Circular No. 21/2007/TT-BTC guides the calculation methods for foreign debt indicators pursuant to Decision No. 231/2006/QĐ-TTg, applicable to the Government and the public sector. The main indicators include the present value of foreign debt relative to GDP, export and service trade balance, state budget revenue, state foreign exchange reserves, and annual debt repayment obligations.
적용 범위
Government and public sector
핵심 사항
- Government and public sector → calculate foreign debt indicators such as the present value of foreign debt relative to GDP, export and service trade balance, state budget revenue, state foreign exchange reserves, and annual debt repayment obligations.
- The formula for calculating the present value of foreign debt (PV FD) is stipulated as follows: PV FD = Σ(DSi / (1 + r)^i)
- The ratio of the present value of foreign debt to GDP (PV FD/GDP) is calculated as follows: PV FD/GDP = Present value of foreign debt at the end of the period x 100% / GDP in the period
- The ratio of the present value of foreign debt to export and service trade balance (PV FD/EX) is calculated as follows: PV FD/EX = Present value of foreign debt at the end of the period x 100% / Export and service trade balance in the period
- The ratio of annual foreign debt repayment obligations to export and service trade balance (DS/EX) is calculated as follows: DS/EX = Annual foreign debt repayment obligations x 100% / Export and service trade balance in the period
🌐 이 문서의 사회적 영향
- Positive impact: Helps the Government and the public sector have a basis for effectively managing and monitoring the status of foreign debt.
- Negative impact: May impose additional financial burdens on the Government if the foreign debt index increases significantly.
❓ 자주 묻는 질문
What is the formula for calculating the present value of foreign debt (PV FD)?
PV FD = Σ(DSi / (1 + r)^i)
How is the ratio of the present value of foreign debt to GDP (PV FD/GDP) calculated?
PV FD/GDP = Present value of foreign debt at the end of the period x 100% / GDP in the period
How is the ratio of annual foreign debt repayment obligations to export and service trade balance (DS/EX) calculated?
DS/EX = Annual foreign debt repayment obligations x 100% / Export and service trade balance in the period
Where does the conversion rate between Vietnamese Dong (VND) and US Dollar (USD) for calculating foreign debt indicators come from?
The conversion rate between VND and USD for calculating foreign debt indicators is the accounting and reporting exchange rate for foreign currency revenues and expenditures issued by the Ministry of Finance.
전문
CIRCULAR
Guidelines for Calculating Foreign Debt Indicators
_______________________
Pursuant to Decree No. 134/2005/NĐ-CP dated November 1, 2005, promulgating the Regulation on Management of Foreign Borrowing and Repayment;
Pursuant to Decree No. 77/2003/NĐ-CP dated July 1, 2003, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
Pursuant to Decision No. 231/2006/QĐ-TTg dated October 16, 2006, promulgating the Regulation on Construction and Management of the System of Indicators for Evaluating and Monitoring the State of Foreign Debt of the Country;
The Ministry of Finance hereby provides specific guidelines for calculating foreign debt indicators as follows:
This technical regulation sets out technical requirements, testing methods, sampling procedures; management requirements; responsibilities of organizations and individuals producing, trading, and importing cigarettes.
2. Applicability:
This Circular provides specific guidelines for calculating foreign debt indicators as prescribed in Article 5 and Article 6 of Decision No. 231/2006/QĐ-TTg dated October 16, 2006, promulgating the Regulation on Construction and Management of the System of Indicators for Evaluating and Monitoring the State of Foreign Debt of the Country.
2. Explanation of Terms:
Terms used in this Decision have the same meanings as those explained in Decision No. 231/2006/QĐ-TTg dated October 16, 2006, promulgating the Regulation on Construction and Management of the System of Indicators for Evaluating and Monitoring the State of Foreign Debt of the Country (hereinafter referred to as Decision No. 231/2006/QĐ-TTg).
The following terms shall be understood as follows:
a) "Discount Factor for Calculating the Present Value of Foreign Debt" (Discount Factor): is the commercial reference interest rate (CIRR) for a six-month term of the corresponding foreign currency for each foreign debt obligation published by the Organization for Economic Cooperation and Development (OECD) on its website at the time of calculation. In cases where it is necessary to quickly calculate foreign debt indicators, the CIRR for the US dollar may be used as a representative rate, or the discount factor applied by the International Monetary Fund (IMF) for calculating the present value of Vietnam's foreign debt may be used, with clear notation of the discount factor applied.
b) State budget revenue (SBR): is the total state budget revenue (including revenue from无偿援助的项目和计划), approved by the National Assembly; or in cases where the National Assembly has not yet approved, the figures reported by the Ministry of Finance.
c) "State foreign exchange reserves" (FR): are foreign currency assets reflected in the balance sheet of the State Bank of Vietnam, according to data provided by the State Bank of Vietnam in accordance with Decision No. 231/2006/QĐ-TTg.
II. PROVISIONS ON CALCULATING FOREIGN DEBT INDICATORS
1. Main indicators subject to safe debt thresholds:
a) Present Value of Foreign Debt (PV FD):
It is the sum of future repayment obligations (principal and interest) of the total existing foreign debt, converted to the current point in time using the discount factor specified in Clause 2, Section I of this Circular.
The formula for calculating the present value of foreign debt (PV FD) is as follows:
|
PV FD |
equals (=) |
For power plants invested under the Build-Operate-Transfer (BOT) model, n is determined according to the operational period of the power plant stipulated in the BOT contract. |
DSi |
|
∑ |
------------------------ |
||
|
i = 1 |
(1 + r)i |
Where:
- DSiwhere i is the repayment obligation (principal, interest) of year i
- r is the discount factor for calculating the present value of foreign debt
- n is the number of years included in the calculation
b) Present Value of Foreign Debt to GDP (PV FD/GDP) is calculated at the end of each year as follows:
|
PV FD/GDP |
equals (=) |
Present value of foreign debt at the end of the period |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
GDP for the period (year) |
c) Present Value of Foreign Debt to Export Revenue (PV FD/EX):
This indicator is calculated as follows:
|
PV FD/EX |
equals (=) |
Present value of foreign debt at the end of the period |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
Export revenue of goods and services in the period (year) d) Present Value of Foreign Debt to State Budget Revenue (PV FD/SBR): |
PV FD/SBR
This indicator is calculated as follows:
|
State budget revenue in the period (year) |
equals (=) |
Present value of foreign debt at the end of the period |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
e) Annual Repayment Obligation of Foreign Debt to Export Revenue (DS/EX): |
DS/EX
This indicator is calculated as follows:
|
Annual repayment obligation of foreign debt |
equals (=) |
f) State Foreign Exchange Reserves to Short-term Foreign Debt (FR/STD): |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
Export revenue of goods and services in the period (year) d) Present Value of Foreign Debt to State Budget Revenue (PV FD/SBR): |
FR/STD
|
State foreign exchange reserves at the end of the period |
equals (=) |
f) State Foreign Exchange Reserves to Short-term Foreign Debt (FR/STD): |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
Total short-term foreign debt at the end of the period |
2. Group of foreign debt indicators of the Government and public sector:
This indicator is calculated as follows:
|
a) Present Value of Public Sector Foreign Debt to GDP (PV PD/GDP): |
equals (=) |
The present value of public sector foreign debt is the sum of future repayment obligations (principal and interest) of the total existing public sector foreign debt, converted to the current point in time using the discount factor specified in Point 2, Part I of this Circular. |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
This indicator is calculated at the end of each year as follows: |
PV PD/GDP
Present value of public sector foreign debt at the end of the period
b) Annual Government Repayment Obligation to State Budget Revenue (DS GD/SBR):
DS GD/SBR
|
Annual government repayment obligation (including domestic repayment) |
equals (=) |
State budget revenue (year) c) Government Foreign Debt Repayment Obligation to State Budget Revenue (DS Ext/SBR): |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
GDP for the period (year) |
/SBR
This indicator is calculated as follows:
|
Government foreign debt repayment obligation |
equals (=) |
annually d) Contingent Liability to State Budget Revenue (CL/SBR): |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
Contingent liability is the residual at each point in time of all principal, interest, and fees payable on government loans for onward lending and other government-guaranteed loans (including domestic loans). |
CL/SBRContingent liability of the government at the end of the period (year)3. Exchange Rate Conversion: The conversion rate between Vietnamese Dong (VND) and US Dollar (USD) for calculating foreign debt indicators is the accounting and reporting foreign exchange rate issued by the Ministry of Finance.
This indicator is calculated as follows:
|
DSContingent liability of the government at the end of the period (year)This Circular takes effect fifteen days after its publication in the Official Gazette. During implementation, if there are any difficulties, relevant agencies should promptly report them to the Ministry of Finance for timely supplementation and amendment as appropriate./. |
equals (=) |
Obligation to repay foreign debt annually of the Government d) Contingent debt obligation in relation to state budget revenue (CL/GR): |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
Contingent liability is the residual at each point in time of all principal, interest, and fees payable on government loans for onward lending and other government-guaranteed loans (including domestic loans). |
Contingent debt obligation is the balance at each point in time of the total principal, interest, and fees payable for government loans for onward lending and government-guaranteed loans (including domestic loans).
CL/GR
This indicator is calculated as follows:
|
End-of-period (year) contingent debt obligation of the Government |
equals (=) |
3. Exchange rate for conversion: The exchange rate for converting Vietnamese Dong (VND) to United States Dollar (USD) for calculating foreign debt indicators is the accounting and reporting foreign currency exchange rate issued by the Ministry of Finance. |
- L: is the total outstanding loans as stipulated in Clause 2 of this Article; |
|
Contingent liability is the residual at each point in time of all principal, interest, and fees payable on government loans for onward lending and other government-guaranteed loans (including domestic loans). |
This Circular takes effect fifteen days after its publication in the Official Gazette. Any issues encountered during implementation should be promptly reported to the Ministry of Finance for timely study and appropriate supplementation or amendment./.
III. IMPLEMENTATION
This Circular takes effect fifteen days after its publication in the Official Gazette. During implementation, any difficulties should be promptly reported by relevant agencies to the Ministry of Finance for study and appropriate supplementation or amendment./.
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