Decree No. 94/2018/ND-CP on Public Debt Management Operations

DECREE

ON THE PUBLIC DEBT MANAGEMENT BUSINESS

Pursuant to the Law on Government Organization dated June 19, 2015;

Pursuant to the State Budget Law on May 26, 2015;

Pursuant to the Public Debt Management Law on November 23, 2017;

At the proposal of the Minister of Finance;

The Government issues this Decree on public debt management business.

PART I

GENERAL PROVISIONS

This Decree stipulates the public debt management business, including: Public debt safety indicators; construction and implementation of five-year borrowing and repayment plans for public debt, three-year public debt management programs, annual borrowing and repayment plans for public debt; risk management for the public debt portfolio; reporting and disclosing information about public debt.

Article 2. Applicability

This Decree applies to the Ministry of Finance, ministries, ministerial-level agencies, government agencies, provincial People's Committees, organizations, and individuals related to public debt management work.

Article 3. Explanation of Terms

In addition to the definitions provided in Article 3 of the Public Debt Management Law, the terms used in this Decree shall be understood as follows:

1. Disclosing public debt information means widely providing the public with information and data on public debt as prescribed by law.

2. Managing agency refers to ministries, ministerial-level agencies, provincial People's Committees.

4. Portfolio public debt risk refers to risks that may occur for the public debt portfolio due to market, credit, liquidity, exchange rate, interest rate fluctuations, and risks during the process of raising, using, and repaying public debt by the Government.

6. The limit of medium- and long-term foreign loans under the self-borrowing and self-repayment method is the amount of commercial foreign loans of enterprises, financial and credit organizations, branches of foreign banks, cooperatives, cooperative unions, determined by the actual loan amount minus the principal repayment during the period for calculating the limit.

7. Loan extension is allowing the extension of the repayment term already committed, and during the loan extension period, the borrower/borrower still has to pay interest on the loan.

8. Debt rollover is raising new funds to repay part or all of the old debt.

9. Debt swap is simultaneously buying and selling two or more different debts issued by the same debtor at the same time with the aim of restructuring the debt portfolio.

10. Debt buyback is purchasing the entire or part of the debt owed by the borrower or the issuer of the debt instrument.

Chapter II

CONSTRUCTION AND IMPLEMENTATION OF PUBLIC DEBT SAFETY INDICATORS

Article 4. Public debt safety indicators

1. Public debt safety indicators as prescribed in Clause 1, Article 21 of the Public Debt Management Law include:

a) Public debt to gross domestic product;

b) Government debt to gross domestic product;

c) Direct government repayment obligations (excluding relending) to annual state budget revenue;

d) Foreign debt of the country to gross domestic product;

đ) Foreign repayment obligations of the country to total export goods and services turnover.

2. Ceiling of public debt and warning threshold for public debt:

a) The ceiling of public debt is the maximum percentage of the public debt safety indicators prescribed in Clause 1 of this Article;

b) The warning threshold for public debt is the limited ratio close to the ceiling of public debt requiring measures to ensure control of these indicators within the ceiling decided by the National Assembly.

Article 5. Basis for establishing public debt safety targets

1. Orientation of the five-year socio-economic development plan.

2. Implementation situation of public debt safety targets in the previous five-year period.

3. Economic growth rate and internal savings ratio of the economy.

4. Balances in revenue and expenditure, budget deficit, balance between capital mobilization needs and repayment capacity; foreign exchange balance; demand and structure of total social investment capital and other macroeconomic balances.

5. Situation and ability to mobilize domestic and foreign capital.

6. International experience and practices in establishing public debt safety targets.

Article 6. Establishing public debt safety targets

1. The Ministry of Finance shall take the lead and coordinate with relevant agencies to determine the ceiling and warning thresholds for public debt safety targets, report to the Government for submission to the National Assembly for consideration and decision in the national financial plan for five years.

2. The Ministry of Finance shall take the lead and coordinate with the State Bank of Vietnam to establish national external debt targets relative to gross domestic product and external debt obligations relative to total merchandise and service exports.

Article 7. Monitoring the implementation of public debt safety targets

1. The Ministry of Finance shall take the lead and coordinate with the State Bank of Vietnam and relevant agencies to compile and assess the implementation of public debt safety targets, report to the Government in the annual borrowing and repayment plan to report to the National Assembly and the Standing Committee of the National Assembly in the annual report on the implementation of state finance and budget tasks.

2. When public debt safety targets reach the warning threshold for public debt safety, the Ministry of Finance shall submit to the Government for implementation or report to the National Assembly and the Standing Committee of the National Assembly measures to ensure that public debt safety targets do not exceed the debt ceiling decided by the National Assembly, including:

a) Reducing the level of relending for ODA and concessional loans from the Government;

b) Reducing the Government's guarantee limit;

c) Reducing local government borrowing levels;

d) Reducing the budget deficit to reduce the Government's borrowing level.

3. In cases where, after applying the measures stipulated in Clause 2 of this Article, public debt safety targets exceed the ceiling already decided by the National Assembly, the Ministry of Finance shall take the lead and coordinate with relevant agencies to report to the Government for submission to the National Assembly to decide on measures and adjustment plans for the five-year borrowing and repayment plan or adjust the public debt safety target ceiling according to the Public Debt Management Law.

Chapter III

BUILDING AND IMPLEMENTATION OF BORROWING AND REPAYMENT PLANS FOR PUBLIC DEBT

Section 1

THE FIVE-YEAR BORROWING AND REPAYMENT PLAN FOR PUBLIC DEBT

Article 8. Basis for preparing the five-year borrowing and repayment plan for public debt

1. Implementation situation of the five-year socio-economic development plan, the five-year national financial plan, the medium-term public investment plan, and the five-year borrowing and repayment plan for public debt in the previous period.

2. Objectives, targets, orientation for socio-economic development, state finance and budget, public investment, and macroeconomic balances according to resolutions of the National Assembly.

3. Legal provisions on state finance and budget, public debt, public investment, currency, and credit.

4. Government's guiding viewpoints and orientations on building the five-year socio-economic development plan, the five-year national financial plan, and the medium-term public investment plan.

5. Implementation situation of current borrowing agreements and debt instruments; demand for loan usage and forecast of domestic and international situations affecting the ability to mobilize capital under borrowing agreements and debt instrument issuance during the five-year planning period.

Article 9. Procedures for Establishing Five-Year Borrowing and Repayment Plans

1. Provincial People's Committees shall establish five-year borrowing and repayment plans for local authorities and submit them to the Ministry of Finance in accordance with the Government's regulations on managing local authority debt for consolidation into the national five-year borrowing and repayment plan.

2. Ministries and ministerial-level agencies that manage programs and projects using public debt shall assess the management and utilization of public debt during the previous five years and forecast the need for public debt in the next five years, and submit these assessments to the Ministry of Finance for consolidation into the national five-year borrowing and repayment plan.

3. The Ministry of Finance shall take the lead and coordinate with ministries, sectors, and localities in establishing the five-year borrowing and repayment plan for the subsequent period to be submitted to the Prime Minister along with the national five-year financial plan.

4. Based on the Prime Minister's opinions, the Ministry of Finance shall take the lead and coordinate with ministries, sectors, and localities to finalize the five-year borrowing and repayment plan for the subsequent period to report to the Government for submission to the National Assembly Standing Committee and other National Assembly bodies along with the national five-year financial plan.

5. Based on the opinions of the National Assembly Standing Committee and National Assembly committees, the Ministry of Finance shall finalize the five-year borrowing and repayment plan for the subsequent period to report to the Prime Minister for submission to the National Assembly along with the national five-year financial plan.

Article 10. Implementation of Five-Year Borrowing and Repayment Plans

1. Provincial People's Committees shall direct specialized agencies at the local level to implement the five-year borrowing and repayment plan for local authorities, ensuring:

a) The total amount of borrowing and repayment over five years by local authorities within the scope decided by the provincial People's Council;

b) Adequate sources for timely repayment.

2. The Ministry of Finance shall take the lead in monitoring, consolidating, and evaluating the implementation of the five-year borrowing and repayment plan:

a) The total amount of borrowing and repayment over five years within the scope decided by the National Assembly;

b) Reporting to the Government to submit to the National Assembly and the National Assembly Standing Committee solutions as stipulated in Clause 2, Article 7 of this Decree;

c) Reporting to the Government to submit to the National Assembly and the National Assembly Standing Committee adjustments to the five-year borrowing and repayment plan (if necessary).

3. Ministries, sectors, provincial People's Committees, and related agencies shall have the responsibility to cooperate with the Ministry of Finance in the establishment and implementation of the five-year borrowing and repayment plan.

THREE-YEAR PUBLIC DEBT MANAGEMENT PROGRAM

Article 11. Basis for Establishing the Three-Year Public Debt Management Program

1. The implementation situation of the economic and social plan, state budget estimate, and borrowing and repayment plan for the current year.

2. The five-year borrowing and repayment plan (in cases where the three-year program period falls within the five-year plan), or the objectives and direction of public debt management for the subsequent five-year period (in cases where the three-year program period includes a year between two five-year plans).

3. Forecast of economic and social indicators, state budget, and public investment over the three-year planning period; market conditions domestically and internationally relevant to forecasts during the process of establishing the national three-year public debt management program.

Article 12. Procedures for Establishing the Three-Year Public Debt Management Program

1. Provincial People's Committees shall establish the three-year public debt management program for local authorities and submit it to the Ministry of Finance in accordance with the Government's regulations on managing local authority debt for consolidation into the national three-year public debt management program.

2. The Ministry of Finance shall establish the three-year public debt management program and submit it to the Prime Minister along with the three-year financial and state budget plan according to the laws on the state budget.

3. Ministries, sectors, and related agencies shall have the responsibility to cooperate with the Ministry of Finance in providing information and reports to serve the establishment of the three-year public debt management program.

4. Based on the three-year financial and state budget plan reported to the National Assembly and the annual state budget estimate decided by the National Assembly, the Ministry of Finance shall take the lead in finalizing the three-year public debt management program, including the ceiling for government guarantees, the ceiling for loans for refinancing in the planning year, to be decided by the Government and the Prime Minister together with the annual borrowing and repayment plan.

Article 13. Implementation of the public debt management program for three years

1. The People's Committee at the provincial level shall direct specialized agencies to implement the public debt management program for three years of the local authority, including:

a) Building a public debt management program that closely aligns with current realities; evaluating the implementation of the current year and forecasting for the next two years;

b) Prioritizing disbursement for Official Development Assistance (ODA) and preferential foreign loans for onward lending; limiting borrowing through bond issuance (commercial borrowing).

2. The Ministry of Finance shall take the lead in coordinating with ministries, sectors, and localities to implement the public debt management program for three years, ensuring:

a) Borrowing and repayment within the scope of the five-year public debt borrowing and repayment plan decided by the National Assembly;

b) Evaluating the public debt structure in accordance with safe debt indicators, including government debt, local government debt, and debt guaranteed by the government;

c) Evaluating the implementation and making appropriate recommendations to ensure that public debt safety indicators remain within the ceiling and warning thresholds.

Section 3

ANNUAL BORROWING AND REPAYMENT PLAN FOR PUBLIC DEBT

Article 14. Contents of the annual borrowing and repayment plan for public debt

1. The Government's borrowing and repayment plan:

a) The capital-raising plan includes issuing debt instruments on the domestic capital market, ODA borrowing, preferential foreign borrowing, issuing government bonds on the international capital market, and raising funds from other sources of borrowing as prescribed by laws on state budget;

b) The capital-utilization plan includes covering the central budget deficit, repaying maturing principal, restructuring government debts, and providing local people's committees, public service units, and enterprises with loans from ODA and preferential foreign borrowing;

c) The repayment plan includes principal, interest, fees, and related costs for borrowed amounts and issued debt instruments, which include the Government’s direct repayment plan and repayment of onward loans.

2. Local authorities' borrowing and repayment plan:

a) The capital-raising plan includes onward lending of foreign government loans, issuing local government bonds, borrowing from state policy banks, borrowing from the state treasury, borrowing from credit organizations, and other domestic borrowings as prescribed by the Public Debt Management Law and laws on state budget;

b) The local authorities' capital-utilization plan includes covering the local budget deficit and repaying maturing principal;

c) The local authorities' repayment plan includes repaying principal, interest, fees, and related costs according to each source of borrowing; identifying sources for repayment.

3. Limits on ODA borrowing, preferential borrowing for onward lending, and government guarantee limits include:

a) Onward lending borrowing limits include lending to local governments and public service units and enterprises;

Article 15. Basis for building the annual borrowing and repayment plan for public debt

2. Tasks to raise capital to cover the state budget deficit, new borrowing to repay principal according to the state budget estimate approved by the National Assembly.

3. Domestic and foreign capital market conditions; projected interest rates, exchange rates, and needs for restructuring government debts in the planning year.

4. Excess debt limits and local budget deficits as prescribed by laws on state budget.

5. Implementation status of the public debt borrowing and repayment plan in the current year and the need for borrowing capital for programs and projects of ministries, sectors, localities, entities eligible for onward lending, and entities eligible for government guarantees.

Article 16. Procedures for Establishing and Approving Annual Borrowing and Repayment Plans

1. Annually, along with the time for preparing the state budget estimate, ministries, ministerial-level agencies, and government-affiliated agencies as the supervising authorities shall direct subordinate project sponsors to establish disbursement plans and use capital according to each program and project, to be submitted to the supervising authority for consolidation and sent to the Ministry of Finance.

2. The People's Committee of a province shall establish the borrowing and repayment plan for local administration in accordance with the Government Decree on managing local administration debt.

4. The Ministry of Finance shall establish the total borrowing and repayment amount for the central budget and consolidate the borrowing and repayment amounts for local budgets into the state budget estimate, reporting to the Government for submission to the National Assembly for approval.

Article 17. Establishment and Management of Foreign Debt Indicators

1. The State Bank of Vietnam shall aggregate the demand for short-, medium-, and long-term foreign borrowing and repayment through self-borrowing and self-repayment methods, propose the maximum rate of increase in short-term debt and the medium- and long-term foreign borrowing limit through self-borrowing and self-repayment methods, to be submitted to the Ministry of Finance for inclusion in the annual borrowing and repayment plan, to be submitted to the Prime Minister for approval.

2. Based on the Prime Minister's decision, the Ministry of Finance and the State Bank of Vietnam shall organize the management and supervision of national foreign debt indicators, including:

a) The Ministry of Finance shall manage and supervise government foreign debt and foreign loans guaranteed by the Government to ensure compliance with approved limits;

b) The State Bank of Vietnam shall manage and supervise foreign self-borrowing and self-repayment in accordance with the laws on managing foreign borrowing and repayment by enterprises not guaranteed by the Government, ensuring compliance with approved limits.

3. During the period without approval of the borrowing limit for the planned year, the Ministry of Finance and the State Bank of Vietnam shall base on actual conditions to determine borrowings within the annual borrowing limit, provided that the cumulative net borrowing up to the confirmation date does not exceed 50% of the borrowing limit of the previous year.

Article 18. Implementation of Annual Borrowing and Repayment Plans

1. The People's Committee of a province shall direct specialized agencies to implement the annual borrowing and repayment plan of the local administration, ensuring:

a) Within the annual borrowing and repayment plan decided by the National Assembly and the Provincial People's Council;

b) Ensuring the end-of-year debt does not exceed the limit prescribed in Clause 6, Article 7 of the State Budget Law and related guiding documents;

c) Allocating sources to repay debts fully and on time.

2. The Ministry of Finance shall coordinate with ministries, sectors, and localities to implement the annual borrowing and repayment plan, ensuring:

a) The total borrowing and repayment of the Government for state budget balance according to the approved state budget estimate;

b) Disbursing investment capital from foreign loan sources according to the state budget estimate;

Chapter IV

MANAGEMENT OF LOAN RAISING AND USE AND REPAYMENT

Article 19. Management of Borrowing Funds

1. The issuance of debt instruments on the domestic market must ensure:

a) Within the issuance plan approved by the competent authority;

b) The Ministry of Finance acting on behalf of the Government issues government debt instruments or delegates the State Treasury to issue them, and the People's Committees of provinces implement the issuance of local government bonds;

c) Compliance with legal provisions regarding the issuance, registration, custody, listing, and trading of debt instruments on the securities market.

2. The issuance of government bonds on the international capital market must ensure:

a) There is a project for issuing government bonds on the international capital market approved by the Government;

b) Compliance with the laws of the issuing market;

c) Issuance of international bonds only to cover central budget deficits for development investment as stipulated by the State Budget Law, and to restructure government debt. Government international bonds shall not be issued for relending.

a) Only for development investment, not for regular expenditures;

b) New loans must be evaluated based on preferential elements, impact on borrowing limits, and public debt safety indicators as prescribed by the Public Debt Management Law;

c) Project proposals must be approved by the Prime Minister, specifying the financial mechanism of the program or project using borrowed funds (allocation, relending);

d) Negotiations and signing of loan agreements must ensure that programs or projects using foreign borrowed funds have been decided upon by the competent authority. In cases where loan agreements are international treaties in the name of the State or Government, they must be reported to the President for negotiation, signing, and approval; in cases where loan agreements are in the name of the Government, the Prime Minister decides and directs the organization of negotiations and signing.

4. For borrowings from other sources of finance, it must ensure:

a) Decided by the competent authority according to the Public Debt Management Law;

b) Loan form according to the decision of the competent authority or loan agreement;

c) Clearly define the amount borrowed, term, interest rate, related fees, repayment method, repayment period, extension of debt, and late payment penalties (if any), rights and responsibilities of the parties involved, and other conditions and terms related to borrowing.

Article 20. Management of Borrowed Fund Usage

1. Domestic borrowed funds are used for the following purposes:

a) To cover central and local government budget deficits;

b) To temporarily cover shortfalls in the central government budget and ensure liquidity in the government bond market;

c) To pay off maturing principal debts of the central and local governments; restructuring government debts.

2. Foreign borrowed funds of the Government are used for the following purposes:

a) To cover central government budget deficits, specifically:

- Allocation for programs and projects under the development investment tasks of the central government budget.

- Foreign loans converted into state budget funds for development investment.

a) Ministries, sectors, and localities prepare budgets for borrowed fund usage together with the state budget preparation according to the State Budget Law, to be submitted to the Ministry of Finance and the Ministry of Planning and Investment for consolidation;

b) The Ministry of Finance and the Ministry of Planning and Investment consolidate the budgets and report to the competent authority for approval according to the legal provisions on the state budget.

4. Matching fund allocation:

a) Programs and projects using foreign borrowed funds of the Government must have annual financial plans. The content of the financial plan includes foreign loan plans (by country or funding organization) and domestic matching fund plans;

b) For programs and projects applying full allocation from foreign government loans, matching funds are allocated in the annual state budget estimates of the managing agency according to the budget management hierarchy and from other sources of finance as prescribed by law;

c) For programs and projects applying full or partial relending of foreign government loans, the project owner allocates from their own capital or other legitimate sources.

5. The Ministry of Finance provides detailed guidance on financial management systems for programs and projects using foreign borrowed funds of the Government.

Article 21. Organization of Debt Repayment Work

1. For Government debt:

a) The Ministry of Finance shall allocate central budget sources to repay the debt;

b) The Ministry of Finance shall fulfill the payment of principal, interest, and fees for debt obligations fully and on time;

c) For loans made under loan rescheduling schemes, the Ministry of Finance and the agencies authorized by the Ministry of Finance to reschedule loans shall be responsible for recovering the full principal, interest, fees, and related costs.

2. For local government debt:

a) The People's Committee of the province shall allocate local budget sources to repay the debt;

b) The People's Committee of the province shall fulfill the payment of principal, interest, and fees for debt obligations fully and on time.

3. For guaranteed debt:

a) The debtor guaranteed by the Government shall fulfill all debt repayment obligations according to the borrowing agreement with the lender and the Government guarantee agreement;

b) The guarantor's obligation and the debtor's responsibility in debt repayment shall be carried out in accordance with the Government's Decree on the issuance and management of Government guarantees.

Chapter V

MANAGEMENT OF PUBLIC DEBT RISKS

Article 22. Objectives of Risk Management

1. Ensuring a reasonable public debt structure that aligns with the goals and directions set forth in the five-year borrowing and repayment plan approved by the National Assembly;

2. Ensuring the ability to repay public debt in the medium term and enhancing the effectiveness of public debt management work;

3. Minimizing potential losses in the worst-case scenario at a reasonable cost.

Article 23. Principles for Handling Risks

1. The handling of risks shall be considered on a case-by-case basis based on the level of potential loss and the cause of the risk;

2. Preventing and handling risks must be based on the borrowing agreement or the original debt instrument in the current public debt portfolio, the cause of the risk, and comply with Vietnamese laws and international practices;

4. Organizations and individuals misusing borrowed funds or intentionally violating regulations leading to public debt risks must bear responsibility for handling and compensating according to the law.

Article 24. Identification of Risks

1. Risks associated with public debt include:

a) Interest rate and foreign exchange rate risks due to fluctuations in the financial market;

b) Liquidity risks due to the lack of liquid financial assets to fully and promptly fulfill debt obligations as committed, including the central and local government budgets' ability to repay debts;

c) Market risks affecting capital raising, leading to high-cost refinancing or inability to refinance;

d) Credit risks due to borrowers or guaranteed parties failing to repay debts fully and on time;

e) Other types of risks that may affect public debt safety.

2. The management of credit risks for rescheduled borrowers and guaranteed parties by the Government shall be implemented in accordance with the Government's Decree on rescheduling Official Development Assistance (ODA) and preferential foreign loans; and the Government's Decree on issuing and managing Government guarantees.

Article 25. Risk Assessment

1. The main contents of risk assessment include:

a) Analyzing macroeconomic conditions, fiscal, monetary, exchange rate, interest rate situations, and fluctuations in domestic and international capital markets that affect public debt.

b) Analyzing and assessing changes in currency structure, interest rates, terms, scale, public debt obligations, current status, and future trends to identify the level of risk and take appropriate measures to handle risks.

c) Calculating the degree of risk, estimating preventive and risk management costs in case risks occur.

2. The implementation of risk assessment is regulated as follows:

a) The Ministry of Finance assesses risks related to public debt, including government debt, local government debt, and debt guaranteed by the government.

b) Provincial People's Committees assess risks related to local government debt, including rescheduled ODA loans and preferential government loans, local government bonds, and other local government debts.

4. Based on the risk assessment, the Ministry of Finance proposes solutions to prevent risks associated with public debt; provincial People's Committees propose solutions to prevent risks associated with local government debt.

Article 26. Measures to Prevent and Address Risks

1. For preventing and addressing risks related to interest rates and foreign exchange rates, derivative instruments regarding interest rates and currencies shall be utilized.

2. For preventing and addressing liquidity risks, adequate sources of funds must be arranged according to the provisions of Article 54 of the Public Debt Management Law; issuing debt instruments to ensure liquidity; restructuring the terms of debts, repurchasing debts, swapping debts, or negotiating debt extensions.

3. For preventing and addressing risks due to financial market fluctuations, developing the domestic capital market; enhancing the national credit rating to access the international capital market.

4. Based on the risk assessment and the impact of risks on individual debts or portfolios, the Ministry of Finance will develop a debt restructuring proposal, submit it to the Prime Minister for decision-making, and organize its implementation; provincial People's Committees report to the same-level People's Council to decide on the local government debt restructuring plan and organize its implementation.

Chapter VI

REPORTING AND DISCLOSURE OF PUBLIC DEBT INFORMATION

Article 27. Reporting Information on Public Debt

1. Principles for preparing reports on public debt information:

a) Ensuring truthfulness, objectivity, accuracy, completeness, and timeliness;

b) For information not included in the list of state secrets, organizations and individuals may provide such information to the Ministry of Finance in writing, via fax, or through electronic data transmitted over computer networks;

c) For information included in the list of state secrets, organizations must provide such information to the Ministry of Finance in accordance with the laws on protecting state secrets.

2. Responsibilities for reporting public debt information:

a) Annually or upon request, the Ministry of Finance, in collaboration with relevant agencies, reports to the Government to inform the National Assembly, the Standing Committee of the National Assembly, and the State President about public debt as stipulated in Article 60 of the Public Debt Management Law;

b) Provincial People's Committees report to the same-level People's Council, the Ministry of Finance, and competent authorities about local government debt as stipulated in Clause 3 of Article 60 of the Public Debt Management Law;

c) The State Bank of Vietnam has the responsibility to report on self-borrowed and self-repaid foreign debts of enterprises and credit institutions, to be submitted to the Ministry of Finance for consolidation and reporting on the country's foreign debt situation;

d) Ministries and ministerial-level agencies have the responsibility to report on the management and use of borrowed funds for programs and projects under their jurisdiction;

đ) Rescheduling lending agencies and borrowers report according to the Government Decree on rescheduling ODA loans and preferential foreign loans of the Government;

e) Entities receiving government guarantees report according to the Government Decree on issuing and managing government guarantees.

2. The Chairman of the People's Committee at the provincial level shall be responsible for organizing the monitoring of local government debt conditions, selecting appropriate forms to disclose local government debt information in accordance with the law.

Chapter VII

IMPLEMENTING PROVISIONS

Article 29. Effective Date

1. This Decree takes effect from July 1, 2018.

2. The Government's Decree No. 79/2010/NĐ-CP dated July 14, 2010 on public debt management operations; and Decision No. 56/2012/QĐ-TTg dated December 21, 2012 of the Prime Minister on the regulations for managing and handling risks associated with the public debt portfolio cease to be effective from the date this Decree takes effect.

3. The reporting and disclosure system for public debt and foreign debt of the State continues to be implemented according to Circular No. 126/2017/TT-BTC dated November 27, 2017 of the Ministry of Finance until new provisions are issued.

Article 30. Responsibility for Implementation

The Minister, Heads of ministerial-level agencies, Heads of governmental agencies, Chairmen of People's Committees of provinces and centrally-administered cities, enterprises, organizations, and individuals concerned are responsible for implementing this Decree./.