Decree No. 42/2015/ND-CP on derivative securities and the derivative securities market

DERIVATIVE SECURITIES SETTLEMENT

Article 18. Organization of Central Counterparty Activities for Derivative Securities Settlement

1. Central counterparty activities for derivative securities settlement transactions shall only be conducted through the Vietnam Securities Depository, wherein the Vietnam Securities Depository acts as one of the trading parties, and the clearing member is the other party to the transaction, including transactions executed by a third party.

2. The Vietnam Securities Depository shall conduct central counterparty activities for derivative securities settlement transactions as prescribed in Clause 1, Article 6 of this Decree according to the following principles:

a) Central counterparty activities for listed derivative securities settlement transactions as prescribed in Clause 1, Article 6 of this Decree must be carried out through the Vietnam Securities Depository.

b) Central counterparty activities for unlisted derivative securities settlement transactions as prescribed in Clause 1, Article 6 of this Decree shall be implemented by the Vietnam Securities Depository based on agreements with the participating parties.

Article 19. Rights of the Vietnam Securities Depository in Central Counterparty Activities for Derivative Securities Settlement

1. To settle derivative securities transactions as prescribed in Clause 1, Article 6 of this Decree; to promulgate business regulations after obtaining approval from the State Securities Commission.

2. To approve, reject registration, suspend, terminate the status of a clearing member according to the regulations of the Vietnam Securities Depository or at the request of the State Securities Commission.

A suspended or terminated clearing member must agree to establish a substitute clearing member. If this cannot be done, the Vietnam Securities Depository has the right to designate a substitute clearing member to assume the rights and obligations of the suspended or terminated clearing member. The suspended or terminated clearing member must transfer all customer collateral and open positions, provide all necessary information about customers to the substitute clearing member, and continue to fulfill their obligations until the transfer of rights and obligations to the substitute clearing member is completed.

3. Rights of the Vietnam Securities Depository towards clearing members:

a) To require clearing members to post collateral and contribute to the clearing fund.

b) To require clearing members to report fully, promptly, and in detail about trading activities, accounts, and investor collateral.

c) To determine and adjust the minimum initial margin, the minimum maintenance margin, and the list of acceptable collateral assets.

d) To determine and adjust position limits for clearing members and investors.

đ) To execute offsetting transactions to close positions under the name of a clearing member who has lost the ability to pay or has gone bankrupt.

4. In cases deemed necessary or upon request of the State Securities Commission, the Vietnam Securities Depository may carry out the following activities to protect investors and market safety:

a) In case a clearing member loses the ability to pay:

- Has the right to close positions, liquidate positions of the clearing member itself; to use, sell, transfer the collateral of the clearing member to fulfill the obligations of the clearing member; to use the contribution to the clearing fund of the clearing member to compensate for financial losses (if any).

- Has the right to transfer customer collateral and open positions to a substitute clearing member as stipulated in Clause 2 of this Article. If this cannot be done, the Vietnam Securities Depository can close positions, liquidate positions; use, sell, transfer customer assets that the clearing member has pledged to fulfill customer obligations or to compensate for financial losses arising from customer open positions. Customer collateral can only be used to fulfill financial obligations arising from customer derivative securities transactions.

b) In case a clearing member goes bankrupt: The Vietnam Securities Depository is a creditor of the clearing member's receivables and is entitled to priority distribution of assets according to bankruptcy laws. The procedures and formalities for receiving asset distribution are carried out according to relevant laws.

c) Can require other clearing members to execute offsetting transactions to close positions under the name of a clearing member who has lost the ability to pay or has gone bankrupt, regardless of whether these are the clearing member's open positions or those of an investor.

5. The Vietnam Securities Depository may provide account management and collateral asset management services for clearing members, non-clearing members, and customers of non-clearing members, ensuring separate management for each customer account and investment portfolio.

6. To request the Stock Exchange and clearing members to provide timely and complete information about their transactions and those of investors.

7. To exercise other rights as prescribed in Article 45 of the Securities Law and related laws.

Article 20. Obligations of the Vietnam Securities Depository in relation to the settlement and clearing of derivative securities transactionsứderivative margin

1. Ensuring appropriate information technology systems and technical infrastructure for the settlement and clearing of derivative securities transactions; organizing and supervising such activities to ensure safety, efficiency, fairness, and objectivity.

2. Establishing and operating a risk management system for the settlement and clearing of derivative securities transactions. Developing a payment guarantee mechanism for the settlement and clearing of derivative securities transactions.

3. Monitoring compliance with the rules of the Vietnam Securities Depository and relevant laws by clearing members; promptly reporting fully and accurately on the settlement, clearing, and trading of derivative securities transactions, as well as the activities of clearing members to the State Securities Commission as required or upon request or when violations are detected.

4. In the settlement and clearing of derivative securities transactions, the Vietnam Securities Depository shall be responsible only to clearing members for fulfilling its obligations and commitments, not to third parties.

5. Establishing a system to ensure separate management of clearing members' accounts and assets from those of the Vietnam Securities Depository; separating the accounts and assets of each clearing member; separating the margin accounts of clearing members and their clients.

6. Allocating no more than 15% of annual revenue from the settlement and clearing of derivative securities transactions to establish a contingency fund for payment risks to offset financial losses (if any). This allocation shall be included in the operational costs of the Vietnam Securities Depository when determining taxable income.

7. Managing and using the clearing fund and the contingency fund for payment risks according to the guidelines of the Ministry of Finance.

8. Other obligations prescribed in Article 46 of the Securities Law and related legal provisions.

Section 2

CLEARING MEMBERS

Article 21. Registration of clearing membersênetting

1. Conditions for registering as a clearing member include:

a) Holding a certificate of eligibility to provide settlement and clearing services for derivative securities transactions issued by the State Securities Commission and meeting the requirements set out in Point d Clause 1 Article 4 of this Decree. If it is a securities company, it must also be a trading member of the stock exchange for derivative securities.

b) Meeting the Vietnam Securities Depository's requirements regarding information technology infrastructure, business processes, and personnel for the settlement and clearing of derivative securities transactions.

2. The Vietnam Securities Depository guides the application forms, procedures, and formalities for registering as a clearing member.

Article 22. Rights and obligations of clearing members

1. Rights of clearing members:

1. Rights of clearing members:

a) Direct clearing members may directly settle and clear their own derivative securities transactions and those of their clients. Common clearing members may also provide settlement and clearing services for other investors, including non-clearing members and their clients.

b) Requesting investors to fully and timely contribute margin before placing orders and during the maintenance of positions; determining initial margin levels and maintenance margin levels based on the nature and scale of client transactions, ensuring they are not lower than the minimum initial and maintenance margins prescribed; selecting types of securities for margin collateral from an accepted list of assets; determining methods and deadlines for margin contributions, additional margin contributions, changes in margin securities, and transfers of margin assets in accordance with legal regulations.

c) In case an investor loses the ability to pay, clearing members have the right:

- To require the investor to close or liquidate open positions, or to close or liquidate such positions themselves;

- To use, sell, or transfer the investor's margin assets to purchase or secure loans to fulfill payment obligations for the investor's open positions.

d) Using the investor's margin assets to fulfill margin obligations with the Vietnam Securities Depository for the investor's own positions in accordance with the principles stipulated in Clause 2 Article 25 of this Decree; using the investor's margin assets to ensure payments and execute payments for the investor's positions that are under their name.

đ) In case a clearing member fulfills contractual obligations on behalf of a suspended or terminated clearing member as prescribed in Clause 2 Article 19 of this Decree, the investor's margin assets for the suspended or terminated clearing member must be transferred to the substitute clearing member for management.

2. Obligations of clearing members:

a) Acting as the authorized representative of clients, representing clients to fulfill all obligations to the Vietnam Securities Depository.

b) Fully and timely contributing margin to the Vietnam Securities Depository for their own and their clients' open positions; contributing to the clearing fund and establishing a contingency fund for business risks as prescribed in Article 24 of this Decree. Implementing financial and business support measures as directed by the Vietnam Securities Depository in cases where clearing members or investors lose the ability to pay or go bankrupt.

d) Determine gains and losses of positions, calculate initial margin levels, additional margin levels, and collateral values for each investor's trading account. Require investors to timely and fully replenish margins when collateral values do not meet maintenance margin requirements; return excess collateral over the initial margin level upon the investor’s request; monitor and manage investors' positions and collateral to ensure compliance with legal regulations.

đ) Compensate investors for damages resulting from non-compliance with legal obligations that cause harm to their legitimate interests, with compensation amounts agreed upon with the investors.

e) Provide the Vietnam Securities Depository with copies of the trust agreements for netting; retain all original documents related to netting and securities derivative transactions settlement; provide complete, timely, and accurate information on open positions, collateral values, and relevant materials concerning netting and settlement activities as required by the Vietnam Securities Depository.

g) Timely and fully pay service fees and other costs to the Vietnam Securities Depository as stipulated.

h) Disclose and report information as prescribed; periodically or upon investor requests, provide full information about activities on accounts, margin account balances, and margin account statements to investors.

3. Perform other rights and obligations as directed by the Ministry of Finance.

Section 3

NETTING AND SETTLEMENT OF SECURITIES DERIVATIVES

Article 23. Principles of Netting and Settlement of Securities Derivatives Transactions

1. The Vietnam Securities Depository ensures the ability of clearing members to net and settle securities derivatives transactions through payment guarantee mechanisms and risk management measures specified in Articles 27 and 28 of this Decree.

2. Payment settlements between the Vietnam Securities Depository and clearing members are conducted via bank transfers as prescribed by law. The transfer of underlying assets, which are securities traded on the stock exchange, is carried out through the deposit account system at the Vietnam Securities Depository.

Article 24. Contributions to the Netting Fund and Establishment of Business Risk Prevention Funds by Clearing Members

1. Clearing members are responsible for contributing to the netting fund in the form of cash or securities according to the requirements of the Vietnam Securities Depository in accordance with legal provisions.

2. Clearing members must establish a business risk prevention fund to compensate investors for losses due to technical failures or staff errors during operations. The business risk prevention fund is established from business revenues as guided by the Ministry of Finance.

Article 25. Margin Requirements for Clearing Members

1. Clearing members must fully and promptly deposit margins on accounts named in the Vietnam Securities Depository. Collateral for clearing members includes cash and securities accepted for margin by the Vietnam Securities Depository.

2. Margin deposits by clearing members apply to all open positions under their name, including those of the clearing member itself and those of investors, based on the following principles:

a) The margin level calculated by the Vietnam Securities Depository for each investor's and clearing member's open position on each trading account determines the margin requirement for each clearing member.

b) Collateral deposited by investors with clearing members as stipulated in Clauses 1, 2, and 3 of Article 26 of this Decree can only be used to secure the investor's own position and cannot be used for other investors' positions or the clearing member's own position.

3. Daily and during sessions with significant price fluctuations, the Vietnam Securities Depository calculates gains and losses of positions, determines the minimum maintenance collateral value for each account and each position of investors under clearing members' names and the clearing member's own positions, and determines the total minimum maintenance collateral value that clearing members must deposit and the additional collateral value of clearing members.

4. Upon the Vietnam Securities Depository's request, clearing members are responsible for replenishing margins if the total collateral value falls below the maintenance margin requirement set by the Vietnam Securities Depository. If clearing members fail to replenish adequately and promptly, the Vietnam Securities Depository has the right to close part or all of the positions under the clearing member's name.

5. When the collateral value exceeds the margin requirement set by the Vietnam Securities Depository, clearing members may withdraw excess collateral according to the Vietnam Securities Depository's guidance.

6. Minimum initial margin levels, minimum maintenance margin levels, types of securities accepted for margin, methods of margining, margin deposit periods, margin replenishment, changes in margin securities, transfer of collateral, valuation methods for collateral, determination of gains and losses of positions, and management activities of investor accounts and collateral, shall be implemented in accordance with the Ministry of Finance's guidelines.

Article 26. Management of investor accounts and pledged assets

1. Investors must fully and promptly pledge collateral to clearing members according to the terms of the securities derivatives trading account opening contract. The pledging of collateral by investors shall be carried out with their own money or securities. Pledged securities must be securities included in the list of assets accepted for collateral by the clearing member.

2. Daily and during trading sessions with significant fluctuations in security prices, clearing members calculate profits and losses of positions, re-evaluate the value of pledged assets, ensuring that investors always maintain collateral at the level agreed upon in the contract and in compliance with legal regulations.

3. Investors are responsible for supplementing collateral according to the requirements of clearing members when the value of the investor's pledged assets falls below the maintenance margin level. The amount of additional collateral and the deadline for supplementary collateral shall be implemented in accordance with the guidance of the clearing member but must ensure that the collateral level after supplementation is not lower than the initial collateral level. In case the investor fails to fully and promptly supplement collateral as required, the clearing member has the right to carry out activities as stipulated in Point c Clause 1 Article 22 of this Decree. If the value of the investor's pledged assets exceeds the initial collateral level required by the clearing member, the investor may withdraw part of the pledged assets.

4. Clearing members must manage accounts and pledged assets separately for each investor; separate from their own accounts and pledged assets, following the principle that:

a) In case the pledged asset is money, the clearing member must open a deposit account at a bank to manage the account, establish an account system and track the balance of money for each investor. The clearing member is responsible for coordinating with the bank managing the account and requesting the bank to provide timely, complete, and accurate information about the balance on the investor's account.

b) In case the pledged asset is securities, the clearing member manages this asset directly on the investor's custodial account at the Vietnam Securities Depository Center.

5. In case the clearing member loses its ability to pay as prescribed by bankruptcy laws, the pledged assets of the investor are not the property of the clearing member, and cannot be used for handling according to the provisions of bankruptcy laws, nor can they be distributed to the clearing member's creditors or shareholders or contributors of the company in any form. These assets can only be used to settle and guarantee settlement for the investor's open position. Any remaining assets after fulfilling the investor's settlement obligations must be immediately returned to the investor.

Article 27. Measures to Ensure Settlement

1. In case the clearing member or the customer of the clearing member loses its ability to pay, the Vietnam Securities Depository Center may use the following sources of support in the following order:

a) Collateral of the clearing member, of the customer losing the ability to pay.

b) Contribution of the clearing member losing the ability to pay in the Settlement Fund at the Vietnam Securities Depository Center.

c) Contribution of other clearing members in the Settlement Fund at a certain ratio determined by the Vietnam Securities Depository Center, after being approved by the State Securities Commission.

d) The Settlement Risk Reserve Fund of the Vietnam Securities Depository Center;

e) In case the assets of the Settlement Risk Reserve Fund are insufficient, the Vietnam Securities Depository Center may use its legitimate funds and record them as operating expenses of the Vietnam Securities Depository Center.

2. The Ministry of Finance shall guide the establishment and use of the settlement guarantee mechanisms mentioned in Clause 1 of this Article.

Article 28. Risk Prevention Mechanism at the Vietnam Securities Depository Center

1. The Vietnam Securities Depository Center shall apply the following measures to prevent risks for the settlement system and protect investors:

a) Adjusting types of margin requirements.

b) Requiring clearing members to contribute additional funds to the Clearing Fund.

c) Adjusting position limits applicable to clearing members and investors.

d) Closing part or all of the open positions of investors and clearing members who lose their ability to settle.

đ) Using the Clearing Fund and implementing other measures as prescribed in Clause 3 and 4, Article 19 of this Decree.

2. The risk prevention measures prescribed in Clause 1 of this Article must be guided by regulations issued by the Vietnam Securities Depository Center after being approved by the State Securities Commission.

Article 29. Coordination between the Stock Exchange and the Vietnam Securities Depository CenterứWithin their respective areas of operation, the Stock Exchange and the Vietnam Securities Depository Center shall coordinate in performing the following tasks:

1. Directing contents regarding listed derivative securities on the Stock Exchange as stipulated in Clause 1, Article 6 of this Decree.

2. Assigning identification numbers to investors, transaction codes, and ISIN codes for derivative securities.

3. Coordinating in handling situations where securities companies or commercial banks are suspended or terminated from trading member status at the Stock Exchange or suspended or terminated from clearing member status at the Vietnam Securities Depository Center.

4. Establishing and managing position limits.

5. Determining settlement prices.

6. Sharing information and conducting oversight activities.

7. Other activities as necessary.

INFORMATION DISCLOSURE AND REPORTING OBLIGATIONS

hChapter V

Article 30. Information Disclosure Subjects

The following organizations and individuals are required to disclose information about derivative securities and the derivative securities market:

1. The Stock Exchange.

2. The Vietnam Securities Depository Center.

3. Derivative securities business organizations.

4. Trading members, special trading members, clearing members, market makers.

5. Related organizations and individuals.

Article 31. Requirements for Information Disclosure

1. Information disclosure must be carried out by the legal representative of the company or the authorized person responsible for information disclosure. Disclosed information must be complete, accurate, and timely in accordance with the law.

2. Documents and reports submitted to the State Securities Commission, the Stock Exchange, and the Vietnam Securities Depository Center must be in the form of written documents or electronic data as directed by the State Securities Commission, the Stock Exchange, and the Vietnam Securities Depository Center.

Article 32. Reporting Requirements

1. The Stock Exchange, the Vietnam Securities Depository Center, derivative securities business organizations, trading members, special trading members, and clearing members must retain all transaction documents and business activity records.

2. The Stock Exchange, the Vietnam Securities Depository Center, derivative securities business organizations, trading members, special trading members, and clearing members must submit transaction reports, clearing and settlement activity reports, derivative securities business activity reports periodically, irregularly, or upon request of the State Securities Commission.

3. The Stock Exchange, the Vietnam Securities Depository Center, derivative securities business organizations, trading members, special trading members, and clearing members have the obligation to provide timely, complete, and accurate information, documents, explanations as requested and to undergo inspection by the State Securities Commission.

4. Trading members, special trading members, and clearing members must report to the Stock Exchange and the Vietnam Securities Depository Center according to the regulations of the Stock Exchange and the Vietnam Securities Depository Center.

5. The content, deadlines for reporting, and retention of documents prescribed in Clauses 1, 2, and 3 of this Article must be implemented in accordance with the guidance of the Ministry of Finance.

MANAGEMENT AND SUPERVISION

Chapter VI

MANAGEMENT AND SUPERVISION

Article 33. Responsibilities and Authorities of the State Securities Commission

1. Issuing, revoking certificates of eligibility for derivative securities business, certificates of eligibility for providing settlement and payment services for derivative securities, approving, terminating, suspending derivative securities business activities and settlement and payment service activities for derivative securities; issuing operational procedures to guide the management and supervision of derivative securities market activities.

2. Supervising compliance with legal regulations by organizations and individuals participating in the market to detect and prevent violations of derivative securities laws, protect investors' interests, and maintain market order.

3. Leading and coordinating with relevant organizations to conduct inspections, audits, and handle violations by organizations and individuals suspected of or violating derivative securities laws within their authority.

4. Approving the issuance of operational rules by the Stock Exchange and the Vietnam Securities Depository; supervising the implementation of these rules and compliance with legal regulations by the Stock Exchange, the Vietnam Securities Depository, derivative securities businesses, trading members, special trading members, market makers, and clearing members.

5. Requiring the Stock Exchange, the Vietnam Securities Depository, derivative securities businesses, trading members, special trading members, market makers, and clearing members to implement reporting systems, information disclosure, statistical compilation, and data collection on market activities. Requesting these organizations to take appropriate measures in accordance with this Decree and guiding documents to ensure investor benefits and market safety.

Article 34. Derivative Securities Trading Surveillance Activities of the State Securities Commission

1. The State Securities Commission conducts surveillance activities on the derivative securities market including:

a) Monitoring derivative securities transactions.

b) Monitoring the activities of the Stock Exchange and the Vietnam Securities Depository.

2. The Ministry of Finance guides the State Securities Commission's derivative securities trading surveillance activities.

Article 35. Management and Supervision Activities of the State Securities Commission over Derivative Securities Businessesứ1. Monitoring compliance with securities laws when derivative securities businesses, trading members, and clearing members provide services to investors and participate in derivative securities transactions.

2. Monitoring the issuance and implementation of internal procedures, rules, and regulations related to risk management, internal control in business operations, and service provision to investors at derivative securities businesses.

3. Monitoring the maintenance of operating conditions for trading members and clearing members; compliance with restrictions on activities, protection of investors' rights and interests as stipulated in this Decree and other securities laws.

4. Monitoring the segregation of investor accounts and assets from the business's own assets in accordance with this Decree and related legal documents.

5. Monitoring the storage and management of transaction data; compliance with reporting and information disclosure obligations as required.

5. Supervise the storage and management of transaction data; comply with reporting and disclosure obligations as prescribed.

Article 36. Supervision of Trading Activities by the Stock Exchange

1. The stock exchange shall be responsible for supervising the following activities:

a) Monitoring trading members, special trading members, and market makers in their compliance with securities laws and related laws.

b) Monitoring the trading activities of organizations and individuals on the stock exchange to detect and prevent abnormal trading activities and trading activities that violate securities laws.

2. The stock exchange shall establish and promulish a system of criteria for monitoring derivative securities trading after receiving approval from the State Securities Commission.

Article 37. Supervisory Activities of the Vietnam Securities Depository Center

1. The Vietnam Securities Depository Center shall be responsible for supervising the following activities:

a) Monitoring clearing members in their compliance with securities laws and other related laws; managing and supervising the maintenance of required margin levels as prescribed.

b) Monitoring investors' compliance with position limits when participating in derivative securities trading.

2. In case of detecting abnormal signs in transaction settlements or indications that investors or clearing members may lose their ability to settle, the Vietnam Securities Depository Center shall issue warnings, request clearing members to provide explanations and relevant documents and information, and promptly report to the State Securities Commission.

Article 38. Supervisory Activities of Trading Members and Clearing Members

1. Cooperate with the State Securities Commission, the stock exchange, and the Vietnam Securities Depository Center in implementing supervision of derivative securities trading upon request.

2. Timely, fully, and accurately provide information about investors and their trading activities as prescribed by law.

3. Cooperate with the State Securities Commission in inviting investors to meet with inspection teams of the State Securities Commission and the stock exchange regarding abnormal derivative securities trading activities. In case of discovering trading activities that violate securities regulations and the securities market, they have the responsibility to promptly report to the State Securities Commission.

Article 39. Obligation to Provide Information and Explain According to Requests

1. Organizations and individuals participating in derivative securities trading, providing trading services, and settlement services for derivative securities trading shall have the obligation to timely, fully, and accurately provide relevant information, documents, and data concerning derivative securities trading and explain matters related to requests from the State Securities Commission, the stock exchange, and the Vietnam Securities Depository Center.

2. In case organizations and individuals participating in securities trading and providing securities trading services do not cooperate or collaborate with the agencies specified in Clause 1 of this Article, they will be handled according to the law.

Article 40. Coordination Procedures Among Relevant Ministries and Sectors

Depending on the development requirements of the derivative securities market, the Ministry of Finance and the State Securities Commission shall establish mechanisms for sharing information and coordinate with relevant domestic or foreign agencies to establish safe and stable management and supervision mechanisms for the market.

Chapter VII

INSPECTION, HANDLING OF VIOLATIONS, SETTLEMENT OF DISPUTES,

COMPLAINTS, REPORTING AND COMPENSATION FOR DAMAGE

Article 41. Dispute Resolution, Complaints, Prosecutions, and Compensation for Damages

The resolution of disputes, compensation for damages, complaints, prosecutions, and lawsuits concerning derivative securities activities and the derivative securities market shall be carried out in accordance with Articles 131 to 133 of the Securities Law and other relevant legal provisions.

Article 42. Inspection and Handling of Violations

1. Activities related to inspection and handling of violations concerning listing, trading, business operations, investment, and services regarding derivative securities and the derivative securities market shall be conducted in accordance with the provisions from Article 108 to Article 130 of the Securities Law, Decree No. 108/2013/NĐ-CP dated September 23, 2013 of the Government on administrative penalties in the securities and securities market sector and laws on handling administrative violations.

2. Violations by derivative securities trading members shall be penalized in accordance with the provisions of Decree No. 108/2013/NĐ-CP dated September 23, 2013 of the Government on administrative penalties in the securities and securities market sector applicable to securities companies. Violations by clearing members shall be penalized in accordance with the provisions of Decree No. 108/2013/NĐ-CP dated September 23, 2013 of the Government on administrative penalties in the securities and securities market sector applicable to securities companies, depositary members, and depositary banks.

Chapter VIII

IMPLEMENTING PROVISIONS

Article 43. Effectiveness of the Decree

1. Derivative securities subject to negotiated transactions as stipulated in Clause 1 of Article 6 of this Decree that were concluded prior to the effective date of this Decree shall continue to be implemented according to the bilateral contract. Transactions and contracts regarding derivative securities concluded after the effective date of this Decree shall be carried out in accordance with the provisions of this Decree.

2. This Decree shall take effect from July 1, 2015.

Article 44. Implementation Organization

1. The Ministry of Finance shall provide guidance on the implementation of this Decree.

2. Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Chairpersons of provincial and centrally governed city People's Committees are responsible for implementing this Decree./.