Decision No. 215/1998/QD-TTg on organizing the mobilization, management, and utilization of postal savings deposits

Article 1. The Vietnam Posts and Telecommunications Corporation is assigned to organize the postal savings service with the aim of mobilizing idle funds from the public to supplement investment capital for development in accordance with the Government's policy and the Law on Encouraging Domestic Investment.

Article 2. Postal savings capital collected by the Vietnam Posts and Telecommunications Corporation from various strata of the population shall be implemented in the form of term deposits and non-term deposits.

Article 3. The interest rate for mobilizing postal savings shall be determined by the Vietnam Posts and Telecommunications Corporation in accordance with market interest rates, consistent with the prevailing interest rate at each time point, ensuring the mobilization of capital according to the plan. The interest rate paid by the National Investment Support Fund to the Vietnam Posts and Telecommunications Corporation shall be decided by the Minister of Finance based on the interest rate of Treasury bonds of the same type and period.

The difference in interest rates for mobilizing postal savings shall be exempted from business income tax or value-added tax as prescribed by law.

Article 4. Postal savings capital shall be centralized and transferred to the "Postal Savings Service" account opened by the Vietnam Posts and Telecommunications Corporation at the Agricultural and Rural Development Bank of Vietnam and shall be used as follows:

The Vietnam Posts and Telecommunications Corporation may retain a portion for regular payments, while the remaining amount shall be transferred to the National Investment Support Fund for use in lending to projects in line with government guidelines and the provisions of the Law on Encouraging Domestic Investment.

In cases where the capital, after being transferred to the National Investment Support Fund, meets the plan and ensures regular payments, any remaining capital may be used to purchase Treasury bonds and construction bonds.

1. The Ministry of Finance shall be responsible for: guiding, supervising, inspecting, implementing the transfer mechanism, receiving, using, and repaying postal savings capital between the Vietnam Posts and Telecommunications Corporation and the National Investment Support Fund; coordinating with the Ministry of Planning and Investment in drafting and submitting to the Prime Minister for approval the annual mobilization target of postal savings capital for the Vietnam Posts and Telecommunications Corporation; deciding the interest rate that the National Investment Support Fund must pay to the Vietnam Posts and Telecommunications Corporation; examining and approving the level of regular payment assurance; guiding, supervising, and inspecting the accounting system for postal savings services; managing state financial affairs related to postal savings services within the Vietnam Posts and Telecommunications Corporation.

2. The State Bank of Vietnam shall be responsible for supervising and inspecting interest rates for mobilization, fund transfers, and security operations throughout the postal savings service system; assisting the Vietnam Posts and Telecommunications Corporation in training and enhancing the skills of postal employees in savings services; guiding the Agricultural and Rural Development Bank to provide convenient settlement services for postal savings services.

3. The Posts General Department shall implement state management over postal savings services in issuing permits for service establishment, formulating rules, and issuing quality standards for postal savings services.

4. The Vietnam Posts and Telecommunications Corporation shall be responsible for: formulating and promulgating postal savings rules after obtaining approval from the Ministry of Finance, the State Bank of Vietnam, and the Posts General Department; utilizing the postal and telecommunications network to organize and implement postal savings services in accordance with this Decision and the organizational and operational regulations of the Corporation; ensuring the transfer of capital to the National Investment Support Fund and timely, convenient, and full payment (including both principal and interest) to depositors.

5. The National Investment Support Fund shall be responsible for: coordinating with the Vietnam Posts and Telecommunications Corporation in transferring and receiving postal savings capital regularly throughout the year and using postal savings capital in accordance with government policies; recovering loans and fully repaying both principal and interest according to contracts to the Vietnam Posts and Telecommunications Corporation for payment to depositors.

Article 6. THIS DECISION SHALL TAKE EFFECT 15 DAYS FROM THE DATE OF SIGNATURE.

The Minister of Finance, the Governor of the State Bank of Vietnam, the Director General of the Posts General Department, the Chairman of the Board of Directors, the General Director of the Vietnam Posts and Telecommunications Corporation, the Chairman of the Management Council, and the General Director of the National Investment Support Fund shall guide and implement this Decision.

Article 7. Ministers, Heads of ministerial-level agencies, and heads of central government agencies, Chairmen of People's Committees of provinces and centrally governed cities are responsible for enforcing this Decision./.