Decree No. 84/2026/NĐ-CP Amending and Supplementing Certain Articles of Several Decrees of the Government in the Field of Public Debt Management

AMENDING AND ENHANCING CERTAIN ARTICLES OF GOVERNMENT DECREES

IN THE FIELD OF PUBLIC DEBT MANAGEMENT BASED ON

THE ORGANIZATION LAW OF THE GOVERNMENT NO. 63/2025/QH15; BASED ON

THE PUBLIC DEBT MANAGEMENT LAW NO. 20/2017/QH14, AMENDED AND ENHANCED BY LAWS NO. 141/2025/QH15; BASED ON THE CREDIT ORGANIZATIONS LAW NO. 32/2024/QH15, AMENDED AND ENHANCED BY LAWS NO. 96/2025/QH15;

BASED ON THE PUBLIC INVESTMENT LAW NO. 58/2024/QH15, AMENDED AND ENHANCED BY LAWS NO. 90/2025/QH15; BASED ON

THE STATE BUDGET LAW NO. 89/2025/QH15; BASED ON THE LAW AMENDING AND ENHANCING CERTAIN ARTICLES OF THE TENDER LAW, PUBLIC-PARTNERSHIP INVESTMENT LAW, CUSTOMS LAW, VALUE-ADDED TAX LAW, EXPORT-TAX, IMPORT-TAX LAW, INVESTMENT LAW, PUBLIC-INVESTMENT LAW, STATE ASSET MANAGEMENT AND USE LAW NO. 90/2025/QH15;

ACCORDING TO THE PROPOSAL OF THE MINISTER OF FINANCE; THE GOVERNMENT ISSUES THIS DECREE AMENDING AND ENHANCING CERTAIN ARTICLES OF GOVERNMENT DECREES IN THE FIELD OF PUBLIC DEBT MANAGEMENT.

ARTICLE 1. AMENDMENTS AND ENHANCEMENTS TO DECREE NO. 91/2018/NĐ-CP ON ISSUANCE AND MANAGEMENT OF GUARANTEES BY THE GOVERNMENT 1. Amend and enhance point b of clause 1, article 5 as follows:

“b) Not having incurred a loss in any three consecutive years immediately preceding the most recent according to the audit report, except where the enterprise has been rated by one or more international credit rating agencies that have conducted ratings for Vietnam and rated it at a level equal to or lower than one grade below the national credit rating;”

2. Amend and enhance clause 3 of article 6 as follows:

“3. For government-guaranteed bonds issued by policy banks, the guarantee limit is the actual amount of government-guaranteed bonds issued in the year not exceeding the guarantee limit approved by the Prime Minister according to the provisions of paragraph 48 of this Decree.”

3. Amend and enhance certain points and clauses of article 10 as follows:

a) Amend and enhance clause 1 as follows:

“1. The annual government guarantee limit is an indicator in the annual borrowing and repayment budget, which is prepared by the Ministry of Finance and reported to the competent authority for decision-making according to the provisions of paragraph 4 of article 13 and paragraph 2 of article 14 of the Public Debt Management Law.”;

b) Amend and enhance clause 2 as follows:

“2. Based on the five-year government guarantee limit, the demand for and capacity to mobilize borrowing funds, the Ministry of Finance prepares the annual government guarantee limit in the annual borrowing and repayment budget and submits it to the Prime Minister for approval.

In case the growth rate of the guaranteed debt exceeds the growth rate of the gross domestic product of the previous year, the Ministry of Finance reports to the Government for consideration and decision on the five-year government guarantee limit.”;

c) Amend and enhance point b of clause 3 as follows:

“b) The value of borrowing or bond issuance proposed for government guarantee in the next budget year for projects that have been approved by the Prime Minister to issue guarantees;”

d) Amend and enhance point d of clause 3 as follows:

“d) The projected withdrawal from loans, repayment of debts in the next budget year for borrowings or bond issuances already guaranteed and expected to be guaranteed;”

d) Amend and enhance clause 4 as follows:

“4. Policy banks shall, based on the forecasted growth rate of state-owned credit funds, the funding balance sheet, and the use of funds in the next budget year, submit a request for government guarantee before October 30th of the year immediately preceding the budget year to be included in the annual borrowing and repayment budget. The content of the policy bank's proposal includes:”

a) Projected growth rate of credit in the next budget year;

b) Balance sheet and use of funds for implementing the policy bank’s credit program in the next budget year, including funding from government-guaranteed bond issuances;

c) Projected issuance of government-guaranteed bonds in the next budget year.”

4. Insert a paragraph at the end of point b of clause 6, article 11 as follows:

“In case there is a loss for any year during the three consecutive years immediately preceding the most recent according to the audited financial report, the enterprises shall provide the results of their credit rating from the relevant agencies.”

5. Amend certain points and clauses of article 12 as follows:

a) Amend and enhance clause 1 as follows:

“1. The Ministry of Finance, in conjunction with relevant agencies, shall conduct an examination of the application for approval of government guarantees after the enterprise has submitted all required documents according to the provisions of article 11 of this Decree and before negotiations or preparation of legal documentation for bond issuance as per regulations.”;

b) Amend point a of clause 2 as follows:

“a) Submitting complete application documents in accordance with the provisions of article 11 of this Decree;”

6. Insert point d after point c, clause 5, article 14 as follows:

“d) Financial plan.”

7. Amend and enhance certain points and clauses of article 15 as follows:

a) Amend and enhance clause 2 as follows:

“2. Within thirty days from the receipt of complete application documents from the enterprise according to this Decree, the Ministry of Finance, in conjunction with relevant agencies, shall conduct an examination of the application for government guarantees and report the results of the examination to the Prime Minister with key contents as follows:”

b) Amend point a of clause 2 as follows:

“a) Submitting complete documents according to article 14 of this Decree;”

8. Amend and enhance point a, clause 4, article 22 as follows:

“a) Application documents include:”

9. Amend and enhance certain points and clauses of article 25 as follows:

a) Amend and enhance point d of clause 1 as follows:

“d) Transfer revenues, income from the Project, and other lawful income to the project account and maintain a balance in the project account (in original currency or Vietnamese Dong according to the exchange rate provided by the bank serving the purpose) to ensure sufficient funds for debt repayment on time;”

b) Amend and enhance point g of clause 1 as follows:

“g) Provide a confirmation of periodic debt data annually or send a copy of the annual periodic debt data confirmation from the lending bank to the Ministry of Finance for government-guaranteed borrowings and bond issuances;”

c) Amend and enhance point b of clause 2 as follows:

"d) Transfer project revenues, other lawful income receipts to the project account and maintain a balance in such account (in original currency or Vietnamese Dong according to the exchange rate of the serving bank) to ensure adequate and timely repayment funds;"

b) Amend and supplement point g of clause 1 as follows:

"g) Confirm annual regular debt data or send a copy of the confirmed annual regular debt data of the lending bank to the Ministry of Finance for loans, bond issuances guaranteed by the Government;"

c) Amend and supplement point b of clause 2 as follows:

"b) Reporting regular annual debt data in accordance with the provisions set forth at Point h, Clause 1, Article 56 of this Decree."

10. An Article 26a is added after Article 26 as follows:

"Article 26a. Confirmation of Amendments and Supplements Related to Guarantee Obligations under the Loan Agreement Guaranteed by the Government

1. The confirmation of amendments and supplements related to guarantee obligations under the loan agreement guaranteed by the Government, which has been signed upon the request of the beneficiary, shall be carried out by the Ministry of Finance when it receives all valid documents listed below:

a) A notice from the beneficiary explaining the reasons, content of the requested confirmation, and the impact of such confirmation on the fulfillment of guarantee obligations under the loan agreement;

b) Amendments and supplements to the signed loan agreement;

c) Opinions regarding amendments and supplements related to guarantee obligations in the loan agreement by the guarantor's recipient;

d) A draft confirmation document for amendments and supplements related to guarantee obligations under the loan agreement, proposed by the guarantor (if applicable).

2. In cases where the content of the amendments and supplements does not increase the total guaranteed loan amount or change the beneficiary, the Prime Minister delegates authority to the Minister of Finance to decide and issue a confirmation document within 15 working days from the date of receiving all valid documents mentioned in Clause 1 of this Article from the beneficiary."

11. Amend and supplement certain points and clauses of Article 42 as follows:

11. Amend and supplement certain points and clauses of Article 42 as follows:

a) Amend Point a, Clause 3 as follows:

"a) The guaranteed party authorizes the bank to automatically transfer funds from its project account or other accounts to repay the Debt Reserve Fund when due;"

b) Amend Point c, Clause 3 as follows:

"c) The Ministry of Finance has the right to conduct annual financial audits on the guaranteed party until all debts are repaid from the Debt Reserve Fund."

c) Amend Point d, Clause 4 as follows:

"d) The application for borrowing from the Debt Reserve Fund by the guaranteed party must specify the amount borrowed (separating principal, interest, and fees), loan term, repayment schedule, and projected source of repayment. If applicable, include opinions from the parent company and the state-owned enterprise's representative body, to be submitted to the Ministry of Finance no later than 45 days before the due date."

12. Amend and supplement the first line of Point i, Clause 2, Article 47 as follows:

"- The total capital sources for each year, broken down by type of capital source, including: capital from state budget allocation, capital from government-guaranteed bond issuance, and other sources; capital recovered from loans; carryover capital from the previous fiscal year."

13. Amend and supplement Clause 2, Article 48 as follows:

"2. The Prime Minister decides on the guarantee limit for issuing bonds to policy banks. After approval by the Prime Minister, the Ministry of Finance shall notify the policy bank in writing to proceed with bond issuance according to the provisions set forth in Article 49 of this Decree."

14. Amend and supplement certain points and clauses of Article 56 as follows:

a) Amend and supplement Point e, Clause 1 as follows:

"e) Apply measures prescribed by this Decree for debt recovery and costs incurred from repaying the guaranteed party;"

b) Amend and supplement Clause 2 as follows:

"2. Seek opinions from the state-owned enterprise's representative body, industry management agency, provincial people's committee, and serving bank regarding the investment project borrowing from government-guaranteed loans during the loan approval process."

15. Amend and supplement Clause 11, Article 62 as follows:

"11. Transfer revenue, income from projects, and other lawful income to the project account and maintain a balance in the project account (in original currency or Vietnamese Dong according to the exchange rate of the serving bank) to ensure sufficient and timely debt repayment."

16. Replace the phrase “Securities Depository Center” in Clause 5, Article 34 and Clause 6, Article 49 with the phrase “Vietnam Securities Depository and Clearing Corporation.”

17. Replace the phrase “targeted credit program” in Point b, Clause 5, Article 47, third line, and Point c, Clause 1, Article 48, first line, and Clause 1, Article 49 with the phrase “State Policy Credit Program.”

18. Remove the phrase “in the annual borrowing and repayment plan” in Clause 1, Article 48.

19. Remove the phrase “audit” in Clause 6, Article 56 and Clause 2, Article 60.

Article 2. Amendment and Supplement to Certain Articles of Decree No. 93/2018/NĐ-CP dated June 30, 2018, of the Government on Management of Local Public Debt

1. Amend and supplement Clause 1 of Article 1 as follows:

"1. Scope of Application:

This Decree stipulates the management of local public debt, including principles of management, forms and conditions for borrowing by local authorities; five-year borrowing and repayment plans; annual borrowing and repayment plans; implementation of borrowing and repayment; accounting, auditing, reporting, and disclosure of debt information."

2. Amend Point a of Clause 2 as follows:

"a) Five-year borrowing plan and annual borrowing plan shall be within the ceiling announced by the competent authority (if any) and within the borrowing limit according to Article 7(6) of the Law on State Budget, detailed implementation regulations for certain provisions of the Law on State Budget, and Decrees of the Government on special financial and budgetary mechanisms for some localities as provided in Article 76 of the Law on State Budget."

3. Amend Point c of Clause 1 of Article 3 as follows:

"c) Borrowing directly from domestic financial institutions, credit cooperatives, borrowing from state treasury funds according to this Decree."

4. Amend the title of Chapter II as follows:

“Chapter II

FIVE-YEAR BORROWING AND REPAYMENT PLAN AND ANNUAL BORROWING AND REPAYMENT PLAN OF LOCAL GOVERNMENTS”

5. Amend certain points and clauses of Article 6 as follows:

a) Amend Point d of Clause 2 as follows:

“d) Five-year financial plan, medium-term investment program from state budget funds;”;

b) Amend and supplement Clause 5 as follows:

“5. The time for guiding the preparation, construction, compilation, decision-making, and allocation of annual borrowing and repayment plans by local governments shall be carried out in accordance with the provisions of the Law on State Budget and detailed implementation regulations for certain provisions of the Law on State Budget issued by the Government.”

c) Amend and supplement Clause 8 as follows:

“8. The adjustment of annual borrowing and repayment plans by local governments shall be carried out in accordance with Article 54 and Article 55 of the Law on State Budget.”

6. Amend and supplement certain points and clauses of Article 8 as follows:

a) Amend and supplement the opening paragraph and Points a, b of Clause 1 as follows:

“1. Based on budget estimates, annual borrowing and repayment plans, approved provincial people's council's resolution on issuing local government bonds, and borrowing plans provided for in Article 7 of this Decree, the provincial people's committee shall complete the bond issuance plan report to be submitted to the provincial people's council for approval. The bond issuance plan includes the following contents:

a) Issuer of the bond is the provincial people's committee;

b) Purpose of issuing local government bonds in accordance with the Law on State Budget and the Law on Public Debt Management; where local government bonds are issued for projects under the medium-term investment program, specify the legal status of each project to be funded by the issuance of local government bonds;”;

b) Amend and supplement Point k of Clause 1 as follows:

“k) Where green bond issuance by a local government is required, it shall comply with the provisions applicable to ordinary local government bond issuance, and the provincial people's committee must report the project list for use of funds from green bond issuance in accordance with environmental protection laws.”

c) Amend and supplement Clause 8 as follows:

“8. The organization of green bond issuance by a local government shall be carried out according to the approved plan.”

7. Amend and supplement certain points and clauses of Article 12 as follows:

a) Amend and supplement Clause 1 as follows:

“1. Sources for repaying principal on loans by local governments are provided in detailed implementation regulations of the Law on State Budget, including:

a) Amounts borrowed to repay principal decided annually by the National Assembly and provincial people's council;

b) Local budget allocations within the budget estimates;

c) Surplus from the local budget according to Article 74(1) of the Law on State Budget;

d) Additional revenue over the budget estimate, remaining budget for expenditure as provided in Article 61(2) of the Law on State Budget.”;

b) Amend and supplement Point b of Clause 4 as follows:

“b) During the implementation process, after repaying principal from a loan, allocate the source to investment development expenditures for allocation to investment projects. In case of failure to borrow or borrowing less than the planned amount, reduce corresponding investment development funds (local budget must reduce deficit or increase local revenue in the budget estimate to secure sources for repaying principal).”;

8. Amend and supplement Clause 2 of Article 15 as follows:

“2. Quarterly, the provincial people's committee shall report to the standing committee of the same level people's council on the implementation of annual borrowing and repayment plans along with the quarterly budget execution report according to Article 54(3) and Article 61(2) of the Law on State Budget; report to the same level people's council on the implementation of local budgets and the implementation of borrowing and repayment plans by local governments at the end-of-year session and supplementary reports at the mid-year session.”

9. Replace the phrases “National Treasury Provincial” in Clause 1, Article 11 and Clause 2, Article 12 with “Regional National Treasury”.

10. Amend and supplement Point d of Clause 1 of Article 18 as follows:

“d) Inspect agencies and organizations regarding the management and use of borrowed funds by local governments.”

11. Replace Appendix II annexed to Decree No. 93/2018/NĐ-CP with Appendix I annexed to this Decree; replace Appendix III annexed to Decree No. 93/2018/NĐ-CP with Appendix II annexed to this Decree.

12. Abolish Article 5; Clauses 2 and 3, and Point d of Clause 7, Article 8; Clause 2, Article 10; Point b of Clause 1, Article 18.

Article 3. Amendment and Supplement to Certain Articles of Decree No. 94/2018/NĐ-CP dated June 30, 2018, of the Government on Public Debt Management Business

1. Amend and supplement Article 1 as follows:

“Article 1. Scope of Application

This Decree stipulates regulations on public debt management business, including: Public debt safety indicators; formulation and implementation of a five-year borrowing and repayment plan for public debt; annual borrowing and repayment plans; risk management for the public debt portfolio; reporting and disclosure of public debt information.”

2. Amend and supplement certain clauses of Article 3 as follows:

a) Amend and supplement Clause 3 as follows:

“3. Public debt management tools include public debt safety indicators, five-year borrowing and repayment plans; annual borrowing and repayment plans.”

b) Amend and supplement Clause 5 as follows:

“5. The limit for borrowing from official development assistance (ODA), foreign concessional loans is the maximum value of ODA and foreign concessional loans by the Government to be re-lent to provincial people's committees, enterprises, public sector units in one year or five years.”

3. Amend and supplement Point b of Clause 3 of Article 14 as follows:

“b) The annual government guarantee limit includes guarantees for issuing bonds by the Vietnam Development Bank, Social Policy Bank; domestic and foreign borrowing guarantees for enterprises. In case the growth rate of outstanding guaranteed debt exceeds the growth rate of gross domestic product (GDP) in the previous year, the Ministry of Finance shall compile and submit to the Government for examination and decision on the annual government guarantee limit. The submission includes:

b1) Proposals from enterprises and social policy banks submitted to the Ministry of Finance according to Clauses 3 and 4 of Decree No. 91/2018/NĐ-CP dated June 26, 2018, of the Government on issuing and managing government guarantees;

b2) Assessment of the impact on public debt safety indicators.”

4. Amend and supplement Clause 1 of Article 15 as follows:

“1. Five-year borrowing and repayment plan for public debt.”

5. Amend and supplement certain clauses of Article 16 as follows:

a) Amend and supplement Clause 3 as follows:

“3. Entities eligible to borrow again, entities entitled to apply for government guarantees shall prepare plans for borrowing and repayment related to such loans and government guarantees, submit them to the Ministry of Finance for determination of ODA and foreign concessional loan re-lending limits and government guarantee limits in accordance with Decrees by the Government on managing ODA and foreign concessional loan re-lending and Decree by the Government on issuing and managing government guarantees.”

b) Amend and supplement Clause 5 as follows:

“5. Based on the total borrowing and repayment amount of the state budget for each year already decided by the National Assembly, the Ministry of Finance shall formulate an annual borrowing and repayment plan for public debt including both ODA re-lending limits and government guarantee limits in accordance with Decrees by the Government on managing ODA and foreign concessional loan re-lending and Decree by the Government on issuing and managing government guarantees. Submit it to the competent authority before November 30 of the year preceding the plan.

In case the growth rate of outstanding government guarantee debt exceeds the growth rate of GDP in the previous year, the Ministry of Finance shall submit a decision on the annual government guarantee limit to the Government before compiling into the annual borrowing and repayment plan for public debt.

The Prime Minister shall examine and approve the annual borrowing and repayment plan for public debt before December 31 of the year preceding the plan.”

c) Add Clause 7 after Clause 6 as follows:

“7. After the annual borrowing and repayment plan for public debt has been approved, in case there is a need to adjust the government guarantee allocation mentioned at Clause 5 of Decree No. 91/2018/NĐ-CP dated June 26, 2018, of the Government on issuing and managing government guarantees leading to an increase in outstanding government guarantee debt exceeding the growth rate of GDP in the previous year, the Ministry of Finance shall submit a decision by the Government for adjustment of the annual government guarantee limit according to Article 14 of this Decree. The adjusted government guarantee limit is implemented based on the Government's decision without requiring re-submission of the borrowing and repayment plan.”

6. Amend and supplement Point c of Clause 2 of Article 18 as follows:

“c) Adhere to the annual limits for ODA re-lending and government guarantees approved by competent authorities.”

7. Amend and supplement Clauses 3 and add Clause 3a after Clause 3 of Article 19 as follows:

“3. Borrowing from foreign sources under written agreement must ensure:

8. Amend and supplement certain points and clauses of Article 20 as follows:

a) Add Point c after Point b of Clause 2 as follows:

“c) Distribution to provincial people's committees and public sector units.”

b) Amend and supplement Clause 3 as follows:

“3. Budget preparation:

a) Ministries, sectors, localities prepare budget estimates for borrowing together with the state budget estimate in accordance with the Law on State Budget, submit them to the Ministry of Finance for compilation;

b) The Ministry of Finance compiles the budget and reports it to the competent authority for approval in accordance with the law on state budget.”

9. Amend and supplement Clause 3 of Article 23 as follows:

“3. Risk prevention measures for public debt portfolio must be implemented in line with the five-year borrowing and repayment plan and annual borrowing and repayment plans.”

10. Amend and supplement Clause 3 of Article 25 as follows:

“3. Risk assessment is conducted periodically in conjunction with the five-year borrowing and repayment plan and annual borrowing and repayment plans.”

"3. Budget preparation:

a) Ministries, sectors, and localities prepare budget estimates for borrowed funds together with the national budget estimates in accordance with the provisions of the National Budget Law, submitting them to the Ministry of Finance for consolidation;

b) The Ministry of Finance consolidates the budget estimates and reports to the competent authority for approval in accordance with the provisions of the law on the national budget."

9. Amend and supplement clause 3 of Article 23 as follows:

"3. Risk prevention measures for public debt must be implemented in line with the five-year borrowing and repayment plan and the annual borrowing and repayment plans."

10. Amend and supplement clause 3 of Article 25 as follows:

"3. Risk assessment is conducted periodically in conjunction with the five-year borrowing and repayment plan and the annual borrowing and repayment plans."

11. Clause 4 is to be added after Clause 3 of Article 27 as follows:

“4. Monthly, the Ministry of Finance reports to the Prime Minister information on public debt including: capital mobilization and repayment status; market capitalization trends and other relevant information.”

12. Articles 28(a) and (b) are to be amended and supplemented as follows:

a) Clause 1 is to be amended and supplemented as follows:

“1. Information on public debt shall be disclosed quarterly, with the disclosure due before the last day of the next quarter.”

b) Clauses 4 and 5 are to be added after Clause 3 as follows:

“4. The Minister of Finance shall specify in detail the format for disclosing information on public debt.

5. Authorized lending agencies, enterprises, and state-owned entities shall report to the Ministry of Finance their lending activities according to the provisions of the Decree on re-lending of ODA and preferential foreign loans by the Government.”

13. Article 28a is to be added after Article 28 as follows:

“Article 28a. Disclosure of Public Debt Borrowing and Repayment Plan Annually

1. The content and period for disclosing the annual public debt borrowing and repayment plan include:

a) Context and basis for formulating the annual public debt borrowing and repayment plan;

b) Management objectives for public debt in the next plan year;

c) Projected public debt of the Government (borrowing needs, projected sources of borrowing, repayment obligations; projected risk indicators for the public debt portfolio as calculated according to the Ministry of Finance’s regulations, projected schedule for repaying principal on the existing public debt portfolio); projected disbursement and repayment in the plan year for guaranteed public debt and local government debt;

d) Projected safety indicators for public debt in the next plan year.

2. The Ministry of Finance shall disclose the annual public debt borrowing and repayment plan on its official website no later than 15 working days after the Decision of the Prime Minister under Clause 5, Article 16 of this Decree. The disclosed document is to be in Vietnamese and translated into English.”

14. Paragraph 2 of Chapter III (from Article 11 to Article 13) is hereby repealed.

Article 4. Articles of the Decree No. 95/2018/NĐ-CP dated June 30, 2018, of the Government on issuance, registration, custody, listing and trading of government debt securities on the stock market as amended and supplemented by Decree No. 83/2023/NĐ-CP dated November 29, 2023 are to be amended and supplemented as follows:

1. Clause 2 of Article 21 is to be amended and supplemented as follows:

“2. The Ministry of Finance shall cooperate with the Ministry of Agriculture and Environment in developing a green bond issuance proposal for submission to the Prime Minister for approval before implementation. The content of the proposal includes:

a) Purpose of issuance;

b) Issuance volume;

c) Terms and conditions of the bonds;

d) Target investors;

e) Issuance method;

f) Registration, custody, listing, and trading;

g) List of projects utilizing funds from bond issuance.”

2. Clause 1 of Article 30 is to be amended and supplemented as follows:

“1. Based on the five-year borrowing and repayment plan, annual budget forecasts, annual public debt plans, international financial market conditions, the Ministry of Finance shall develop an international bond issuance proposal for submission to the Government for approval of the principle of issuing such bonds.”

3. Clause 7 of Article 36 is to be amended and supplemented as follows:

“7. Shall coordinate with relevant agencies in collecting and providing information and documents for work with consulting organizations and credit rating agencies to evaluate the national credit score and credit ratings for the proposed international bonds. Update the results of the national credit score evaluation on the Ministry of Finance’s official website.”

4. Article 39 is hereby repealed.

Article 5. Amend and supplement certain articles of Decree No. 97/2018/NĐ-CP dated June 30, 2018, of the Government on re-lending ODA funds and preferential foreign government loans as amended and supplemented by Decree No. 79/2021/NĐ-CP dated August 16, 2021

1. Amend and supplement clause 1 of Article 2 as follows:

"1. The re-lender of ODA and preferential foreign government loans in accordance with the Public Debt Management Law includes: People's Committees at provincial level; public sector entities under central ministries or agencies (hereinafter collectively referred to as public sector entities); enterprises."

2. Amend and supplement certain points and clauses of Article 4 as follows:

a) Amend and supplement clause 1 as follows:

"1. Establishing the five-year re-lending limit for public sector entities and enterprises:

Prior to June 30th of the fifth year of the five-year borrowing and repayment plan, central ministries, agencies, state-owned enterprises (including companies where the State holds a 100% shareholding), submit the following documents to the Ministry of Finance:

a) An assessment of the implementation status and disbursement of previously signed re-lending agreements, projected total disbursements over the current five-year period;

b) Registration of the demand for disbursement of previously signed re-lending agreements, new borrowing needs for the next five-year period; accompanied by an initial evaluation of the ability to arrange repayment sources."

b) Amend and supplement clause 3 as follows:

"3. Based on public debt safety indicators, total borrowing ceiling, and local government budget deficit in the five-year financial plan, the Ministry of Finance compiles the re-lending limit for provincial People's Committees, central ministries, agencies, localities, enterprises, establishes a five-year re-lending limit, consolidates it into the five-year borrowing and repayment plan, reports to the Government for submission to the Standing Committee of the National Assembly, National Assembly."

3. Amend and supplement clause 3 of Article 5 as follows:

"3. Based on the five-year re-lending limit, registration needs from central ministries, agencies, localities, enterprises, public debt safety indicators, the Ministry of Finance compiles an annual lending plan in detail by borrowing entity group, submits it to the Prime Minister for examination and approval of the re-lending limit within the annual borrowing and repayment plan."

4. Amend and supplement certain points and clauses of Article 11 as follows:

a) Amend and supplement point b, point c, add point d after point c of clause 1 as follows:

"b) In the case of re-lending to public sector entities: The loan risk provision is 0.5% per annum on the outstanding re-loan balance;

c) In the case of re-lending to enterprises under delegated lending authority, where the credit risk is borne entirely by the delegated agency: The loan risk provisions for enterprises and the delegated agency are agreed upon and reported in the post-approval report. The loan risk provision in this case does not exceed 1.5% per annum on the outstanding re-loan balance;

d) In the case of re-lending to enterprises under delegated lending authority, where a portion of the credit risk is borne by the delegated agency: The loan risk provisions are agreed upon between the enterprise and the delegated agency. After reaching an agreement with the enterprise, the delegated agency reports the basis for calculation and agrees with the Ministry of Finance on the level of the loan risk provision in the post-approval report. The loan risk provision in this case is not lower than 0.5% per annum on the outstanding re-loan balance and does not exceed 1.5% per annum on the outstanding re-loan balance."

b) Add point c after point b of clause 2 as follows:

"c) In the case where a delegated agency bears part of the credit risk, the loan risk provisions are collected by the delegated agency and remitted to the Debt Repayment Reserve Fund in accordance with the proportion of credit risk borne by the Ministry of Finance as stipulated in paragraph 4 of Article 22 of this Decree."

5. Amend and supplement certain clauses of Article 16 as follows:

a) Amend and supplement clause 2 as follows:

"2. Collateral for loan funds includes assets formed from the government's re-loan funds and other lawful assets of the borrower. The collateral must be approved by the Ministry of Finance in cases where the Government bears all credit risk or part of it, or is approved by the delegated lending agency when the delegated agency bears all credit risk."

b) Amend and supplement clause 4 as amended and supplemented by paragraph 2 of Article 1 of Decree No. 79/2021/NĐ-CP as follows:

"4. There is no requirement for collateral in the following cases:

a) Re-lending to provincial People's Committees;

b) Loans received by project management units of ministries, which are then transferred to provincial People's Committees."

c) Public sector entities borrowing again ODA or preferential foreign loans from the Government to implement investment projects for scientific, technological activities and innovation in accordance with the provisions of the Law on Science, Technology and Innovation and the relevant documents detailing its implementation;

d) Public sector entities that are unable to secure loan repayment by way of asset collateral as per the laws governing the management and use of state assets: Based on the appraisal report from the lending entity, the supervisory authority of the public sector entity shall compile the opinion of the Ministry of Finance and report to the Prime Minister for consideration and decision regarding the non-requirement of loan repayment security prior to the Ministry of Finance reporting to the competent authority for approval of the principal terms of negotiation or signing an agreement on ODA or preferential foreign loans.

6. Amend and supplement certain provisions of Article 18 as follows:

a) Amend and supplement Clause 2 of Article 18 as follows:

“2. In the absence of provisions for early repayment in the foreign loan agreement, early repayment shall be carried out as follows:

a) Where the lending entity entrusted does not bear credit risk or bears only part of the credit risk: Based on the proposal document from the borrower, the lending entity entrusted shall provide an evaluation on the feasibility of the proposal and forward it to the Ministry of Finance for examination and approval;

b) Where the lending entity entrusted bears full credit risk: Based on the proposal document from the borrower, the lending entity entrusted shall seek the opinion of the Ministry of Finance, and examine and approve.”

b) Amend and supplement Clause 3 of Article 18 as follows:

"3. To repay a loan in advance, the borrower shall submit a written request to the Ministry of Finance and the authorized lending agency no later than 90 days before the scheduled repayment date so that the Ministry of Finance or the authorized lending agency can exchange views with the foreign lender."

"7. Amend and supplement certain points and clauses of Article 21 as amended at Clause 3, 4 of Article 1 of Decree No. 79/2021/NĐ-CP as follows:"

"a) Amend and supplement Clause 1 of Article 21 as amended at Clause 3 of Article 1 of Decree No. 79/2021/NĐ-CP as follows:"

"1. The lending ratio for provincial people's committees:

a) Where the proportion of supplementary balanced funding from central budget to local budget expenditure is less than 40%, the lending ratio is 10% of ODA and preferential loan capital;

b) Where there is no supplementary balanced funding from the central budget (excluding Hanoi City and Ho Chi Minh City), the lending ratio is 50% of ODA and preferential loan capital;

c) For Hanoi City and Ho Chi Minh City, the lending ratio is 100% of ODA and preferential loan capital;

d) Based on the proportion of supplementary balanced funding from the central budget to local budget expenditure in the first year of the planning period, the Minister of Finance shall issue a Decision announcing the lending ratios for ODA and preferential loans for each province, city directly under the Central Government applicable for a 5-year period coinciding with the 5-year economic and social development plan period and before January 1st of the first year of the 5-year economic and social development plan period."

"b) Amend and supplement Clause 2 of Article 21 as amended, supplemented at Clause 4 of Article 1 of Decree No. 79/2018/NĐ-CP as follows:"

"2. The lending ratio for public sector units:

a) Where the public sector unit fully covers its recurrent and investment expenditures, the lending ratio is 20% of ODA and preferential loan capital used for investment projects;

b) Where the public sector unit fully covers its recurrent expenditures and part of its investment expenditures, the lending ratio is 10% of ODA and preferential loan capital used for investment projects;

c) Where the public sector unit implements an investment project in scientific research, technology, and innovation according to the provisions of the Law on Science, Technology, and Innovation and the implementing regulations thereof, and meets the financial autonomy conditions as specified at point a of Clause 2 of Article 36 of the Public Debt Management Law, the lending ratio is 10% of ODA and preferential loan capital used for investment projects."

"8. Amend and supplement certain points and clauses of Article 22 as follows:"

"a) Amend and supplement Clause 2 as follows:"

"2. Determine the authorized lending agency that does not bear credit risk:

a) A commercial bank meeting the conditions specified at Clause 5 of Article 35 of the Public Debt Management Law or a policy bank;

b) The principal authority of a public sector unit shall select a policy bank or a commercial bank as the authorized lending agency based on the consolidated agreement of opinions from the Ministry of Finance, and notify in writing to the Ministry of Finance about the authorized lending agency after obtaining approval for the investment project."

"b) Amend and supplement Clause 3 as follows:"

"3. Determine the authorized lending agency that bears full credit risk:

a) A commercial bank meeting the conditions specified at Clauses 4 and 5 of Article 35 of the Public Debt Management Law;

b) An enterprise shall select a commercial bank as the authorized lending agency based on the consolidated agreement of opinions from the Ministry of Finance, and notify in writing to the Ministry of Finance about the authorized lending agency after obtaining approval for the investment project or before obtaining approval for the investment project for programs/projects not requiring approval for the investment project;

c) Clause 4 is added after Clause 3 as follows:

"4. Determine the authorized lending agency that bears partial credit risk:

a) A commercial bank meeting the conditions specified at Clause 5 of Article 35 of the Public Debt Management Law or a policy bank;

b) An enterprise, principal authority of a public sector unit shall select a policy bank, commercial bank as the authorized lending agency based on the consolidated agreement of opinions from the Ministry of Finance, and notify in writing to the Ministry of Finance about the authorized lending agency after obtaining approval for the investment project or approval for the investment project. In case of programs/projects not requiring approval for the investment project, notification to the Ministry of Finance is made before obtaining approval for the investment project;

c) The authorized lending agency and the Ministry of Finance bear credit risk in proportion of 10% and 90% of the outstanding loan balance."

"9. Amend and supplement certain points and clauses of Article 23 as amended, supplemented at Clause 5 of Article 1 of Decree No. 79/2021/NĐ-CP as follows:"

"a) Add point (d) after point (c) of Clause 2 as follows:

"(d) Participate in the opinion-making process during the preparation and approval of the feasibility study report for programs/projects."

"b) Amend and supplement the opening paragraph of Clause 3 as follows:

"3. In addition to the provisions at Paragraph 1 of this Article, the authorized lending agency does not bear credit risk and the authorized lending agency that bears partial credit risk shall have the following responsibilities and authorities:"

"c) Amend and supplement points (b) and (d) of Clause 3 as follows:

"(b) Organize and manage the lending and recovery of loans, ensuring full repayment on time to the Ministry of Finance in accordance with the loan authorization contract. In all cases, an authorized lending agency that bears partial credit risk shall bear responsibility for full repayment on time to the Ministry of Finance corresponding to the level of credit risk borne as specified at Paragraph 4 of this Decree;

(d) Inspect the use of ODA funds by the borrower through reviewing disbursement documents, except where the disbursement has been confirmed for payment by the State Treasury."

"d) Add point (g) after point (e) of Clause 3 as follows:

"(g) Enjoy management fee for lending in accordance with the ratio specified at Article 10 of this Decree. An authorized lending agency that bears partial credit risk shall enjoy a provision for loan risk after depositing it into the Debt Repayment Reserve Fund according to the provisions at Paragraph 2 of Article 11 of this Decree."

10. To amend and supplement the name of Article 24 and Clause 1 thereof as follows:

a) To amend and supplement the name of Article 24 as follows:

“Article 24. Appraisal and Assessment for Re-lending”;

b) To amend and supplement Clause 1 as follows:

“1. The Ministry of Finance is the agency responsible for assessing whether a provincial people's committee meets the conditions to re-lend.”.

11. To amend and supplement the name of Article and Clause 1 of Article 25 as follows:

“Article 25. Content of Appraisal and Assessment for Re-lending

1. The appraisal of whether a provincial people's committee meets the conditions to re-lend shall be conducted in accordance with Clause 1 of Article 38 of the Law on Public Debt Management.”.

12. To amend and supplement Article 26 as follows:

“Article 26. Procedure for Appraisal and Assessment of Meeting Conditions for Re-lending

1. In the case of re-lending to a provincial people's committee: After a project is approved by the competent authority, the provincial people's committee shall submit a letter to the Ministry of Finance requesting an appraisal of whether it meets the conditions to re-lend in accordance with Clause 1 of Article 36 of the Law on Public Debt Management, attaching the evaluation documents for loan conditions as stipulated in Clause 1 of this Decree. Within fifteen working days from the receipt of a complete set of valid documents, the Ministry of Finance shall conduct an appraisal of whether the provincial people's committee meets the re-lending conditions.

2. In the case of re-lending to enterprises, public institutions:

a) After a project is approved by the competent authority, the borrower shall submit a request for loan assessment to the lending appraisal agency and simultaneously send a letter to the Ministry of Finance requesting an appraisal, attaching the evaluation documents as stipulated in Clause 2 of this Decree. The investor approving the project borrowing from official development assistance or preferential foreign loans must ensure and be responsible for the repayment plan;

b) Within thirty days from the receipt of a complete set of valid documents, the lending appraisal agency shall submit an appraisal report to the Ministry of Finance. Within fifteen working days from the receipt of a complete set of valid documents, based on the appraisal report submitted by the lending appraisal agency, the Ministry of Finance shall examine whether to grant re-lending.

3. If eligible for re-lending, the Minister of Finance shall issue a decision approving re-lending including the following main contents: the ratio of re-lending; the maximum value of re-lending; the estimated interest rate on re-lending (including foreign government borrowing interest rates, management fees for re-lending, risk provisions for re-lending, other fees payable to foreign parties in accordance with the loan agreement); the duration of re-lending; the lending agency authorized to lend, the method of lending and the share of risk allocation (in the case of enterprises or public institutions). The Ministry of Finance shall report to the competent authority for approval of the negotiation of international agreements and signing of foreign borrowing agreements.

If not eligible for re-lending, the Ministry of Finance shall report to the Prime Minister for examination and decision on whether to negotiate international agreements or sign foreign borrowing agreements.

4. The lending agency authorized bears responsibility for the results of the loan appraisal. The borrower bears responsibility for the documents, data, reports submitted in the evaluation documents for loan conditions and the evaluation documents for re-lending.”.

13. To amend and supplement the name of Article and certain points and clauses of Article 27 as follows:

a) To amend and supplement the name of Article 27 as follows:

“Article 27. Evaluation Documents for Re-lending for Provincial People's Committees and Assessment Documents for Enterprises, Public Institutions”;

b) To amend and supplement Clause 1 as follows:

“1. The evaluation documents for meeting the re-lending conditions of local government budget include:

a) The medium-term investment plan of the locality approved by the competent authority;

b) Approval decisions; Investment decisions, project documentation (or feasibility study report) approved by the competent authority;

c) Letter from the provincial people's committee committing to full and timely repayment; Report on borrowing and repayment status of the locality at the time of re-lending proposal, including details for all incurred loans and remaining balances; Report on local government budget loan balance in the previous year and estimated balance for the current year, ratio of re-lending repayment against local government budget revenue over the last three years; Debt repayment plan and detailed explanation of the investment plan, sources of repayment.”;

c) To amend and supplement Point d of Clause 2 as follows:

“d) Annual financial reports audited for the past three years up to the time of appraisal request, excluding cases where an enterprise has undergone merger, consolidation, restructuring or other organizational changes in accordance with instructions from competent authorities. In case there is a loss reported in any of the last three consecutive years up to the time of appraisal request, the enterprise shall provide credit rating results for the year immediately preceding the appraisal year as stipulated in Point d Clause 3 of Article 36 of the Law on Public Debt Management.”.

14. To amend and supplement Article 28 as follows:

“1. After foreign borrowing agreements are signed, within thirty days, the Ministry of Finance shall send to:

a) The provincial people's committee a draft re-lending agreement in accordance with the format specified in Appendix I attached hereto;

b) An authorized lending agency not bearing credit risk a draft re-lending authorization agreement in accordance with the format specified in Appendix II attached hereto;

c) An authorized lending agency bearing full credit risk a draft re-lending authorization agreement in accordance with the format specified in Appendix III attached hereto;

d) An authorized lending agency bearing partial credit risk a draft re-lending authorization agreement in accordance with the format specified in Appendix IV attached hereto.

2. The provincial people's committee and the authorized lending agency shall review and counter-sign within fifteen working days from receipt of the draft re-lending agreements, re-lending authorization agreements from the Ministry of Finance.

3. Within thirty days after signing the re-lending authorization agreement, the authorized lending agency shall sign a re-lending agreement with the borrower to manage the re-lending and recovery of debts.”.

15. To amend and supplement Article 29 as follows:

"1. The borrower shall bear the responsibility for using the loaned funds in accordance with the purposes as approved by the investment project approval decision or the approval of the investment project, the investment decision of the competent authority, the project document that has been approved, and the loan agreement already entered into.

2. The authorized lending agency shall bear the responsibility for checking the use of the loaned funds by the borrower through reviewing the disbursement files of the loaned funds except where the disbursement has been confirmed by the State Treasury as paid. The borrower shall be responsible for providing valid and verified documents to the authorized lending agency. In case necessary, the authorized lending agency may request the borrower to report on the use of the loaned funds and prove that the loaned funds are used in accordance with the borrowing purpose.

3. Based on the withdrawal notification from the foreign lender and the notification from the Ministry of Finance, the authorized lending agency shall handle the procedures for recording the debt and regularly reconcile the disbursement data with the borrower quarterly.

4. The borrower shall bear the responsibility for implementing measures to manage the loaned funds, purchasing credit risk insurance, and exchange rate risk insurance in accordance with the law to mitigate credit risk and exchange rate risk.

5. Annually, the Ministry of Finance shall reconcile the debt situation including the amount withdrawn, the amount repaid, and the outstanding balance with the borrower which is the provincial people's committee."

16. Amend and supplement Clause 1 and Clause 2 of Article 32 as follows:

"1. The provincial people's committee shall report to the Ministry of Finance twice a year, once before July 31st for the period from January 1st to June 30th of the reporting year, and once before February 15th of the following year for the entire year of the reporting period on the withdrawal, repayment, and overdue debt (if any) of each re-loan project.

2. The authorized lending agency shall report the re-lending situation to the Ministry of Finance specifically:

a) Before the last day of the first month of each quarter, based on the borrower's report, the authorized lending agency shall report to the Ministry of Finance on the withdrawal, repayment, and outstanding balance of the previous quarter. For quarters II and IV, the authorized lending agency shall prepare a cumulative 6-month and annual report and submit it to the Ministry of Finance before August 31st for the period from January 1st to June 30th, and before February 28th of the following year for the period from January 1st to December 31st on the following contents:

a1) The withdrawal, repayment, and outstanding balance of the re-loan;

a2) The management, use, and changes in the collateral assets securing the loan;

a3) The financial situation and debt status of the borrower including the outstanding balance and overdue debts (if any) with any creditor;

b) The authorized lending agency shall report immediately when issues arise that affect the borrower's ability to repay, reporting on the contents specified in point a of this clause."

17. Amend and supplement certain clauses of Article 41 as follows:

a) Amend and supplement Clause 2 of Article 41 as follows:

"2. The financial mechanism, lending conditions, and lending methods for programs and projects that have been decided by the Government, Prime Minister, or competent authority to continue implementation without any changes during the execution process."

b) Add Clause 3 after Clause 2 of Article 41 as follows:

"3. The loaning documents or authorization to lend signed between the Ministry of Finance and the provincial people's committee and the authorized lending agency (in case the Ministry of Finance authorizes the lending) before the effective date of Decree No. 97/2018/NĐ-CP shall bind all successor organizations of the provincial people's committee, the authorized lending agency in any form according to administrative unit reorganization as stipulated in Resolution No. 202/2025/QH15 of the National Assembly."

18. Add the phrase "or bear a portion of credit risk" after the phrase "shall not bear credit risk" at Clause 6, Point a and Point b of Clause 1, and Clause 3.

19. Amend and supplement certain points and clauses of Appendix I attached to Decree No. 97/2018/NĐ-CP as follows:

a) Amend and supplement Point i of Clause 1 as follows:

"i) The borrower may repay the re-loan in advance if it meets the conditions for early repayment specified in the foreign loan agreement, and such early repayment must be approved by the Ministry of Finance and agreed to by the lender. The borrower shall bear all fees and costs related to the early repayment. To consider early repayment, the borrower shall submit a request to the lending agency at least 90 days before the scheduled repayment date."

b) Amend and supplement Clause 3 as follows:

"3. Based on the withdrawal notification from the foreign lender, the lending agency shall process the debt recording for the borrower.

Annually, the lending agency shall reconcile the debt situation including the amount withdrawn, the amount repaid, and the outstanding balance with the borrower."

c) Amend and supplement Point a of Clause 1 as follows:

"a) The borrower shall closely cooperate with the lending agency to ensure full compliance with its obligations under this loan agreement and the responsibilities of the borrower as stipulated in Decree No. 97/2018/NĐ-CP dated June 30, 2018, of the Government on re-lending ODA and foreign government concessional loans.

The borrower shall be responsible for implementing the project in accordance with the investment decision approved by the competent authority and fully fulfilling all responsibilities as specified in the foreign loan agreement."

20. Amend and supplement certain clauses of the Model Authorization Agreement for lending without bearing credit risk according to the format in Appendix II attached to Decree No. 97/2018/NĐ-CP as follows:

a) Amend and supplement Clause 10 of Clause 1 as follows:

"The borrower may repay the loan in advance if it meets the conditions for early repayment stipulated in the Foreign Loan Agreement and as provided in Decree No. 97/2018/NĐ-CP of the Government on re-lending foreign borrowing and preferential loans from the Government, which have been amended and supplemented by Decree No. 79/2021/NĐ-CP and this Decree. The borrower shall bear all fees and costs related to early repayment. To consider early repayment, the borrower shall submit a written request to the Ministry of Finance and the authorized lending agency at least ninety days before the scheduled repayment date."

b) Amend and supplement Clauses 16 and 17 after Clause 15(1) as follows:

"16. The borrower shall be responsible for implementing the Project in accordance with the investment decision approved by the competent authority, and fully perform its responsibilities as stipulated in the Foreign Loan Agreement.

17. In addition to the fees and costs related that must be paid according to Clauses 7, 10, and 12 of this Contract, the borrower shall bear all other costs related to re-lending management and debt recovery (such as the cost of differences arising from early repayment into the Debt Reserve Fund, cost of hiring valuation services for collateral assets, legal fees in litigation proceedings when initiating a lawsuit against the borrower to recover debts, enforcement fees, etc.)."

21. Amend and supplement Clauses 17 and 18 after Clause 16 of the Model Re-lending Authorization Contract according to Paragraph III of Annex attached to Decree No. 97/2018/NĐ-CP as follows:

"17. The borrower shall be responsible for implementing the Project in accordance with the investment decision approved by the competent authority, and fully perform its responsibilities as stipulated in the Foreign Loan Agreement.

18. In addition to the fees and costs related that must be paid according to Clauses 7, 10, and 12 of this Contract, the borrower shall bear all other costs related to re-lending management and debt recovery (such as the cost of differences arising from early repayment into the Debt Reserve Fund, cost of hiring valuation services for collateral assets, legal fees in litigation proceedings when initiating a lawsuit against the borrower to recover debts, enforcement fees, etc.)."

22. Add Annex IV after Annex III issued with Decree No. 97/2018/NĐ-CP by this Decree's Annex III.

Article 6. Entry into Force

1. This Decree shall enter into force from March 25, 2026.

2. The reporting and disclosure of public debt information as provided in point b of Clause 8(1), points a and b of Clause 12(3), and Clause 16(5) of this Decree shall apply from the first quarter of 2026.

3. Decree No. 317/2025/NĐ-CP of the Government dated December 10, 2025, shall cease to be effective as of the date this Decree enters into force.

Article 7. Transitional Provisions

For loan re-lending condition evaluation files submitted by provincial people's committees to the Ministry of Finance before the entry into force of this Decree, based on the components specified in Clause 27(1) of Decree No. 97/2018/NĐ-CP, the Ministry of Finance shall evaluate whether the provincial people's committee meets the loan re-lending conditions.

The results of evaluating whether the provincial people's committee meets the loan re-lending conditions will serve as the basis for submitting to the competent authority for consideration in negotiating international treaties and signing loan agreements.

Article 8. Implementation

1. The Ministers of the various Ministries, Heads of agencies at the same level as ministries, Heads of agencies under the Government, Chairmen of People's Committees of provinces and municipalities directly under the Central Government, relevant organizations and individuals shall be responsible for implementing this Decree.

2. The Ministry of Finance shall take the lead in coordinating with relevant ministries and agencies to specify and guide the implementation of this Decree.

 

(Attached to Decree No. 84/2026/NĐ-CP of the Government dated March 25, 2026)

PEOPLE'S COMMITTEE OF PROVINCE/CITY...

 

(Model form for the People's Committee of provinces to report to the Ministry of Finance by July 31 each year)

Unit: Yuan, VND

No.

(1) Does not include re-loans of foreign borrowing entrusted to the Vietnam Development Bank.

(2) Details according to lending institutions.

Column 2 and column 14: Apply the accounting rate and exchange rates for reporting foreign currency transactions as published by the Ministry of Finance at the time of reporting.

Opening balance is equal to the closing balance from the previous year.

APPENDIX II

 

(Attached to Decree No. 84/2026/NĐ-CP of the Government dated March 25, 2026)

PEOPLE'S COMMITTEE OF PROVINCE/CITY...

 

(Model form for the People's Committee of provinces to report to the Ministry of Finance by February 15 each year)

Unit: Yuan, VND

No.

Column 2 and column 14: Apply the accounting rate and exchange rates for reporting foreign currency transactions as published by the Ministry of Finance at the time of reporting.

Opening balance is equal to the closing balance from the previous year.

APPENDIX III

(Attached to Decree No. 84/2026/NĐ-CP of the Government dated March 25, 2026)

DELEGATION AGREEMENT FOR RE-LENDING UNDER THE MECHANISM WHERE THE LENDING AGENCY ASSUMES PART OF THE CREDIT RISK

 

(Attached to Decree No. 84/2026/NĐ-CP of the Government dated March 25, 2026)

THE SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

Hanoi, date... month... year...

DELEGATION AGREEMENT FOR RE-LENDING UNDER THE MECHANISM WHERE THE LENDING AGENCY ASSUMES PART OF THE CREDIT RISK
(Name of funding source) For project (Project name)
-------------------

No: .../.../UQCVL/BTC-QLN

 

Based on the Civil Code dated December 08, 2015;
Based on Law No. .../2025/QH15 dated ... month ... year 2025 amending and supplementing certain provisions of the Law on Public Debt Management;
Based on Decree No. 97/2018/NĐ-CP dated June 30, 2018 of the Government concerning re-lending of ODA and preferential foreign borrowing by the Government, amended and supplemented by Decree No. 79/2021/NĐ-CP dated August 16, 2021;

Based on Decree No. ... of the Government amending and supplementing certain provisions of various Decrees of the Government in the field of public debt management;

Based on International Treaty/Loan Agreement signed on ... between ... (name of foreign lender) and ... (name of recipient of financial assistance)... for Project (Project name) (hereinafter referred to as International Treaty/Loan Agreement);

Based on Decision/Vehicle No. ... of the Prime Minister (approving the financial mechanism content);

Based on Decision No. ... of the Minister of Finance concerning re-lending;

Based on the Decision approving the Project;

The Ministry of Finance (hereinafter referred to as the Delegating Party), represented by the Department of Public Debt and Foreign Economic Relations

Address: 28 Tran Hung Dao - Hanoi

Telephone: 024-22202828

and

The Agency Authorized to Delegate (hereinafter referred to as the Delegated Party)

Address: ...

Telephone: ... as agreed herein.

Name of the Lending Entity Entrusted (hereinafter referred to as the "Lender")

Address:…

Telephone:…

Fax:…agreement as follows: …

Article 1. The authorized party delegates the authority to the authorized party to make loans on behalf of …(borrower's name) and/or any other legal successor of (borrower's name)'s rights and obligations under any form (hereinafter referred to as the borrower) from the loan capital from ... (country/funding organization) in accordance with the Loan Agreement subject to the following conditions:

1. The currency for the loan is …

2. The value of the loan is the total amount of funds actually withdrawn, not exceeding …

The credit risk bearing ratio of the authorized party making the loan is 10% on the outstanding balance of the loan, not exceeding the equivalent value of the loan by …

3. The loan term includes an grace period of ... from the date of ...

4. The interest rate for the loan is …% per annum on the outstanding balance of the loan including: …

a) The foreign government borrowing interest rate is ...% per annum on the outstanding balance of the loan.

b) The management fee for the loan is 0.25% per annum on the outstanding balance of the loan, with the authorized party receiving 0.1% per annum and the authorized party receiving 0.15% per annum on the outstanding balance of the loan.

c) The provision for credit risk is ...% per annum on the outstanding balance of the loan, with the authorized party receiving ...% per annum on the outstanding balance (10% of the provision for credit risk), and the authorized party receiving ...% per annum on the outstanding balance (90% of the provision for credit risk).

d) Fees paid to foreign parties as stipulated in the foreign borrowing agreement.

5. The late payment interest is …% per annum calculated on the overdue amount. Late payment interest shall be calculated from the due date until one day before the actual payment date.

6. Interest and late payment interest are calculated based on the actual number of days and the number of days in a year as stipulated in the foreign borrowing agreement.

7. The borrower is responsible for paying all fees and related costs to the lender abroad as stipulated in the foreign borrowing agreement, including management fees, commitment fees, withdrawal fees, insurance fees, and other fees and expenses. The borrower shall pay these fees to the authorized party who will then pay them to the authorized party.

8. The date of receipt is the date when the Government receives debt from the lender abroad as stipulated in the foreign borrowing agreement.

9. The repayment date: The borrower must repay (principal, interest, fees) ... monthly to the authorized party on the day and … each year according to the repayment date provisions in the foreign borrowing agreement. Principal repayment shall be made in equal installments starting from the date … and ending on the date ...

10. The borrower may make early repayment of the loan if it meets the conditions for early repayment stipulated in the foreign borrowing agreement and as provided in Decree No. 97/2018/NĐ-CP dated June 30, 2018 by the Government on re-lending ODA loans and preferential foreign loans from the Government, amended and supplemented by Decree No. 79/2021/NĐ-CP and Decree No. 84/2026/NĐ-CP. The borrower shall bear all fees and related costs associated with early repayment. To consider early repayment, the borrower must submit a written request to the Ministry of Finance and the authorized lending agency at least 90 days before the scheduled repayment date.

11. In case the borrower repays the loan in currencies other than the currency for the loan, the applicable exchange rate is the selling transfer rate of the currency for the loan published by the Vietnam Joint Stock Commercial Bank for Foreign Trade of Vietnam at the time of repayment.

12. The borrower shall directly pay to domestic banks serving fees collected by such banks.

13. The borrower is responsible for implementing the project in accordance with the investment decision approved by the competent authority and cooperating with the authorized party to fully fulfill the responsibilities of all parties as stipulated in the foreign borrowing agreement.

The repayment of obligations of the borrower under this Contract and the re-lending contract must be guaranteed by the borrower before repaying any other loan of the borrower.

14. The borrower is responsible for securing the loan with assets formed from the borrowed funds and other legal assets approved by the authorized party and the authorized party, in accordance with Decree No. 97/2018/NĐ-CP dated June 30, 2018 of the Government on re-lending ODA loans and preferential foreign loans from the Government, amended and supplemented by Decree No. 79/2021/NĐ-CP and Decree No. 84/2026/NĐ-CP. The provisions for securing the loan are detailed in the re-lending contract and conform to corresponding provisions in the Decree.

15. The borrower is responsible for committing in the re-lending agreement to concentrate project revenues to ensure repayment as stipulated in Decree No. 97/2018/NĐ-CP dated June 30, 2018 of the Government on re-lending ODA loans and preferential foreign loans from the Government, amended and supplemented by Decree No. 79/2021/NĐ-CP and Decree No. 84/2026/NĐ-CP; commit to not unilaterally canceling authorization for the authorized party to automatically deduct any account of the borrower to collect debt in case the borrower fails to repay.

16. The borrower is responsible for implementing the project in accordance with the investment decision approved by the competent authority and fully fulfilling responsibilities as stipulated in the foreign borrowing agreement.

17. In addition to fees and related costs required to be paid under paragraphs 7, 10, and 12 of this Article, the borrower is responsible for paying all other expenses related to loan management and debt recovery (such as interest rate differential costs due to early repayment into the Debt Repayment Fund, costs of hiring asset valuation services, legal fees in litigation proceedings when initiating action against the borrower to recover debt, court fees, etc.).

Article 2. Obligations of the Authorizing Party

1. Based on the notification of withdrawal of funds from the foreign lender, the authorizing party shall notify the authorized party so that the latter may proceed with the procedures for reconfirming the debt of the borrowed funds each time with the borrower.

2. The authorizing party shall notify the authorized party of any fees specified in Clause 7 of Article 1 of this Contract (if applicable) to enable the authorized party to inform the borrower for repayment purposes.

3. The authorizing party may cooperate with the authorized party to periodically or at specific intervals inspect and supervise the use and repayment of borrowed funds by the borrower if necessary.

Article 3. Obligations of the Authorized Party

1. Within thirty (30) days from the date of signing this Contract, enter into a loan agreement with the borrower in accordance with the conditions stipulated in Article 1. Within fifteen (15) days after entering into the loan agreement with the borrower, the authorized party shall send one copy of the loan agreement to the authorizing party for joint monitoring.

2. Based on the withdrawal notification from the authorizing party, the authorized party shall proceed with the procedures for notifying and confirming the debt with the borrower.

3. The authorized party shall comply with the provisions concerning the obligations of an authorized lending agency as stipulated in the Law on Public Debt Management, Decree No. 97/2018/NĐ-CP dated June 30, 2018 of the Government on re-lending ODA funds and preferential foreign loans from the Government, amended and supplemented by Decree No. 79/2021/NĐ-CP and Decree No. 84/2026/NĐ-CP.

4. Recover and return to the authorizing party within the time limit prescribed by the Government from the date of recovery from the borrower of the principal, interest, foreign loan fees, and other receivables as specified in Article 1, after retaining the management fee for re-lending and risk provisions as provided in paragraph 4, point b and c of this Contract.

5. Quarterly reconciliation with the borrower regarding disbursements, receipts, repayments, outstanding balances within the period, and cumulative balances.

6. Twice a year, in June and December each year, report to the authorizing party the recovery plan and its implementation status for preparation of foreign payments.

7. Annually, during the budget preparation process, compile the borrowing and repayment plans of the borrower and report to the authorizing party to develop the re-lending borrowing and repayment plans and annual borrowing limits for the Government.

8. The authorized party shall manage the use of the re-loan through confirming disbursements from the re-loan and other management measures as prescribed by law; urge, recover debts, and fully and timely return to the authorizing party; perform asset valuation, registration, and management for security interests on the re-loan, report to the authorizing party periodically or urgently when necessary on changes in the collateral of the re-loan, and propose solutions in case of any changes in the collateral.

9. Report regularly to the authorizing party as prescribed by Decree No. 97/2018/NĐ-CP dated June 30, 2018 of the Government on re-lending ODA funds and preferential foreign loans from the Government, amended and supplemented by Decree No. 79/2021/NĐ-CP and Decree No. 84/2026/NĐ-CP, and urgently when necessary any information related to the use and repayment of re-loans, the borrower's debt situation, emerging issues affecting the borrower's ability to repay, and proposed solutions.

10. In the event that the borrower fails to repay on time:

a) Within two (2) working days after the due date for repayment under the loan agreement without fully recovering the re-loan including principal, interest, fees, and other related costs from the borrower, the authorized party shall pay the full amount of the re-loan to the authorizing party in accordance with the provisions of the loan agreement and this contract.

b) The authorized party shall notify the authorizing party of such occurrences.

Article 4. Implementation Clause

1. This contract shall be in four copies, with two retained by the Party granting authority and two retained by the Party receiving authority, and shall become effective upon execution.

2. The Party granting authority and the Party receiving authority shall be responsible for performing the aforementioned agreements. Any amendments or supplements to the contract during the performance thereof shall require a written document and the consent of both Parties.