Decision No. 61/2013/QD-TTg On Providing Information and Coordinating the Implementation of National Credit Rating Work

Pursuant to …;

VRegarding the provision of information and coordination in implementing the national credit rating workDecision on the provision of information and coordination in implementing the national credit rating work

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Pursuant to the Law on Government Organization"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."Government on December 25thJune 2024;th year 2001;

In particular, the contract signed between the foreign expert and the non-governmental organization from a foreign country must be supplemented with confirmation from the non-governmental aid provider agency of Vietnam that the foreign expert will directly implement the activities of the program or project funded by non-governmental organizations from foreign countries according to the approved program or project documentation."b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."TABLE OF FEES FOR USING NATIONAL HIGHWAYS AT THE TOLL STATION AT KM21

The Prime Minister issues this Decision regarding the provision of information and coordination in implementing the national credit rating work.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Decision stipulates the following contents:

1. Provision of information and data on economic and social conditions to serve the national credit rating work.

2. Procedures for coordination among ministries, sectors, and related agencies in coordinating the implementation of the national credit rating work.

Article 2. Applicability

This Decision applies to agencies, organizations, and individuals related to the national credit rating work.

Article 3. Explanation of Terms

In this Decision, the following terms shall be understood as follows:

1. National credit rating score is an index evaluating the financial capacity as well as the ability to repay principal and interest on time of a country's debts. The lower the national credit rating score, the higher the risk of non-payment of debts.

The national credit rating score includes:

- The ceiling of national credit rating;

- The credit rating of domestic and foreign currency debt instruments issued in the domestic and international capital markets by the Government.

Credit ratings are usually expressed through letters, numbers, and symbols (A, B, C, D, a, 1, 2, 3, +, -).

2. National credit rating is the process by which credit rating organizations analyze and evaluate economic, political, and social information about a country to determine its credit rating score.

3. Credit rating organization is an independent entity specialized in conducting credit ratings, including national credit ratings.

4. The national credit rating work involves ministries, sectors, and related organizations providing data, working, and exchanging information with credit rating organizations to assist them in issuing reports on the national credit rating.

5. Debt instrument is a financial product establishing the debtor's obligation, including: Bonds, treasury bills, loans, and other financial products generating debt obligations.

Chapter II

PROVISION OF INFORMATION TO SERVE THE NATIONAL CREDIT RATING WORKNATIONAL CREDIT

Article 4. Purpose of information provision

The provision of information and data aims to complete the database system and build an overview report on Vietnam's economic and social situation to serve the national credit rating work.

Article 5. Principles of information provision

The provision of information and data to serve the national credit rating must ensure the following principles:

1. Accuracy, completeness, timeliness, and compliance with prescribed deadlines.

2. Uniformity in indicators, forms, calculation methods, and consistency with previously provided or publicly disclosed data.

3. Non-redundancy and non-overlapping, meeting the analysis and evaluation requirements of credit rating organizations.

4. Compliance with current regulations on information provision.

Article 6. Types of information necessary for the national credit rating work

1. General information on economic and social conditions:

a) Long-term strategies, medium-term plans, annual development plans and solutions for economic and social development;

b) Statistical data on actual performance and forecasts of economic and social conditions: Economic growth, gross national income, per capita income, savings rate, investment rate, inflation rate, population, employment, unemployment rate, and other relevant information.

2. Fiscal information

a) Fiscal policy and medium-term financial and budgetary plans;

b) Data on revenue, expenditure, and state budget balance;

c) State-owned enterprise reform;

d) Government debt situation; government contingent liabilities, public debt, and external debt of the country;

e) Other relevant information.

3. Monetary and banking information

a) Monetary policy and monetary policy tools (exchange rates, interest rates, reserve requirements, open market operations);

b) Information on the activities of the State Bank, credit institutions, and banking system reforms;

c) Situation and data on the balance of payments; foreign exchange reserves; bank credit; bad debts, provisions, and bad debt resolution;

d) Other relevant information.

4. Information on foreign economic relations

a) Exports, imports, trade balance;

b) Foreign direct investment attraction;

c) Remittances received;

d) Other relevant information.

5. Political information:

a) Government policies and guidelines;

b) Characteristics of personnel in the government machinery;

c) Relations between Vietnam and governments of other countries and international financial organizations;

d) Administrative reform, administrative procedure control;

e) Other relevant information.

6. Other economic and social information based on proposals from credit rating organizations, in accordance with legal regulations and the capability of relevant agencies and organizations in Vietnam.

Article 7. Period for Providing Information

1. Information and data shall be provided periodically (monthly, quarterly, annually) to the Ministry of Finance by relevant agencies according to the prescribed tables of data set forth in the Appendix attached hereto. In cases where official data is not available by the deadline, the agencies shall provide the Ministry of Finance with the latest estimated figures.

2. The period for providing monthly information is the 15th day of the following month.

3. The period for providing quarterly information is the 30th day of the first month of the following quarter.

4. The period for providing annual information is February 28 of the following year.

5. For data on plans and forecasts for the next year provided annually, the period for providing information is December 15 of the implementation year.

Article 8. Methods of Providing Information

1. For information and data that do not fall under the list of state secrets, the provision of such information and data shall be carried out in writing, by fax, or through electronic data transmitted via computer networks or sent via physical carriers.

2. For information falling under the list of state secrets, the provision of such information and data shall be carried out in accordance with the provisions of the law on protecting state secrets.

Article 9. Responsibilities of Agencies

1. The Ministry of Finance

a) To take the lead and coordinate with ministries, sectors, and related organizations in collecting, analyzing, and building comprehensive reports on economic and social conditions to serve the work of national credit rating;

b) To exploit information and data on the websites of ministries, sectors, and related organizations;

c) To receive information provided by ministries, sectors, organizations, and individuals;

d) To provide information and data to credit rating organizations upon their request regarding the contents stipulated in Article 6, including but not limited to the data listed in the Appendix attached hereto;

đ) To use, store, provide, and publish information and reports in compliance with Vietnamese laws and cooperation agreements with credit rating organizations.

2. Ministries, sectors, and related agencies have the responsibility to provide information and data to the Ministry of Finance so that the Ministry of Finance can provide them to credit rating organizations.

a) The State Bank of Vietnam has the responsibility to provide data and information on foreign debt of enterprises, monetary policy, exchange rate policy, banking system activities, banking system reform programs, remittances, foreign exchange reserves, balance of payments, and other relevant information consistent with the functions and responsibilities of the State Bank of Vietnam;

b) The Ministry of Planning and Investment has the responsibility to provide data and information on long-term strategies, medium-term plans, development orientations and plans for the economy and society, gross national income, per capita income, growth prospects, savings rates, total social investment, information on foreign direct investment capital, and other relevant information consistent with the functions and responsibilities of the Ministry of Planning and Investment;

c) The Ministry of Industry and Trade has the responsibility to provide data and information on import and export, trade balance, and other relevant information consistent with the functions and responsibilities of the Ministry of Industry and Trade;

d) Other agencies have the responsibility to provide data and information consistent with their management functions and tasks as requested by the Ministry of Finance based on the requirements of credit rating organizations;

đ) Ministries and sectors have the responsibility to regularly provide data to the Ministry of Finance according to the forms set forth in the Appendix attached hereto and the information and data required by credit rating organizations during specific working sessions for the Ministry of Finance.

Chapter III

COOPERATION IN IMPLEMENTING RATING WORKNATIONAL CREDIT

Article 10. Objectives and Requirements

1. The national credit rating work is a continuous process aimed at exchanging updated information with investors, gradually enhancing the country's reputation on the international stage, and better meeting the requirements for economic integration in the new phase.

2. Enhance the proactivity and accountability of ministries, sectors, and related organizations in the national credit rating work.

3. Ensure synchronization, timeliness, and accuracy.

4. Information and data provided, comprehensive reports on socio-economic conditions, and explanatory opinions must fully reflect the current state of the economy and comply with the provisions of this Decision.

5. Proactively learn from the experiences of countries in the region and those successful in implementing national credit rating work. Leverage the role of organizations assigned to lead and participate in national credit rating work.

Article 11. Implementation Process of National Credit Rating

The implementation process of national credit rating includes the following steps:

1. Contacting, selecting, and signing agreements for national credit rating service provision with credit rating organizations.

2. Developing plans and agreeing on working programs with credit rating organizations.

3. Preparing comprehensive reports on socio-economic conditions to present to credit rating organizations.

4. Organizing working sessions with credit rating organizations.

5. Providing necessary information and data as requested by credit rating organizations.

6. Commenting and recommending on the assessments and evaluations made by credit rating organizations.

7. The credit rating organization announces the national credit rating level.

Article 12. Selection of Cooperation and Signing Agreements for National Credit Rating Service Provision

1. Credit rating organizations selected for cooperation and signing agreements for national credit rating service provision must meet the following requirements:

a) Having a good reputation in the international market;

b) Meeting the requirements for participating in the international capital market and issuing government debt instruments in the international capital market;

c) Being consistent with the recommendations of investors and foreign lending organizations when deciding to invest in Vietnam.

2. Agreements with national credit rating organizations include the following basic terms:

a) Information about the credit rating organization;

b) Information about the representative signing the agreement;

c) Duration of the agreement;

d) Rights, obligations, and responsibilities of the parties.

Terms regarding information and data provision, monitoring, updating, analysis, evaluation, confidentiality, publication of national credit ratings, dispute resolution, and other related issues.

3. Fees for national credit rating services: Including fees for initial credit rating services, annual fees for maintaining credit rating levels, fees for using credit rating factors for government bond issuance operations, and other fees (if applicable).

4. Agreements for national credit rating service provision terminate upon expiration or mutual agreement to terminate the contract early.

5. In cases where it is deemed necessary to cancel existing agreements with credit rating organizations and sign new ones, the Ministry of Finance will propose and seek opinions from relevant agencies to submit to the Prime Minister for consideration and decision.

6. The Ministry of Finance represents the Government in signing agreements with credit rating organizations or notifying the cancellation of agreements with credit rating organizations.

7. In cases where credit rating organizations voluntarily conduct national credit rating assessments without requiring the signing of service provision agreements but request information provision and propose working with relevant Vietnamese agencies, the Ministry of Finance has the responsibility to review and handle specifically. If necessary, the Ministry of Finance will take the lead and notify relevant agencies to arrange working sessions according to the requests of credit rating organizations.

Article 13. Establishing Work Plans with Credit Rating Organizations

1. The Ministry of Finance shall be the point of contact for credit rating organizations to unify annual work plans and contents between credit rating organizations and agencies, organizations, and individuals in Vietnam.

2. The Ministry of Finance shall notify the work plan and contents based on requests from credit rating organizations so that the State Bank of Vietnam, the Ministry of Planning and Investment, the Ministry of Industry and Trade, and other relevant agencies can prepare and organize direct meetings with credit rating organizations.

Article 14. Preparing Information, Data, and Building a Comprehensive Report on Economic and Social Conditions for Credit Rating Organizations

1. The provision of information and data for implementing national credit ratings shall be carried out in accordance with the provisions of Chapter II of this Decision.

2. The Ministry of Finance shall take the lead and coordinate with relevant agencies and consulting organizations on national credit ratings to build a comprehensive report on the economic and social conditions of Vietnam based on data and information provided by relevant agencies.

3. The draft report shall be sent by the Ministry of Finance to relevant agencies for comments before being provided to credit rating organizations.

4. The comprehensive report on economic and social conditions shall be sent to credit rating organizations at least one week before they conduct direct working visits in Vietnam.

Article 15. Organizing Work with Credit Rating Organizations

1. The Ministry of Finance shall be the leading agency organizing meetings and discussions with credit rating organizations on a regular basis (annually) and on an ad hoc basis (in cases of significant changes in economic and social conditions).

2. The State Bank of Vietnam, the Ministry of Planning and Investment, the Ministry of Industry and Trade, and other relevant agencies shall have the responsibility:

a) To arrange and assign staff to work with national credit rating organizations in accordance with the discussion topics proposed by credit rating organizations;

b) To designate units to serve as points of contact and exchange information with credit rating organizations and the Ministry of Finance;

c) To respond and explain information to credit rating organizations regarding questions arising after meetings or when requested by credit rating organizations;

d) To provide additional information and data explanations to credit rating organizations through the Ministry of Finance based on requests from credit rating organizations;

e) To proactively approach credit rating organizations and provide information when necessary, while informing the Ministry of Finance for coordination and monitoring.

3. Annually, the Ministry of Finance shall take the lead and coordinate with the Government Office, the Ministries of Planning and Investment, Foreign Affairs, Industry and Trade, the National Financial Supervisory Commission, and the State Bank of Vietnam to organize promotional activities, meetings, and information exchanges about Vietnam's economic and social conditions for investors, international financial organizations, export credit institutions that are members of the OECD, and credit rating organizations, thereby facilitating international capital raising activities and enhancing the national credit rating.

Article 16. Comments and recommendations on credit rating assessments

1. The Ministry of Finance shall take the lead and coordinate with relevant ministries, sectors, and agencies to provide additional information, data, and evidence to explain and clarify to credit rating organizations about the assessment contents that are not accurate or correct regarding Vietnam's socio-economic situation.

2. The Ministry of Finance shall take the lead and coordinate with relevant ministries, sectors, and agencies in proposing and recommending credit rating organizations to reconsider the national credit rating level, in accordance with Vietnam's socio-economic situation.

Article 17. Notification of credit rating results and reporting system

1. The Ministry of Finance shall be responsible for:

a) Notify relevant ministries, sectors, and agencies of information on the national credit rating results published by credit rating organizations;

b) Take the lead in reporting to the Prime Minister the annual national credit rating results published by credit rating organizations.

2. Relevant ministries, sectors, and agencies shall be responsible for coordinating with the Ministry of Finance to report to the Prime Minister on the annual credit rating results and recommend measures to improve the national credit rating level.

Article 18. Budget

Funding for activities related to the national credit rating work shall be allocated in the annual state budget estimates of relevant ministries and units authorized by competent authorities.

Chapter IV

IMPLEMENTING PROVISIONS

Article 19. Effective Date

This Decision takes effect from December 15, 2013.

Article 20. Implementation

1. The Minister of Finance shall be responsible for leading and implementing this Decision.

2. Ministers, Heads of ministerial-level agencies, Heads of government agencies, Chairpersons of provincial People's Committees under central cities, and relevant individuals shall be responsible for implementing this Decision./.