Circular 02: Procedures to support investment loans for passenger transport by bus in Vietnam

Processes and procedures for interest rate support for organizations or individuals obtaining borrowed funds from credit institutions for implementation of transport vehicle and infrastructure investment projects in the public passenger bus service sector in accordance with Clause 3 Article 4, Clause 3 Article 5 of the Prime Minister’s Decision No. 13/2015/QD-TTG are specified in Circular No. 02/2016/TT-BTC of the Ministry of Finance of Vietnam, including 05 steps as follows:

- A project owner eligible for support policies shall, after preparing a complete request dossier for interest rate support as referred to in Article 7 hereof, submit it to the Department of Transport in the exercise of authority over its projects.

- Within a permitted period of 03 working days of receipt, the Department of Transport shall inspect and verify it to notify that project owner if such dossier is invalid or needs further improvement or fails to satisfy statutory requirements for interest rate support. Within a maximum of 15 working days of receipt of the sufficient dossier from that project owner, the Department of Transport shall conduct an evaluation or inspection of that dossier, monetary amount given as interest rate support and validity period of interest rate support for specific projects. The result of such evaluation or inspection and the attached request dossier must be documented and deposited with the Department of Transport.

- The provincial People’s Committee shall consider making a decision on the list of projects qualifying for interest rate support, monetary amounts given as interest rate support and validity period of interest rate support for specific projects within a permitted period of 10 working days of receipt of the request statement submitted by the Department of Transport. The approval decision on interest rate support must be sent to entities such as the Department of Transport, the Department of Finance, the Department of Planning and Investment and the State Treasury, and must be available for public access.

- Pursuant to the approval decision, the provincial People’s Committee and the Department of Finance shall send payment orders to the State Treasuries of provinces or districts.

- Upon receipt of payment orders from the Department of Finance, the State Treasuries shall disburse support amounts to project owners obtaining the approval decision of interest rate support.

View details at Circular No. 02/2016/TT-BTC of the Ministry of Finance of Vietnam, effective from January 20, 2016.

Thu Ba

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