What are regulations on assent to investment policy of ODA and concessional loans in Vietnam?
What are regulations on assent to investment policy of ODA and concessional loans in Vietnam? What are responsibilities of the account opening institutions of programs/projects funded by ODA and concessional loans in Vietnam?
What are regulations on assent to investment policy of ODA and concessional loans in Vietnam?
Pursuant to Article 53 of the Decree 114/2021/ND-CP stipulating as follows:
1. Authority to grant assent to investment policy shall be subject to the regulations laid down in Article 30, 31 and 32 of the Law on Investment.
2. Documentation requirements, order and procedures for assent to the investment policy shall be subject to Article 33, 34, 35 and 36 of the Law on Investment.
What are responsibilities of the account opening institutions of programs/projects funded by ODA and concessional loans in Vietnam?
Pursuant to Article 64 of the Decree 114/2021/ND-CP stipulating as follows:
1. At the request of the project owners as the account holders, the State Treasury or the service bank shall provide guidance on documentation requirements and procedures for opening payment accounts of the projects and carrying out payment, fund withdrawal and other transactions according to the applicable regulations.
2. The State Treasury or the service bank shall guide and provide project owners with sufficient information for the payment transaction via the State Treasury or service bank system.
3. On a monthly basis, as agreed upon between the account opening institutions and the account holders, and upon the account holders’ request, the account opening institutions shall send the balance statements of the designated accounts to the account holders, including details of the amount in the base currency, the beneficiaries and transaction dates, applicable exchange rates and the equivalent value in VND, opening balance, outflows and the closing balance.
4. On a monthly basis, as agreed upon between the account opening institutions and the account holders, and upon the account holders’ request, the account opening institutions shall notify the account holders of the interest earned on the designated accounts of the projects (if any); banking service charges collected; the difference between interest earned and service fees paid; opening and closing balance.
5. Within 02 working days after being informed of the disbursement by the foreign donors, the account opening institutions shall credit to the accounts of the project and notify the account holders.
6. Before the 10th of each month, the State Treasury and the service bank shall submit a synthesis report to the Ministry of Finance on previous-month changes arising in the ODA, concessional loan accounts opened throughout the entire system. The report must detail project names, project owners, accounts, sub-accounts (each account or sub-account is used for a source of funding); must separate ODA grants and loans; must provide details about the opening balance, total withdrawal from foreign donors in the period, total expenditures in the period, the closing balance, repayments to foreign donors (if any); must provide data on interest earned on ODA and concessional loan accounts in the period, the amount of interest used to cover banking service charges, and closing interest balance.
7. At the end of every fiscal year, account balances shall be reconciled with the project owner.
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