Circular No. 16/2009/TT-BTC guiding amendments to Circular No. 69/2007/TT-BTC dated June 25, 2007 of the Ministry of Finance guiding certain provisions of Decree No. 151/2006/NĐ-CP dated December 20, 2006 on state investment credit and export credit.

TCIRCULAR

Amending Circular No. 69/2007/TT-BTC dated June 25, 2007 of the Ministry of Finance guiding certain Articles of the Decree||| number 151/2006/NĐ-CP dated December 20, 2006 on state investment credit and export credit

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Implementing Decree No. 106/2008/NĐ-CP dated September 19, 2008 of the Government amending and supplementing Decree No. 151/2006/NĐ-CP dated December 20, 2006 on state investment credit and export credit, the Ministry of Finance guides the amendment of certain Articles of Circular No. 69/2007/TT-BTC dated June 25, 2007 of the Ministry of Finance guiding certain Articles of Decree No. 151/2006/NĐ-CP dated December 20, 2006 of the Government as follows:

1. Amend Clause 1, Section I as follows:

"1. This Circular applies to enterprises, economic organizations, public service units ensuring operating costs or self-covering part of operating costs with projects eligible for loan financing, investment guarantee, post-investment support (hereinafter referred to as the project owner); domestic enterprises with export contracts or foreign organizations importing goods eligible for loan financing, export credit guarantee; Vietnam Development Bank and other related organizations and individuals during the implementation of state investment credit and export credit."

2. Amend Clause 1, Section II as follows:

"1. The Vietnam Development Bank establishes and reports to the Ministry of Finance and the Ministry of Planning and Investment the annual and long-term plans for state investment credit and export credit. The Ministry of Finance shall take the lead in reviewing the state investment credit and export credit plan established by the Vietnam Development Bank and submitted to the Ministry of Planning and Investment for consolidation and submission to the Prime Minister for decision in the socio-economic development plan."

3. Amend Clause 4, Section II as follows:

"4. In case there is a change in the demand for state investment credit and export credit in a year, the Vietnam Development Bank shall report to the Ministry of Finance and the Ministry of Planning and Investment. The Ministry of Finance shall take the lead and coordinate with the Ministry of Planning and Investment to submit to the Prime Minister for consideration and adjustment as appropriate."

4. Amend Point 3.1, Clause 3, Part A, Section III as follows:

"3.1. The currency for loans shall be implemented in accordance with Clause 1, Article 10 of Decree No. 151/2006/NĐ-CP dated December 20, 2006 of the Government on state investment credit and export credit.

The interest rate for loans shall be implemented in accordance with Clause 3, Article 1 of Decree No. 106/2008/NĐ-CP and Clauses 4, 5, 6, and 7, Article 10 of Decree No. 151/2006/NĐ-CP."

5. Amend Point 1.2, Clause 1, Part B, Section III as follows:

"1.2. Projects that have been financially supported (loan costs) by funds with origins from state budget at all levels shall not be eligible for post-investment support under this Circular."

6. Delete the phrase "with acceptance certificate" in Point 2.3, Clause 2, Part B, Section III.

7. Amend Point 4.1, Clause 4, Part B, Section III as follows:

"4.1. Formula for determining the level of post-investment support:

8. Amend Subparagraph b, c, Point 4.2, Clause 4, Part B, Section III as follows:

"b) The interest rate differential for post-investment support (PIS) published by the Ministry of Finance is calculated based on the average interest rate for investment loans of several large commercial banks and the interest rate for state investment credit loans.

Projects are entitled to post-investment support according to the interest rate differential published by the Ministry of Finance at the time of signing the post-investment support contract and remain unchanged throughout the contract period."

c) The actual borrowing period for post-investment support is the duration (converted into years) from the date the project owner receives the loan (recorded on the promissory note) to the date the principal debt within the term is repaid (recorded on the repayment document) to the financial institution according to the signed credit contract.

The actual borrowing period for post-investment support is determined for cases where the disbursed capital is repaid once, disbursed once and repaid multiple times, disbursed multiple times and repaid once, and disbursed multiple times and repaid multiple times."

9. Amend Point 2.1, Clause 2, Section VI as follows:

"2.1. Before the 6th day of each month, the Vietnam Development Bank shall establish and send to the Ministry of Finance a quick report on the previous month's operations of the entire system according to Model No. 01/BC-VDB attached to this Circular."

10. Replace reporting forms No. 01/BC-VDB, 02/BC-VDB, 03/BC-VDB, 05/BC-VDB, 08/BC-VDB, 09/BC-VDB with the reporting forms issued together with this Circular.

11. This Circular takes effect 45 days from the date of publication in the Official Gazette and applies to projects signing credit contracts for the first time (including investment credit contracts, post-investment support contracts, investment credit guarantee contracts, export contracts, import contracts, bid bond guarantees, and performance bond guarantees) from the date Decree No. 106/2008/NĐ-CP dated September 19, 2008 of the Government amending and supplementing Decree No. 151/2006/NĐ-CP dated December 20, 2006 of the Government on state investment credit and export credit comes into force./.

||| CHIEF

||| DEPUTY CHIEF

||| (Signed)

Trần Xuân Hà