Guidance for the financial management mechanism applicable to ODA programs and projectsOn July 20, 2011, the Ministry of Finance issued Circular No. 107/2011/TT-BTC amending sub-clause (c), clause 2, article 1 of the Circular No.40/ 2011/ TT-BTC dated March 22, 2011 of the Ministry of Finance amending and supplementing a number of articles of the Ministry of Finance’s Circular No.108/ 2007/ TT-BTC of September 7, 2007, guiding the financial management mechanism applicable to official development assistance (ODA) programs and projects.Accordingly, when choosing banks for ODA projects, on the basis of the list of banks qualified for acting as service banks announced by the State Bank of Vietnam and the Ministry of Finance and the written requests of commercial banks, the agency presiding over the specific international treatment on ODA will consider the approval and choice of banks for ODA projects, and inform the negotiation partners for knowing and implementing. The circular also prescribed that in case more than one qualified commercial bank request to serve a single ODA project, priority shall be given to the following: banks experienced in serving ODA projects; state-owned commercial banks; and joint-stock commercial banks in which the State holds dominant shares. This Circular shall take effect on September 1, 2011.ITD
Guidance for the financial management mechanism applicable to ODA programs and projects
08/08/2011
On July 20, 2011, the Ministry of Finance issued Circular No. 107/2011/TT-BTC amending sub-clause (c), clause 2, article 1 of the Circular No.40/ 2011/ TT-BTC dated March 22, 2011 of the Ministry of Finance amending and supplementing a number of articles of the Ministry of Finance’s Circular No.108/ 2007/ TT-BTC of September 7, 2007, guiding the financial management mechanism applicable to official development assistance (ODA) programs and projects.
Accordingly, when choosing banks for ODA projects, on the basis of the list of banks qualified for acting as service banks announced by the State Bank of Vietnam and the Ministry of Finance and the written requests of commercial banks, the agency presiding over the specific international treatment on ODA will consider the approval and choice of banks for ODA projects, and inform the negotiation partners for knowing and implementing.
The circular also prescribed that in case more than one qualified commercial bank request to serve a single ODA project, priority shall be given to the following: banks experienced in serving ODA projects; state-owned commercial banks; and joint-stock commercial banks in which the State holds dominant shares.
This Circular shall take effect on September 1, 2011./.-ITD