Joint Circular No. 66/LB-TC-NH guides the transfer of special loan disbursement work from the Department of Finance to the State Bank of Vietnam at provincial and centrally governed city levels.

JOINT CIRCULAR

Guidelines for transferring special loan disbursement responsibilities from the Department of Finance to the State Bank of Vietnam at provincial and centrally-administered city levels

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Pursuant to Article 8 of Decision No. 321/CT dated October 17, 1991 of the Chairman of the Council of Ministers on transferring special loan disbursement responsibilities from financial agencies to the State Bank to unify management, ensure effective use of special funds, and address inconsistencies and misuse of special funds; the Ministry of Finance and the State Bank of Vietnam hereby provide guidelines for transferring special loan disbursement responsibilities from provincial Departments of Finance to the State Bank of Vietnam at provincial and centrally-administered city levels as follows:

1. All provinces and centrally-administered cities permitted by the Council of Ministers to borrow special funds to resolve difficulties of non-state credit funds, where the Department of Finance has directly received such funds on behalf of the People's Committee and lent them to organizations, units, and credit funds, must proceed to transfer all related work and documents concerning the receipt and lending of special funds from the Department of Finance to the State Bank of Vietnam at provincial and centrally-administered city levels.

2. To implement the transfer, each province and centrally-administered city must establish a Transfer Committee for receiving and lending special funds from the Department of Finance to the State Bank. The committee shall include:

- A representative of the People's Committee (serving as Chair of the Committee).

- Director of the Department of Finance

- Governor of the State Bank

3. The content of the transfer must strictly follow the model record attached to this Circular. Additionally, if any additional content arises beyond the prescribed record format, it must be recorded in the record to ensure that the content, documents, and figures transferred (as of the date of signing the transfer record) are complete, detailed, and specific, allowing the State Bank of Vietnam at provincial and centrally-administered city levels to continue monitoring and managing special loans accurately and smoothly.

- The State Bank will only accept the transfer of special loans that the Department of Finance has received on behalf of the People's Committee directly from the State Bank, after verifying and matching all debts accurately and completely.

4. In cases where the Department of Finance has used special loans for local needs, the People's Committee and the Department of Finance of the province or centrally-administered city must repay these funds before the transfer.

5. Any funds received by the Department of Finance from the Bank but not yet utilized, and any amounts recovered by the Department of Finance from borrowers (including principal and interest), must be repaid to the State Bank of Vietnam at provincial and centrally-administered city levels.

6. For outstanding loans made by the Department of Finance to economic units and credit funds that have not been recovered by the transfer date, a new debt acknowledgment list must be established for each unit, with a repayment commitment from the borrower.

7. The transfer of special loans from the Departments of Finance to the State Bank must be promptly carried out and completed by November 30, 1991. Each province and centrally-administered city must submit the transfer records to the Ministry of Finance and the State Bank of Vietnam for consolidation and reporting to the Chairman of the Council of Ministers.

8. After completing the transfer process, the People's Committee of the province or centrally-administered city must continue to direct financial agencies and the State Bank at the local level to closely cooperate in managing special loans and their usage according to the directives of the Council of Ministers and guidelines from the Ministry of Finance and the State Bank of Vietnam.

9. This Circular takes effect from the date of issuance.