Minister of Finance Nguyen Van Thang presented the Report on the acceptance, explanation, and revision of the draft Law amending and supplementing a number of articles of the Law on Public Debt Management.
On the afternoon of December 10th, the National Assembly voted to approve the Law amending and supplementing a number of articles of the Law on Public Debt Management, with 432 out of 433 delegates voting in favor, reaching 91.33%.
This amendment to the law is considered a significant step forward in public financial management, creating greater flexibility in debt policy management and improving the efficiency of loan utilization, especially ODA and concessional foreign loans.
We will incorporate as much feedback as possible and revise the draft to ensure legal consistency.
Presenting the report on the acceptance, explanation, and revision of the draft law, Minister of Finance Nguyen Van Thang stated that the Government had thoroughly reviewed and incorporated as many opinions as possible from National Assembly deputies, while ensuring the draft was consistent and in line with the current legal system. The adjustments focused on improving the public debt management mechanism towards a more modern, flexible, and transparent approach.
A key new feature of the draft law is the addition of authority to the Government in managing guarantee limits. Accordingly, the Government can decide in cases where the guarantee limit may exceed the previous year's GDP growth, helping to proactively address capital requirements in the context of a volatile economy.
In addition, the law mandates the Government to regulate the detailed process of preparing, approving, and publishing the annual public debt borrowing and repayment plan, contributing to improved discipline, transparency, and predictability.
Streamline procedures for ODA and concessional loans to expedite disbursement.
The draft law aims to streamline several processes and procedures related to ODA and concessional foreign loans, thereby accelerating disbursement and increasing access to these funds. Specifically, it eliminates one step requiring review by the Ministry of Foreign Affairs and the Ministry of Justice; and simplifies the process of seeking opinions from ministries and agencies when proposing international loan agreements. These procedural reforms reduce waiting times and increase the ability of ministries, agencies, and localities to mobilize capital.
The amended law allows for the expansion of entities eligible to propose loans, including central ministries and agencies, provincial People's Committees, and state-owned enterprises, while also extending the eligibility for enterprises with more than 50% state capital to propose loans. This regulation aims to increase access to ODA and preferential loans for key production and business units of the economy, creating further impetus for development.
The supplementary law stipulates that the Ministry of Finance is tasked with building a unified public debt database, promoting the application of technology and digital transformation, and requiring monthly public debt reports to increase transparency and oversight.
A notable new feature is the tax exemption for income from interest on government bonds, applicable to both domestic and foreign investors, which increases the attractiveness of this investment channel and supports more efficient capital mobilization for the State.
The government has also clarified issues regarding decentralization in international treaty and loan agreement negotiations; clarified the mechanism for relending and risk sharing, and relending conditions for localities; and regulated the management of government guarantees and the issuance of local government bonds. These contents have been finalized to ensure transparency, public debt safety, and compliance with international practices.
Phuong Lien
Source: https://baochinhphu.vn/tang-minh-bach-mo-rong-quyen-tiep-can-von-va-day-nhanh-thu-tuc-oda-10225121017503944.htm
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