Circular No. 76/2008/TT-BTC supplements Circular No. 57/2003/TT-BTC dated June 13, 2003 guiding the mechanism for payment of goods and services to repay debts to the Russian Federation.

CIRCULAR

Hanoi, September 3, 2008

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Supplementing Circular No. 57/2003/TT-BTC dated June 13, 2003 guiding the mechanism for payment of goods and services to offset debts to the Russian Federation

WHEREAS, Decree No. 77/2003/NĐ-CP dated July 1, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

WHEREAS, the Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Russian Federation on the settlement of Vietnam's debt to Russia and the Protocol between the Government of the Socialist Republic of Vietnam and the Government of the Russian Federation on the debt repayment mechanism signed on September 13, 2000 (hereinafter referred to as the Agreement and the Protocol);

The Ministry of Finance supplements Circular No. 57/2003/TT-BTC dated June 13, 2003 guiding the mechanism for payment of goods and services to offset debts to the Russian Federation as follows:

1. Add the following provisions at the end of Point 2, Part II of Circular No. 57/2003/TT-BTC on Payment Procedures:

"In cases where the Russian partner entrusts a Vietnamese enterprise to re-export goods for debt repayment to a third country to collect foreign currency, if the entrusted Vietnamese enterprise requests, the Ministry of Finance will make direct payments in US dollars (USD) into the foreign currency account (USD) of the Vietnamese enterprise."

2. This Circular takes effect 15 days from the date of publication in the Official Gazette. Other provisions in Circular No. 57/2003/TT-BTC dated June 13, 2003 of the Ministry of Finance guiding the mechanism for payment of goods and services to offset debts to the Russian Federation remain valid.

In the course of implementing this Circular, if there are any difficulties, the relevant agencies and enterprises are requested to promptly report them to the Ministry of Finance for timely resolution.