JOINT CIRCULAR No.08/1999/TTLT-BLDTBXH-BTC-BKHDT of March 15, 1999 guiding the handling of risk-prone projects with capital borrowed from the national employment support fund

For projects with capital borrowed from the national employment support fund and projects with capital borrowed from aid capital funded by the former Government of Czechoslovakia, if they suffer from risks due to objective causes, thus leading to the loss of a part or all of their capital; or if the capital borrowers or project owners meet with financial difficulties, die or reported as missing, while the actual heirs are unable to repay the debts, such projects may be considered for reduction or exemption of a part of interests, debt freezing or forgiving.

The presidents of the People’s Committees of the provinces and centrally-run cities, the ministers, the heads of the executive bodies of the mass organizations and associations are authorized to decide and ratify the interest reduction or exemption and debt freezing. For projects for which debts should be forgiven, they shall be summed up, evaluated and proposed jointly by the Ministry of Labor, War Invalids and Social Affairs, the Ministry of Finance and the Ministry of Planning and Investment to the Prime Minister for consideration and decision.

The capital for handling projects facing risks shall be taken from the risk reserve fund, which is created from part of the interest rate set in Clause c, Article 1, Decision No.950/TC-HCSN of October 17, 1996 of the Ministry of Finance.- (Summary)