Decision No. 880/1999/QĐ-TTg of the Prime Minister to support part of the losses arising from foreign exchange rate risks in the import fertilizer business in 1997 and 1998 for enterprises through the Price Stabilization Fund. Enterprises must use this amount to repay bank loans.
Scope of application
Trading, service, and import-export companies named in the decision
Key points
- Haiphong Trading and Service Company → supported with 22.513 billion VND
- Vietnam Agricultural Supplies Corporation → supported with 31.089 billion VND
- Thanh Hoa Import-Export Company → supported with 1.390 billion VND
- Quang Nam Agricultural Supplies Company → supported with 1.446 billion VND
- Binh Dinh Technical Supplies Company → supported with 838 million VND
- Dong Thap Xovimex Company → supported with 1.848 billion VND
🌐 Social impact of this document
- Positive impact: Helps enterprises reduce financial burdens, stabilize business operations.
- Negative impact: Enterprises must use the support funds to repay bank loans, which may cause financial pressure.
❓ Frequently asked questions
How much do the companies receive support?
Haiphong Trading and Service Company receives 22.513 billion VND; Vietnam Agricultural Supplies Corporation: 31.089 billion VND; Thanh Hoa Import-Export Company: 1.390 billion VND; Quang Nam Agricultural Supplies Company: 1.446 billion VND; Binh Dinh Technical Supplies Company: 838 million VND; Dong Thap Xovimex Company: 1.848 billion VND.
How must enterprises use the support funds?
Enterprises must immediately use the loss compensation funds specified in Article 1 of this Decision to repay bank loans.
When does this Decision take effect?
This Decision takes effect from the date of issuance.
How much money do the enterprises receive support for?
Haiphong Trading and Service Company: 22.513 billion VND; Vietnam Agricultural Supplies Corporation: 31.089 billion VND; Thanh Hoa Import-Export Company: 1.390 billion VND; Quang Nam Agricultural Supplies Company: 1.446 billion VND; Binh Dinh Technical Supplies Company: 838 million VND; Dong Thap Xovimex Company: 1.848 billion VND.
How must enterprises repay bank loans?
Enterprises must immediately use the loss compensation funds specified in Article 1 of this Decision to repay bank loans.
Full text
Article 24DECREE OF THE PRIME MINISTER
ON HANDLING LOSSES ARISING FROM FOREIGN EXCHANGE RATE RISKS IN THE IMPORT AND SALE OF FERTILIZERS IN 1997 AND 1998
____________________________
PRIME MINISTER
Pursuant to the Government Organization Law dated September 30, 1992;
CONSIDERING THE PROPOSAL OF THE MINISTRY OF FINANCE (CIRCULAR NO. 4459TC/TCDN DATED SEPTEMBER 6, 1999), THE OPINION OF THE STATE BANK OF VIETNAM (CIRCULAR NO. 754/CV-NHNN DATED AUGUST 16, 1999), THE MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT (CIRCULAR NO. 286 BNN/KH DATED AUGUST 9, 1999), THE GOVERNMENT PRICE MANAGEMENT BOARD (CIRCULAR NO. 791/VGCP-NLTS DATED AUGUST 10, 1999), AND THE MINISTRY OF PLANNING AND INVESTMENT (CIRCULAR NO. 5280BKH/TMDV DATED AUGUST 11, 1999),
DECISION:
Article 1. ALLOCATE 59,124 MILLION VIETNAMESE DONG (FIFTY-NINE BILLION ONE HUNDRED TWENTY-FOUR MILLION VIETNAMESE DONG) FROM THE PRICE STABILIZATION FUND TO SUPPORT PART OF THE LOSSES ARISING FROM FOREIGN EXCHANGE RATE RISKS IN 1997 AND 1998 FOR THE IMPORT AND SALE OF FERTILIZERS AS DIRECTED BY THE PRIME MINISTER FOR THE FOLLOWING ENTERPRISES:
1. HAI PHONG TRADING AND SERVICES COMPANY LIMITED: 22,513 MILLION VIETNAMESE DONG;
2. NATIONAL AGRICULTURAL SUPPLIES AND TRADE CORPORATION: 31,089 MILLION VIETNAMESE DONG;
3. THANH HOÁ IMPORT-EXPORT COMPANY LIMITED: 1,390 MILLION VIETNAMESE DONG;
4. QUANG NAM AGRICULTURAL SUPPLIES AND TRADE COMPANY LIMITED: 1,446 MILLION VIETNAMESE DONG;
5. BINH DINH AGRICULTURAL AND TECHNICAL SUPPLIES COMPANY LIMITED: 838 MILLION VIETNAMESE DONG;
6. DONG THAP SOVIMEX COMPANY LIMITED: 1,848 MILLION VIETNAMESE DONG;
Article 2. THE ENTERPRISES MUST USE THE AMOUNT OF FUNDS PROVIDED FOR LOSS COVER AS SET OUT IN ARTICLE 1 OF THIS DECISION TO REPAY BANK LOANS.
Article 3. THIS DECISION SHALL TAKE EFFECT FROM THE DATE OF ISSUE. THE MINISTER OF FINANCE, THE CHAIRMAN OF THE GOVERNMENT PRICE MANAGEMENT BOARD, AND THE HEADS OF THE RELATED ORGANIZATIONS AND UNITS ARE RESPONSIBLE FOR IMPLEMENTING THIS DECISION./.
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