This Circular guides the provision of interest rate subsidies to the Vietnam Agricultural and Rural Development Bank when implementing the policy of providing loans to salt producers for investment in salt production from June 1, 2010 to December 31, 2010. The level of support is 100% of the lowest interest rate applied by the bank for agriculture and rural areas during the same period and term.
적용 범위
Vietnam Agricultural and Rural Development Bank
핵심 사항
- The Vietnam Agricultural and Rural Development Bank organizes the implementation of loans according to Circular No. 1021/TTg-KTN dated June 15, 2010 of the Prime Minister.
- Loans eligible for state budget interest rate subsidies are those that fully meet the conditions: correct target group, purpose, and time frame from June 1, 2010 to December 31, 2010.
- The level of interest rate subsidy is the lowest lending rate applied by the Vietnam Agricultural and Rural Development Bank for agriculture and rural areas during the same period and term.
- The amount of interest rate subsidy is calculated by multiplying the subsidized interest rate with the outstanding loan balance and the duration of the subsidized loan.
- The application for settlement of interest rate subsidies includes a consolidated report for the entire system, reports by province, and detailed loan records.
🌐 이 문서의 사회적 영향
- Positive impact: Helps salt producers reduce financial burdens when borrowing to invest in salt production.
- Negative impact: May impose financial pressure on the state budget if the amount of interest rate subsidies exceeds expectations.
❓ 자주 묻는 질문
How does the Vietnam Agricultural and Rural Development Bank receive interest rate subsidies?
This bank implements loans according to Circular No. 1021/TTg-KTN dated June 15, 2010 of the Prime Minister, and loans meeting the conditions are eligible for state budget interest rate subsidies.
What is the level of interest rate subsidy?
The level of interest rate subsidy is the lowest lending rate applied by the Vietnam Agricultural and Rural Development Bank for agriculture and rural areas during the same period and term.
When is the interest rate subsidy provided?
Interest rate subsidies are provided from June 1, 2010 to December 31, 2010.
How is the amount of interest rate subsidy calculated?
This amount is calculated by multiplying the subsidized interest rate with the outstanding loan balance and the duration of the subsidized loan.
What does the application for settlement of interest rate subsidies include?
This application includes a consolidated report for the entire system, reports by province, detailed loan records, and supporting documents for loan implementation.
전문
CIRCULAR
Guidelines for compensating interest rate subsidies for salt producers borrowing funds to invest in salt production
in accordance with policy implementation
_________________________
Pursuant to the Decree No. 118/2008/NĐ-CP dated November 27, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
Implementing the Prime Minister's directive in Circular No. 1021/TTg-KTN dated June 15, 2010 regarding the provision of 100% interest rate subsidy for salt producers borrowing funds to invest in salt production, and the Government Office's Circular No. 6668/VPCP-KTN dated September 21, 2010 on sources for implementing policies to support difficulties in salt production;
The Ministry of Finance guides the conditions, documents, procedures, and process for compensating interest rate subsidies for the Vietnam Agricultural Bank and Rural Development when implementing the policy of lending funds to salt producers to invest in salt production as follows:
Article 1. Scope of Regulation and Applicability
This Circular provides guidance on the conditions, documents, procedures, and process for compensating interest rate subsidies for the Vietnam Agricultural Bank and Rural Development when implementing loans to salt producers to invest in salt production from June 1, 2010 to December 31, 2010, in accordance with the Prime Minister's directive in Circular No. 1021/TTg-KTN dated June 15, 2010 and the guidelines of the State Bank of Vietnam.
Article 2. Conditions for state budget compensation of interest rate subsidies
1. The Vietnam Agricultural Bank and Rural Development shall organize lending in accordance with the provisions in Circular No. 1021/TTg-KTN dated June 15, 2010 of the Prime Minister and the guidelines of the State Bank of Vietnam.
2. Loans eligible for state budget compensation of interest rate subsidies must meet all of the following conditions:
a. They must be directed at the correct target and purpose as specified in Circular No. 1021/TTg-KTN dated June 15, 2010 of the Prime Minister.
b. Loans within the term must be signed and disbursed during the period from June 1, 2010 to December 31, 2010; no compensation of interest rate subsidies will be provided for overdue loans.
3. The level of interest rate subsidy is the lowest lending interest rate applied by the Vietnam Agricultural Bank and Rural Development for loans serving agricultural and rural areas with the same term and period.
The Vietnam Agricultural Bank and Rural Development is responsible for announcing the lowest lending interest rate in accordance with Point 3 of this Article to apply for supporting salt producers' loans, serving as the basis for compensating interest rate subsidies.
Article 3. Method for determining the amount of interest rate subsidy compensation
1. The amount of interest rate subsidy compensation for a loan is calculated by multiplying the subsidized interest rate with the outstanding loan balance and the duration of the subsidized loan period according to the following formula:
Actual subsidized interest = Σ from i=1 to n Subsidized lending interest rate × Sum of products between outstanding balance (corresponding to the same-term lending interest rate) and actual number of days in the month/30
Where:
+ The subsidized lending interest rate as stipulated in Article 2 of this Circular.
+ n is the number of days of outstanding balance during the subsidized interest rate period from June 1, 2010 to December 31, 2010.
2. The total amount of interest rate subsidy compensation for the Vietnam Agricultural Bank and Rural Development is the sum of the actual subsidized interest amounts of all loans eligible for interest rate subsidies.
3. The Vietnam Agricultural Bank and Rural Development uses the above formula to determine the amount of interest rate subsidy requested to be compensated by the Ministry of Finance.
Article 4. Documents and Procedures for Interest Subsidy Compensation
1. Provisional Interest Subsidy Compensation Within 45 days from the end of the 2010 fiscal year, the Vietnam Agricultural and Rural Development Bank shall compile and determine the amount of interest subsidy compensation to be provisionally compensated according to the formulas set forth in Clause 1 and Clause 2 of Article 3, and submit it to the Ministry of Finance as the basis for provisional interest subsidy compensation. The Ministry of Finance will temporarily compensate 80% of the interest subsidy amount proposed by the Vietnam Agricultural and Rural Development Bank.
2. Final Settlement of Interest Subsidy Compensation
a. The application documents for final settlement of interest subsidy compensation include:
- A consolidated report on the final settlement of interest subsidy compensation throughout the entire system, audited by an Independent Auditor or State Audit Agency (Appendix 1 attached).
- Reports by province on the final settlement of interest subsidy compensation (Appendix 2 attached).
b. The Vietnam Agricultural and Rural Development Bank shall organize copies and retain supporting documents and detailed reports for each interest subsidy item to ensure accuracy and transparency, facilitating the verification process of the final settlement of interest subsidy compensation as stipulated in Point d, Clause 2 of this Article.
c. The deadline for the Vietnam Agricultural and Rural Development Bank to submit the final settlement documents to the Ministry of Finance is no later than June 30, 2011.
d. Verification of Final Settlement Data of Interest Subsidy Compensation
- The Ministry of Finance will conduct the verification of final settlement data of interest subsidy compensation after receiving the application documents for final settlement of interest subsidy compensation.
- The Ministry of Finance will notify in writing the branches of the Vietnam Agricultural and Rural Development Bank selected to carry out the verification of final settlement.
- The Vietnam Agricultural and Rural Development Bank is responsible for providing detailed documents for each loan, compiled by branch, selected for verification of final settlement as follows:
+ Credit agreements, promissory notes, or equivalent documents to identify borrower clients, loan disbursement status, outstanding balances, collections, overdue transfers (if applicable).
+ An accumulation table to determine the amount of interest subsidy.
+ Customer confirmation regarding receipt of interest subsidy support.
These documents must be photocopied with an original copy stamp from the Vietnam Agricultural and Rural Development Bank and signed by a responsible person with full name noted.
e. Handling Discrepancies Between Final Settlement Data and Provisional Interest Subsidy Compensation
- In cases where there is a discrepancy between the final settlement report with auditor confirmation and the Ministry of Finance's verified final settlement data, the Vietnam Agricultural and Rural Development Bank is responsible for adjusting accounting records to accurately reflect the final settlement of interest subsidy compensation.
- If the provisional interest subsidy compensation transferred by the state bank exceeds the verified final settlement data, the difference will be recovered by the Ministry of Finance and deposited into the state budget.
f. Time Limit for Verifying Final Settlement Data of Interest Subsidy Compensation
- The verification of final settlement data of interest subsidy compensation will be conducted within 90 days from the date of receipt of complete final settlement compensation documents from the Vietnam Agricultural and Rural Development Bank.
- The handling of discrepancies between verified final settlement data and provisional interest subsidy compensation will be carried out within 45 days from the date of the Verification Report.
- In cases where the processing time for discrepancies between final settlement and verified final settlement interest subsidy compensation needs to be extended, or other special cases, will be decided by the Minister of Finance.
Article 5. Report and Settlement of Interest Subsidy Support
The Ministry of Finance shall report to the Prime Minister on the results of providing interest subsidy support for salt producers' loans and the settlement of the state budget for the interest subsidy support provided according to the prescribed regulations.
Article 6. Implementation Organization
1. This Circular takes effect 45 days from the date of signature and applies to loans for salt producers' investment in salt production from June 1, 2010 to December 31, 2010.
2. During implementation, if any difficulties arise, they should be reported to the Ministry of Finance for consideration and resolution./.
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VICE MINISTER DEPUTY MINISTER (Signed) Tran Xuan Ha |
TABLE 1
Vietnam Agriculture and Rural Development Bank
SYSTEM-WIDE REPORT ON INTEREST SUBSIDY SUPPORT
Unit:
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Name |
Opening balance |
Loans granted during the period |
Debts collected during the period |
Closing balance |
Interest subsidy amount generated during the period |
Amount already subsidized to customers during the period |
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(thousand dong/year) |
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T ³ Credit Institution ³ For the period in the period ³ ³ ³ (Summary ³
Vietnam Agriculture and Rural Development Bank
INTEREST SUBSIDY REPORT BY PROVINCE
Unit:
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Name |
Opening balance |
Loans granted during the period |
Debts collected during the period |
Closing balance |
Interest Subsidy Amount Arising During the Period |
Amount of Support Provided to Customers During the Period |
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1. District ... |
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2. District ... |
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Provincial Summary... |
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