Resolution No. 414/2003/NQ-UBTVQH11 on the issuance of government bonds for the construction of important transportation and irrigation works in the country

RESOLUTION

ON THE ISSUE OF ISSUING GOVERNMENT BONDS FOR THE CONSTRUCTION OF CERTAIN IMPORTANT TRANSPORTATION AND WATERWORKS PROJECTS IN THE COUNTRY 

THE STANDING COMMITTEE OF THE NATIONAL ASSEMBLY

Pursuant to the Constitution of the Socialist Republic of Vietnam in 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the National Assembly, tenth session;

Based on the Law on the Organization of the National Assembly;

Pursuant to the State Budget Law;

Having examined the Proposal on Issuing Government Bonds for Investment in Certain Important Transportation and Waterworks Projects of the Country at Document No. 62/CP-KTTH dated August 18, 2003 of the Government, and the Report on the Opinions of the Standing Committee on Economic Affairs and Finance No. 471/UBKTNS dated August 22, 2003;

RESOLUTION:

1. Agree with the policy and content of issuing government bonds to supplement additional investment capital for constructing certain important transportation and waterworks projects of the country (outside the projects already allocated investment capital according to the annual plan) as proposed by the Government in order to accelerate the implementation of the socio-economic development goals, improve people's living standards, ensure national defense and security in accordance with the resolutions of the National Assembly.

2. The issuance of government bonds will affect the budget deficit level of the state budget, increase the debt stock and debt obligations of the Government in the future. Therefore, the scale of government bond issuance each year needs to be carefully calculated, closely directed, and proactively handle any occurrences that impact the state budget balance, maintain national financial security, keep the total government debt and foreign debt of the country within a safe level according to international practices, ensuring macroeconomic stability.

3. It is necessary to arrange the list of investment projects with complete procedures for basic construction in priority order, with specific timelines, reasonable phased investments to focus on completing them thoroughly, avoiding dispersion, ensuring sufficient capital to complete on schedule, quickly put the projects into use, not leaving unfinished projects for many years; strengthen management, inspection, and supervision measures for project quality; effectively utilize the highest possible amount of capital raised from government bonds.

4. The Government shall closely coordinate with the Central Committee of the Vietnam Fatherland Front, member organizations of the Front, and relevant agencies to intensify propaganda work regarding the purpose and benefits of this major policy for socio-economic development, and the benefits for organizations and individuals purchasing government bonds.

The Central Committee of the Vietnam Fatherland Front, member organizations of the Front, and relevant agencies shall propose to the Government and the National Assembly their opinions on issues related to the management and use of these funds.

5. The Government shall organize the first issuance of government bonds promptly and report to the National Assembly, Session 4, of the 11th term; annually report to the National Assembly on the results of raising and using the funds from the issuance of government bonds and the projected plan for issuing government bonds in the following year.

6. The Standing Committee on Economic Affairs and Finance, the Council of Ethnic Minorities, and other Committees of the National Assembly, and National Assembly deputies shall supervise the issuance of government bonds and the use of these funds; in case of discovering any violations, they shall recommend the National Assembly, the Standing Committee of the National Assembly, the Government, or request other competent authorities to examine and handle strictly in accordance with the provisions of the law.