.

2. The provincial budget is responsible for paying the principal, interest, and related costs associated with organizing the issuance and payment of local government bonds.

3. The organization of principal and interest payments for local government bonds upon maturity shall be carried out in accordance with the provisions for treasury bonds under Clause 2, Article 27 of this Decree.

Article 63. Suspension of Issuance

1. Cases for suspension of issuance:

a) The issuance plan, capital utilization plan, and debt repayment plan upon maturity are not feasible;

b) The issuing organization does not comply with the plan approved by the Ministry of Finance;

c) Failure to adhere to the interest rate spread limit prescribed by the Minister of Finance;

d) Exceeding the permissible issuance limit as stipulated in the State Budget Law.

2. The Ministry of Finance oversees the entire process of local government bond issuance. Upon detecting violations, the Ministry of Finance requests the provincial People's Committee to halt issuance and simultaneously reports to the Prime Minister.

Chapter V
DUTIES AND LIMITS OF STATE MANAGEMENT

Article 64. Ministry of Finance

1. Guide and supervise the issuance, use, and settlement of various types of government bonds and government-guaranteed bonds.

2. Develop the issuance plan for central project bonds to be submitted to the Prime Minister for decision.

3. Organize the issuance of treasury bonds, central project bonds, foreign currency bonds, and national construction certificates as provided for in Chapter II of this Decree.

4. Appraise the issuance plans and oversee the entire process of local government bond issuance. Suspend local government bond issuance according to Article 63 of this Decree.

5. Agree with issuing organizations on issuance plans and implementation schedules for government investment bonds and government-guaranteed project bonds.

6. Determine the interest rates for treasury bonds and central project bonds; set the maximum interest rates for investment bonds and government-guaranteed bonds; determine the interest rate spread limits for local government bonds.

Article 65. State Bank of Vietnam

1. Coordinate with the Ministry of Finance to organize auctions for treasury bills and foreign currency-denominated government bonds through the State Bank.

2. Participate with the Ministry of Finance in determining the interest rates for government bonds and government-guaranteed bonds.

3. Purchase foreign currencies obtained from the issuance of foreign currency-denominated bonds to increase state foreign exchange reserves and sell foreign currencies to the Ministry of Finance to repay the principal and interest of foreign currency-denominated bonds upon maturity.

4. Direct credit institutions to issue investment bonds according to the Prime Minister's decision.

Article 66. Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).Securities Commission

1. Coordinate with the Ministry of Finance to organize the issuance of government bonds through auction methods in the securities market.

2. Manage and supervise activities related to the listing and trading of bonds on centralized securities exchanges.

Article 67. Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).Provincial People's Committees issuing local government bonds

1. Prepare the issuance plan for bonds and the repayment plan for borrowed funds to be reviewed and approved by the provincial People's Council and submitted to the Ministry of Finance for appraisal.

2. Organize the issuance of local government bonds according to the plan approved by the Ministry of Finance.

3. Monitor the use of funds and the recovery of borrowed funds from the issuance of local government bonds.

4. Balance the provincial budget to ensure sufficient funds for bond payments upon maturity.

Article 68. Issuing Organizations of Bonds

1. Develop issuance plans and implementation schedules consistent with capital usage needs.

2. Organize bond issuance and make payments upon maturity.

3. Regularly report to the Ministry of Finance on the results of bond issuance and payment.

Article 69. Handling Violations

Organizations and individuals violating the provisions of this Decree shall be subject to administrative penalties, disciplinary actions, and if material damage is caused, they must compensate according to the law. In cases of serious violations, criminal responsibility will be pursued.

Chapter VI

IMPLEMENTING PROVISIONS

Article 70. Effective Date

This Decree takes effect fifteen days from the date of publication in the Official Gazette and replaces Government Decree No. 01/2000/NĐ-CP dated January 13, 2000, on the issuance of regulations for government bond issuance.

Article 71. Guidance Responsibility

||| Article 2. General provisions regarding foreign non-governmental organizations operating in Vietnam (as stipulated from Article 5 to Article 15 of the Decree): The Ministry of Finance is responsible for guiding this Decree.

Article 72. Implementation Responsibility

Ministers, Heads of ministerial-level agencies, Heads of government agencies, Chairmen Within 10 working days from the date of receipt of the dossier as mentioned in Sub-clause b, Clause 1, Article 3 above, the Ministry of Foreign Affairs will review and submit to the competent authority for decision (Issues exceeding the Ministry of Foreign Affairs' jurisdiction will be referred to the Prime Minister for consideration and decision).Provincial People's Committees under the Central Government are responsible for implementing this Decree./.