Decree 84/2026/ND-CP amend and supplement decrees on public debt management

DECREE

Amending and supplementing a number of articles of the Government’s Decrees in the field of public debt management

Pursuant to the Law on Organization of the Government No. 63/2025/QH15;

Pursuant to the Law on Public Debt Management No. 20/2017/QH14, as amended and supplemented by the Law No. 141/2025/QH15;

Pursuant to the Law on Credit Institutions No. 32/2024/QH15 as amended and supplemented by the Law No. 96/2025/QH15;

Pursuant to the Law on Public Investment No. 58/2024/QH15 as amended and supplemented by the Law No. 90/2025/QH15;

Pursuant to the Law on the State Budget No. 89/2025/QH15;

Pursuant to the Law Amending and Supplementing a Number of Articles of the Bidding Law, the Law on Investment in the Form of Public-Private Partnership, the Customs Law, the Law on Value-Added Tax, the Law on Import Duty and Export Duty, the Law on Investment, the Law on Public Investment, and the Law on Management and Use of Public Property No. 90/2025/QH15;

At the proposal of the Minister of Finance;

The Government promulgates the Decree amending and supplementing a number of articles of the Government’s Decrees in the field of public debt management.

Article 1. To amend and supplement a number of articles of the Decree No. 91/2018/ND-CP dated June 26, 2028 of the Government on grant and management of government guarantee

1. To amend and supplement Point b, Clause 1, Article 5 as follows:

“b) It has not incurred any loss for the last 03 consecutive years according to the auditor’s report, except where the enterprise is rated by one of the international credit rating agencies that have conducted sovereign credit rating for Vietnam at a level equal to or one notch lower than the sovereign credit rating;”.

2. To amend and supplement Clause 3, Article 6 as follows:

“3. For bonds issued by a bank for social policies, the guaranteed amount shall be the quantity of government-guaranteed bonds issued actually within the year, which shall not exceed the guarantee limit approved by the Prime Minister in accordance with the Article 48 of this Decree.”

3. To amend and supplement a number of points, clauses of Article 10 as follows:

a) To amend and supplement Clause 1 as follows:

“1. The annual government guarantee limit is an indicator in the annual plans on borrowing and repayment of public debts, determined by the Ministry of Finance and submitted to competent authorities for decision in accordance with the Clause 4 Article 13 and Clause 2 Article 14 of the Law on Public Debt Management.”;

b) To amend and supplement Clause 2 as follows:

“2. Based on the five-year government guarantee limit, the demand for and possibility of raising funds, the Ministry of Finance shall determine the government guarantee limit for the planning year within the annual plans on borrowing and repayment of public debts and submit it to the Prime Minister for approval.

In case the growth rate of the government-guaranteed outstanding loans exceeds the growth rate of the gross domestic product of the previous year, the Ministry of Finance shall submit it to the Government for consideration and decision on the government guarantee limit for the planning year.”;

c) To amend and supplement Point b Clause 3 as follows:

“b) Borrowed amounts or value of the quantity of bonds to be issued under the government guarantee in the planning year if the project has its proposal for government guarantee approved by the Prime Minister;”;

d) To amend and supplement Point d Clause 3 as follows:

“d) Amounts of money withdrawn or used to pay debts in the planning year, from the loan or the issuance of bonds granted or to be granted government guarantee;”;

dd) To amend and supplement Clause 4 as follows:

“4. Every bank for social policies shall, based on the Government's planned growth indicator in loan capital for investment and development, the plan for balancing funds and fund utilization in the planning year, formulate a proposal for Government guarantee issuance and send it to the Ministry of Finance before October 30 of the year immediately preceding the planning year for consolidation and submission to the Prime Minister for approval within the annual plans on borrowing and repayment of public debts. The proposal of the bank for social policies shall include the following principal contents:

a) Planned credit growth in the planning year;

b) Balancing of funds and utilization of funds for implementation of policy credit programs of the banks for social policies in the planning year, including funding from issuance of government-guaranteed bonds;

c) Planned quantity of government-guaranteed bonds to be issued in the planning year.”.

4. To supplement one paragraph at the end of Point b Clause 6 Article 11 as follows:

“In case of incurring losses in any year within the 03 most recent consecutive years according to audited financial statements, the above-mentioned entities shall provide the credit rating results of the year immediately preceding the year of submission of the appraisal dossier.”

5. To amend a number of points and clauses of Article 12 as follows:

a) To amend and supplement Clause 1 as follows:

“1. The Ministry of Finance shall assume the prime responsibility for, and coordinate with relevant agencies in, conducting the appraisal of the dossier requesting approval of the policy for granting Government guarantee after the enterprise has provided all dossiers in accordance with Article 11 of this Decree and prior to negotiating the loan agreement or preparing the legal dossier for bond issuance as regulated.”;

b) To amend Point a Clause 2 as follows:

“a) Fully satisfying the dossier requirements in accordance with Article 11 of this Decree;”.

6. To add Point d after Point c Clause 5 Article 14 as follows:

“d) Financial plan report.”.

7. To amend and supplement a number of points, clauses of Article 15 as follows:

a) To amend and supplement Clause 2 as follows:

“2. Within 30 days from the date of receipt of a complete dossier of application for grant of government guarantee from the enterprise in accordance with this Decree, the Ministry of Finance shall assume the prime responsibility for, and coordinate with relevant agencies and organizations in, conducting the appraisal of the dossier of application for grant of government guarantee and reporting to the Prime Minister on the appraisal results with the following principal contents:”;

b) To amend and supplement Point a, Clause 2 as follows:

“a) Fully satisfying the dossier requirements in accordance with Article 14 of this Decree;”.

8. To amend and supplement Point a, Clause 4, Article 22 as follows:

“a) The application for registration includes:”.

9. To amend and supplement a number of points, clauses of Article 25 as follows:

a) To amend and supplement Point d, Clause 1 as follows:

“d) To transfer revenues, incomes from the project's operations, and other legal incomes to the project account and maintain a balance in the project account (in the original currency or in Vietnam Dong at the exchange rate of the serving bank) to ensure funding for repaying debts in full and on schedule;”;

b) To amend and supplement Point g, Clause 1 as follows:

“g) To confirm debt figures on an annual basis or to send a copy of the annual debt figure confirmation of the lending bank for government-guaranteed loan or bonds to the Ministry of Finance.”;

c) To amend and supplement Point b Clause 2 as follows:

“b) To report annual debt figures in accordance with Point h, Clause 1, Article 56 of this Decree.”

10. To add Article 26a after Article 26 as follows:

“Article 26a. Certification of amendments and supplements related to guaranteed obligations under government-guaranteed loan agreements

1. The certification of amendments and supplements related to government-guaranteed obligations under signed loan agreements at the request of the obligor shall be carried out by the Ministry of Finance upon receipt of the following complete and valid dossiers:

a) The obligor’s written request, which indicates reasons of amendments and supplements, contents to be modified, and effects of the certification of amendments and supplements related to government-guaranteed obligations under the signed loan agreement on the obligor's performance of obligations under the loan agreement;

b) Documents on amendments and supplements to the signed loan agreement;

c) The obligee’s opinions on the amendments and supplements related to government-guaranteed obligations in the loan agreement;

d) The draft of certification document on amendments and supplements related to government-guaranteed obligations under the loan agreement prepared by the obligee (if any).

2. In case the contents of the amendments and supplements related to government-guaranteed obligations under the signed loan agreement cause neither an increase in the principal of the government-guaranteed loan nor change of the obligor, the Prime Minister shall authorize the Minister of Finance to decide and issue the certification document within 15 working days from the date of receipt of complete and valid dossiers submitted by the obligor as prescribed in Clause 1 of this Article.”.

11. To amend and supplement a number of points, clauses of Article 42 as follows:

a) To amend Point a, Clause 3 as follows:

“a) The obligor authorizes the serving bank to automatically debit funds from the project account or other accounts of the obligor to pay debts to the Accumulation Fund for Debt Repayment when they are due;”;

b) To amend Point c, Clause 3 as follows:

“c) The Ministry of Finance has the right to conduct annual inspection of the obligor’s financial capacity until debts to the Accumulation Fund for Debt Repayment are paid off.”;

c) To amend Point d, Clause 4 as follows:

“d) The obligor’s application for a forced loan from the Accumulation Fund for Debt Repayment, which specifies the borrowed amounts (separate principal, interests and fees), the loan term, repayment schedule and estimated sources of funding for debt repayment, and opinions of the parent company (if any) and of the representative agency (if it is a state-owned enterprise) and must be sent to the Ministry of Finance no later than 45 days prior to the due date.”.

12. To amend and supplement the first indent at Point i, Clause 2, Article 47 as follows:

“- Total funds in each year, sorted by source, including: funds from state budget, funds from issuance of guaranteed bonds and other sources; recovered loans; funds carried forward from the preceding year.”.

13. To amend and supplement Clause 2, Article 48 as follows:

“2. The Prime Minister shall decide on the government-guaranteed bond issuance limit for policy banks. After the Prime Minister grants a written approval, the Ministry of Finance shall send the applicant a written notification for issuing bonds as prescribed in Article 49 herein.”.

14. To amend and supplement a number of points, clauses of Article 56 as follows:

a) To amend and supplement Point e, Clause 1 as follows:

“e) To adopt measures specified in this Decree to collect debts and fees arising during the payment of debts on behalf of the obligor;”;

b) To amend and supplement Clause 2 as follows:

“2. To obtain opinions from representative agencies, the sector regulatory authorities and people’s committees of provinces and centrally-run cities, and the serving bank about enterprises and investment projects using funds from guaranteed loans in course of processing applications for government guarantee.”.

15. To amend and supplement Clause 11, Article 62 as follows:

“11. To transfer revenues, incomes from the project's operations, and other legal incomes to the project account and maintain a balance in the project account (in the original currency or in Vietnam Dong at the exchange rate of the serving bank) to ensure funding for repaying debts in full and on schedule.”.

16. To replace the phrase “Vietnam Securities Depository” in Clause 5 Article 34 and Clause 6 Article 49 with the phrase “Vietnam Securities Depository and Clearing Corporation”.

17. To replace the phrase “the dedicated credit programs” at Point b, Clause 5, Article 47, the third indent and the fifth indent of Point c, Clause 1, Article 48, and Clause 1 Article 49 with the phrase “the State’s policy credit programs”.

18. To remove the phrase “in the annual borrowing and repayment plan” in Clause 1 Article 48.

19. To remove the phrase “inspection” in Clause 6 Article 56 and Clause 2 Article 60.

20. To annul Point dd, Clause 3, Article 10; Point dd, Clause 1 and Point c, Clause 3, Article 25; and Appendix III promulgated together with the Decree No. 91/2018/ND-CP.

Article 2. To amend and supplement a number of articles of the Government’s Decree No. 93/2018/ND-CP dated June 30, 2018 prescribing the management of local administrations’ debts

1. To amend and supplement Clause 1, Article 1 as follows:

“1. Scope of regulation:

This Decree prescribes the management of local administrations’ debts, covering debt management principles, forms of borrowing and conditions for borrowing to be satisfied by local administrations; formulation of 5-year borrowing and repayment plans; annual borrowing and repayment plans; borrowing and repayment of loans; and accounting, audit, reporting and disclosure of debt-related information.”.

2. To amend Point a, Clause 2, Article 2 as follows:

“a) Its 5-year borrowing plans and annual borrowing plans must ensure the ceiling (if any) notified by competent authorities and the outstanding loan limit prescribed in Clause 6, Article 7 of the Law on the State Budget, documents of the Government detailing the implementation of a number of articles of the Law on the State Budget, and the Government’s decrees prescribing special financial and budget mechanisms and policies applicable to a number of localities as prescribed in Article 76 of the Law on the State Budget;”.

3. To amend Point c, Clause 1, Article 3 as follows:

“c) Borrowing loans directly from domestic financial institutions or credit institutions; borrowing loans from state funds under this Decree.”.

4. To amend the title of Chapter II as follows:

“Chapter II

FIVE-YEAR BORROWING AND REPAYMENT PLANS AND ANNUAL BORROWING AND REPAYMENT PLANS OF LOCAL ADMINISTRATIONS”.

5. To amend a number of points and clauses of Article 6 as follows:

a) To amend Point d, Clause 2 as follows:

“d) The 5-year financial plan, the medium-term plan for public investment funded by the state budget;”;

b) To amend and supplement Clause 5 as follows:

“5. Time limits for guidance, formulation, sum-up, decision and assignment of annual borrowing and repayment plans of local administrations must comply with the provisions in the Law on the State Budget and the Government’s documents detailing the implementation of a number of articles of the Law on the State Budget.”;

c) To amend and supplement Clause 8 as follows:

“8. The adjustment of local administrations’ annual borrowing and repayment plans must comply with Article 54 and Article 55 of the Law on the State Budget.”.

6. To amend and supplement a number of points, clauses of Article 8 as follows:

a) To amend and supplement the first paragraph of Clause 1 and Points a and b, Clause 1 as follows:

“1. Based on the local budget estimate, annual borrowing and repayment plan, policy on issuance of municipal bonds approved by the provincial-level People’s Council and the local administration’s borrowing plan prescribed in Article 7 of this Decree, the provincial-level People’s Committee shall finalize the scheme on issuance of municipal bonds and submit it to the provincial-level People’s Council for approval. A scheme on issuance of municipal bonds must include:

a) The issuer being the provincial-level People's Committee;

b) The purposes of issuance of municipal bonds as prescribed in the Law on the State Budget and the Law on Public Debt Management; in case of issuance of municipal bonds for projects under the medium-term public investment plan, the legal status of each project proposed to use funds from the issuance of municipal bonds must be clearly stated;”;

b) To amend and supplement Point k, Clause 1 as follows:

“k) The issuance of local administrations’ green bonds must comply with the regulations on issuance of ordinary municipal bonds, and provincial-level People's Committee must report the list of projects using funds raised from issuance of local administrations’ green bonds in accordance with the law on environmental protection.”;

c) To amend and supplement Clause 8 as follows:

“8. The organization of issuance of local administrations’ green bonds shall be implemented in accordance with the Scheme approved by the provincial-level People’s Council.”.

7. To amend and supplement a number of points, clauses of Article 12 as follows:

a) To amend and supplement Clause 1 as follows:

“1. The funds used for paying loan principals by a local administration must comply with the Government’s documents detailing the Law on the State Budget, including:

a) Annual amounts borrowed for repaying loan principals as decided by the National Assembly or provincial-level People’s Council;

b) Local budget revenues at the provincial level allocated in the estimates;

c) Positive provincial-level budget balance as prescribed in Clause 1 Article 74 of the Law on the State Budget;

d) Revenue increases against the estimates and remaining expenditure estimates in accordance with Clause 2 Article 61 of the Law on the State Budget.”;

b) To amend and supplement Point b, Clause 4 as follows:

“b) In the course of administration, after getting the borrowed loan for repaying loan principal, the fund for covering development investment expenditures shall be reimbursed to be allocated to investment projects. If obtaining no loan or the obtained loan is lower than projected, the fund for covering development investment expenditures shall be reduced for offsetting the deficit (the local administration shall reduce budget deficit or increase state budget revenues allocated in the estimates to have funds for repaying loan principal).”.

8. To amend and supplement Clause 2, Article 15 as follows:

“2. On a quarterly basis, a provincial-level People’s Committee shall submit reports on the local administration’s implementation of its annual borrowing and repayment plan, and implementation of the local budget revenue and expenditure estimate to the standing board of the provincial-level People’s Council under Clause 3, Article 54 and Clause 2, Article 61 of the Law on the State Budget; report on the execution of the local budget and the local administration’s implementation of the borrowing and repayment plan to the provincial-level People’s Council at the year-end session, and report on additional assessment to the provincial-level People’s Council at the meeting convened in the middle of the subsequent year.”.

9. To replace the phrases “provincial-level State Treasury” in Clause 1, Article 11 and Clause 2, Article 12 and “provincial-level State Treasury” in Clause 2, Article 13 with the phrase “regional State Treasury”.

10. To amend and supplement Point dd, Clause 1, Article 18 as follows:

“dd) To inspect the management and use of borrowed loans by agencies and organizations.”.

11. To replace Appendix II promulgated together with the Decree No. 93/2018/ND-CP with Appendix I promulgated together with this Decree; to replace Appendix III promulgated together with the Decree No. 93/2018/ND-CP with Appendix II promulgated together with this Decree.

12. To annul Article 5; Clauses 2 and 3 and Point d, Clause 7, Article 8; Clause 2, Article 10; and Point b, Clause 1, Article 18.

Article 3. To amend and supplement a number of articles of the Decree No. 94/2018/ND-CP dated June 30, 2018 of the Government on public debt management operations

1. To amend and supplement Article 1 as follows:

“Article 1. Scope of regulation

This Decree prescribes public debt management operations, including public debt safety indicators; formulation and implementation of five-year plans on borrowing and repayment of public debts, and annual plans on borrowing and repayment of public debts; management of public debt portfolio risks; and reporting and disclosure of information on public debts.”.

2. To amend and supplement a number of clauses of Article 3 as follows:

a) To amend and supplement Clause 3 as follows:

“3. Public debt management tools include public debt management indicators, five-year plans on borrowing and repayment of public debts, and annual plans on borrowing and repayment of public debts.”;

b) To amend and supplement Clause 5 as follows:

“5. ODA loan and foreign concessional loan on-lending limit means the maximum value of ODA loans and foreign concessional loans to be borrowed by the Government for on-lending to provincial-level People’s Committees, enterprises and public non-business units in 1 year or 5 years.”.

3. To amend and supplement Point b, Clause 3, Article 14 as follows:

“b) Annual government guarantee limits, including the limits of guarantee for bond issuance by the Vietnam Development Bank and Vietnam Bank for Social Policies; and guarantee for domestic and foreign loans borrowed by enterprises. In case the growth rate of outstanding government-guaranteed debt exceeds the growth rate of the gross domestic product of the previous year, the Ministry of Finance shall consolidate and submit to the Government for consideration and decision on the annual government guarantee limit. The submission dossier includes:

b1) Proposals of enterprises and policy banks sent to the Ministry of Finance in accordance with Clause 3 and Clause 4 Article 10 of the Decree No. 91/2018/ND-CP dated June 26, 2018 of the Government on grant and management of government guarantee;

b2) Assessment of effects on public debt safety indicators.”.

4. To amend and supplement Clause 1, Article 15 as follows:

“1. “Five-year plan on borrowing and repayment of public debts.”.

5. To amend and supplement a number of clauses of Article 16 as follows:

a) To amend and supplement Clause 3 as follows:

“3. On-lending beneficiaries and entities eligible for guarantee shall formulate borrowing and debt repayment plans for on-lent loans and government-guaranteed loans and send them to the Ministry of Finance for determining ODA loan and concessional loan on-lending limits and government guarantee limits in accordance with the Government’s Decree on management of on-lending of ODA loans and foreign concessional loans and Decree on grant and management of government guarantee, and submitting them to the competent authorities for decision.”;

b) To amend and supplement Clause 5 as follows:

“5. Based on the state budget’s annual borrowing and debt repayment levels decided by the National Assembly, the Ministry of Finance shall formulate the annual plans on borrowing and repayment of public debts, including the on-lending limit and government guarantee limit, and submit it to the Prime Minister before November 30 of the year immediately preceding the planning year.

In case the growth rate of the government-guaranteed outstanding loans exceeds the growth rate of the gross domestic product of the previous year, the Ministry of Finance shall submit it to the Government for decision on the government guarantee limit before consolidating it into the annual plans on borrowing and repayment of public debts.

The Prime Minister shall consider and approve the annual plans on borrowing and repayment of public debts before December 31 of the year immediately preceding the planning year.”;

c) To add Clause 7 after Clause 6 as follows:

“7. After the annual plans on borrowing and repayment of public debts has been approved, in case there arises a need to adjust the Government guarantee plan specified in Clause 5 Article 10 of the Decree No. 91/2018/ND-CP dated June 26, 2018 of the Government on grant and management of government guarantee, leading to the growth rate of outstanding Government-guaranteed debt exceeding the growth rate of the gross domestic product of the immediately preceding year, the Ministry of Finance shall submit to the Government for consideration and decision on adjustment of the annual government guarantee limit in accordance with Clause 3, Article 14 of this Decree. The adjusted government guarantee limit shall be implemented in accordance with the Government’s decision, without requiring the procedure for re-submission of the public debt borrowing and repayment plan.”

6. To amend and supplement Point c, Clause 2, Article 18 as follows:

“c) To comply with the on-lending limit and government guarantee limit approved by competent authorities.”.

7. To amend and supplement Clause 3 and add Clause 3a after Clause 3, Article 19 as follows:

“3. The borrowing of foreign loans under loan agreements must comply with the following regulations:

a) Loans may only be borrowed for development investment, not for current expenditures;

b) New loans must be evaluated in terms of their impacts on the size of public debt, within the limits of public debt safety indicators and medium-term debt repayment capacity;

c) The proposed loans shall be approved by the Prime Minister;

d) The negotiation and signing of international treaties and loan agreements must ensure that the programs and projects using foreign loans have been approved by competent authorities in terms of program documents and investment decisions.

3a. The grant of Government guarantees for loans and bond issuances must ensure:

a) The guarantee amount must be within the government guarantee limit approved in accordance with the Law on Public Debt Management;

b) The appraisal and grant of Government guarantees must ensure that the programs and projects using Government-guaranteed loan have been decided by competent authorities in terms of investment policy, investment decision, and decision on the policy for Government guarantee for the loan; and that there is a feasible financial plan in accordance with the Decree on grant and management of Government guarantee.”.

8. To amend and supplement a number of points, clauses of Article 20 as follows:

a) To add Point c after Point b, Clause 2 as follows:

“c) To grant allocation for provincial-level People’s Committees and public non-business units.”;

b) To amend and supplement Clause 3 as follows:

“3. Loan estimation:

a) Ministries, sectors and localities shall prepare loan estimates together with state budget estimates in accordance with the Law on the State Budget and send them to the Ministry of Finance for sum-up;

b) The Ministry of Finance shall sum up loan estimates and report them to competent authorities for approval in accordance with the law on the state budget.”.

9. To amend and supplement Clause 3, Article 23 as follows:

“3. The prevention of public debt portfolio risks shall be conducted in conformity with the five-year plan on borrowing and repayment of public debts and annual borrowing and repayment plans.”.

10. To amend and supplement Clause 3, Article 25 as follows:

“3. Risk assessment shall be conducted periodically in association with five-year plans on borrowing and repayment of public debts and annual plans on borrowing and repayment of public debts.”.

11. To add Clause 4 after Clause 3 Article 27 as follows:

“4. On a monthly basis, the Ministry of Finance shall report to the Prime Minister on public debt information, including: the situation of raising of funds and public debt repayment; the capital market situation and other related information.”.

12. To amend and supplement a number of clauses of Article 28 as follows:

a) To amend and supplement Clause 1 as follows:

“1. The public debt information shall be disclosed on a quarterly basis, with the disclosure deadline before the last day of the subsequent quarter.”;

b) To add Clauses 4 and 5 after Clause 3 as follows:

“4. The Minister of Finance shall provide detailed regulations on forms for disclosure of public debt information.

5. Agencies authorized for on-lending, enterprises, and public non-business units shall report to the Ministry of Finance on the on-lending situation in accordance with the Decree on on-lending of ODA loans and foreign concessional loans of the Government.”.

13. To add Article 28a after Article 28 as follows:

“Article 28a. Disclosure of the annual plans on borrowing and repayment of public debts

1. The contents and timing of disclosure of the annual plans on borrowing and repayment of public debts include:

a) The context and basis for formulation of the public debt borrowing and repayment plan for the planning year;

b) Public debt management objectives for the planning year;

c) Estimation of government debt in the planning year (borrowing demand, estimated borrowing sources, debt repayment obligations; estimated risk indicators of the Government debt portfolio calculated in accordance with the regulations of the Ministry of Finance, estimated schedule for repayment of principal of the existing Government debt portfolio); estimated disbursement and repayment in the planning year for Government-guaranteed debt and local administration debt;

d) Estimated public debt safety indicators for the planning year.

2. The Ministry of Finance shall disclose the annual plans on borrowing and repayment of public debts on the website of the Ministry of Finance no later than 15 working days after the date of the Decision of the Prime Minister specified in Clause 5, Article 16 of this Decree. The disclosed document shall be in Vietnamese and translated into English.”.

14. To annul Section 2 Chapter III (from Article 11 to Article 13).

Article 4. To amend and supplement a number of articles of the Decree No. 95/2018/ND-CP dated June 30, 2018 of the Government prescribing the issuance, registration, depositing, listing and trading of the Government’s debt instruments on the securities market, as amended and supplemented by the Decree No. 83/2023/ND-CP dated November 29, 2023

1. To amend and supplement Clause 2, Article 21 as follows:

“2. The Ministry of Finance shall coordinate with the Ministry of Agriculture and Environment in formulating schemes on issuance of green government bonds and reporting them to the Prime Minister for approval prior to implementation. Such a scheme must have the following contents:

a) Issuance purpose;

b) Volume of bonds to be issued;

c) Terms and conditions of bonds;

d) Bond purchasers;

dd) Method of issuance;

e) Registration, depositing, listing and trading of bonds;

g) List of projects to be funded by capital raised through the issuance of bonds.”.

2. To amend and supplement Clause 1, Article 30 as follows:

“1. Based on 5-year public borrowing and debt payment plans, annual budget estimates, annual public borrowing and debt payment plans and developments of the international financial market, the Ministry of Finance shall formulate schemes on issuance of international bonds then submit them to the Government for approval of issuance policy.”.

3. To amend and supplement Clause 7, Article 36 as follows:

“7. To assume the prime responsibility for, and coordinate with related agencies in, collecting and providing information and documents for working with institutional consultants and credit rating agencies in rating the national credit and credit of international bonds projected to be issued. To update the results of rating the national credit on the website of the Ministry of Finance.”

4. To annul Article 39.

Article 5. To amend and supplement a number of articles of the Decree No. 97/2018/ND-CP dated June 30, 2018 of the Government the on-lending of ODA loans and foreign concessional loans of the Government, as amended and supplemented by the Decree No. 79/2021/ND-CP dated August 16, 2021

1. To amend and supplement Clause 1, Article 2 as follows:

“1. Sub-borrowers of ODA loans and foreign concessional loans of the Government as defined in the Law on Public Debt Management include: provincial-level People’s Committees; public non-business units under ministries and central agencies as borrower-managing agencies (hereinafter collectively referred to as public non-business units); enterprises.”.

2. To amend and supplement a number of points, clauses of Article 4 as follows:

a) To amend and supplement Clause 1 as follows:

“1. Formulation of on-lent loan limits for a 5-year period for public non-business units and enterprises:

Before June 30 of the fifth year of the 05-year public debt borrowing and repayment plan, ministries, central agencies, and state-owned enterprises (including companies in which enterprises wholly owned by the State hold 100% of charter capital) shall send the Ministry of Finance the following documents:

a) Assessment of implementation and fund withdrawal of signed on-lent loans, and the estimated total fund withdrawal in the current 05-year period;

b) Registration of the demand for fund withdrawal of the signed on-lent loans and demand for loans to be on-lent in the subsequent 5-year period, together with a preliminary assessment of the borrower’s capacity to arrange funding sources for debt repayment.”

b) To amend and supplement Clause 3 as follows:

“3. Based on public debt safety indicators; total loan and deficit limits of local budgets in 5-year financial plans regarding loans to be on-lent to provincial-level People’s Committees, the Ministry of Finance shall summarize demands of ministries, central agencies, localities and enterprises, formulate the on-lent loan limits for a 5-year period, incorporate it into the 05-year public debt borrowing and repayment plan, and report it to the Government for submission to the Standing Committee of the National Assembly and the National Assembly.”.

3. To amend and supplement Clause 3, Article 5 as follows:

“3. Based on the on-lent loan limits for a 5-year period, and registered demands of ministries, central agencies, localities, and enterprises, and public debt safety indicators, the Ministry of Finance shall summarize annual on-lending plans, which are detailed by groups of on-lending borrowers and submit it to the Prime Minister for consideration and approval of the on-lent loan limits within the annual plans on borrowing and repayment of public debts.”.

4. To amend and supplement a number of points, clauses of Article 11 as follows:

a) To amend and supplement Points b and c, and add Point d after Point c, Clause 1 as follows:

“b) In case of on-lending to public non-business units: The risk provision for on-lending loans shall be 0.5%/year of the outstanding on-lent loan;

c) In case of on-lending to enterprises when the authorized on-lending agency bears the entire credit risk: The risk provision for on-lending loans shall be agreed upon between the enterprise and the authorized on-lending agency and reported to the Ministry of Finance in the on-lending appraisal report. The risk provision for on-lending loans in this case shall not exceed 1.5%/year of the outstanding on-lent loan;

d) In case of on-lending to enterprises when the authorized on-lending agency bears part of the credit risk: The risk provision for on-lending loans shall be agreed upon between the enterprise and the authorized on-lending agency. After reaching agreement with the enterprise, the authorized on-lending agency shall report on the basis for calculation and reach agreement with the Ministry of Finance on the risk provision level for on-lending loans in the on-lending appraisal report. The risk provision for on-lending loans in this case shall not be lower than 0.5%/year of the outstanding on-lent loan and shall not exceed 1.5%/year of the outstanding on-lent loan.”;

b) To add Point c after Point b, Clause 2 as follows:

“c) In case the authorized on-lending agency bears part of the credit risk, the risk provision for on-lending loans shall be collected by the authorized on-lending agency and remitted to the Accumulation Fund for Debt Repayment in accordance with the credit risk sharing ratio prescribed by the Ministry of Finance in Clause 4 Article 22 of this Decree.”.

5. To amend and supplement a number of clauses of Article 16 as follows:

a) To amend and supplement Clause 2 as follows:

“2. Collaterals include assets formed from loans on-lent from the Government and other lawful assets of sub-borrowers. Collaterals shall be approved by the Ministry of Finance in case the Government bears all or part of the credit risk, or approved by an authorized on-lending agency in case this agency bears all of the credit risk.”

b) To amend and supplement Clause 4 as amended and supplemented by Clause 2 Article 1 of the Decree No. 79/2021/ND-CP as follows:

“4. No collateral shall be required in the following cases:

a) Loans to be on-lent to provincial-level People’s Committees;

b) Loans received by project management boards under ministries then to be transferred to provincial-level People’s Committees;

c) Public non-business units borrowing on-lent ODA loans or foreign concessional loans of the Government to implement investment projects for scientific, technological and innovation activities in accordance with the Law on Science, Technology and Innovation and its implementing regulations;

d) Public non-business units that are unable to provide collateral in accordance with the law on management and use of public properties: Based on the appraisal report of the on-lending agency, the managing authority of the public non-business unit shall consolidate the opinions of the Ministry of Finance and report to the Prime Minister for consideration and decision on the non-requirement of collateral before the Ministry of Finance reports to competent authorities for approval of the policy for negotiation of international treaties or signing of agreements on ODA loans and foreign concessional loans.”.

6. To amend and supplement a number of clauses of Article 18 as follows:

a) To amend and supplement Clause 2, Article 18 as follows:

“2. In case foreign loan agreements do not prescribe ahead-of-schedule loan repayment, the ahead-of-schedule loan repayment shall be implemented as follows:

a) In case the authorized on-lending agency bears no credit risks credit risk or bears part of the credit risk: based on the written proposal of the sub-borrower, the authorized on-lending agency shall provide its assessment of the feasibility of the proposal and send it to the Ministry of Finance for consideration and approval;

b) In case the authorized on-lending agency bears the entire credit risk: based on the written proposal of the sub-borrower, the authorized on-lending agency shall seek opinions from the Ministry of Finance and consider and approve it.”;

b) To amend and supplement Clause 3, Article 18 as follows:

“3. To repay loans ahead of schedule, a sub-borrower shall send to the Ministry of Finance and authorized on-lending agency a written request at least 90 days before the expected date of repayment for the latter to exchange opinions with the foreign lender.”

7. To amend and supplement a number of points and clauses of Article 21 as amended in Clauses 3 and 4 Article 1 of the Decree No. 79/2021/ND-CP as follows:

a) To amend and supplement Clause 1 Article 21 as amended in Clause 3 Article 1 of the Decree No. 79/2021/ND-CP as follows:

“1. On-lending rates for provincial-level People’s Committees:

a) For a locality with budget-balancing transfers from the central budget accounting for less than 40% of its total local budget expenditures, the on-lending rate is 10% of ODA loans or concessional loans;

b) For localities not receiving budget-balancing transfers from the central budget (except for Hanoi and Ho Chi Minh City), the on-lending rate shall be 50% of ODA loans or concessional loans;

c) For Hanoi and Ho Chi Minh City: the on-lending rate is 100% of ODA loans or concessional loans;

d) Based on the ratio of budget-balancing transfers from the central budget to total local budget expenditures of the first year of the planning period, the Minister of Finance shall issue a Decision announcing the on-lending rates of ODA loans and concessional loans for each province and centrally-run city applicable for a 05-year period, coinciding with the 05-year socio-economic development plan period and before January 01 of the first year of the 05-year socio-economic development plan period.”;

b) To amend and supplement Clause 2 Article 21 as amended and supplemented in Clause 4 Article 1 of the Decree No. 79/2018/ND-CP as follows:

“2. On-lending rates for public non-business units:

a) For public non-business units which self-finance all of regular expenditures and investment expenditures, the on-lending rate is 20% of ODA loans or concessional loans used for investment projects;

b) For public non-business units which self-finance all of regular expenditures and part of investment expenditures, the on-lending rate is 10% of ODA loans or concessional loans used for investment projects;

c) For public non-business units implementing investment projects for scientific, technological and innovation activities in accordance with the Law on Science, Technology and Innovation and its implementing regulations and meeting the conditions on the level of financial autonomy as prescribed at Point a Clause 2 Article 36 of the Law on Public Debt Management, the on-lending rate is 10% of ODA loans and concessional loans used for investment projects.”.

8. To amend and supplement a number of points, clauses of Article 22 as follows:

a) To amend and supplement Clause 2 as follows:

“2. Identification of authorized on-lending agencies that bear no credit risks:

a) Being a commercial bank meeting the conditions prescribed in Clause 5 Article 35 of the Law on Public Debt Management or a policy bank;

b) The managing authority of the public non-business unit shall be responsible for selecting a policy bank or a commercial bank as the authorized on-lending agency on the basis of consolidating the consensus opinions of the Ministry of Finance, and shall notify the Ministry of Finance in writing of the authorized on-lending agency after the competent authority has decided on the investment policy.”;

b) To amend and supplement Clause 3 as follows:

“3. Identification of authorized on-lending agencies that bear the entire credit risk:

a) Being a commercial bank meeting the conditions prescribed in Clause 4 and Clause 5 Article 35 of the Law on Public Debt Management;

b) Enterprises shall be responsible for selecting a commercial bank as the authorized on-lending agency on the basis of consolidating the consensus opinions of the Ministry of Finance, and shall notify the Ministry of Finance in writing of the authorized on-lending agency after the competent authority approves the investment policy or before the competent authority decides on the investment for programs and projects not required to carry out procedures for approval of investment policy;

c) To add Clause 4 after Clause 3 as follows:

“4. Identification of authorized on-lending agencies that bear the part of the credit risk:

a) Being a commercial bank meeting the conditions prescribed in Clause 5 Article 35 of the Law on Public Debt Management or a policy bank;

b) Enterprises and the managing authorities of public non-business units shall be responsible for selecting a policy bank or a commercial bank as the authorized on-lending agency on the basis of consolidating the consensus opinions of the Ministry of Finance, and shall notify the Ministry of Finance in writing of the authorized on-lending agency after the competent authority decides on or approves the investment policy.” In case programs or projects are not required to carry out procedures for approval of investment policy, the notification to the Ministry of Finance shall be made before the competent authority decides on the investment;

c) The authorized on-lending agency and the Ministry of Finance shall bear credit risk at the respective rates of 10% and 90% of the outstanding on-lent loan.”.

9. To amend and supplement a number of points and clauses of Article 23 as amended and supplemented in Clause 5 Article 1 of the Decree No. 79/2021/ND-CP as follows:

a) To add Point dd after Point d Clause 2 as follows:

“dd) To participate in providing opinions to enterprises during the process of formulation and approval of feasibility study reports of programs and projects.”;

b) To amend and supplement the first paragraph of Clause 3 as follows:

“3. In addition to the provisions in Clause 1 of this Article, the authorized on-lending agency that bears no credit risk and the authorized on-lending agency that bears part of the credit risk shall have the following responsibilities and powers:”;

c) To amend and supplement Points b and d Clause 3 as follows:

“b) To organize and manage on-lending and recovery of on-lent debts, ensuring full and timely repayment to the Ministry of Finance in accordance with the on-lending authorization contract. In all cases, the authorized on-lending agency that bears part of the credit risk shall be responsible for full and timely repayment to the Ministry of Finance corresponding to the level of credit risk bearing as prescribed in Clause 4 Article 22 of this Decree;

d) To inspect the use of on-lent loans by the sub-borrower through inspection of disbursement dossiers of on-lent loans, except in case the disbursement has been confirmed for payment by the State Treasury;”;

d) To add Point g after Point e, Clause 3 as follows:

“g) To be entitled to on-lending management fees at the rate prescribed in Article 10 of this Decree. The authorized on-lending agency that bears part of the credit risk shall be entitled to the risk provision for on-lending loans after remitting it to the Accumulation Fund for Debt Repayment in accordance with Clause 2, Article 11 of this Decree.”.

10. To amend and supplement the title and Clause 1 of Article 24 as follows:

a) To amend and supplement the title of Article 24 as follows:

“Article 24. Agencies for assessment and appraisal of on-lending”;

b) To amend and supplement Clause 1 as follows:

“1. The Ministry of Finance shall assess the satisfaction of conditions for on-lending of provincial-level People’s Committees.”

11. To amend and supplement the title and Clause 1 of Article 25 as follows:

“Article 25. Contents of assessment and appraisal for on-lending

1. The assessment of the satisfaction by provincial-level People’s Committees of the conditions for on-lending shall be implemented in accordance with Clause 1 Article 38 of the Law on Public Debt Management.”.

12. To amend and supplement Article 26 as follows:

“Article 26. Process for appraisal and assessment of satisfaction of on-lending conditions

1. In case of on-lending to provincial-level People’s Committees: After the project has been approved for its feasibility study report by a competent authority, the provincial-level People’s Committee shall send to the Ministry of Finance an official request for assessment of satisfaction of the conditions for on-lending in accordance with Clause 1, Article 36 of the Law on Public Debt Management, enclosed with the dossier for assessment of on-lending conditions as prescribed in Clause 1 Article 27 of this Decree. Within 15 working days from the date of receipt of complete and valid dossiers, the Ministry of Finance shall carry out the assessment of the satisfaction of on-lending conditions of the provincial-level People’s Committee.”

2. In case of on-lending to enterprises and public non-business units:

a) After the project has been approved for its feasibility study report by a competent authority, the sub-borrower shall send to the on-lending appraisal agency, and concurrently to the Ministry of Finance, an official request for on-lending appraisal, enclosed with the appraisal dossier as prescribed in Clause 2 Article 27 of this Decree. When approving an investment project using on-lent ODA loans or foreign concessional loans, the investment decider shall ensure and take responsibility for the loan repayment plan;

b) Within 30 days from the date of receipt of complete and valid dossiers, the on-lending appraisal agency shall send to the Ministry of Finance the on-lending appraisal report. Within 15 working days from the date of receipt of complete and valid dossiers, based on the appraisal report of the on-lending appraisal agency, the Ministry of Finance shall consider the on-lending.

3. In case the conditions for borrowing on-lent loans are fully satisfied, the Minister of Finance shall issue a decision approving the on-lending, including the following principal contents: the on-lending rate; the maximum on-lent amount; the proposed on-lending interest rate (including the Government’s foreign borrowing interest rate, on-lending management fee, risk provision for on-lending loans, and other charges payable to the foreign party in accordance with the loan agreement); the on-lending term; the authorized on-lending agency; the on-lending method and the risk-sharing ratio (in case of on-lending to enterprises and public non-business units). The Ministry of Finance shall report to competent authorities for approval of the policy for negotiation of international treaties and the signing of foreign loan agreements.

In case the conditions for borrowing on-lent loans are not satisfied, the Ministry of Finance shall report to the Prime Minister for consideration and decision on not negotiating international treaties and not signing foreign loan agreements.

4. The authorized on-lending agency shall take responsibility for the results of the on-lending appraisal. The sub-borrower shall be responsible for the documents and figures reported and provided in the dossier for assessment of on-lending conditions and the dossier for on-lending appraisal.”.

13. To amend and supplement the title and some points and clauses of Article 27 as follows:

a) To amend and supplement the title of Article 27 as follows:

“Article 27. Dossier for assessment of on-lending conditions for provincial-level People’s Committees and appraisal dossier for enterprises and public non-business units”;

b) To amend and supplement Clause 1 as follows:

“1. The dossier for assessment of satisfaction of on-lending conditions of the local budget includes:

a) The medium-term public investment plan of the locality approved by a competent authority;

b) The decision on approval of the investment policy; the investment decision; the investment project document (or feasibility study report) approved by a competent authority;

c) A written commitment of the provincial-level People’s Committee to fully and timely repay debts; a report on the borrowing and repayment situation of the locality at the time of proposing on-lending, including details of all incurred and outstanding loans; a report on the outstanding loan amount of the local budget in the previous year and the estimated outstanding loan amount in the current year; the ratio of repayment of on-lent loan principal to the local budget revenues entitled under decentralization in the most recent three years; the debt repayment plan and detailed explanations about the plan and funding sources for loan repayment.”;

c) To amend and supplement Point d, Clause 2 as follows:

“d) Audited annual financial statements of the 03 most recent years up to the time of requesting appraisal, reports on borrowing and repayment situation and outstanding debt of the sub-borrower, except in cases where the enterprise carries out merger, consolidation, organizational restructuring, or other rearrangements as directed by competent authorities. In case the audited financial statements show losses in any year within the 03 most recent consecutive years up to the time of requesting appraisal, the enterprise shall provide the credit rating results of the year immediately preceding the year of appraisal, meeting the requirements specified at Point dd, Clause 3, Article 36 of the Law on Public Debt Management.”.

14. To amend and supplement Article 28 as follows:

“1. After the foreign loan agreement is signed, within 30 days, the Ministry of Finance shall send:

a) The draft on-lending contracts in the form prescribed in Appendix I promulgated together with this Decree to the provincial-level People’s Committee;

b) The draft on-lending authorization contracts in the form prescribed in Appendix II promulgated together with this Decree to the authorized on-lending agency that bears no credit risk;

c) The draft on-lending authorization contracts in the form prescribed in Appendix III promulgated together with this Decree to the authorized on-lending agency that bears the entire credit risk;

d) The draft on-lending authorization contracts in the form prescribed in Appendix IV promulgated together with this Decree to the authorized on-lending agency that bears part of the credit risk.

2. The provincial-level People’s Committee and the authorized on-lending agency shall review and countersign within 15 working days from the date of receipt of the draft on-lending contract and the on-lending authorization contract from the Ministry of Finance.

3. Within 30 days from the date of signing the on-lending authorization contract, the authorized on-lending agency shall sign the on-lending contract with the sub-borrower to manage the on-lending and debt recovery.”.

15. To amend and supplement Article 29 as follows:

“1. The sub-borrower shall use on-lent loans properly and effectively under the competent authorities’ decisions approving investment policy or decisions on consent of the investment policy, or investment decisions, approved project documents, or signed on-lending contracts.

2. The authorized on-lending agency shall inspect the use of on-lent loan by the sub-borrower through examination of disbursement dossiers of on-lent loan, unless the disbursement has been confirmed for payment by the State Treasury. The sub-borrower provides valid and authenticated dossiers to authorized on-lending agencies. When necessary, authorized on-lending agencies may request sub-borrowers to report on the use of on-lent loans and prove that the loans are used for proper purposes.”

3. Based on the fund withdrawal notice of the foreign lender and the notice of the Ministry of Finance, the authorized on-lending agency shall carry out debt acknowledgement procedures and quarterly collate fund withdrawal figures with the sub-borrower.

4. The sub-borrower shall take measures for management of on-lent loans, purchasing credit risk insurance and exchange rate risk insurance in accordance with the law in order to minimize credit risk and exchange rate risk.

5. On an annual basis, the Ministry of Finance shall reconcile the debt situation, including fund withdrawal amounts, debt repayment amounts, and outstanding loans with the sub-borrower being the provincial-level People’s Committee.”.

16. To amend and supplement Clauses 1 and 2 of Article 32 as follows:

“1. The sub-borrower being the provincial-level People’s Committee shall report to the Ministry of Finance twice a year, the first time before July 31 of the reporting year for the reporting period from January 01 to June 30 of the reporting year, and the second time before February 15 of the subsequent year for the reporting period of the full reporting year, on the situation of fund withdrawal, repayment, outstanding loan and overdue debt (if any) of each on-lent project.

2. The authorized on-lending agency shall report the on-lending situation to the Ministry of Finance as follows:

a) Before the last day of the first month of the quarter, based on the report of the sub-borrower, the authorized on-lending agency shall report to the Ministry of Finance on the situation of fund withdrawal, repayment, and outstanding loan of the on-lent loans of the previous quarter. Particularly for the second and fourth quarters, the authorized on-lending agency shall prepare cumulative reports for 6 months and for the full year and submit them to the Ministry of Finance before August 31 of the reporting year (for the reporting period from January 01 to June 30 of the reporting year) and before February 28 of the subsequent year (for the reporting period from January 01 to December 31 of the reporting year) on the following contents:

a1) The situation of fund withdrawal, repayment, and outstanding loan of the on-lent loans;

a2) The situation of management, use, and changes of collateral for loans;

a3) The financial situation and debt status of the sub-borrower, including outstanding loans and overdue debts incurred (if any) with any creditor;

b) The authorized on-lending agency shall make extraordinary reports when issues arise affecting the debt repayment capacity of each on-lent project or the sub-borrower, on the contents specified at Point a of this Clause.”.

17. To amend and supplement a number of clauses of Article 41 as follows:

a) To amend and supplement Clause 2, Article 41 as follows:

“2. The financial mechanism, on-lending conditions and on-lending method for programs and projects that have been decided by the Government, the Prime Minister, or competent authorities shall continue to be implemented and shall not be changed during the course of implementation.”;

b) To add Clause 3 after Clause 2 Article 41 as follows:

“3. Documents on on-lending or authorization for on-lending signed between the Ministry of Finance and the provincial-level People’s Committees and the authorized on-lending agencies (in case the Ministry of Finance authorizes on-lending) prior to the effective date of the Decree No. 97/2018/ND-CP shall be binding upon successor organizations of the provincial-level People’s Committees and the authorized on-lending agencies in any form in accordance with the reorganization of administrative divisions under the Resolution No. 202/2025/QH15 of the National Assembly.”.

18. To supplement the phrase “or bear part of the credit risk” after the phrase “bear no credit risk” in Clause 6, Article 16, Points a and b, Clause 1 Article 19, and Clause 3, Article 31.

19. To amend and supplement a number of points and clauses of Appendix I promulgated together with the Decree No. 97/2018/ND-CP as follows:

a) To amend and supplement Point i, Clause 1, Article 2 as follows:

“i) The sub-borrower may carry out ahead-of-schedule repayment of the on-lent loan if meeting the conditions for ahead-of-schedule repayment as stipulated in the foreign loan agreement, and such ahead-of-schedule repayment must be approved by the Ministry of Finance and agreed by the foreign lender. The sub-borrower shall pay all charges and expenses related to the ahead-of-schedule repayment. For consideration of ahead-of-schedule repayment, the sub-borrower shall send to the on-lending agency a request for ahead-of-schedule repayment at least 90 days prior to the proposed repayment date.”;

b) To amend and supplement Clause 3, Article 2 as follows:

“3. Based on the fund withdrawal notice of the foreign lender, the on-lending agency shall carry out debt acknowledgement procedures for the sub-borrower.

On an annual basis, the on-lending agency shall reconcile the debt situation, including fund withdrawal amounts, repayment amounts, and outstanding loans with the sub-borrower.”;

c) To amend and supplement Point a, Clause 1, Article 3 as follows:

“a) The sub-borrower shall closely coordinate with the on-lending agency in ensuring full performance of its obligations under this on-lending contracts and in accordance with the responsibilities of the sub-borrower under the Decree No. 97/2018/ND-CP dated June 30, 2018 of the Government on the on-lending of ODA loans and foreign concessional loans of the Government.

The sub-borrower shall implement the Project in accordance with the investment decision approved by competent authorities and for fully performing the responsibilities stipulated in the foreign loan agreement.”.

20. To amend and supplement a number of clauses of the form of on-lending authorization contracts whereby the on-lending agencies bear no credit risk in Appendix II promulgated together with the Decree No. 97/2018/ND-CP as follows:

a) To amend and supplement Clause 10, Article 1 as follows:

“The sub-borrower may carry out ahead-of-schedule repayment of the on-lent loan if meeting the conditions for ahead-of-schedule repayment under the foreign loan agreement and the provisions of Decree No. 97/2018/ND-CP dated June 30, 2018 of the Government on the on-lending of ODA loans and foreign concessional loans of the Government, as amended and supplemented by the Decree No. 79/2021/ND-CP and this Decree. The sub-borrower shall pay all charges and expenses related to the ahead-of-schedule repayment. For consideration of ahead-of-schedule repayment, the sub-borrower shall send to the Ministry of Finance and the authorized on-lending agency a written request at least 90 days prior to the proposed repayment date.”;

b) To amend and supplement Clauses 16 and 17 after Clause 15 Article 1 as follows:

“16. The sub-borrower shall implement the Project in accordance with the investment decision approved by competent authorities and for fully performing the responsibilities stipulated in the foreign loan agreement.

17. In addition to the related charges and expenses payable as prescribed in Clauses 7, 10 and 12 Article 1 of this Agreement, the sub-borrower shall pay all other costs related to on-lending management and debt recovery (such as differences arising from ahead-of-schedule repayment to the Accumulation Fund for Debt Repayment, costs for hiring collateral valuation services, legal costs in litigation activities when initiating lawsuits against the sub-borrower to recover debts, court fees, etc.).”.

21. To amend and supplement Clauses 17 and 18 after Clause 16, Article 1 of the form of on-lending authorization contracts whereby the on-lending agencies bear no credit risk in Appendix III promulgated together with the Decree No. 97/2018/ND-CP as follows:

“17. The sub-borrower shall implement the Project in accordance with the investment decision approved by competent authorities and for fully performing the responsibilities stipulated in the foreign loan agreement.

18. In addition to the related charges and expenses payable as prescribed in Clauses 7, 10 and 12 Article 1 of this Agreement, the sub-borrower shall pay all other costs related to on-lending management and debt recovery (such as differences arising from ahead-of-schedule repayment to the Accumulation Fund for Debt Repayment, costs for hiring collateral valuation services, legal costs in litigation activities when initiating lawsuits against the sub-borrower to recover debts, court fees, etc.).”.

22. To add Appendix IV after Appendix III promulgated together with the Decree No. 97/2018/ND-CP by Appendix III promulgated together with this Decree.

Article 6. Effect

1. This Decree takes effect from March 25, 2026.

2. The reporting and disclosure of public debt information as prescribed at Point b Clause 8 Article 2, Points a and b Clause 12 Article 3, and Clause 16 Article 5 of this Decree shall apply from the reporting period of the first quarter of 2026.

3. The Decree No. 317/2025/ND-CP dated December 10, 2025 of the Government shall cease to be effective from the effective date of this Decree.

Article 7. Transitional provisions

For dossiers for assessment of on-lending conditions of provincial-level People’s Committees submitted to the Ministry of Finance before the effective date of this Decree, based on the dossier components prescribed in Clause 1 Article 27 of the Decree No. 97/2018/ND-CP, the Ministry of Finance shall carry out the assessment of the satisfaction of on-lending conditions of the provincial-level People’s Committees.

The results of the assessment of the satisfaction of on-lending conditions of the provincial-level People’s Committees shall serve as the basis for submission to competent authorities for consideration of negotiation of international treaties and signing of loan agreements.

Article 8. Implementation organization

1. The Ministries, the Heads of ministerial-level agencies, the Heads of Governmental agencies, the Chairpersons of the People’s Committees of centrally-affiliated cities and provinces, the relevant organizations and individuals shall take responsibilities for implementation of this Decree.

2. The Ministry of Finance shall assume the prime responsibility for, and coordinate with ministries and relevant agencies in, detailing and guiding the implementation of this Decree.

* All Appendices are not translated herein.