Circular No. 81/2014/TT-BTC on the regime for providing information and reporting on programs and projects financed by government-guaranteed loans

CIRCULAR

Regulations on the provision of information and reporting for programs and projects with government-guaranteed loans programme, project borrowing is guaranteed by the Government

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Pursuant to the Law on Public Debt Management 2009;

Pursuant to Decree No. 15/2011/NĐ-CP dated February 16, 2011 of the Government on the issuance and management of government guarantees;

Pursuant to Decree No. 01/2011/NĐ-CP dated January 5, 2011 of the Government on the issuance of government bonds, government-guaranteed bonds, and local government bonds;

Pursuant to Decree No. 215/2013/ND-CP dated December 23, 2013 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

This Circular takes effect from February 15, 2025.

The Minister of Finance issues this Circular regulating the provision of information and reporting for programs and projects with government-guaranteed loans.

Section 1

Section 1 GENERAL PROVISIONS

Article 1. Scope and Applicability

Article 1. Scope of application: This Circular stipulates the types of information and reports that the Beneficiary, agencies, organizations, and individuals related to the process of issuing and managing government guarantees for loan programs and projects must provide to the Guarantor (Ministry of Finance).

第二条 组织和实施奖励工作的支出水平，如政府第152/2025/NĐ-CP号决定关于分级授权和奖励领域的分权规定

a) Beneficiary;

b) Guarantor;

c) Lender/Creditor;

c) Agencies, organizations, and individuals related to the process of issuing and managing government guarantees.

Article 2. Types of Reports

Clause 1. Periodic reports: Quarterly, semi-annual, and annual reports.

Clause 2. Ad hoc reports when issues arise related to the management of guarantees or at the request of the Ministry of Finance.

Article 3. Requirements for Reporting and Providing Information

Clause 1. The Beneficiary is responsible for providing timely and complete information and reports as required, and ensuring promptness when requested to provide ad hoc information or reports.

Clause 2. The Beneficiary bears responsibility for the accuracy and honesty of the provided information and reports.

Clause 3. The Lender/Creditor is responsible for exchanging and providing information to the Guarantor as stipulated in this Circular.

Section 2 SPECIFIC PROVISIONS

Article 4. Provision of Information Before Issuing Guarantee

Clause 1. Provision of information during evaluation and issuance of guarantee: In addition to the application dossier for guarantee issuance as prescribed in Decree No. 15/2011/NĐ-CP dated February 16, 2011 of the Government on the issuance and management of government guarantees and Decree No. 01/2011/NĐ-CP dated January 5, 2011 of the Government on the issuance of government bonds and local government bonds guaranteed by the government, the Project Owner (after issuance of guarantee, referred to as the Beneficiary) needs to provide the Guarantor with the following additional information:

Clause 1.1. Information about major shareholders (general information such as name, address, registered capital, main business, supervising agency, and financial statements for the last three years).

Clause 1.2. Information about the Project:

- Development planning for the relevant industry and region related to the Project and related approval documents from competent authorities.

- Assessment of raw material supply for the project, transportation conditions.

- Assessment of product consumption plans, market conditions.

- Technology and equipment for the investment project.

Clause 1.3. Interim financial report for the first half of the year if the application for guarantee issuance is made in the second half of the fiscal year.

Clause 1.4. Loan repayment plan consistent with the project implementation schedule, detailing the expected amount to be withdrawn each year.

Clause 1.5. Annual capital contribution plan and other documents (if any) proving the ability to arrange capital contributions.

Clause 1.6. Approval document for the loan proposal and bond issuance requesting government guarantee from the supervising ministry.

Clause 1.7. Written opinion of the People's Committee of the province where the project is located regarding land acquisition and clearance, environmental impact assessment, and the activities of the project owner in the locality.

Clause 2. Provision of Information Before Negotiating Loan Agreements:

Clause 2.1. Prior to delegating the arrangement of a loan requiring a government guarantee to any lender, the Borrower is responsible for providing the Ministry of Finance with a preliminary loan offer for reference and participation in negotiations if necessary.

Clause 2.2. Prior to negotiating legal documents related to the loan and bond issuance, the Borrower provides the Ministry of Finance with the documents specified in Point a), Clause 3, Article 10 of Decree No. 15/2011/NĐ-CP dated February 16, 2011 of the Government on the issuance and management of government guarantees.

Article 5. Report for each bond issuance round

The report for each bond issuance round shall be carried out in accordance with the provisions of Article 19 and Article 20 of Circular No. 34/2012/TT-BTC dated March 1, 2012, issued by the Ministry of Finance, guiding the issuance of government-guaranteed bonds.

Article 6. Periodic reports during the guarantee period

The guarantied party is responsible for providing the Ministry of Finance with the following:

1. Quarterly report on capital withdrawal and debt repayment for the project:

1.1. Reporting deadline: Within ten days at the beginning of each quarter during the capital withdrawal phase.

1.2. Content of the report: The report must provide detailed figures for each capital withdrawal and debt repayment (principal, interest, fees, and guarantee fees) of the government-guaranteed loan in the previous quarter (in accordance with the form attached as Appendix 1 to this Circular):

a) Name of the loan, lender, loan amount, date of loan agreement, currency of the loan;

b) Date of capital withdrawal and debt repayment;

c) Amount of capital withdrawn and repaid;

d) Interest rate and fees applied from the date of capital withdrawal and debt repayment;

đ) Cumulative outstanding balance up to the date of capital withdrawal and debt repayment;

e) Purpose of capital withdrawals during the period (specify clearly the items or services to be paid).

2. Six-month report on project implementation:

2.1. Reporting deadline: Within ten days at the beginning of January and July each year.

2.2. Content of the report:

2.2.1. During the capital withdrawal phase:

In addition to the six-month data that must be reported according to the model and content specified in Point 1.2, Clause 1, Article 6 of this Circular, the guarantied party is responsible for reporting a detailed account of the project's implementation during the capital withdrawal phase, including the following contents:

a) Project implementation status, assessment of progress compared to the initial plan (clearly stating the percentage achieved);

b) Capital withdrawal and debt repayment figures up to the reporting date (according to the form attached as Appendix 1 to this Circular);

c) Situation of equity contribution or allocation of own capital according to the commitments of shareholders or parent company (absolute value), compared to the initial planned forecast (as a percentage);

d) Advantages, difficulties, and obstacles encountered during the implementation process;

đ) Proposals for measures to address and resolve difficulties and obstacles (if any) with the Ministry of Finance and the supervising authority;

e) For projects facing financial difficulties and having to borrow from the Debt Repayment Reserve Fund or the State Budget to repay debts, the guarantied party is responsible for providing additional information on debt repayment to the Debt Repayment Reserve Fund or the State Budget (according to the form attached as Appendix 2 to this Circular) and assessing the ability to repay in subsequent periods, specifying the sources of repayment and proposing anticipated measures to overcome current financial difficulties, along with the supervising authority's opinions on these measures.

2.2.2. During the operational phase until the end of the guaranteed loan period, including the following contents:

a) Data on debt repayment for due installments in the reporting period and the remaining debt (according to the form attached as Appendix 1 to this Circular);

b) Operational situation, plant capacity, product sales situation, market consumption evaluation, supply of goods and services, production and business results;

d) Advantages, difficulties, and obstacles encountered during the operational phase;

đ) Proposals (if any) to the Ministry of Finance and the supervising authority to resolve current obstacles;

e) For projects facing financial difficulties and having to borrow from the Debt Repayment Reserve Fund or the State Budget to repay debts, the guarantied party is responsible for providing additional information on debt repayment to the Debt Repayment Reserve Fund or the State Budget (according to the form attached as Appendix 2 to this Circular) and assessing the ability to repay in subsequent periods, specifying the sources of repayment and proposing anticipated measures to overcome current financial difficulties, along with the supervising authority's opinions on these measures.

3. Financial report:

The guarantied party is responsible for sending quarterly and annual financial reports (audited and confirmed by the State Audit Agency or an independent auditing firm) of the guarantied party and the enterprise established to manage and operate the Project (if such an enterprise has been established) to the Ministry of Finance within ten days after the official circulation of those financial reports according to regulations.

4. Completion report for the construction phase:

4.1. Reporting deadline: Six months after signing the final acceptance certificate.

4.2. Content of the report: The completion report for the construction phase includes the following contents:

a) Project construction progress compared to the plan; Clearly state the reasons for the outcome (faster/slower than the planned schedule, reasons and measures taken);

b) Total actual costs of the Project compared to the approved total investment amount, specifying the disbursed amount from the counterpart funds/equity and the loan of the Project;

c) Total debt repayment (separating principal, interest, and various fees) during the construction phase;

d) Project implementation results according to the initial objectives;

đ) Evaluation of operational capability (expected capacity over the next three years) and future debt repayment capability of the project;

e) Complete repayment schedule for the entire guaranteed loan based on the actual amount of capital withdrawn (according to the form attached as Appendix 3 to this Circular).

5. Final loan report:

5.1. Reporting deadline: One month after completing the final debt repayment.

5.2. Content of the report: The final loan report includes the following contents:

a) Comprehensive information about the loan, specifically:

- Loan Agreement number and date;

- Lender;

- Borrower;

- Guarantee Letter date;

- Loan amount;

- Terms, conditions, interest rates, and fees of the loan;

- Actual amount withdrawn and detailed list of withdrawals;

- Amount repaid and detailed list of principal, interest, and fee repayments;

- Lender's confirmation letter of full debt repayment, detailing the amount repaid in each installment;

- Guarantee fees paid (detailed list).

Article 7. Special Reports:

1. Report on Extension of Withdrawal Period or Adjustment of Repayment Time for Loan:

1.1. Circumstances for Reporting: A report shall be submitted when the Borrower requests an extension of the withdrawal period or adjustment of the repayment time for the loan.

1.2. Deadline for Reporting: Fifteen days before the expiration date of the withdrawal period or prior to the next repayment date.

1.3. Content of the Report:

a) Report on the project implementation status and explanation of reasons leading to the need for extension or adjustment of the loan terms;

b) Assessment of the impact and influence of the extension or adjustment of the loan on the project and loan repayment; update on the financial plan and repayment capacity of the Borrower after the extension; measures to address the impacts on loan repayment (specify the source of repayment);

c) Estimated completion time for the project.

2. Report on Changes and Adverse Developments:

2.1. Circumstances for Reporting: The Borrower must report to the Ministry of Finance in cases of changes and adverse developments including but not limited to the following:

a) Project implementation delay exceeding six months compared to the planned withdrawal schedule;

b) Shareholders' equity allocation delayed by six months according to the commitment in the financial plan submitted for approval by the competent authority (major shareholders not contributing in the case of a joint-stock company and the parent company not providing capital in the case of a single-member limited liability company);

c) Project only achieving 50% of the expected capacity in the first year of operation;

d) Product consumption rate in the year only reaching 50% of the plan, affecting the company's revenue and potentially impacting the loan repayment under the Government-guaranteed loan contract;

đ) Anticipated changes in major shareholder structure, founding shareholders, or company model as decided by the Board of Directors or the competent superior authority;

e) Occurrence of issues related to collateral assets of the loan;

g) Other adverse impacts as stipulated in the Government-guaranteed loan contract.

2.2. Deadline for Reporting: Within ten days from the occurrence of any change or event that may have adverse effects on the project implementation and loan repayment of the Borrower.

2.3. Content of the Report: The Borrower is responsible for reporting to the Ministry of Finance on the current situation, circumstances, causes, and measures taken.

3. Report on Transfer or Assignment of Shares or Capital Contributions to Third Parties:

3.1. Circumstances for Reporting: The Borrower is required to report to the Ministry of Finance in the following cases:

a) The Borrower transfers or assigns shares or capital contributions to third parties as prescribed in Clause 3, Article 15 of Decree 15/2011/NĐ-CP dated February 16, 2011;

b) The Borrower or founding shareholders or major shareholders intend to transfer or assign more than 5% of the registered capital to third parties when the Borrower has not yet listed its shares or registered for trading on the market. Such transfer or assignment of shares or capital contributions to third parties does not alter the information disclosure obligation of the Borrower.

3.2. Deadline for Reporting: Within thirty days from the date of the resolution and minutes of the Board of Directors meeting approving the share transfer or assignment in accordance with the provisions of the Enterprise Law, Securities Law, and Company Charter.

3.3. Content of the Report: The Borrower is responsible for reporting to the Ministry of Finance the following information:

a) List of major shareholders;

b) Quantity and nature of shares intended for transfer or assignment;

c) Organizations or individuals intended to receive the transfer or assignment;

d) Method of transfer or assignment;

đ) Reasons for transfer or assignment;

e) Obligations of the parties involved in the transfer or assignment transaction;

g) Obligations of the Borrower and major shareholders to fulfill relevant obligations upon transfer or assignment and their ability to fulfill them;

h) Resolution and minutes of the Board of Directors meeting approving the share transfer or assignment in accordance with the provisions of the Enterprise Law, Securities Law, and Company Charter;

i) Most recent financial report (within six months from the date of submitting the application for transfer or assignment) of the Borrower and the anticipated recipient of the transfer or assignment (if applicable).

4. Report on Transfer or Assignment of the Loan by the Lender (Guarantee Recipient) to a Third Party or Change of Agent Bank:

4.1. Circumstances for Reporting: When the Lender (Guarantee Recipient) requests the Borrower (Guarantee Beneficiary) to agree to the transfer of the Government-guaranteed loan to a third party or multiple parties, or to change the agent bank and seek the guarantor's approval.

4.2. Deadline for Reporting: Within thirty days from the receipt of the Guarantee Recipient's document requesting the Borrower's agreement on the loan transfer or agent bank change.

4.3. Content of the Report: The Borrower is responsible for providing the Ministry of Finance with the following information and documents:

a) Letter of request from the lending organization (Guarantee Recipient) regarding acceptance of the transfer or assignment transaction, related agreements between the parties, or change of the agent bank for the Government-guaranteed loan;

b) Report on the obligations of the parties involved in the transaction, changes in the obligations of the Guarantee Recipient, agent bank, and Borrower in the transaction (if any), and handling measures;

c) Transfer value as proposed by the Guarantee Recipient;

d) Opinion of the Borrower on the transaction; In the case where the Lender transfers the loan or changes the agent bank without seeking the Guarantor's approval, the Borrower is responsible for notifying the Guarantor to update the project file.

5. Report at the Request of the Guarantor:

5. 1. Reporting case: When the Ministry of Finance requests to report relevant information regarding the project or loan, bond issuance guaranteed by the Government on an urgent basis.

5. 2. Reporting deadline: Within five working days from the date of receipt of the official letter requesting the report sent through official mail, fax, or directly delivered to the Guarantor. To meet the time limit, the information provided by the Guaranteed Party may be transmitted in advance via fax according to the fax number stated in the Guarantor's request letter. The original document shall be sent to the Guarantor through official mail.

5. 3. Content of the report: The content of the report shall comply with the specific requirements of the Guarantor.

6. Reporting when unable to ensure debt repayment capability:

6. 1. Reporting case: When the Guaranteed Party encounters financial difficulties and is unable to ensure short-term (one payment period) or long-term (two periods or more) debt repayment capability for the loan or bond issuance guaranteed by the Government, or for mandatory loans from the Debt Repayment Reserve Fund or State Budget.

6. 2. Reporting deadline: At least forty-five days before the due date of the debt repayment period as stipulated in Decree No. 15/2011/NĐ-CP dated February 16, 2011.

6. 3. Content of the report: The report must include the following contents:

a) The status of the project implementation at the point when the Guaranteed Party is unable to repay the debt and clearly state the reasons for the difficulties encountered;

b) The financial situation of the Guaranteed Party, accompanied by the latest six-month financial report and clearly stating the reasons for the inability to ensure debt repayment capability;

c) The capacity and measures of support that the Parent Company, founding shareholders, and major shareholders of the Guaranteed Party have already implemented or will implement to provide financial assistance according to their commitments when granting the guarantee, along with the latest six-month financial report of the parent company or controlling shareholder;

d) Proposals and recommendations to the Guarantor regarding the repayment of the guaranteed debt according to current regulations;

e) The operational plan of the Guaranteed Party during the requested financial support period, projected revenue from the project, expected sources of repayment, and repayment plan;

f) Opinions of the Parent Company, founding shareholders, major shareholders, and supervisory authorities on the current situation and proposals of the Guaranteed Party.

Article 8. Information Exchange Mechanism between the Guarantor, the Guaranteed Party, and the Lender/Bondholder.

In order to enhance the quality and effectiveness of government guarantee issuance and management, the mechanism for information exchange among the Guarantor, the Guaranteed Party, and the Lender/Bondholder is as follows:

1. During the guarantee issuance evaluation phase, the Guarantor, the Guaranteed Party, and the Lender/Bondholder shall cooperate to exchange information related to the proposed guarantee project based on the requirements of each party.

2. During the project implementation process:

a. The Guaranteed Party is responsible for providing information related to the project in accordance with the terms of the loan financing agreement to the Lender/Bondholder.

b. The Lender/Bondholder shall conduct inspections and supervision of the project implementation in accordance with the terms of the loan financing agreement and within the confidentiality obligations of the parties as stipulated in the loan financing agreement, sharing with the Guarantor (Ministry of Finance) monitoring information on the project or any other information that may affect the debt repayment capability of the project to take timely measures.

3. As soon as possible upon receiving the Guarantor's request for information cooperation or upon becoming aware of an event that could affect the debt repayment capability of the project, the Lender/Bondholder shall provide information in writing within the permissible scope to the Guarantor.

4. The Guarantor, the Guaranteed Party, and the Lender/Bondholder may request face-to-face meetings between the parties when there is a need to share information and address issues arising for any of the involved parties.

Mục 3 XỬ LÝ VI PHẠM

Điều 9. Xử lý vi phạm chế độ cung cấp thông tin, báo cáo của Người được bảo lãnh

1. Tổ chức vi phạm việc cung cấp thông tin, báo cáo quy định tại Thông tư này bị xử phạt theo các quy định hiện hành trong lĩnh vực quản lý nợ công.

2. Trường hợp Người được bảo lãnh vi phạm các quy định về chế độ cung cấp thông tin, báo cáo 3 lần liên tiếp, Bộ Tài chính báo cáo.

Mục 4 TỔ CHỨC THỰC HIỆN

Article 10. Effective Date

1. Thông tư này có hiệu lực thi hành kể từ ngày 10 tháng 8 năm 2014.

2. During its implementation, if the regulatory documents cited for application in this Circular are amended, supplemented, or replaced by new documents, then the new documents shall apply.

3. Trong quá trình thực hiện, nếu có vướng mắc hoặc chưa được hướng dẫn tại Thông tư này, đề nghị các cơ quan, đơn vị có liên quan phản ánh kịp thời cho Bộ Tài chính để hướng dẫn, phối hợp giải quyết./.