Decision No. 61/2013/QD-TTg of October 25, 2013, on provision of information and coordination in the performance of national credit rating work

THE PRIME MINISTER

Decision No. 61/2013/QD-TTg of October 25, 2013, on provision of information and coordination in the performance of national credit rating work

Pursuant to the December 25, 2001 Law on Organization of the Government;

At the proposal of the Minister of Finance,

The Prime Minister promulgates the Decision on provision of information and coordination in the performance of national credit rating work.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decision prescribes the following:

1. The provision of information and data on the socio-economic situation to serve national credit rating work.

2. The process of coordination among ministries, sectors and agencies involved in the performance of national credit rating work.

Article 2. Subjects of application 

This Decision applies to agencies, organizations and individuals involved in national credit rating work.

Article 3. Interpretation

In this Decision, the terms below are construed as follows:

1. National credit rating means an assessment indicator of financial capability and the ability to pay back on time principals and interests of debts of a nation. A lower national credit rating indicates higher risk of default.

National credit rating covers:

- National credit limit;

- Credit rating of debt instruments in foreign and local currencies issued by the Government in the domestic and international capital markets.

Credit ratings are usually denoted in letters, numbers and signs (A, B, C, D, a, 1, 2, 3, +, -).

2. National credit rating service means the analysis and assessment by credit rating agencies of economic, political and social information of a nation in order to assign a credit rating for such nation.

3. Credit rating agency means an independent agency specialized in credit rating, including national credit rating.

4. National credit rating work means that related ministries, sectors and institutions provide data, work and exchange of information with credit rating agencies, helping the latter make assessment reports on national credit rating.

5. Debt instruments means financial products establishing the debt obligations of an issuing institution, including bonds, public debentures, loans and other financial products giving rise to the debt obligations.

Chapter II

PROVISION OF INFORMATION TO SERVE NATIONAL CREDIT RATING WORK

Article 4. Purposes of provision of information

The provision of information and data aims to improve the database system and make overview reports on the socio-economic situation of Vietnam to serve national credit rating work.

Article 5. Principles of provision of information

The provision of information and data to serve credit rating work adheres to the following principles:

1. Accuracy, adequacy and update of information within the prescribed time limit.

2. Consistency of criteria, forms and calculation method, and provided or publicized data.

3. No repetition and overlapping, and satisfaction of analysis and assessment requirements of credit rating agencies.

4. Compliance with current regulations on provision of information.

Article 6. Types of information necessary for national credit rating work

1. General socio-economic information:

a/ Long-term strategies, medium-term plans, and annual socio-economic development plans and solutions;

b/ Statistics on the implementation of strategies, plans and solutions, and socio-economic forecasts: Economic growth, national income, per-capita income, savings rate, investment ratio, inflation rate, population, employment, unemployment rate and other relevant information.

2. Fiscal information:

a/ Fiscal policies and medium-term financial and budgetary plans;

b/ Data on state budget revenues, expenditures and balance;

c/ Reform of state enterprises;

d/ Debts of the Government; reserve debt obligations of the Government, public debts and foreign debts of the nation;

dd/ Other relevant information.

3. Monetary and banking information:

a/ Monetary policies and monetary policy tools (exchange rate, interest rate, compulsory reserve and open market);

b/ Information on operations of the State Bank, credit institutions and reform of the banking system;

c/ The situation of and data on the balance of payments; foreign exchange reserve; bank credit; non-performing loans, non-performing loan provisions and settlement;

 d/ Other relevant information.