Circular No. 64/2019/TT-BTC amends and supplements certain Articles of Circular No. 314/2016/TT-BTC on managing state treasury funds. This document provides detailed regulations on the use of temporarily idle state treasury funds, measures to handle temporarily insufficient state treasury funds, and the responsibilities of units in managing state treasury funds.
Đối tượng áp dụng
Commercial banks (CBs), General Department of Taxation, General Department of Customs, Department of Debt Management and Foreign Financial Relations, State Budget Department, Department of Banking and Financial Institutions, National Treasury (NT).
Các điểm cốt lõi
- CBs are selected based on evaluation criteria including total assets, total equity, credit quality, and business operation results. CBs scoring 90 points or higher will be selected.
- The NT enters into framework contracts with CBs to deposit temporarily idle state treasury funds for a fixed term, including methods of transferring funds, paying interest and principal, rights and obligations of both parties.
- The National Treasury (NT) selects appropriate deposit terms consistent with the approved state treasury management plan. The amount deposited does not exceed 50% of the estimated state treasury balance for the quarter.
- If the central government budget requires a large advance payment exceeding the balance of temporarily idle state treasury funds, the NT will prematurely recover deposits to meet this need.
- The NT and related units provide opinions on the NT's state treasury management plan, submitting to the Ministry of Finance for determination of the minimum interest rate for each term.
🌐 Tác động xã hội từ văn bản này
- Positive impact: Enhances the efficiency of managing and utilizing temporarily idle state treasury funds, reduces financial risks.
- Negative impact: May increase costs for the NT during the process of selecting suitable CBs, and may affect the profits of CBs.
❓ Câu hỏi thường gặp
On what criteria are commercial banks selected?
CBs are selected based on total assets, total equity, credit quality, and business operation results. CBs scoring 90 points or higher will be selected.
How does the NT enter into framework contracts with CBs?
The NT enters into framework contracts with CBs, including information about the depositor and recipient, methods of transferring funds, paying interest and principal, rights and obligations of both parties, penalties for breach of contract, dispute resolution, and agreement on early withdrawal.
If the central government budget requires a large advance payment exceeding the balance of temporarily idle state treasury funds, what will the NT do?
The NT will prematurely recover deposits to meet this need.
Who determines the minimum interest rate for each term?
The minimum interest rate for each term is determined by the Ministry of Finance.
When can the NT change the state treasury management plan?
The NT may change the state treasury management plan when necessary, based on information from related units and actual circumstances.
Toàn văn
CIRCULAR
Amending and supplementing certain provisions of Circular No. 314/2016/TT-BTC dated November 28, 2016 of the Ministry of Finance guiding certain provisions of
Decree No. 24/2016/NĐ-CP dated April 5, 2016 of the Government on the management regime of state treasury funds
The Minister of Finance issues this Circular amending and supplementing certain provisions of Circular No. 314/2016/TT-BTC dated November 28, 2016 of the Ministry of Finance guiding certain provisions of Decree No. 24/2016/NĐ-CP dated April 5, 2016 of the Government on the management regime of state treasury funds.
Article 1. Amending and supplementing certain provisions of Circular No. 314/2016/TT-BTC dated November 28, 2016 of the Ministry of Finance guiding certain provisions of Decree No. 24/2016/NĐ-CP dated April 5, 2016 of the Government on the management regime of state treasury funds (hereinafter referred to as Circular No. 314/2016/TT-BTC) as follows:
Pursuant to the State Budget Law dated June 25, 2015;
Pursuant to Decree No. 163/2016/NĐ-CP dated December 21, 2016 of the Government detailing the implementation of certain provisions of the State Budget Law;
Pursuant to Decree No. 24/2016/NĐ-CP dated April 5, 2016 of the Government stipulating the regime for managing the state treasury;
Pursuant to Decree No. 87/2017/NĐ-CP dated July 26, 2017, issued by the Government, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
At the proposal of the General Director of the State Treasury;
1. This Circular guides certain provisions of Decree No. 24/2016/NĐ-CP dated April 5, 2016 of the Government on the management regime of state treasury funds (hereinafter referred to as Decree No. 24/2016/NĐ-CP) regarding: cash flow forecasting; temporary idle state treasury fund (STF) usage (excluding temporary STF advance for central budget and provincial budget); measures to handle temporary STF shortage; risk management in STF management activities; responsibilities and authorities of units in STF management.
2. The usage of temporary idle STF and measures to handle temporary STF shortage prescribed in this Circular shall not apply to foreign currency STF."
1. Economic organizations conducting foreign exchange trading agency activities; economic organizations conducting foreign currency receipt and payment service provision activities; economic organizations conducting border country currency exchange agency activities.
"Article 1. Scope of Regulation
2. Article 2 is amended and supplemented as follows:
a) Amending and supplementing Clause 2 of Article 2 as follows:
"2. Units under and affiliated with the Ministry of Finance related to STF management work include: General Department of Taxation, General Department of Customs, Department of Debt Management and Foreign Financial Affairs, Department of State Budget, Department of Banking and Financial Institutions."
b) Supplementing Clause 3 to Article 2 as follows:
"3. Commercial banks (CBs) related to the activity of using temporary idle state treasury funds to deposit with term at CBs of the State Treasury (ST)."
3. Clause 2 of Article 7 is amended and supplemented as follows:
"2. Based on the forecast of the possibility of temporary idle STF or temporary STF shortage during the period, the ST builds a plan to manage STF, seeks opinions from the Department of State Budget, the Department of Banking and Financial Institutions, and submits it to the Ministry of Finance for approval according to the provisions of Article 5 of Decree No. 24/2016/NĐ-CP. Specifically:
a) In case of expected temporary idle STF in the quarter or year, the STF management plan clearly specifies the limits of using temporary idle STF as stipulated in Article 13 of this Circular.
b) In case of expected temporary STF shortage in the quarter or year, the STF management plan clearly specifies the total amount of treasury bills issued to cover temporary STF shortage; the total amount of early recovery of deposits with term at CBs (if any)."
a) Clause 1 of Article 8 is amended and supplemented as follows:
"1. The ST selects CBs to implement the deposit of temporary idle STF with term as follows:
4. Article 8 is amended and supplemented as follows:
a) Conditions for selecting CBs to deposit temporary idle STF with term
- In the list of commercial banks with high safety levels provided annually by the State Bank of Vietnam to the Ministry of Finance (ST) according to Clause c, Paragraph 1, Article 7 of Decree No. 24/2016/NĐ-CP;
- Meeting the criteria for evaluation of total assets, total equity, credit quality, business results set by the Ministry of Finance. Criteria for evaluation, method of calculating points for each criterion, total evaluation score, selection of CBs to deposit temporary idle STF with term are stipulated in Clause c, Paragraph 1 of this provision.
b) Process of evaluating and selecting CBs to deposit temporary idle STF with term:
- Annually, within five working days from the date of receiving the list of CBs with high safety levels provided by the State Bank of Vietnam according to Clause 3, Article 14 of Decree No. 24/2016/NĐ-CP, based on the annual financial report audited by the National Audit Office or an independent auditor legally operating in Vietnam of CBs publicly announced on mass media, the ST conducts evaluation and selection of CBs to deposit temporary idle STF with term according to Clause c, Paragraph 1 of this provision, and submits it to the Ministry of Finance for approval. In case the annual financial report of a CB has not been publicly announced on mass media, the ST sends a letter requesting the CB to provide the annual financial report audited if the CB wishes to receive term deposits from the ST;
- Based on the list of CBs selected to deposit temporary idle STF with term approved by the Ministry of Finance, the ST notifies in writing each selected CB annually.
- In case the State Bank of Vietnam announces adjustments to the list of CBs with high safety levels, the ST submits to the Ministry of Finance for approval adjustments to the list of CBs to deposit temporary idle STF with term.
Based on the adjusted list of CBs selected to deposit temporary idle STF with term (approved by the Ministry of Finance), the ST notifies in writing each CB added to or removed from the list of selected CBs to deposit temporary idle STF with term.
c) Evaluation criteria; method of calculating points for each criterion; method of calculating total evaluation score, selection of CBs to deposit temporary idle STF with term:
- Evaluation criteria used to evaluate and select CBs to deposit temporary idle STF with term include:
+ Total assets;
+ Total equity;
+ Credit quality (non-performing loan ratio to total credit);
+ Business results (after-tax profit ratio to average equity).
- Method of calculating points for each criterion: the point of each evaluation criterion equals the level of points of each criterion multiplied by its weight; wherein:
+ Level of points for each criterion is determined as follows:
Point level
Total assets
|
Serial number |
Criteria |
From 1,000,000 billion VND upwards |
|
1 |
From 800,000 billion VND to less than 1,000,000 billion VND |
|
|
1.1 |
From 600,000 billion VND to less than 800,000 billion VND |
100 |
|
1.2 |
From VND 800,000 billion to less than VND 1,000,000 billion |
90 |
|
1.3 |
From VND 600,000 billion to less than VND 800,000 billion |
80 |
|
1.4 |
From VND 400,000 billion to under VND 600,000 billion |
70 |
|
1.5 |
From VND 200,000 billion to under VND 400,000 billion |
50 |
|
1.6 |
Under VND 200,000 billion |
0 |
|
2 |
Paid-in capital |
|
|
2.1 |
VND 50,000 billion or more |
100 |
|
2.2 |
From VND 45,000 billion to under VND 50,000 billion |
90 |
|
2.3 |
From VND 40,000 billion to under VND 45,000 billion |
80 |
|
2.4 |
From VND 35,000 billion to under VND 40,000 billion |
70 |
|
2.5 |
From VND 30,000 billion to under VND 35,000 billion |
50 |
|
2.6 |
Under VND 30,000 billion |
0 |
|
3 |
Credit quality (ratio of non-performing loans to total credit outstanding) |
|
|
3.1 |
Under 1% |
100 |
|
3.2 |
From 1% to under 1.5% |
90 |
|
3.3 |
From 1.5% to under 2% |
80 |
|
3.4 |
From 2% to under 2.5% |
70 |
|
3.5 |
From 2.5% to under 3% |
50 |
|
3.6 |
3% or more |
0 |
|
4 |
Business performance (ratio of net profit after tax to average paid-in capital) |
|
|
4.1 |
20% or more |
100 |
|
4.2 |
From 15% to under 20% |
90 |
|
4.3 |
From 10% to under 15% |
80 |
|
4.4 |
From 5% to under 10% |
70 |
|
4.5 |
From 2% to under 5% |
50 |
|
4.6 |
Under 2% |
0 |
The weight of each criterion is determined based on the importance of each criterion for the safety of term deposits at KBNN, specifically as follows:
|
Serial number |
Evaluation criterion |
Weight (%) |
|
1 |
From 800,000 billion VND to less than 1,000,000 billion VND |
55 |
|
2 |
Total paid-in capital |
25 |
|
3 |
Credit quality (ratio of non-performing loans to total credit outstanding) |
10 |
|
4 |
Business performance (ratio of net profit after tax to average paid-in capital) |
10 |
- Calculation of the total score: the total score of each bank is determined based on the total points of each evaluation criterion.
- Banks with a total score of 90 points or higher will be selected for the list of banks expected to temporarily hold idle funds from NQNN.
- The data used to evaluate the banks is the audited annual financial report of the banks by the State Audit Agency or an independent auditing organization legally permitted to operate in Vietnam.
- In necessary cases, the General Director of KBNN shall submit to the Ministry of Finance for a decision to adjust the evaluation criteria; the method of scoring, and selecting banks to suit the actual situation."
Clause 2 of Article 8 is amended and supplemented as follows:
"2. Organization to implement the temporary holding of idle funds from NQNN in term deposits at commercial banks
a) Annually, based on the list of commercial banks expected to temporarily hold idle funds from NQNN approved by the Ministry of Finance according to the provisions of Clause 1 of this Article, KBNN shall enter into framework contracts regarding term deposits of NQNN with the commercial banks. The framework contract includes the following main terms:
- Information about the depositor (KBNN) and the recipient of term deposits (commercial bank), including documents verifying the identity of the legal representative;
- Method of transferring money, payment of principal and interest;
- Rights and obligations of the parties; Provisions on penalties for breach of contract, dispute resolution, early withdrawal agreements, and other related agreements concerning the term deposit of both parties;
- Provisions on changes to the terms and conditions stipulated in the framework contract;
- Provisions on the duration of the contract, termination, and cancellation of the contract.
The framework contract shall be terminated upon agreement between KBNN and the commercial bank or when the commercial bank fails to meet the conditions stipulated in Clause 1 of this Article. Upon termination of the contract, KBNN and the commercial bank shall sign a termination agreement.
b) The process of temporarily holding idle funds from NQNN in term deposits at commercial banks is implemented as follows:
- At least two working days before the sale announcement to accept deposits, KBNN sends a written notice by paper or electronic means to each commercial bank in the list of commercial banks expected to temporarily hold idle funds from NQNN according to Clause 1 of Article 8 of this Circular. The notice includes: the estimated volume of term deposits, deposit period, deadline for receiving the bid, and the method of submitting/receiving bids (paper or electronic).
- By the latest 14:00 on the deadline for receiving bids, the commercial banks submit their bids to KBNN (in sealed envelopes with stamps or encrypted electronic documents), specifying the amount and corresponding interest rates for each deposit period. Each commercial bank only offers one interest rate for one deposit period.
Bids submitted to KBNN after the specified deadline will not be accepted; the time of receipt of paper documents is determined based on the time recorded on the delivery log signed by the sender and receiver, while the time of receipt of electronic documents is determined based on the time recorded by the KBNN's information system upon receipt of the document.
- By the latest fifteen (15) minutes after the deadline for receiving bids, KBNN opens the bids. Based on the information in the bids from each commercial bank, KBNN determines the volume of deposits and corresponding interest rates for each deposit period for each commercial bank.
- Determination of interest rates and volumes of deposits:
+ Interest rates and volumes of deposits registered for acceptance by each commercial bank;
+ Volume of deposits for each deposit period as announced by KBNN;
+ Minimum interest rate for term deposits of NQNN for each deposit period as prescribed by the Ministry of Finance.
- Method of determining interest rates for each deposit period:
The interest rate applied to each commercial bank is the bid interest rate of that bank, selected in descending order of bid interest rates satisfying the condition: not lower than the minimum interest rate for term deposits of NQNN prescribed by the Ministry of Finance; the cumulative volume of deposits up to the selected interest rates does not exceed the volume of deposits announced by KBNN.
- Method of determining the volume of deposits at each commercial bank:
+ The volume of deposits at each commercial bank corresponds to the volume of deposits registered at the selected interest rate by KBNN. If at the lowest selected interest rate, the cumulative volume of deposits registered exceeds the volume of deposits announced by KBNN, after deducting the volume of deposits registered at higher interest rates, the remaining volume of deposits announced by KBNN is allocated to the commercial banks bidding at the lowest selected interest rate in proportion to the volume of deposits registered at the lowest selected interest rate.
+ The volume of deposits allocated to each commercial bank is rounded down to the nearest billion VND.
- Within one working day from the date of opening the bids, KBNN notifies the results to each commercial bank; simultaneously, it attaches a draft appendix to the deposit contract for the selected commercial banks. The appendix includes the terms: amount of term deposit, deposit period, interest rate, deposit date, maturity date, and any additional terms.
- The selected commercial bank shall submit the unified deposit terms with the State Treasury in the appendix of the contract (excluding the terms on the amount deposited, term, and interest rate), wherein the deposit date shall not exceed two working days from the date the State Treasury notifies the selection result of the commercial bank for depositing funds. Based on the content of the agreed appendix contract, the State Treasury and the selected commercial bank shall sign the appendix contract for fixed-term deposits.
- On the deposit transfer date specified in the signed appendix contract, the State Treasury shall transfer the funds into the designated account of the commercial bank as stipulated in the framework contract.
- On the maturity date of the deposit, the entire principal and interest shall be transferred into the account designated by the State Treasury as stipulated in the signed framework contract.
- Electronic documents sent and received between the State Treasury and the commercial bank during the process of fixed-term deposits of idle state treasury funds at commercial banks as prescribed in this Circular shall be considered original documents, having legal validity and effectiveness equivalent to paper documents.
c) Clause 3 of Article 8 is amended and supplemented as follows:
"3. Term and amount of fixed-term deposits of idle state treasury funds at commercial banks:
a) Idle state treasury funds temporarily idle shall be deposited at commercial banks for terms of one month, two months, and three months. The State Treasury shall select the deposit term at commercial banks in accordance with the approved quarterly state treasury management plan by the Ministry of Finance.
b) The amount of fixed-term deposits of idle state treasury funds at commercial banks shall not exceed the limit for using idle state treasury funds for fixed-term deposits at commercial banks as prescribed in Clause 2 of Article 13 of this Circular."
d) Clause 4 of Article 8 is amended and supplemented as follows:
"4. Fixed-term deposits of state treasury funds at commercial banks shall be maintained until maturity except in cases where they are withdrawn early to cover temporary shortages of state treasury funds or other cases decided by the General Director of the State Treasury. When making new deposits of idle state treasury funds, the State Treasury shall adjust the volume of deposits to align with the approved quarterly limit for using idle state treasury funds for fixed-term deposits at commercial banks."
5. Article 13 is amended and supplemented as follows:
a) Amend and supplement Clause 2 of Article 13 as follows:
"2. Limit for using idle state treasury funds for fixed-term deposits at commercial banks and purchasing government bonds with fixed terms:
a) The limit for using idle state treasury funds for fixed-term deposits at commercial banks and purchasing government bonds with fixed terms quarterly shall not exceed the estimated idle state treasury funds in the quarter, including:
- The limit for using idle state treasury funds for fixed-term deposits at commercial banks quarterly is 50% of the estimated state treasury balance in the quarter;
- The limit for using idle state treasury funds for purchasing government bonds with fixed terms quarterly is 10% of the estimated state treasury balance in the quarter;
b) The estimated state treasury balance in the quarter is determined by the average of the estimated state treasury balances at the end of each month in the quarter."
b) Supplement Clause 3 to Article 13 as follows:
"3. In case the central budget has a need for large advance payments exceeding the remaining idle state treasury funds at the time of the need, the State Treasury shall recover the outstanding fixed-term deposits in advance to meet the central budget's advance payment needs for state treasury funds."
6. Amend and supplement Clause 2 of Article 15 as follows:
"2. Units under and affiliated with the Ministry of Finance related to state treasury management:
a) The Tax Administration, Customs Administration, and Debt Management and Foreign Financial Affairs Department shall provide information on cash flow forecasts to the State Treasury as stipulated in Article 6 of this Circular;
b) The Budget Department shall provide information on cash flow forecasts to the State Treasury as stipulated in Article 6 of this Circular, participate in opinions on the State Treasury's management plans;
c) The Banking and Financial Institutions Department shall participate in opinions on the State Treasury's management plans, propose the minimum interest rates for fixed-term deposits of state treasury funds for each term period to the Ministry of Finance for decision."
Article 2. Transitional Provisions
Fixed-term deposits of idle state treasury funds at commercial banks approved before the effective date of this Circular shall continue to be implemented according to the provisions of Circular No. 314/2016/TT-BTC dated November 28, 2016, issued by the Ministry of Finance guiding certain provisions of Government Decree No. 24/2016/NĐ-CP dated April 5, 2016, on state treasury management regulations until maturity.
Article 3. Effectiveness and Implementation
1. This Circular takes effect from November 1, 2019.
2. Direct the State Treasury to implement fixed-term deposits of idle state treasury funds at commercial banks through electronic means from January 1, 2020.
3. The State Treasury and relevant agencies, units, organizations, and individuals shall be responsible for implementing this Circular.
|
DEPUTY MINISTER DEPUTY MINISTER (Signed) Do Hoang Anh Tuan |
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