Decree No. 54/2013/ND-CP Supplementing Decree No. 75/2011/ND-CP dated August 30, 2011 of the Government on state investment credit and export credit

DECREE

Regarding supplementing Decree No. 75/2011/NĐ-CP dated August 30, 2011 of the Government on state investment credit and export credit

The Government promulgates this Decree to supplement Decree No. 75/2011/NĐ-CP dated August 30, 2011 of the Government on state investment credit and export credit,

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Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Law on State Budget dated December 16, 2002;

Based on the Investment Law dated November 29, 2005;

Pursuant to the Law on Credit Organizations dated June 16, 2010;

At the proposal of the Minister of Finance;

Supplementing some Articles of Decree No. 75/2011/NĐ-CP dated August 30, 2011 of the Government on state investment credit and export credit (hereinafter referred to as Decree No. 75/2011/NĐ-CP) as follows:

Article 1. 1. Supplement Article 16a regarding loans for enterprises with the need to borrow funds to purchase aquaculture feed for export:

a) Borrower: Enterprises with the need to borrow funds to purchase aquaculture feed for export.

b) Loan conditions: Enterprises must meet the following conditions:

Have export contracts or sales contracts for aquatic products to processing enterprises for export;

Have effective aquaculture plans for export that have been appraised and approved for loan by the Vietnam Development Bank;

Possess full legal capacity and civil conduct capacity;

Enterprises must fully comply with the provisions on collateral for loans under current laws; must purchase insurance for assets formed from borrowed capital at a legally operating insurance company throughout the loan period, provided such assets fall within the mandatory insurance category;

Enterprises must implement accounting records and financial reports in accordance with legal regulations; annual financial reports must be audited by independent auditing agencies.

c) Loan amount:

The maximum loan amount equals 85% of the total demand for purchasing aquaculture feed for export according to the plan appraised and approved for loan by the Vietnam Development Bank, while ensuring that the maximum loan amount for each borrower does not exceed 15% of the actual paid-in capital of the Vietnam Development Bank.

The specific loan amount for each case shall be decided by the General Director of the Vietnam Development Bank in accordance with prescribed regulations.

d) Loan term:

The loan term shall be determined based on the ability to recover capital in line with the characteristics of each borrowing plan for purchasing aquaculture feed for export appraised and approved for loan by the Vietnam Development Bank, but the loan term for each loan shall not exceed 12 months.

The General Director of the Vietnam Development Bank shall decide the loan term for each borrowing plan for purchasing aquaculture feed for export in accordance with prescribed regulations.

đ) Loan application documents and procedures:

The Vietnam Development Bank shall guide the application documents, procedures, and review and decide on loans for enterprises to purchase aquaculture feed for export under the state export credit mechanism and as stipulated in this Decree.

2. Supplement Article 27a regarding debt extension:

1. Extending the loan period for state investment credit up to a maximum of 15 years (total loan period not exceeding 15 years) for certain large-scale infrastructure projects in the electricity production, cement production, steel production, clean water supply, environmental protection sectors, provided they meet the following conditions:

a) Projects belong to Group A or B projects;

b) Project sponsors face financial difficulties: They incurred losses in 2011 and 2012; unable to balance their sources of funds to repay debts according to the signed credit contracts with the Vietnam Development Bank.

2. Extending the loan period up to a maximum of 36 months (total loan period not exceeding 36 months) for state export credit loans for groups of agricultural and aquatic product exports, provided enterprises incurred losses in 2011 and 2012; unable to balance their sources of funds to repay debts according to the signed credit contracts with the Vietnam Development Bank.

3. The Vietnam Development Bank shall guide the application documents, procedures, and review and decide on the extension period and implement debt extensions for projects meeting the provisions of this Decree.

This Decree takes effect from May 22, 2013.

Article 2. Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairmen of provincial People's Committees, Chairmen of municipal People's Committees directly under the Central Government, Chairmen of Management Councils, and General Directors of the Vietnam Development Bank are responsible for implementing this Decree./.

Article 3. The Ministers, Heads of ministerial-level agencies, Heads of government agencies, Chairpersons of provincial People's Committees under the central government, Chairpersons of Management Councils, and General Directors of the Vietnam Development Bank are responsible for implementing this Decree./.