Principles for Utilization of Aid for the Ninh Thuan 1 Nuclear Power Plant Project

The management and use of the credit and aid from the Government of Vietnam and the Russian Federation for the Ninh Thuan 1 Nuclear Power Plant Project (the Project) must comply with the principles stipulated in Article 3 Circular 26/2013/TT-BTC as follows:

Illustrative image (source: internet)

- The non-refundable aid from the Government of Vietnam and the Russian Federation for the formulation of the Feasibility Study Report of the Project, deducted from the Government of Vietnam's debt repayment to the Russian Federation according to Supplemental Agreement No. 2 of the Comprehensive Debt Settlement Agreement signed on September 13, 2000, is a revenue of the State Budget and allocated to EVN in the form of state budget accounting.

- The state credit from the Government of Vietnam and the Russian Federation provided to the Government of Vietnam under the Credit Agreement signed between the two governments is foreign loan capital of the Government of Vietnam. The Ministry of Finance, on behalf of the Government of Vietnam, acknowledges the debt with the Russian Federation and is responsible for repaying the debt to the Russian Federation when due. The Ministry of Finance authorizes the Vietnam Development Bank (VDB) to re-lend the entire loan from the Government of Vietnam and the Russian Federation to the Vietnam Electricity Corporation (EVN) for the construction of the Ninh Thuan 1 Nuclear Power Plant.

- The state credit and aid from the Government of Vietnam and the Russian Federation provided to the Government of Vietnam must be used for the right purposes and effectively, in accordance with the conditions stipulated in the Credit Agreement and Supplemental Agreement No. 2 and other relevant current regulations of Vietnam.

More details can be found in Circular 26/2013/TT-BTC which is effective from April 25, 2013.

Thu Ba

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE