Procedure for Disbursing Russian Aid Funds for the Nuclear Power Plant Project

According to Circular 26/2013/TT-BTC, the disbursement of aid funds for the preparation of the Feasibility Study Report of the Ninh Thuan 1 Nuclear Power Plant Project shall be conducted in accordance with the provisions of Supplementary Agreement No. 2 and the Banking Agreement on Technical Guidance for Aid Fund Disbursement signed on January 20, 2012, between Vietcombank and Vnesheconombank.

Illustrative image (source: internet)

The specific disbursement process is carried out as follows:

- Upon receiving the payment request, along with the original invoices and payment documents issued by Russian organizations sent by Vnesheconombank to Vietcombank, Vietcombank forwards a dispatch along with the entire set of said original documents to EVN;

- Within 05 working days from the date of receipt of the above documents, EVN is responsible for verifying and approving the entire set, partially approving, or rejecting the payment documents. In case the set of documents is approved, EVN sends a capital withdrawal request to the Ministry of Finance along with the documents stipulated in Clause b, Point 2, Article 5. In case EVN rejects the set of documents, within 03 working days from the receipt of the documents transferred by Vietcombank, EVN must notify Vietcombank in writing, with a copy sent to the Ministry of Finance, clearly stating the reasons and the amount not accepted for payment, so that Vietcombank can notify Vnesheconombank.

- Based on EVN's capital withdrawal request dispatch, within 05 working days, the Ministry of Finance issues a Payment Order, requesting Vietcombank to transfer funds from the Russian Debt Repayment Account to pay the Russian organizations as per the instructions provided in EVN's dispatch, and debits the Russian Debt Repayment Account at Vietcombank.

- After transferring funds to Vnesheconombank to pay the Russian organizations, Vietcombank sends a copy of the Money Transfer Telegraph to the Ministry of Finance and EVN to proceed with the procedures for recording revenues into the state budget and expensing allocations for EVN.

Regarding the disbursement request dossier for each time: In addition to the initial documents and certificates required as per Circular 108/2007/TT-BTC, EVN is responsible for sending the following documents to the Ministry of Finance (Department of Debt Management and External Finance) as a basis for disbursement, including: EVN's aid capital withdrawal request; Payment request (or certified true copy of the original invoice) of the Russian organizations; Acceptance report on completion by EVN (certified true copy);

Note that for the initial withdrawal to make advance payments (deposit): Within 07 working days, EVN shall transfer the disbursement request dossier, supplementing copies (certified by EVN) of the Contract Performance Guarantee and Advance Payment Guarantee as stipulated in the contract to the Ministry of Finance (Department of Debt Management and External Finance) to proceed with the procedures for requesting Vietcombank to pay the Russian organizations.

Refer to other related regulations in Circular 26/2013/TT-BTC, effective from April 25, 2013.

Thu Ba

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