Laws of Vietnam

Pursuant to the Government’s Decree No. 100/1998/ND-CP of December 10, 1998 on the financial regime applicable to the State Bank of Vietnam and the Government Office’s Official Dispatch No. 4152/VPCP-KTTH of September 10, 2001 on the amendments to Decree No. 100/1998/ND-CP, the Ministry of Finance hereby guides the supplements and amendments to Circular No. 111/1999/TT-BTC of September 17, 1999 guiding the implementation of the financial regime applicable to the State Bank of Vietnam as follows:

1. The provisions on expenses for money safeguarding at Point 2.1.2.d of Section III.B, are amended as follows:

Expenses for money safeguarding, including:

+ Allowances given according to the prescribed regime to the forces watching, safeguarding and protecting storehouses, escorting money, gold, silver and gems, and payment instruments substituting money.

+ Expense for hiring agencies and organizations outside the State Bank to inspect and expertise counterfeit money.

2. Point 2.2 of Section III.B - Expenses for officials, public servants and staff of the State Bank and contractual employees, and expenses for rewards and welfare - is amended as follows:

- The second paragraph marked with hyphen (-) is amended as follows: Lunch allowance for officials, public servants and staff present at working places in the year, including the mass-organization officials working on a full-time basis at the State Bank. The monthly allowance level for each official shall be decided by the State Bank Governor but not exceed the minimum wage level set for the State employees.

- The fifth paragraph marked with hyphen (-) is amended as follows: Regular and irregular expenses for rewards and welfare to the State Bank’s collectives and officials, public servants and staff members. The total annual spending level on these two items shall be equal to the total wage fund actually paid in the year (including wages paid to the mass-organization officials working on a full-time basis at the State Bank).

3. Point 2.5 of Section III.B - Expenses for difficulty and severance allowances - is amended as follows:

Expenses for difficulty and severance allowances: The eligible subjects and levels thereof shall comply with the State’s regulations. Particularly, the difficulty allowance expense shall be paid only when the State decides to give difficulty allowance to officials enjoying salaries from the State budget. The State Bank may account the difficulty allowance expense for its officials into the expenditures according to this stipulation in cases where the funding therefore is not allocated from the State budget.

4. Point 2.6.b of Section III.B - Expenses for postage and information communication charges - is amended as follows:

These expenses mean amounts spent on postage, information communication, telegraph, hiring of communication channels, telex, facsimile,… paid according to the bills of the post offices.

Expenses for installation of public-duty telephones at private homes of, and the supply of mobile phones for, the eligible subjects shall comply with the State’s current regulations.

5. To supplement and amend a number of expenses mentioned at Point 2.6 of Section III.B as follows:

- Expenses for bidding and payment of treasury bills: These expenses shall comply with the Finance Ministry’s regulations guiding the issuance of treasury bills.

- Expense for officials directly or indirectly participating in getting advertisement contracts for the Banking Times and the Banking Journal. The maximum spending level shall not exceed 40% of the value of the advertisement contract.

6. To annul Point 2.7.c of Section III.B - Expenses for minor constructions.

7. To add an expense to Point 2.10 of Section III.B as follows:

- Expense for annual settlement allowance: The eligible subjects and levels thereof shall be decided by the State Bank Governor.

8. Point 2 of Section IV is amended as follows:

Quarterly, the State Bank shall deduct for temporary remittance into the State budget 70% of the actual financial revenue-expenditure difference in the quarter. The temporary remittance shall be conducted within the first 10 days of the subsequent quarter.

At the end of the fiscal year, within 10 days after the annual financial settlement report is approved by the State Bank Governor, the State Bank shall have to remit into the State budget the whole financial revenue-expenditure difference to be paid annually according to the settled data.

The State Bank’s annual financial revenue-expenditure difference to be remitted into the State budget shall be officially determined according to the State Audit’s examination results. In cases where the paid amount is larger than the payable amount according to the State Audit’s official conclusion, the overpaid amount shall be deducted into the payable amount of the subsequent year. On the contrary, if the paid amount is smaller than the payable amount according to the State Audit’s official conclusion, the State Bank shall have to pay the deficit within 10 days after the State Audit has made its conclusion.

This Circular takes implementation effect as from January 1, 2002. In the course of implementation, if any problems arise, the State Bank is requested to report them to the Ministry of Finance for study, consideration and settlement.

For the Minister of Finance
Vice Minister
LE THI BANG TAM