Vietnam: 06 prohibited acts in public debt management applicable from July 01, 2018

Duy Thinh

09:42, 13/12/2017

Recently, the National Assembly of Vietnam issued Law No. 20/2017/QH14 setting forth public debt management, which covers the borrowing, use of loans and debt repayment and public debt management transactions.

Notably, the Law on Public Debt Management of Vietnam stipulates 06 prohibited acts in public debt management, including:

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

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

- Taking advantage of one’s position to appropriate or embezzle in public debt management and use.

- Failing to comply with regulations on public debt management; causing loss or waste of loans due to irresponsibility.

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

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

The Law on Public Debt Management of Vietnam takes effect from July 01, 2018.

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