MAXIMUM TOTAL LOANING TIMES IS 15 YEARS PROJECTS ON ECONOMY INFRASTRUCTURE
This is the content in the Decree No. 54/2013/ND-CP dated May 22, 2013 of the Government supplementing the Decree No. 75/2011/ND-CP dated August 30, 2011 of the Government on state investment credit and export credit.
Accordingly, Enterprises must meet fully the following conditions: having export contract or contract of aquatic product sale to enterprises processing aquatic products for export; having effective plan on aquatic cultivation in service for export and having been appraised and approved for loan provision by the Vietnam Development Bank; having full legal capacity and civil act capacity; enterprises must implement fully provisions on loan assurance as prescribed by current law; buy asset insurance at an insurer operating legally in Vietnam for asset formed from loans being subject to buying compulsory insurance during time limit of loans; enterprises must implement the regime of accounting; financial statement in accordance with law, the annual financial statements must be audited by independent audit agencies.
The maximum loaning level is equal to 85% of total of demand on purchase of aquatic breeding food in service for export under the plan already appraised and approved for loan provision by the Vietnam Development Bank, and the maximum loaning level to each loaning subject shall not exceed 15% the existing charter capital of the Vietnam Development Bank.
The loaning duration of state’s investment credit is prolonged maximally up to 15 years (maximum total loaning times are 15 years) for some projects on economy infrastructure. Prolonging maximally the loaning duration up to 36 months (maximum total loaning times is 36 months) for loans of state’s export credit for export headings being vegetables, fruits and aquatic products and required with conditions which enterprises get loss in 2011 and 2012; fail to balance funding source to pay debts in accordance with credit contracts already signed with the Vietnam Development Bank.
This Decree takes effects on May 22, 2013.
