Circular No. 47-TC/DTPT guides the amendment and supplementation of the management and use of investment capital for National Highway 5 Project (km 47 - km 62).

CIRCULAR

MINISTRY OF FINANCE DECREE NO. 47 TC/ĐTPT ON JUNE 29, 1995
GUIDELINES FOR AMENDING AND SUPPLEMENTING THE MANAGEMENT AND USE OF CAPITAL FOR THE NATIONAL ROUTE 5 PROJECT (KM 47 - KM 62)
REGARDING THE MANAGEMENT AND USE OF CAPITAL FOR THE NATIONAL ROUTE 5 PROJECT (KM 47 - KM 62)

Pursuant to the Investment Management and Construction Regulation issued together with Decree No. 177/CP dated October 20, 1994 of the Government, pursuant to the Credit Agreement signed on May 20, 1993 between the State Bank of Vietnam and CHIAOTUNG Bank (Taiwan) regarding the loan for the National Route 5 improvement project (section km 47 - km 62) and Supplement No. 2 signed on July 15, 1994.

To promptly meet the capital needs and manage, allocate investment capital for the construction of the National Route 5 project (section km 47 - km 62); the Ministry of Finance guides the amendment of Part II and IV of Circular No. 93 - TC/ĐT dated November 11, 1993 of the Ministry of Finance as follows:

I. WITHDRAWAL OF LOANS, TRANSFER OF FUNDS ALLOCATED, AND PAYMENTS:
(Amending Part II of the Circular)

1. Regarding withdrawal of loans:

The Vietnam Development Bank is entrusted by the Ministry of Finance and the State Bank to provide services for withdrawing Taiwan loans under the signed Credit Agreement and shall be entitled to foreign exchange service fees according to Decision No. 162-QĐ/NH2 dated August 19, 1993 of the Governor of the State Bank.

The Project Owner (National Route 5 Management Board) is responsible for preparing and submitting to the Ministry of Finance (Department of Foreign Financial Affairs, Investment and Construction General Department) requests for loan withdrawals consistent with the conditions stipulated in the Credit Agreement.

The Ministry of Finance (Department of Foreign Financial Affairs) based on the expenditure requirements of the Project Owner and the opinion of the Investment and Construction General Department, confirms and officially notifies the Vietnam Development Bank to proceed with the loan withdrawal.

After withdrawing the loan, the Vietnam Development Bank immediately transfers the entire amount withdrawn into the foreign currency account number: 212.213.371.000 opened at the Vietnam Commercial Bank by the State Treasury, simultaneously sending two (2) copies of the photocopied CHIAO TUNG Bank (Taiwan) remittance slip and the Vietnam Commercial Bank credit advice to the Ministry of Finance (Investment and Construction General Department, Department of Foreign Financial Affairs) to determine the schedule for repaying foreign debt. Each time capital is allocated to the Project Owner, the Investment and Construction General Department will handle the procedures to request the Budget Revenue and Expenditure Department to record foreign capital receipts and expenditures for the project through the Investment and Construction General Department.

2. For domestic counterpart funds for the project:

The Budget Revenue and Expenditure Department will transfer funds according to the annual investment construction plan in accordance with the signed Credit Agreement with foreign countries to the Investment and Construction General Department (account opened at the State Treasury) to allocate funds to the Project Owner.

3. Allocation and payment of funds for the Project

From 1995 onwards, the Investment and Construction General Department is responsible for receiving Taiwan funds (through budget revenue and expenditure procedures for foreign capital sources) and domestic counterpart funds according to the plan; implementing management, allocation, lending, and payment of investment construction funds for the National Route 5 project (km 47 to km 62) in accordance with current regulations of the State and in compliance with the signed Credit Agreements with foreign countries.

II. AUDIT AND FINAL ACCOUNTING WORK

(Amending Part IV of Circular No. 93-TC/ĐT)

- Quarterly, the Project Owner reports on the progress of the project implementation, the use of foreign and domestic funds to the Ministry of Finance (Investment and Construction General Department) and the Ministry of Transport.

- Regularly and ad hoc, the Ministry of Finance (Investment and Construction General Department) and the Ministry of Transport will audit the use of funds by the Project Owner.

- Annually and upon completion of the project, the Project Owner finalizes the investment capital according to the current regulations of the State.

III. IMPLEMENTATION PROVISIONS

This Circular takes effect from January 1, 1995, points not supplemented or amended continue to be implemented in accordance with the spirit of Circular No. 93 - TC/ĐT dated November 11, 1993 of the Ministry of Finance.