Decision No. 44/2008/QD-BTC dated June 26, 2008 of the Ministry of Finance promulgating interest rates of state export and investment credit loans and interest rate difference for calculating post-investment assistance

DECISION

PROMULGATING INTEREST RATES OF STATE EXPORT AND INVESTMENT CREDIT LOANS AND INTEREST RATE DIFFERENCE FOR CALCULATING POST-INVESTMENT ASSISTANCE

THE MINISTER OF FINANCE

Pursuant to Decree 77/2003/ND-CP of the Government dated 1 July 2003 on the functions, duties, powers and organizational structure of the Ministry of Finance;
Pursuant to Decree 151/2006/ND-CP of the Government dated 20 December 2006 on State export credit loans and State investment credit loans;
Pursuant to Circular 69/2007/TT-BTC of the Ministry of Finance dated 25 June 2007 with guidelines on the above-mentioned Decree 151/2006/ND-CP;
On the proposal of the Director of the Department of Finances of Banks and Financial Institutions;

DECIDES:

Article 1.- Interest rate of State investment credit loans

1. The interest rate of State investment credit loans denominated in Vietnamese dong shall be 12.0% (twelve per cent) per annum, and for loans denominated in a convertible foreign currency shall be 7.8% (seven point eight per cent) per annum.

2. The interest rate of State investment credit loans denominated in Vietnamese dong shall be 11.4% (eleven point four per cent) per annum, and for loans denominated in a convertible foreign currency shall be 7.2% (seven point two per cent) per annum, applicable to projects for the construction of socio-economic infrastructure; projects for the development of agriculture and rural areas, and investment projects in areas with difficult socio-economic conditions or specially difficult socio- economic conditions; and to projects in areas where the Khmer ethnic people live, in communes under Program 135 and in border regions under Program 120, and in [poor] coastal communes.

Article 2.- Interest rate of State export credit loans

The interest rate of State export credit loans denominated in Vietnamese dong shall be 14.4% (fourteen point four per cent) per annum, and for loans denominated in a convertible foreign currency shall be 7.8% (seven point eight per cent) per annum.

Article 3.- The interest rate difference for calculating post-investment assistance applicable to loan projects denominated in Vietnamese dong shall be 3.9% (three point nine per cent) per annum, and for loan projects denominated in a foreign currency shall be 0.96% (zero point nine six per cent) per annum.

Article 4

Applicable to investment credit loan contracts and export credit loan contracts signed prior to the date on which this Decision takes effect:

1. The interest rates stipulated in this Decision shall apply if loan capital had not been disbursed prior to the date on which this Decision takes effect.

2. The interest rate stipulated in the signed loan contract shall continue to apply if any part of the loan capital had been disbursed prior to the date on which this Decision takes effect.

Article 5

This Decision shall be of full force and effect fifteen (15) days after the date on which it is published in the Official Gazette. The following Decisions of the Minister of Finance are hereby repealed namely No. 75/2007/QD-BTC dated 30 August 2007 and No. 06/2008/QD-BTC dated 29 January 2008 promulgating interest rates of State export and investment credit loans and the interest rate difference for calculating post-investment assistance.

Chairmen of boards of management and general directors of Vietnam's development banks, and investors of State export credit loan projects and of State investment credit loan projects shall be responsible for implementation of this Decision.