Circular No. 41 TC/NTNT stipulates the payment for imported materials and equipment funded by foreign loans in 1987 through IMEXCO and SEAPRODEX.

CIRCULAR

Regulations on the payment for imported materials and equipment using foreign loans obtained by the state in 1987 through Imexco and Seaprodex.

Implementing the decision of the Chairman of the Council of Ministers stated in Circular No. 630-V7 of the Council of Ministers Office dated March 30, 1987 regarding "Foreign currency borrowing for imports," units such as the Fisheries Import-Export Company (Seaprodex) under the Ministry of Fisheries, the Ho Chi Minh City Import-Export Corporation (IMEXCO), and other ministries have requested to borrow directly and import according to the national plan. They have proceeded with importing necessary materials to ensure the implementation of the production plan for 1987.

The Joint Circular of the State Planning Commission, the Ministry of Foreign Trade, and the State Bank dated April 28, 1987, has provided guidance to relevant sectors on implementation. The Ministry of Finance has instructed the payment and collection into the state budget and organized the repayment of foreign debts as follows:

I. PAYMENT FOR IMPORTED GOODS AND COLLECTION INTO THE STATE BUDGET

1. Units importing materials and equipment for the state using foreign loaned currency mentioned above (including ministries importing directly without going through Seaprodex and Imexco), hereinafter referred to as "importers," when delivering goods to domestic ordering units according to the indicators of the State Planning Commission must immediately proceed with issuing invoices for payment to collect money from sales and deposit into the State Budget. The procedures for delivery and payment for imported goods shall continue to be implemented according to the provisions of Decree No. 200/CP dated December 31, 1973 of the Council of Ministers and the Joint Circular of the Ministry of Finance - Ministry of Foreign Trade - State Bank No. 13 TT-LB dated July 10, 1974.

2. Specific regulations:

- The basis price for payment between importers and domestic purchasing units is the wholesale price of imported goods issued according to Decision No. 352 VGNN-BB dated September 30, 1985 (and current supplementary regulations). In cases where imported goods do not have prices in the aforementioned decisions, importers are permitted to temporarily calculate prices based on the principle of taking the purchase price of imported goods under CIF conditions converted to Vietnamese dong according to the internal settlement rate prescribed by the state, plus circulation costs and the fixed interest rate allocated to importers.

During the implementation of the above services, the state will allocate reasonable costs to cover expenses from the transaction stage, signing contracts, to the reception and delivery stages on the buyer's means of transport at Vietnamese ports.

The importer's costs consist of two parts:

a) Costs in foreign currency, including items such as: telephone, TELEX (in transactions with foreign customers), foreign currency costs for sending delegations abroad to sign import contracts. These costs are calculated at a rate of 0.2% of the CIF contract price, and this foreign currency amount is deducted from the foreign currency obligation to be paid (settled) to the Central Government.

In cases where certain ministries directly import materials and equipment for their industries without going through Seaprodex and Imexco and do not have foreign currency to settle to the state, the foreign currency costs mentioned above will be included in their assigned tasks for the year's plan.

b) Costs in Vietnamese dong, including items such as: receiving imported goods at the port, storing in warehouses at the port (if applicable), delivery on the buyer's means of transport. These costs are calculated at a rate of 2% of the value of the imported goods sold to domestic ordering units.

The fixed interest rate in Vietnamese dong allocated to importers is 0.5% of the CIF import turnover converted to Vietnamese dong according to the internal settlement rate.

Payment of proceeds into the State Budget: When collecting proceeds from sales to domestic ordering units, importers may retain 2% to cover costs and 0.5% fixed interest as stipulated above, and the remaining proceeds will be deposited into the Central Budget account (account 710 NSTW, type 6, item 85, category 3).

II. FOREIGN DEBT REPAYMENT

The foreign currency that Seaprodex and Imexco, which are units importing goods and materials according to the state plan using the foreign loans mentioned in this circular, must pay or settle to the Central Government (as part of the centralized foreign currency fund of the state) can be used as a source for repaying foreign debts when due. This foreign currency is deposited into a separate account at the Vietnam National Commercial Bank and managed by the bank to facilitate the repayment of foreign debts according to the repayment schedule of the importer.

Given the short loan period (usually only 180 to 360 days), the Ministry of Finance does not require the Vietnam National Commercial Bank to deposit the equivalent Vietnamese dong according to the internal settlement rate of the foreign currency managed by the bank for debt repayment into the state budget. When the debt repayment deadline arrives, the Vietnam National Commercial Bank is responsible for drawing down the foreign currency reserve to repay foreign debts, without reporting the debt in Vietnamese dong to the Ministry of Finance anymore.

For ministries directly importing materials and equipment for their own industries without going through Seaprodex and Imexco and without foreign currency to settle to the state, they are responsible for informing the Vietnam National Commercial Bank and the Ministry of Finance about the foreign debt repayment schedule to proactively arrange foreign currency in the state foreign currency fund to repay foreign debts when due. The Ministry of Finance is responsible for allocating and transferring to the Vietnam National Commercial Bank the corresponding amount of foreign currency due for repayment according to the borrowing and repayment plans of ministries directly borrowing from foreign sources.

- Seaprodex (Ministry of Fisheries)