Decree No. 78/2010/ND-CP On Re-lending Government Foreign Borrowed Funds

DECREE

On the Rescheduling of Foreign Loans Borrowed by the Government

______________________

THE GOVERNMENT

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

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

Pursuant to the Law on Public Debt Management dated June 17, 2009;

Considering the proposal of the Minister of Finance,

DECREE

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

1. This Decree stipulates the conditions, procedures, formalities, and responsibilities of agencies, organizations, and individuals in the rescheduling of foreign loans borrowed by the Government.

2. This Decree applies to agencies, organizations, and individuals involved in the rescheduling of foreign loans borrowed by the Government.

Article 2. Interpretation of Terms

In this Decree, the following terms are understood as follows:

1. “Foreign loan agreement” refers to agreements, contracts, or loan arrangements concluded on behalf of the State or the Government, or signed by the Ministry of Finance in accordance with the law with foreign lenders.

2. “Rescheduling loan agreement” refers to the rescheduling loan contract or sub-loan agreement signed between the Ministry of Finance or the rescheduling agency and the borrower regarding the rescheduling of foreign loans borrowed by the Government.

3. “Delegation agreement for rescheduling” refers to the agreement signed between the Ministry of Finance and the rescheduling agency (in cases where the Ministry of Finance is not the rescheduling agency) to delegate the rescheduling agency to manage the use of funds by the borrower, recover the rescheduled loan (including principal, interest, and fees) to repay the state budget.

4. “Accounting exchange rate” refers to the exchange rate published by the Ministry of Finance for accounting purposes and reporting budget revenues and expenditures in foreign currencies.

5. “Commercial Interest Reference Rate (CIRR)” refers to the commercial interest reference rate published monthly by the Organization for Economic Cooperation and Development (OECD) on its website (www.oecd.org).

6. “Fee” refers to the fees that the borrower must pay in addition to the rescheduling interest rate to the rescheduling agency, the foreign lender, and the servicing bank.

7. “Grace period” refers to the period starting from the date of signing the foreign loan agreement or the rescheduling agreement until the first principal repayment date as specified in the foreign loan agreement or the rescheduling agreement.

Chapter II

RESCHEDULING TERMS AND CONDITIONS

Article 3. Value of Rescheduled Loan

1. The value of the rescheduled loan recorded in the rescheduling agreement is determined based on the value of the foreign loan agreement for each program or project. In cases where the foreign loan agreement is signed for multiple projects without specifying allocation levels for each program or project, the value of the rescheduled loan is determined based on the government's decision to allocate loan funds.

2. The actual debt value is the cumulative value calculated at each drawdown.

Article 4. Currency of Rescheduled Loan

1. For rescheduling Official Development Assistance (ODA) loans: the borrower may choose the currency of the rescheduled loan to be either Vietnamese Dong or the original foreign currency, depending on the need for the loan and the ability to repay. Once the rescheduling agreement is signed, the borrower cannot change the currency of the rescheduled loan. The conversion rate from foreign currency to Vietnamese Dong in cases where the rescheduled loan is received in Vietnamese Dong is determined as follows:

a) In cases where foreign currency is withdrawn and then sold for Vietnamese Dong, the conversion rate is the buying rate of the corresponding foreign currency of the servicing bank at the time of withdrawing the foreign loan.

b) In cases where foreign currency is withdrawn through a special account or advance payment account for a specific program or project, the conversion rate is the buying rate of the corresponding foreign currency of the servicing bank at the time of withdrawing the foreign loan.

c) In cases where foreign currency is withdrawn through a special account or advance payment account for multiple programs or projects using a shared account, the conversion rate is the buying rate of the corresponding foreign currency of the servicing bank at the time of withdrawing money from the account.

d) In cases where foreign currency is withdrawn directly to pay contractors or suppliers, the conversion rate is the accounting rate published by the Ministry of Finance at the time of withdrawing the foreign loan.

2. For rescheduling commercial loans or preferential foreign loans: the borrower receives the debt in the original foreign currency, except in special cases decided by the Prime Minister.

3. For rescheduling provincial People's Committees (hereinafter referred to as Provincial People's Committee) (applicable to all types of sources): the currency of the rescheduled loan is the original foreign currency.

Article 5. Currency for Repayment of Debt

1. For Refinancing ODA Loans: The currency for repayment of debt shall be the currency of the refinanced loan. In cases where the borrower receives the debt in foreign currency and repays it in Vietnamese Dong, the refinancing agency shall apply the accounting exchange rate prescribed by the Ministry of Finance at the time of repayment or the exchange rate agreed upon between the refinancing agency and the borrower as stipulated in the refinancing agreement to recover the debt.

2. For Refinancing Commercial and Preferential Loans: The currency for repayment of debt shall be the currency of the refinanced loan. In cases where the borrower receives the debt in foreign currency and repays it in Vietnamese Dong, the refinancing agency shall apply the selling price of the corresponding foreign currency of the serving bank or the Vietnam Joint Stock Commercial Bank for Foreign Trade in cases where there is no corresponding exchange rate of the serving bank at the time of repayment to recover the debt.

Article 6. Date of Debt Receipt

1. For loan disbursements made through Letter of Credit (L/C), direct payment, or repayment methods: the date on which the borrower receives the debt from the refinancing agency is the date of disbursement according to the notification from the foreign lender.

2. For loan disbursements made through special accounts or advance accounts:

a) In cases where multiple projects or programs under the same foreign loan agreement share a single special account or advance account, the date on which the borrower receives the debt from the refinancing agency is the date of disbursement from this account for each program or project. Interest accruing from the date the foreign loan is transferred to the special account or advance account until the date of disbursement from this account for each program or project will be settled by the state budget to the foreign lender according to the provisions of the foreign loan agreement.

b) In cases where the foreign loan agreement is for a single program or project and uses a single special account or advance account, the date on which the borrower receives the debt from the refinancing agency is the date the foreign lender transfers funds into this account.

3. Based on the notice of disbursement from the lender or payment vouchers from the special account or advance account, the Ministry of Finance will notify or issue a directive recording income and expenditure for the refinancing agency for the amount disbursed on the disbursement date, for each program or project.

4. Based on the notice or directive recording income and expenditure issued by the Ministry of Finance, the refinancing agency has the responsibility to notify the borrower to receive the debt. In cases where the borrower disagrees with the figures in the notice or directive recording income and expenditure issued by the Ministry of Finance, the refinancing agency must immediately report to the Ministry of Finance for resolution.

Article 7. Refinancing Interest Rate

1. For Refinancing Commercial and Preferential Loans: The refinancing interest rate shall be equal to the foreign loan interest rate.

2. For Refinancing ODA Loans

a) Refinancing in Foreign Currency

In cases where the refinancing is in the original foreign currency borrowed, the refinancing interest rate shall be two-thirds of the corresponding commercial reference interest rate applicable to the term of the refinancing loan at the time of determining the refinancing conditions. If the two-thirds commercial reference interest rate mentioned above is lower than the foreign loan interest rate, the refinancing interest rate shall be equal to the foreign loan interest rate.

In cases where the refinancing is in foreign currency without a commercial reference interest rate, the refinancing interest rate shall be equal to the foreign loan interest rate.

b) Refinancing in Vietnamese Dong:

The refinancing interest rate shall be determined by adding the interest rate for refinancing in foreign currency as stipulated in point a, Clause 2 of this Article to the exchange rate risk ratio between foreign currency and Vietnamese Dong. The Ministry of Finance shall lead and coordinate with the State Bank of Vietnam to calculate and publish the exchange rate risk level between Vietnamese Dong and three major foreign currencies, namely US Dollar, Euro, and Japanese Yen. In cases of significant fluctuations in the foreign exchange market, the Ministry of Finance may re-publish the exchange rate risk level during the application period. In cases where the original foreign currency in the loan agreement differs from these three major foreign currencies, the exchange rate risk level applied shall be that of the US Dollar.

c) Certain industries and sectors are entitled to preferential interest rates at thirty percent of the refinancing interest rate in foreign currency or Vietnamese Dong, but not less than the foreign loan interest rate.

The list of industries and sectors eligible for preferential interest rates shall be prescribed by the Prime Minister. The Ministry of Finance shall lead and coordinate with the Ministry of Planning and Investment to submit the list of industries and sectors eligible for preferential interest rates to the Prime Minister for issuance.

3. For Refinancing Loans to Provincial People's Committees: The refinancing interest rate shall be equal to the foreign loan interest rate.

Article 8. Number of Days for Interest Calculation

1. For rescheduling commercial loans and concessional loans: the number of days for interest calculation for rescheduled loans and late payment interest shall be calculated according to the provisions set forth in the foreign loan agreement.

2. For rescheduling ODA loans: the number of days for interest calculation for rescheduled loans and late payment interest shall be based on the actual number of days the capital is utilized and on the basis of a year consisting of 360 days.

Article 9. Late Payment Interest

In case of failure to repay any debt, including principal, interest, fees, and other related costs, on time, the borrower must pay late payment interest at a higher rate between two rates: late payment interest rate equal to 150% of the rescheduling loan interest rate stipulated in the rescheduling loan agreement and the late payment interest rate stipulated in the foreign loan agreement.

Article 10. Types of Fees

The borrower must pay the following types of fees:

1. Rescheduling Fee:

a) This is a fee collected by the rescheduling agency (including the Ministry of Finance in cases where the Ministry of Finance directly reschedules) from the borrower to cover operational expenses in managing and recovering rescheduled loans. In the case of rescheduling ODA loans, the rescheduling fee is 0.2% per annum on the outstanding principal balance. In the case of rescheduling commercial loans and concessional loans, the rescheduling fee is 0.25% per annum on the outstanding principal balance. The collection agency and the amount of fees paid to various agencies in specific cases are specified in Appendix I of this Decree.

b) No rescheduling fee is applied in the case of rescheduling loans to provincial People's Committees.

c) Management and utilization of rescheduling fees shall be carried out according to the financial mechanism of the fee-using agency. Management and utilization of rescheduling fees by the Ministry of Finance shall be implemented in accordance with the regulations of the Prime Minister.

2. Fees and related costs collected by the foreign lender: the borrower is responsible for paying the fees and related costs to the foreign lender as stipulated in the foreign loan agreement, including management fees, commitment fees, withdrawal fees, insurance fees, and other fees and costs. The borrower shall pay these fees and costs to the rescheduling agency to be paid to the Ministry of Finance, or directly pay them to the foreign lender if authorized by the Ministry of Finance.

3. Service fees collected by the servicing bank: the borrower shall directly pay service fees to the servicing bank as prescribed by the bank.

Article 11. Loan Rescheduling Period

1. The rescheduling period and grace period shall be the same as those stipulated in the foreign loan agreement in the following cases:

a) For rescheduling commercial loans and concessional loans.

b) For rescheduling loans to provincial People's Committees.

c) For rescheduling ODA loans to financial and credit organizations to implement programs and credit limits.

2. For rescheduling ODA loans to enterprises to implement investment programs and projects:

a) The repayment period for the principal shall be the project's payback period as approved by the competent authority in the Investment Project Feasibility Study Report but shall not exceed the period stipulated in the foreign loan agreement.

b) The grace period shall be the construction period until the project is put into operation as stated in the Investment Project Feasibility Study Report that has been approved but shall not exceed the grace period stipulated in the foreign loan agreement.

Article 12. Guarantee for Loans

1. The borrower must use guarantee measures for loans as prescribed by law to ensure compensation for credit risks and other possible risks, except for cases exempted from guarantee for loans as stipulated in Clause 2 of this Article. The collateral includes assets formed from government refinancing loans and/or other assets as prescribed by law.

2. Guarantee for loans shall not be required in the following cases:

a) Refinancing loans to provincial People's Committees.

b) Refinancing loans to financial and credit organizations.

c) Cases permitted by the Prime Minister to apply for credit without collateral or exempted from guarantee for loans.

3. Commitments on guarantee for loans shall be reflected in the refinancing loan agreement. The refinancing lender has the responsibility to require the borrower to complete legal documents on guarantee for loans as prescribed by law.

4. The refinancing lender has the responsibility to manage and handle collateral and guarantee for loans for government refinancing loans as prescribed by law.

Article 13. Early Repayment of Debt

1. For refinancing ODA loans:

The borrower may implement early repayment of debt. The borrower must send a written notice at least 45 days before implementing early repayment to the refinancing lender and the Ministry of Finance and obtain approval from the Ministry of Finance (in case the Ministry of Finance bears credit risk) or the refinancing lender (in case the refinancing lender bears credit risk) and is not required to pay early repayment fees.

2. For refinancing commercial and concessional loans:

If the foreign borrowing agreement allows for early repayment, the borrower may implement early repayment. The borrower must send a written notice at least 45 days before implementing early repayment to the refinancing lender and the Ministry of Finance and obtain approval from the Ministry of Finance (in case the Ministry of Finance bears credit risk) or the refinancing lender (in case the refinancing lender bears credit risk) and must pay early repayment fees according to the provisions of the foreign borrowing agreement (in case the Ministry of Finance bears credit risk) or according to the provisions of the refinancing loan agreement (in case the refinancing lender bears credit risk).

Article 14. Priority Order for Repayment of Loan Principal, Interest, and Fees

For principal, interest, and fees recorded in the refinancing loan agreement, the borrower must repay in priority order equal to any other similar loan. In case the borrower can only repay part of the due obligations, the priority order for debt reduction is as follows: late payment penalties, overdue interest, due interest, refinancing fees, overdue principal, due principal.

Article 15. Non-Exemption from Liability

All claims and disputes related to commercial contracts shall be resolved by the parties signing the contract, and these claims and disputes shall not exempt the borrower from any obligations under the refinancing loan agreement.

Article 16. Assignment

1. The borrower does not have the right to transfer or assign debt obligations arising from refinancing loans, unless there is written approval from the Ministry of Finance (in case the Ministry of Finance bears credit risk) or the refinancing lender (in case the refinancing lender bears credit risk).

2. For state-owned companies when undergoing ownership conversion (privatization, merger, transformation into a single-member limited liability company, transfer to employees, sale), the person deciding on the ownership conversion of the enterprise must request the entity receiving the refinancing loan debt to sign a confirmation of debt with the refinancing lender and fulfill repayment according to the signed refinancing loan agreement.

Article 17. Application of Conditions for Refinancing Loans

1. The Ministry of Finance shall apply conditions for refinancing loans to each refinancing loan based on the provisions of this Decree.

2. In cases where foreign lenders require refinancing under conditions different from those stipulated in this Decree, or in special circumstances, the Ministry of Finance shall take the lead in soliciting opinions from relevant agencies, report to the Prime Minister for consideration and decision.

3. The conditions for refinancing loans determined for each program or project shall not change throughout the entire refinancing period, except for the cases specified in Clause 2 of Article 23 of this Decree.

Chapter III

PROCEDURES AND FORMALITIES FOR REFINANCING LOANS

Article 18. Refinancing Agency and Selection of Refinancing Agency

1. The Ministry of Finance shall directly implement refinancing loans for:

a) Financial and credit organizations to carry out credit programs without specific binding conditions. These financial and credit organizations may independently select the final borrowers, determine the interest rates for the final borrowers, and bear the credit risks.

b) Provincial People's Committees.

c) Certain special projects approved by the Prime Minister to be exempted from the assessment of refinancing loan conditions and loan guarantees.

2. The Ministry of Finance shall delegate financial and credit organizations to act as refinancing agencies in the following cases:

a) To provide refinancing loans to enterprises to implement specific investment programs and projects. In such cases, financial and credit organizations do not bear credit risks.

b) To implement credit programs with binding conditions regarding the target groups, geographical areas, sectors, refinancing interest rates, and/or other related conditions. Depending on the nature of the credit programs, financial and credit organizations may or may not bear credit risks.

3. Selection of Refinancing Agencies

The Ministry of Finance shall select financial and credit organizations as refinancing agencies according to the following criteria:

a) Having experience in providing loans for investment programs and projects in the sectors eligible for refinancing.

b) Operating in areas consistent with the geographical areas of the refinancing programs and projects.

c) Accepting regulations on management, recovery of refinanced capital, refinancing fees, and reporting systems as prescribed by law.

d) Being approved by foreign lenders to act as refinancing agencies (if the loan agreement specifies this requirement).

đ) For refinancing ODA loans, priority should be given to government policy banks. For refinancing commercial and concessional loans, commercial banks and other financial institutions should be selected, prioritizing those that participate in co-financing the refinancing projects.

4. Refinancing agencies shall enjoy refinancing fees as prescribed in Appendix I attached to this Decree.

Article 19. Assessment of Programs and Projects for Refinancing Loans

1. Refinancing ODA loans for investment programs and projects where the refinancing agency bears credit risks.

a) The refinancing agency shall assess the financial plans of the refinancing programs and projects and the financial capacity of the refinancers according to the assessment regulations of the refinancing agency.

b) Within thirty days from the date of receiving all valid documents for the assessment, the refinancing agency shall conduct the assessment and submit a report on the assessment results of the programs and projects to the Ministry of Finance for review and determination of refinancing conditions in accordance with the provisions of this Decree. Within fifteen days from the date of receipt of the assessment report from the refinancing agency, the Ministry of Finance shall notify the refinancing conditions to the refinancing agency and the refinancer.

2. Refinancing ODA loans for investment programs and projects where the refinancing agency does not bear credit risks.

a) To determine the refinancing conditions, the refinancer must provide the following documents to the Ministry of Finance:

- A document from the Prime Minister allowing the use of ODA loans;

- An investment project (Feasibility Study Report) of the project or program already approved;

- Investment decision of the competent authority (if applicable).

b) Within thirty days from the date of receiving all valid documents from the refinancer, the Ministry of Finance shall notify the refinancing conditions to the refinancing agency and the refinancer.

3. In cases of refinancing financial and credit organizations under credit programs and credit limits.

a) To conduct the assessment and determine the refinancing conditions, financial and credit organizations must provide the following documents to the Ministry of Finance (for ODA refinancing loans) or the State Bank of Vietnam (for commercial and concessional refinancing loans):

- Financial reports of the last three years;

- Financial plan for using and repaying the loan based on the refinancing conditions set forth in this Decree.

b) For ODA refinancing loans, within thirty days from the date of receiving all valid documents from the financial and credit organizations, the Ministry of Finance shall conduct the assessment and notify the assessment results and refinancing conditions to the financial and credit organizations receiving refinancing.

For commercial and concessional refinancing loans, within thirty days from the date of receiving all valid documents from the financial and credit organizations, the State Bank of Vietnam shall conduct the assessment and notify the assessment results to the Ministry of Finance. Within fifteen days from the date of receipt of the assessment results from the State Bank of Vietnam, the Ministry of Finance shall notify the refinancing conditions to the financial and credit organizations receiving refinancing and the State Bank of Vietnam.

4. For refinancing commercial and concessional loans to enterprises.

a) To conduct the assessment of refinancing programs and projects, the refinancer must provide the following documents to the refinancing agency:

- An investment project (Feasibility Study Report) of the project or program already approved;

- Investment decision of the competent authority;

- Financial reports for the last three years (for operating enterprises/economic organizations); for newly established enterprises or those that have not been operating for three years, there must be a commitment letter from the representative of the owner, the owner, or the parent company regarding debt repayment capability; the content of the commitment from the representative of the owner, the owner, or the parent company aims to ensure readiness to repay on behalf of the borrower in case the borrower encounters difficulties in repaying the debt;

- A financial plan based on reference conditions for loan rescheduling according to this Decree.

b) Within thirty days from the date of receiving all valid documents mentioned above, the loan rescheduling agency shall conduct an assessment and submit a report on the assessment results of the program/project to the Ministry of Finance for consideration to determine the loan rescheduling conditions according to the provisions of this Decree. Within fifteen days from the date of receipt of the assessment report from the loan rescheduling agency, the Ministry of Finance shall notify the loan rescheduling conditions to the loan rescheduling agency and the rescheduled borrower.

5. Case of loan rescheduling for provincial People's Committees

a) To carry out the assessment, the provincial People's Committee needs to provide the following necessary documents to the Ministry of Finance:

- The local budget plan for the year of signing the foreign borrowing agreement;

- The plan for using borrowed funds and repaying debts approved by the provincial People's Committee.

b) Within thirty days from the date of receiving all valid documents from the provincial People's Committee, the Ministry of Finance shall conduct an assessment and issue a notification on the assessment results regarding the ability to repay to the provincial People's Committee receiving the loan rescheduling.

Article 20. Signing the power of attorney for loan rescheduling and the loan rescheduling agreement

1. Signing the power of attorney for loan rescheduling

After specific loan rescheduling conditions are determined (or approved by the Prime Minister), within thirty days, the Ministry of Finance shall sign a power of attorney for loan rescheduling with the loan rescheduling agency based on general principles attached as Appendix II of this Decree.

2. Signing the loan rescheduling agreement

Within fifteen days after signing the power of attorney for loan rescheduling with the Ministry of Finance, the loan rescheduling agency shall sign a loan rescheduling agreement with the rescheduled borrower according to the conditions recorded in the power of attorney for loan rescheduling. After signing the loan rescheduling agreement, the loan rescheduling agency shall send one copy to the Ministry of Finance for coordinated monitoring and management.

In the case where the Ministry of Finance is the loan rescheduling agency, within fifteen days from the date of notifying the loan rescheduling conditions to the borrower, the Ministry of Finance shall sign a loan rescheduling agreement with the borrower according to the notified conditions.

Article 21. Debt acceptance procedures

Based on notifications of each withdrawal of funds from foreign lenders or notifications from banks serving the disbursement from special accounts, the Ministry of Finance shall record government revenue and expenditure for the loan rescheduling agency to accept funds and notify the borrower of debt acceptance. In cases where the Ministry of Finance directly reschedules loans, the borrower accepts debt directly with the Ministry of Finance.

Immediately upon receipt of the notification of the end of the withdrawal period under the foreign borrowing agreement, the Ministry of Finance shall notify the loan rescheduling agency or the borrower of the final total amount of debt accepted by the borrower.

Article 22. Recovery of Loaned Funds

The borrower shall fully and timely repay the loan according to the repayment obligation recorded in the loan agreement with the lending agency.

The lending agency shall fully and timely repay the loan according to the repayment obligation recorded in the delegation contract for the loan to the Foreign Debt Repayment Reserve Fund in accordance with the guidelines of the Ministry of Finance. In cases where the Ministry of Finance delegates the lending agency to directly repay the debt to foreign countries, the lending agency shall only transfer to the Ministry of Finance the remaining amount after repaying to the foreign country.

Article 23. Risk Management

1. For the method of loaning again where the lending agency does not bear credit risk, in the event that the borrower encounters difficulties in repaying part or all of the debt and after the lending agency has applied all necessary measures and sanctions as prescribed by law but still cannot recover the debt, the lending agency shall be responsible for examining and clearly identifying the causes to report to the Ministry of Finance and the program/project appraisal agency along with recommendations for the Ministry of Finance to consider and handle or submit to the competent authority for decision.

2. Authority to manage risks:

a) In cases where the borrower encounters temporary difficulties, the Ministry of Finance may arrange to reschedule the repayment schedule (write-off, extend the repayment period) to align with the borrower's repayment capacity if the total repayment obligation remains unchanged or the repayment period does not exceed the foreign loan term.

b) In cases where the borrower encounters serious difficulties leading to changes in the loan terms (interest rate, repayment period exceeding the foreign loan term) or partial debt cancellation (principal, interest), the Ministry of Finance shall take the lead in coordinating with the program/project appraisal agency and other relevant agencies to develop a handling plan to be submitted to the Prime Minister for decision on a case-by-case basis.

c) In cases where the borrower completely loses the ability to repay, the Ministry of Finance shall report to the Prime Minister for decision on handling the collateral for the loan to recover the debt. If the debt is still not fully recovered after disposing of the collateral, it shall be handled in accordance with the law.

d) In all cases of non-repayment mentioned above, if determined to be due to subjective reasons, the Ministry of Finance shall recommend the Prime Minister to assign competent agencies to handle individuals responsible for the non-repayment situation in accordance with the law.

Article 24. Reporting system

1. Quarterly, the lending agency shall submit a report to the Ministry of Finance on the assessment of the implementation of the loaning activities for programs and projects and the recovery plan for loan funds in the upcoming quarter.

2. Quarterly, the borrower shall submit a report to the lending agency and the Ministry of Finance on the assessment of the implementation of programs and projects using loan funds and the repayment plan for loan capital in the upcoming quarter.

Chapter IV

IMPLEMENTING PROVISIONS

Article 25. Effective Date

1. This Decree takes effect from August 30, 2010. Programs and projects that borrow under agreements with foreign loans effective after the date this Decree takes effect shall be implemented in accordance with the provisions of this Decree. Loan agreements and delegation contracts for loans signed before the effective date of this Decree shall continue to be implemented in accordance with the signed agreements.

2. The Decision No. 181/2007/QĐ-TTg dated November 26, 2007 of the Government Chairman promulgating the Regulations on Loaning Again of Foreign Loans and Aid Capital of the Government and previous regulations of the Government, Ministries, agencies equivalent to Ministries, and agencies under the Government contrary to the content of this Decree are hereby abolished.

Article 26. Responsibility for Implementation

Ministers, Heads of agencies equivalent to Ministries, Heads of agencies under the Government, Chairmen of People's Committees of provinces and centrally governed cities, related enterprises, organizations, and individuals are responsible for implementing this Decree./.