Vietnam: Taking advantage of one’s position to appropriate or embezzle in public debt management and use is strictly prohibited

11:08, 10/09/2018

The Law on Public Debt Management 2017 of Vietnam sets forth public debt management, which covers the borrowing, use of loans and debt repayment and public debt management transactions. There are acts prohibited in public debt management specified in this Law.

Tinkering with public debt we doom innovation | EurekAlert!

Specifically, according to Article 8 of the Law on Public Debt Management 2017 of Vietnam, prohibited acts include:

First, borrowing, lending, and guaranteeing loans ultra vires, without approval of competent authorities, or exceeding the limits decided by competent authorities.

Second, using loans for improper purposes or by improper persons, exceeding the prescribed limits; or failure to make debt repayment properly.

Third, taking advantage of one’s position to appropriate or embezzle in public debt management and use.

Fourth, failing to comply with regulations on public debt management; causing loss or waste of loans due to irresponsibility.

Fifth, failing to provide or provide insufficient, untimely, and inaccurate information on public debts as per the law.

Sixth, obstructing the supervision, inspection, audit and actions against violations of laws and regulations on public debt management.

More details can be found in the Law on Public Debt Management 2017 of Vietnam, which takes effect from July 01, 2018.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

7 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn