Circular 65: Responsibility of merchants in purchasing temporary stored rice in Vietnam

Circular 65: Responsibility of merchants in purchasing temporary stored rice in Vietnam (Illustrative Image)

Circular 65/2014/TT-BTC stipulates the responsibilities of merchants in purchasing temporary stored rice. To be specific:

1. Execute the purchase of temporary stored rice as directed by the Prime Minister of the Government of Vietnam in Decision 373a/QD-TTg with the supervision of the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade, the People's Committees of provinces and centrally-run cities in the Mekong Delta, and the Vietnam Food Association.

2. Be responsible for the authenticity of the import, export, and inventory of temporary stored rice and the credit contracts for purchasing temporary stored rice. Additionally, be accountable for the accuracy of the reported figures in the interest rate support application dossier.

3. Keep records, and documents of import, export, and bank loans, and maintain separate accounting books for the purchase of temporary stored rice as per the directives of the Prime Minister of the Government of Vietnam in Decision 373a/QD-TTg.

4. Be responsible for the business efficiency concerning the purchase of temporary stored rice.

5. Be legally responsible if violating financial and accounting regulations in the execution of temporary stored rice.

6. Must return to the state budget the interest rate support funds granted if state management agencies inspect and detect any violations. Additionally, the merchant must pay late payment interest on the amount to be refunded.

Note: The determination of late payment interest is calculated from when the merchant received the funds until the refund to the state budget at an interest rate of 150% of the average loan interest rate at the commercial banks that the merchant borrowed to purchase temporary storage.

Details can be found at Circular 65/2014/TT-BTC which took effect on May 19, 2014.

Ty Na

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