CIRCULAR guiding the loans back and repay the loan by the Finance Ministry to mobilize for the refinery project in Dung quat No. 1 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pursuant to Decree No. 118/2008/ND-CP on November 27, 2008 of the Government functions, tasks, powers and organizational structure of the Ministry of finance;
Pursuant to Decree No. 133/2005/ND-CP on 01/11/2005 of the Government about issuing regulations of borrowing and repayment of foreign countries;
Pursuant to decision No. 546/QD-TTg dated 17 June 2005 by the Prime Minister about the adjustment of investment project No. 1 oil refinery Dung quat;
Make comments directed at the Prime Minister's letter No. 2951/VPCP-KTTH on 01 June 2006 on the capital account is 1,000 million us dollars for the project No.1 oil refinery Dung quat;
The Ministry of finance instructed the lenders back and repay the loan by the Finance Ministry for mobilization project number 1 oil refinery Dung Quat (hereinafter referred to as project) of the Vietnam oil and gas Corporation (hereinafter referred to as the borrower) are as follows: article 1. Capital source 1. Sources of capital for the project is worth $ 1 billion, including: a 700 million us dollars) from a capital source released the Government's international bond maturity in January 2020, interest at the time of release of 6.95% of the year, nominal interest rate 6.75%/year, pay 6 months/multidirectional reproduction; original charged 1 time when the maturity;
b) 300 million USD loan of the bank BNP Paribas, the 13-year period, from 30/01/2007 to 29/01/2009 according to the interest rate floating Libor + 2%/year, from 30/01/2009 according to 3.3% in fixed interest rate; principal and interest charged may 6/1 times, the original repayment grace period is 3 years.
2. capital mobilization outlined in paragraph 1, this is the Ministry of finance and budget spending record collection records for the borrower (hereinafter referred to as the loan back) and the borrower has the responsibility to repay other interest rates, according to the provisions of this circular.
Article 2. The loan agencies back 1. Vietnam Development Bank are the Finance Ministry authorized lending institutions do. The Ministry of finance signed the authorization for the Vietnam Development Bank made loans under the current rules on lending back foreign government loans and the provisions of this circular.
2. Lending institutions have the responsibility to conduct the monitoring of the use of loans in accordance with the decision of the Prime Minister and the feasibility report has been approved and authorized the recovery of debt from the borrowers to repay the Treasury under the provisions of this circular.
3. the Agency's Management Fee for the loan: a loan Agency) is entitled to management fee equal to 0.05% per year calculated on the outstanding balance of loans on average during the years of the project.
b) management fee was The Bronze-level financial Vietnam (accounting rate of Exchange announced by the Finance Ministry at the time of grant) from the State budget in the genus-level estimation to compensate the difference in interest rates and the annual management fee as proposed by the lending agency.
Article 3. Review loan conditions 1. The loan term is 15 years from the date of the first loan, of which the original grace period is 4 years.
2. lending money again and the original repayment, interest is the US dollar (USD).
3. Lending rate again: a) lending rate is 3.6% per year and unchanged throughout the term of the project.
b) overdue interest equal to the interest rate international bond issuance in 2010 of 1.2% Government.
Article 4. Repayment of principal and interest for loans.
1. The interest is made quarterly according to the specific regulations in the contract signed between the credit and lending institutions Who borrow again.
2. After the grace period the original repayment be made quarterly at the same time repaying interest rates according to the specific provisions in the contract signed between the credit and lending institutions Who borrow again.
3. To repay, if the borrower does not repay the debt (including principal and interest) Loan Agency, then moved the entire number of the debt due but not yet charged to the delinquent debt from the next day after the due date and apply overdue interest rate regulation in Detail b , Paragraph 3, article 3 of this circular.
Article 5. Payment guarantee and compensation for the loan again: 1. Borrower Credit again accept the loans from lending institutions.
2. the highest priority of the debt obligation to the borrower's payment of loan. At one point, if the borrower has the obligation to limit debt, the debt obligations of this loan is entitled to the payment first.
3. In case the borrower does not perform the obligations, the Ministry of finance through lending institutions require the borrower back compensation as prescribed by law, including a requirement that banks serve blocked the account of the borrower to repay.
Article 6. Debt collection for lending 1. The borrower has the responsibility to balance the resources to repay the loan in accordance with the signed credit contracts.
2. in case of inability to pay the debt, the borrower has the responsibility to report the Ministry of finance and lending institutions before 1 September in comparison with the time to repay the financial situation, the possibility of not paying debt on time and process.
3. At the latest three working days after the recovery of the original debt, the interest rate of the loan (including interest on overdue), lending institutions have the responsibility to transfer the entire amount of the original debt recovery, the interest of the loan back to the account of the Fund accrued repayments under the guidance of the Ministry of finance.
Article 7. Payment of interest and repayment of the original loan for the foreign creditors 1. The Ministry of finance directly paid any fees relating to financing for the project from the State budget.
2. The payment of interest and repayment of the loan: a root) for account 700 million us dollars from international bond issuance source: Ministry of finance authorized payment agent for international bonds is Citi's Trust Agency company in New York made.
b) for 300 million deposit bank BNP Paribas: the Ministry of finance directly perform the original payment, the interest rate of the loan.
3. interest payment Source and the original loan repayment including: a) the source of the original money back loan recovery and interest according to the interest rate of 3.6% per year from the borrower. The entire amount recovered from the borrower (including principal and interest) was filed on the cumulative repayment Fund and are tracking private Funds.
b) resources from the State budget to pay for part of the difference between the interest rate is charged for overseas and 3.6% per year interest income from The loan back.
4. The payment of interest and repayment of foreign origin are as follows: a) When due foreign debt (principal and interest), the Ministry of Finance made the application of capital from the State budget to pay the debt.
b) accrued Fund repayment responsibility to refund to the State budget the budget section for foreign applicants to correspond with the amount of principal and interest recovered from the borrower.
Article 8. Ensure the solvency 1. The Ministry of finance to ensure sufficient sources to pay for the foreign creditor when due. The case of the debt payment due the loan but the source charged from the borrower is not enough to pay the central budget arranged the missing part. The source case charged the borrower from the back left and settlement will be filed in the central budget.
2. The Ministry of Finance decided to arrange funding measures to ensure the ability to pay the loan when due.
Article 9. The responsibilities of the borrower back 1. Credit contract with lending institutions under the terms and conditions specified in this circular.
2. Loan repayment back to lending institutions under the agreement of the credit contract and regulations of this circular.
3. Be responsible before the law on the use of loans again as the goal of the project was approved by the Prime Minister.
4. Perform periodic reports in accordance with article 12 of this circular.
Article 10. Responsibilities of lending institutions back 1. Credit contract with the borrower under the terms and conditions specified in this circular.
2. Monitoring the use of the borrower's loan back, make sure your purposes, correct mode, and urge implementation of the original debt, debt recovery interest rates of the loan back in full, on time.
3. transfer the debt recovered from the borrower back on debt accumulation Fund account of the Ministry of finance stipulated deadlines.
4. The report on the financial status of the capital use lending, debt collection and situation and problems arising in the course of performing assigned duties.
5. Build and Finance Ministry report clearing the level planned management fee loans back to the Finance Ministry to consider, in the estimation of the State budget.
Article 11. The responsibility of the Ministry of finance 1. The layout of the budget and make the repayment of the debt obligation (root, interest) of the mobilization of international bonds and loans from credit institutions abroad;
2. Balance the State budget to compensate management fee for lending institutions;
3. Oversee the lenders, loan and make debt collection (original, interest) of the borrower and the lending institutions.
Article 12. Reporting, settlement, check 1. The report, settlement of The loan back to a responsible lending) implementing the reporting regime, financial settlement under the provisions of the State and the provisions of this circular;
b) quarterly, the borrower has the responsibility to report the Ministry of finance, lending agencies again about the use and repayment for the loan again.
2. Accounting, reporting and settlement of loan agencies back a) loan agencies back to open accounts and accounting to track private loans, the repayment and debt collection;
b) quarterly, year or as requested unscheduled leave lending agency Ministry of finance report on the situation of lending, debt collection and repayment for the loan again.
3. Inspection of the Ministry of finance a) 6 months or recurring, the Treasury check for the loan, the repayment of debt recovery and lending institutions;
b) at the request of management, the Department of finance examined the use of loan the borrower again.
Article 13. Responsible for implementation and effect 1. This circular has the effect after 45 days from the date of signing and replacing decision No 20/2007/QD-BTC dated 28 March 2007 of the Ministry of Finance issued Minister regulation mobilization, lending and capital repayment for project No. 1 oil refinery Dung quat.

2. The Ministry of finance, Vietnam Development Bank, Vietnam oil and gas Corporation is responsible for the correct implementation of the provisions of this circular.
3. During implementation of the circular, if there are difficulties and obstacles, the proposal reflects the units of the Ministry of finance to study the resolution.