Circular No. 159/1998/TT-BTC guides the delivery of goods to offset debts to Bulgaria under the Comprehensive Debt Settlement Agreement between the Government of Vietnam and the Government of Bulgaria, with a value of 7,842,516.8 USD over four years from 1998 to 2001.
핵심 사항
- Bulgarian enterprises → are authorized to import goods from Vietnam to offset debts with a value of 1,960,629.2 USD each year for four years.
- Vietnamese enterprises → freely choose export products according to Vietnamese regulations and state-owned enterprise partners, conclude commercial contracts (foreign contracts) at international prices and standard conditions.
- Vietnamese enterprises → need to submit foreign contracts to the Ministry of Finance for registration, implement according to Circular No. 148/1998/TT-BTC.
- Foreign debt repayment through offsetting is carried out through the Central Foreign Trade Bank in the form of opening a Letter of Credit (L/C) or collection.
- The exchange rate for payment is 100% of the buying rate of VIETCOMBANK on the day when the foreign bank reports credit (in case of L/C) or on the day when the Vietnam Foreign Trade Bank confirms the set of appropriate documents (in case of collection).
🌐 이 문서의 사회적 영향
- Positive impact: Support in reducing the burden of foreign debt for the Government and enterprises in Vietnam.
- Negative impact: Requires time and resources to complete complex procedures related to exporting goods.
❓ 자주 묻는 질문
What is the value of debt repayment in goods?
The value of debt repayment in goods is 7,842,516.8 USD over four years from 1998 to 2001.
What is the annual debt repayment amount?
The annual debt repayment amount is 1,960,629.2 USD principal.
How do Vietnamese enterprises select products?
Vietnamese enterprises freely choose products according to Vietnamese regulations and state-owned enterprise partners, conclude commercial contracts (foreign contracts) at international prices and standard conditions.
What is the duration for implementing export contracts to offset debts?
Export contracts from Vietnam to offset debts must be completed no later than December 31 each year. Specifically, the 1998 debt repayment amount will be implemented in 1998 and any remaining portion (if any) will continue in 1999.
What is the exchange rate for payment?
The exchange rate for payment is 100% of the buying rate of VIETCOMBANK on the day when the foreign bank reports credit (in case of L/C) or on the day when the Vietnam Foreign Trade Bank confirms the set of appropriate documents (in case of collection).
전문
CIRCULAR
ISSUED BY THE MINISTRY OF FINANCE DECREE NO. 159/1998/TT-BTC ON DECEMBER 14, 1998
GUIDING THE IMPLEMENTATION OF GOODS DELIVERY TO SETTLE DEBTS WITH BULGARIA
Pursuant to the Comprehensive Debt Settlement Agreement between Vietnam and Bulgaria signed on October 14, 1998.
Pursuant to Circular No. 4618/VPCP-QHQT dated November 13, 1998 of the Government on implementing debt repayment to Bulgaria according to the Comprehensive Debt Settlement Agreement.
The Ministry of Finance guides the implementation of goods delivery to settle debts with Bulgaria from 1998 onwards as follows:
1. Value of Implementation:
According to the Comprehensive Debt Settlement Agreement, a portion of the debt will be settled by Vietnam through goods worth 7,842,516.8 USD over four years, from 1998 to 2001. The annual debt repayment value through goods for Bulgaria will be 1,960,629.2 USD principal debt. Interest from the previous year will be repaid in the following year.
2. Method of Implementation:
According to the Agreement, the debt repayment method for Bulgaria shall be implemented as follows:
- Annually, the Bulgarian side will notify the Vietnamese side of the names of enterprises authorized to import goods from Vietnam to offset debts, and the quota allocated to each authorized enterprise mentioned above. These notifications from the Bulgarian side will be announced by the Ministry of Finance in the Vietnam Financial Times.
- Authorized enterprises of Bulgaria may freely choose exportable goods according to Vietnam's regulations and partner state-owned enterprises in Vietnam to conclude commercial contracts (Foreign Contracts) at international prices and normal trade conditions.
- Export contracts of goods from Vietnam to offset debts must be completed no later than December 31 each year. For the 1998 quota, it will be implemented in 1998 and will continue to be implemented if there is any remaining amount in 1999.
- Enterprises will enjoy all current incentives (if any) for debt repayment goods and will not have their contract values deducted from their export quotas (if any).
3. Registration of Foreign Contracts:
- Vietnamese enterprises, immediately after signing foreign contracts with authorized Bulgarian enterprises as mentioned in point 1 above, need to submit these contracts to the Ministry of Finance for registration.
Procedures for registering foreign contracts with the Ministry of Finance to implement the export of goods or services to repay foreign debts to Bulgaria shall be carried out in accordance with the provisions of Circular No. 148/1998/TT-BTC dated November 16, 1998 of the Ministry of Finance guiding the determination of exchange rates and payment for exported goods and services to repay foreign debts.
Orders placed will be concluded in the order of foreign contract registration by enterprises with the Ministry of Finance until the total value of orders in the year equals the foreign debt repayment quota for that year.
4. Payment:
- External payments for debt settlement shall be conducted through the Central Foreign Trade Bank via Letter of Credit (L/C) or Collection procedures under the Banking Agreement signed between the Vietnam Foreign Trade Bank and Bulbank - Sofia.
- After delivering goods and having valid documents processed by the Central Foreign Trade Bank for external payments to offset national debts, enterprises shall bring these documents to the Ministry of Finance for Vietnamese currency payment. The Ministry of Finance will pay enterprises according to the confirmation of the bank in accordance with the provisions of Circular No. 148/1998/TT-BTC mentioned above.
- The exchange rate for payment is 100% of the buying rate of VIETCOMBANK on the day when the foreign bank reports credit for cases paid via Letter of Credit (L/C), or on the day when the Vietnam Foreign Trade Bank confirms "Documents are sent for debt settlement procedures" for cases paid via Collection.
5. Effective Date:
This Circular takes effect fifteen days from the date of issuance. During implementation, if any difficulties arise, please report them to the Ministry of Finance for timely resolution.
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