Decree 94/2018/ND-CP on public debt management

DECREE

ON PUBLIC DEBT MANAGEMENT

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

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

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

At the request of the Minister of Finance;

The Government promulgates a Decree on public debt management.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Decree provides for public debt management, including indicators of public debts, preparation and implementation of 5-year public borrowing and repayment plans, 3-year public debt management programs, annual public borrowing and repayment plans, management of risks faced by public debt portfolios and reports and disclosure of public debt information.

Article 2. Regulated entities

This Decree applies to the Ministry of Finance, ministries, ministerial agencies, Governmental agencies, People’s Committees of provinces, organizations and individuals relating to public debt management.

Article 3. Definition

Apart from the definition provided in Article 3 in the Law on Public Debt Management, terms specified herein shall be construed as follows:

1. Disclosure of public debt information means publishing information and data on public debts in accordance with the law provisions.

2. Governing body may be agency of ministry level, ministerial agency or People's Committee of province or centrally-affiliated city.

3. Public debt management instruments include indicators of public debts, 5-year public borrowing and repayment plans, 3-year public debt management programs and annual public borrowing and repayment plans.

4. Risks faced by public debt portfolios mean potential risks associated to public debt portfolios when there are fluctuations of the market, credit, liquidity, exchange rate, interest and risks incurred during raising and use of loans as well as repayment of Government debts.

5. Limits on ODA loans and external concessional loans to be on-lent mean the maximum sum of ODA loans and external concessional loans raised by the Government to be on-lent to People's Committees of provinces, enterprises and public service providers for 1 year or 5 years, being determined by actual sum of loans minus (-) principals.

6. Limits on midterm and long-term external loans without sovereign guarantee mean limits on midterm and long-term market loans of enterprises, financial, credit institutions, branches of foreign banks, cooperatives, cooperative alliance, being determined by actual sum of loans minus (-) principals in the limit period.

7. Debt extension means allowing the extension of debt repayment period committed in the loan contract and loan interest still accrues during such extension period.

8. Rollover means raising new loans to partially or fully repaid old debts.

9. Debt swap means concurrently buying or selling two or more different debts offered by one debtor at the same time with the aim to restructure debt portfolios.

10. Debt purchase means partially or fully buying debts of the borrower or the person issuing debt instruments.

Chapter II

DEVELOPMENT AND CONTROL OF INDICATORS OF PUBLIC DEBT SAFETY

Article 4. Indicators of public debt safety

1. Indicators of public debt safety prescribed in clause 1 in Article 21 of the Law on Public Debt Management include:

a) Public debt-to-GDP ratio;

b) Government debt-to-GDP ratio;

c) Ratio of debt service of the Government (excluding on-lent loans) to total state budget revenues;

d) External debt-to-GDP ratio;

dd) External debt service-to-export turnover ratio

2. Public debt ceiling and public debt warning threshold:

a) Public debt ceiling means the maximum percentage of indicators of public debt safety prescribed in clause 1 in this Article;

b) Public debt warning threshold (hereinafter referred to as “threshold”) means the limited public debt safety indicators nearly reaching the public debt ceiling that requires solutions for ensuring these indicators not exceeding the debt limit ratified by National Assembly.

Article 5. Bases for developing indicators of public debt safety

1. Orientation for 5-year socio-economic development plans

2. Control of indicators of public debt safety for previous 5-year period

3. Growth rate and internal saving ratio of the economics

4. Balance of state budget revenues, expenditures and deficit, balance between the borrowing requirement and repayment capacity; balance of foreign currency, borrowing requirement and structure of investment capital of the society and other macroeconomic balances.

5. Capacity for raising domestic and foreign loans

6. Experiences and international practice in developing indicators of public debt safety

Article 6. Developing indicators of public debt safety

1. The Ministry of Finance shall preside over and cooperate with relevant agencies in determining the public debt ceiling and threshold and send them to the Government which is then submitted to the National Assembly and ratified in national 5-year financial plans.

2. The Ministry of Finance shall preside over and cooperate with the State Bank of Vietnam (hereinafter referred to as “the State Bank”) in working out external debt-to-GDP ratio and external debt service-to-export turnover ratio.

Article 7. Control of indicators of public debt safety

1. The Ministry of Finance shall preside over and cooperate with the State Bank and relevant agencies in making a consolidated report on evaluation of the control of indicators of public debt safety within the annual borrowing and repayment plans and send it to the Government which is then included in annual report on performance tasks associated to finance and state budget and submitted to National Assembly and the Standing Committee of National Assembly.

2. When indicators of public debt safety reach the threshold, the Ministry of Finance shall submit solutions for keeping those indicators under the public debt ceiling ratified by the National Assembly to the Government for adoption or submit these solutions to the National Assembly and Standing Committee of National Assembly, including:

a) Decreasing amounts of ODA loans to be on-lent and Government’s concessional loans;

b) Lowering the limit on sovereign guarantee;

c) Decreasing loan amounts of provinces;

d) Decreasing state budget deficit for the purpose of reducing Government's debts

3. In case indicators of public debt safety still exceed the public debt ceiling decided by the National Assembly although solutions prescribed in clause 2 in this Article have been adopted, the Ministry of Finance shall preside over and cooperate with relevant agencies in sending solutions and roadmaps for adjusting 5-year public borrowing and repayment plans or adjusting the public debt ceiling in accordance with provisions of the Law on Public Debt Management to the Government which are then submitted to the National Assembly for ratification.

Chapter III

PREPARATION AND IMPLEMENTATION OF PUBLIC BORROWING AND REPAYMENT PLANS

Section 1. 5-YEAR PUBLIC BORROWING AND REPAYMENT PLANS

Article 8. Bases for preparing 5-year public borrowing and repayment plans

1. Implementation of socio-economic development plans, 5-year national financial plans, midterm public investment plans and previous 5-year public borrowing and repayment plans

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

3. Law regulations on finance - state budget, public debts, public investment, currency and credit

4. Guidelines provided by the Government for preparing socio-economic development plans, 5-year financial plans and midterm public investment plans

5. Execution of loan contracts and use of current debt instruments; demand for use of loans and forecasts about domestic and external loans that create negative impact on the capacity for raising loans under loan contracts and issuance of debt instruments in 5 planning years.

Article 9. Procedure for preparing 5-year public borrowing and repayment plans

1. People’s Committees of provinces shall prepare 5-year borrowing and repayment plans of provinces and send them to the Ministry of Finance in accordance with the Government regulations on management of provincial debts to be included in the 5-year public borrowing and repayment plan.

2. Ministries and ministerial agencies that are in charge of public debt using programs or projects shall evaluate the management of public debt use by ministries and ministerial agencies in the previous 5 years and anticipate the need for public debt use in the next 5 years then submit a report on the above-mentioned issues to the Ministry of Finance which is then included in the 5-year public borrowing and repayment plan.

3. The Ministry of Finance shall preside over and cooperate with relevant ministries and provinces in preparing and submitting the next 5-year public borrowing and repayment plan associated with the 5-year national financial plan to the Prime Minister.

4. Based upon opinions of the Prime Minister, the Ministry of Finance shall preside over and cooperate with ministries and provinces in completing the preparation of the next 5-year public borrowing and repayment plan and sending such plan with the 5-year national financial plan to the Standing Committee of National Assembly and agencies of National Assembly.

5. Based upon opinions of the Standing Committee of National Assembly and National Assembly Committees, the Ministry of Finance shall complete the preparation of the next 5-year public borrowing and repayment plan then send it to the Prime Minister which is later submitted to the National Assembly together with the 5-year national financial plan.

Article 10. Implementation of 5-year public borrowing and repayment plans

1. People’s Committees of provinces shall instruct provincial specialized agencies to implement 5-year borrowing and repayment plans of provinces to ensure:

a) total 5-year loan and repayment amount of provinces do not exceed the limit specified in the plan ratified by the People's Council of provinces;

b) money amounts to repay debts is set aside on schedule

2. The Ministry of Finance shall preside over the supervision and evaluation of implementation of 5-year public borrowing and repayment plan, specifically as follows:

a) Ensure that total 5-year loan and repayment amount do not exceed the limit specified in the plan ratified by the National Assembly;

b) Send a report on solutions prescribed in clause 2 in Article 7 herein to the Government which is then submitted to the National Assembly and Standing Committee of National Assembly;

c) Send a report on such implementation to the Government which is then submitted to the National Assembly and Standing Committee of National Assembly for adjusting the 5-year public borrowing and repayment plan (where necessary).

3. Ministries, People's Committees of provinces and relevant agencies shall be responsible for cooperating with the Ministry of Finance in preparing and implementing 5-year public borrowing and repayment plan.

Section 2. 3-YEAR PUBLIC DEBT MANAGEMENT PROGRAMS

Article 11. Bases for developing 3-year public debt management programs

1. Implementation of socio-economic plans, state budget estimates, public borrowing and repayment plans in current year

2. 5-year public borrowing and repayment plan (if the 3-year program is in the 5-year plan) or objectives and orientations for public debt management in the next 5-year period (in case the 3-year period of the program is between two 5-year plans)

3. Forecasts about target for socio-economic development, state budget and public investment in 3 planning years and domestic and international capital market relating to the forecast during the preparation of the previous 3-year public debt management program.

Article 12. Procedure for developing 3-year public debt management programs

1. People’s Committees of provinces shall develop 3-year provincial debt management programs and send them to the Ministry of Finance in accordance with the Government regulations on management of provincial debts which are then included in the 3-year public debt management plan.

2. The Ministry of Finance shall develop a 3-year public debt program and send it to the Prime Minister together with the 3-year financial plan in accordance with provisions of the Law on State Budget.

3. Relevant agencies and ministries shall be responsible for cooperating with the Ministry of Finance in providing information and sending reports for the purpose of developing the 3-year public debt management plan.

4. According to the 3-year financial plan submitted to the National Assembly and annual state budget estimates ratified by the National Assembly, the Ministry of Finance shall preside over the completion of preparation of 3-year public debt management program, including limit on sovereign guarantee and limits on loans to be on-lent in the planning year and send such program to the Government which is then submitted to the Prime Minister together with annual public borrowing and repayment plans for ratification.

Article 13. Implementation of 3-year public debt management programs

1. People's Committees of provinces shall instruct specialized agencies to implement 3-year provincial debt management programs, specifically as follows:

a) Develop 3-year provincial debt management programs according to the reality and evaluate the implementation of the program in current year as well as anticipate the next 2-year implementation;

b) Prioritize disbursement of ODA loans and external concessional loans to be on-lent and reduce loans by issuing bonds (market loans)

2. The Ministry of Finance shall preside over and cooperate with ministries and provinces in implementing the 3-year public debt management program, specifically as follows:

a) Ensure that loan and repayment amounts do not exceed the limit specified in the 5-year public borrowing and repayment plan ratified by the National Assembly;

b) Evaluate public debt structure in consistent with indicators of public debt safety, including Government debts, provincial debts and sovereign-guaranteed debts;

c) Evaluate the implementation and make appropriate proposals for keeping indicators of public debt safety under the public debt ceiling and threshold

Section 3. ANNUAL PUBLIC BORROWING AND REPAYMENT PLANS

Article 14. Contents of annual public borrowing and repayment plans

1. Borrowing and repayment plans of the Government:

a) Loan raising plans including issuance of debt instruments in the domestic market, ODA loans, external concessional loans, Government bonds issued in the international market and loans from other sources in accordance with provisions of the Law on State Budget;

b) Loan use plan including making up central government budget deficit, repaying due principals, restructuring Government debts arising from ODA loans and external concessional loans on-lent to People's Committees of provinces, public service providers and enterprises;

c) Principal repayment plans including paying off principals, interests, fees and charges relating to loans and issued debt instruments which consist of plans for repaying Government debts arising from direct loans and loans to be on-lent

2. Borrowing and repayment plans of provinces:

a) Loan raising plans including Government's external loans to be on-lent, issuance of provincial bonds, loans from banks for social policies, state funds, credit institutions and other domestic loans in accordance with provisions of the Law on Public Debt Management and the Law on State Budget;

b) Loan use plans including making up central government budget deficit and repaying due principals;

c) Repayment plans including paying off principals, interests, fees and charges relating to each loan and determining repayment sources

3. Limits on ODA loans and concessional loans to be on-lent and limit on sovereign guarantee shall consist of:

a) Limits on loans to be on-lent including loans to be on-lent to provinces, public service providers and enterprises;

b) annual limit on sovereign guarantee including underwriting for issuance of bonds by Development Bank of Vietnam and banks for social policies and domestic and external loans of enterprises guaranteed by the Government.

Article 15. Bases for preparing annual public borrowing and repayment plans

1. The 5-year public borrowing and repayment plan and 3-year public debt management program

2. Loan raising tasks for financing state budget deficit, new loans for repaying principals according to state budget estimates ratified by the National Assembly

3. Domestic and foreign capital market, forecasts for interests, exchange rate and demand for restructuring Government debts in the planning year

4. Limit on outstanding loan and local government budget deficit as prescribed in the Law on State Budget

5. Implementation of public borrowing and repayment plan in the current year and demand for use of loans for financing programs and projects run by ministries, provinces, end-borrowers and sovereign-guaranteed borrowers

Article 16. Procedure for preparing and ratifying annual public borrowing and repayment plans

1. The governing bodies which are ministries, ministerial agencies and agencies affiliated to the Government shall instruct owners of affiliated projects to prepare annual plans for disbursement and use of loans provided for each program and project by the time of making annual state budget estimates which are then consolidated and submitted to the Ministry of Finance.

2. People’s Committees of provinces shall prepare borrowing and repayment plans of provinces in accordance with regulations in the Government Decree on management of provincial debts.

3. End-borrowers and guaranteed borrowers shall prepare borrowing and repayment plans for loans to be on-lent and sovereign-guaranteed loans and send them to the Ministry of Finance for the purpose of determining limits on ODA loans and concessional loans to be on-lent and limit on sovereign guarantee in accordance with regulations in the Government Decree on management of ODA loans to be on-lent, external concessional loans of the Government and Decree on provision and management of sovereign guarantee which are then submitted to the Government for ratification.

4. The Ministry of Finance shall prepare total borrowing and repayment amounts of central government budget and include total borrowing and repayment amounts of local government budget in state budget estimates then send them to the Government which are later submitted to the National Assembly for ratification.

5. According to annual total borrowing and repayment amounts of state budget ratified by the National Assembly, limits on ODA loans and external concessional loans to be on-lent and limit on sovereign guarantee ratified by the Government, the Ministry of Finance shall prepare an annual public borrowing and repayment plan and submit it to the Prime Minister for ratification.

6. According to the annual borrowing and repayment plan ratified by the Prime Ministers, ministries and provinces shall implement such plan within its scope and approved limits.

Article 17. Developing and controlling indicators of external debts

1. The State Bank shall make a consolidated report on demand for midterm, short-term and long-term external loans and repayment thereof without sovereign guarantee and suggest the maximum growth rate of outstanding debts of short-term loans and limits on midterm, short-term and long-term external loans without sovereign guarantee and send them to the Ministry of Finance which are then included in the annual public borrowing and repayment plan and submitted to the Prime Minister for approval.

2. According to decision of the Prime Minister, the Ministry of Finance and State Bank shall supervise and control indicators of external debts, specifically as follows:

a) The Ministry of Finance shall manage and supervise Government’s external debts and external loans guaranteed by the Government under the approved limits;

b) The State Bank shall manage and supervise debts arising from external loans without sovereign guarantee in accordance with provisions of the Law on Management of external borrowing and repayment thereof by enterprises without sovereign guarantee and ensure the borrowing amounts do not exceed the approved limits.

3. In case limits on loans in the planning year are not yet approved, the Ministry of Finance and the State Bank shall determine loan amounts within annual loan limits in such a way that accumulated net borrowing amount do not exceed 50% of the loan limit in the previous year.

Article 18. Implementation of annual borrowing and repayment plans

1. People’s Committees of provinces shall instruct specialized agencies to implement annual borrowing and repayment plans of provinces to ensure:

a) those plans are carried out within the scope of annual borrowing and repayment plans ratified by National Assembly and People's Council of provinces;

b) outstanding loan in the year shall not exceed the limit prescribed in clause 6 in Article 7 of the Law on State Budget and relevant guiding documents;

c) sum of money for repayment is set aside on schedule.

2. The Ministry of Finance shall cooperate with ministries and provinces in implementing the annual borrowing and repayment plan to ensure:

a) total loan and repayment amounts of the Government could balance state budget according to the estimates approved by National Assembly;

b) investment capital from external loans may be disbursed according to state budget estimates;

c) loan and repayment amounts shall not exceed limits on loans to be on-lent and limit on annual sovereign guarantee approved by the Government.

Chapter IV

MANAGEMENT OF LOANS AND REPAYMENT THEREOF

Article 19. Management of loans

1. Issuance of debt instruments in domestic market must ensure:

a) those debt instruments are included in the issuance plan approved by competent authorities;

b) the Ministry of Finance, on behalf of the Government, shall issue Government’s debt instruments or authorize State Treasury to issue those debt instruments or People's Committees of provinces to issue provincial bonds;

c) those debt instruments are issued in accordance with provisions of the Law on Issuance, registration, depository, listing and trading of debt instruments on the stock market.

2. Issuance of Government bonds in international market must:

a) be approved in the project for issuing Government bonds in international market by the Government;

b) conform to law provisions applied to the market where those bonds are issued;

c) ensure that international bonds are issued only to finance central government budget deficit for investment and development in accordance with provisions of the Law on State Budget and restructure Government debts.  Government bonds must not be issued in international market to be on-lent.

3. External loans under loan contract or agreements must ensure:

a) those loans are only used for investment and development but not for recurrent expenditures;

b) new loans must be evaluated in terms of grant element, impact on loan limits and indicators of public debt safety in accordance with provisions of the Law on Public Debt Management;

c) those loans are included in the loan project approved by the Prime Minister which specifies operated financial mechanism of programs and projects funded by loans provided or on-lent;

d) negotiation and sign of loan contracts are made for programs or projects funded by external loans approved by competent authorities In case the loan contract is considered international agreement on behalf of the State, the Government shall submit a report on negotiation, sign or ratification of such contract to the President and for loan contract on behalf of the Government, the Prime Minister shall make decision and provide guidelines for negotiation and sign of such contract.

4. Loans from other financial sources must:

a) be ratified by competent authorities in accordance with provisions of the Law on Public debt management;

b) be raised under loan contracts or as ratified by competent authorities;

c) ensure that loan amounts, loan period, loan interests, expenses relating to the loans, repayment methods, repayment period, debt extension, penalties for late repayment (if any), rights and responsibilities of relevant parties and other conditions or provisions regarding the loans are clearly specified.

Article 20. Management of loan use

1. Domestic loans may be used to:

a) finance the deficit of central government budget and local government budget;

b) finance temporary central government budget and ensure liquidity of Government bond market;

c) repay due principals of central and local government budget and restructure Government debts

2. External loans of the Government may be used to:

a) finance central government budget deficit, to be specific:

- Finance investment and development programs and projects subject to obligatory expenditure of central government budget

- Include external loans in cash in state budget for investment and development

b) to be on-lent to People's Committees of provinces, enterprises and public service providers in accordance with regulations in the Government Decree on ODA loans to be on-lent and external concessional loans

3. Estimate making:

a) Ministries and provinces shall make estimates of loan use in conjunction with state budget estimates in compliance with provisions of the Law on State Budget which are then submitted to the Ministry of Finance and Ministry of Planning and Investment to be consolidated;

b) The Ministry of Finance and Ministry of Planning and Investment shall make a consolidated report on the above-mentioned estimates and send it to competent authorities for approval in accordance with provisions of the Law on State Budget.

4. Reciprocal capital raising:

a) Annual financial plans must be made for programs and projects funded by external loans of the Government. Such plan shall contain external loan plans (according to each country or the sponsor) and domestic reciprocal capital plans;

b) For programs and project fully funded by external loans of the Government, reciprocal capitals may be generated from annual state budget estimates made by the governing body according to budget management decentralization and from other financial sources in accordance with the law provisions;

c) For programs and project partially or fully funded by the Government's external loans to be on-lent, reciprocal capital may be generated from equity capital or other legal capital sources of the project owner.

5. The Ministry of Finance shall provide specific guidelines for financial management regime applied to programs and projects funded by external loans of the Government.

Article 21. Organization of repayment

1. With regard to Government debts:

a) The Ministry of Finance shall set aside an amount in central government budget to repay debts;

b) The Ministry of Finance shall fully pay off principals, interests and charges on schedule;

c) For loans to be on-lent, the Ministry of Finance and intermediary borrowers authorized by the Ministry of Finance shall be responsible for recovering all principals, interests, charges and relevant fees.

2. With regard to provincial debts:

a) People’s Committees of provinces shall set aside an amount in local government budget to repay debts;

b) People's Committees of provinces shall fully pay off principals, interests and charges on schedule.

3. With regard to sovereign-guaranteed debts:

a) Sovereign-guaranteed borrowers shall meet debt service as agreed in the loan contracts signed with their creditors and contracts for sovereign guarantee.

b) Guarantees and guaranteed-borrowers must fulfill their repayment obligation in accordance with regulations in the Government Decree on provision and management of sovereign guarantee.

Chapter V

MANAGEMENT OF PUBLIC DEBT RISKS

Article 22. Objectives of risk management

1. To ensure logical structure of public debts that conforms to objectives and orientations for the 5-year public borrowing and repayment plan ratified by the National Assembly

2. To ensure public debts may be repaid on schedule and improve quality of public debt management

3. To minimize losses that could incur in the worst situation and ensure expenses incurred may be fully covered.

Article 23. Principles for handling risks

1. Risks may be handled on a case-by-case basis according to the potential loss level and causes for risks.

2. Risks must be prevented and handled according to the loan contracts or principal instruments in the current public debt portfolios and causes for risks adherence to regulations of Vietnam law and international practice.

3. Risks faced by public debt portfolios must be prevented and handled in consistent with the 5-year public borrowing and repayment plan, 3-year public debt management program and annual public borrowing and repayment plan.

4. Organizations and individuals that use loans for improper purposes or intend to violate the law provisions, resulting in public debt risks must take responsibility to handle those risks and pay compensation in accordance with the law provisions.

Article 24. Risk identification

1. Public debt risks include:

a) Risks of interest rate and foreign exchange rate due to fluctuation of the financial market;

b) Liquidity risks due to lack of financial assets to be easily changed into cash to meet due debt obligation as committed, including capacity to repay public debts of central government budget and local government budget;

c) Risks from fluctuations of the financial market that affect loan raising resulting in rollover with high costs or incapacity for rollover;

d) Credit losses caused by end-borrowers or guaranteed-borrowers that fail to fully repay their debts on schedule;

dd) other risks likely to affect the public debt safety

2. Credit losses caused by end-borrowers and sovereign-guaranteed borrowers shall be managed in accordance with regulations in the Government Decree on ODA loans to be on-lent and Government’s external loans and Decree on provision and management of sovereign guarantee.

Article 25. Risk assessment

1. Risk assessment shall at least contain:

a) analysis of macroeconomics, fiscal policy, currency, exchange rate, interests and fluctuations of domestic and international capital markets that affect public debts

b) analysis and assessment of currency structure, interest, loan period, scale, public debt service, reality and future view for the purpose of indentifying risks to work out appropriate risk handling methods

c) determination of risk level and expectation of costs for preventing and handling risks if any incurs

2. Risk assessment shall be carried out as follows:

a) The Ministry of Finance shall assess public debt risks, including Government debts, provincial debts and sovereign-guaranteed debts.

b) People’s Committees of provinces shall assess risks associated to provincial debts, including ODA loans to be on-lent and Government concessional loans, provincial bonds and other provincial debts.

3. Risk assessment must be periodically carried out in conjunction with the 5-year public borrowing and repayment plan, 3-year public debt management program and annual public borrowing and repayment plan.

4. According to risk assessment, the Ministry of Finance shall suggest solutions for preventing public debt risks while People's Committees of provinces shall suggest solutions for preventing risks associated to provincial debts.

Article 26. Methods for preventing and handling risks

1. Risks of interest rate and foreign exchange rate shall be prevented by using interest rate and currency derivatives.

2. Liquidity risks shall be prevented by setting aside an amount of money to fully repay debts on schedule as prescribed in Article 54 of the Law on Public Debt Management and issuing debt instruments for ensuring liquidity, rescheduling, purchasing or swapping debts and negotiating for debt extension.

3. Risks from fluctuations of financial market shall be prevented by developing domestic capital market and improving the sovereign credit rating in pursuit of reaching out for international capital market.

4. According to risk assessment and extent of negative impacts of risks on each debt or debt portfolios, the Ministry of Finance shall prepare a debt restructuring plan and submit it to the Prime Minister for ratification the implement such plan while People's Committees of provinces shall send a plan for restructuring provincial debts to People's Council of provinces for ratification then implement such plan.

Chapter VI

REPORTS AND DISCLOSURE OF INFORMATION ON PUBLIC DEBTS

Article 27. Reports on public debts

1. Principles for making public debt reports:

a) The reports must be made honestly, objectively, accurately, fully and timely;

b) Information not in the list of State secrets shall be provided for the Ministry of Finance in the written form, through fax or in electronic data form through the internet

c) Information in the list of State secrets shall be given to the Ministry of Finance in accordance with provisions of the Law on State secret guarding.

2. Responsibilities for public debt reports:

a) The Ministry of Finance shall preside over and cooperate with relevant agencies in making annual reports or required reports on public debts and send them to the Government which are then submitted to the National Assembly, Standing Committee of National Assembly and the President in accordance with regulations in Article 60 of the Law on Public Deb Management;

b) People's Committees of provinces shall send provincial debt reports to People's Councils of provinces, the Ministry of Finance and competent authorities as prescribed in clause 3 in Article 60 of the Law on Public Debt Management;

c) The State Bank shall take responsibility to submit a report on external loans of enterprises and credit institutions without sovereign guarantee to the Ministry of Finance which is then consolidated for making reports on external debts of the country;

d) Ministries and ministerial agencies shall take responsibility to make reports on management and use of loans of programs and projects under their management;

dd) Intermediary borrowers and end-borrowers shall make reports in accordance with regulations in the Government Decree on ODA loans to be on-lent and Government's external concessional loans;

e) Sovereign-guaranteed borrowers shall make reports in accordance with regulations in the Government Decree on provision and management of sovereign guarantee.

3. The Minister of Finance shall specify detailed form for public debt report.

Article 28. Public debt information disclosure

1. Public debt information must be published in accordance with regulations in Article 61 of the Law on Public Debt Management and information published must be regularly updated.

2. People’s Committees of provinces shall take responsibility to supervise provincial debts and select appropriate publishing mode to publish provincial debt information in accordance with the law provisions.

3. The Minister of Finance shall provide guidelines for comparison and verification of public debt data and relevant data among ministries and provinces; specify the form for information provision to be used uniformly and ensure accurate and sufficient information update for the purpose of issuing public debt news on schedule as regulated by laws.

Chapter VII

IMPLEMENTATION PROVISIONS

Article 29. Effect

1. This Decree comes into force from July 01, 2018.

2. Decree No.79/2010/ND-CP dated July 14, 2010 of the Government on public debt management, Decision No.56/2012/QD-TTg dated December 21, 2012 of the Prime Minister on regulations on management and handling of risks faced by public debt portfolios shall expire on the effective date of this Decree.

3. Reports and disclosure of information on public debts and external debts of the country shall comply with regulations in Circular No.126/2017/TT-BTC dated November 27, 2017 of the Ministry of Finance until new regulations are issued.

Article 30. Implementation responsibilities

Minister, Directors of ministerial agencies and Governmental agencies, Chairmen of People's Committees of provinces and centrally-affiliated cities, enterprise and relevant organizations and individuals shall take responsibility to implement this Decree./.

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