Vietnam: Is the Cinematographic Development Support Fund a budget state financial fund? Which authority is the owner representative of the Cinematography Development Support Fund?
- Is the Cinematographic Development Support Fund in Vietnam a budget state financial fund?
- Is the Ministry of Culture, Sports and Tourism the owner representative of the Cinematography Development Support Fund in Vietnam?
- What are the purposes of establishing the Cinema Development Support Fund in Vietnam?
- What are the operational principles of the Cinematographic Development Support Fund in Vietnam?
Is the Cinematographic Development Support Fund in Vietnam a budget state financial fund?
Under Article 42 of the Law on Cinematography 2022 on the establishment of Cinematographic Development Support Fund:
Establishment of Cinematographic Development Support Fund
1. The Cinematographic Development Support Fund is an off-budget state financial fund supported by the State with charter capital, established and operated according to law; has independent financial capacity; has revenues and expenditure tasks that do not coincide with revenues and expenditure tasks of the state budget; has legal personality, separate seals, and accounts. The Prime Minister of Vietnam shall decide on the establishment and approve the Charter for organization and operation of the Cinematographic Development Support Fund.
2. The Government of Vietnam shall elaborate on this Article.
According to the above regulations, the Cinematographic Development Support Fund is an off-budget state financial fund supported by the State with charter capital, established and operated according to law; has independent financial capacity; has revenues and expenditure tasks that do not coincide with revenues and expenditure tasks of the state budget.
Thus, the Cinematographic Development Support Fund is not a budget state financial fund.
Is the Ministry of Culture, Sports and Tourism the owner representative of the Cinematography Development Support Fund in Vietnam?
Under Article 20 of Decree 131/2022/ND-CP:
Establishment of Cinematographic Development Support Fund
1. The Cinematographic Development Support Fund shall operate under the model of a single-member limited liability company with 100% of its capital charter owned by the State, and the Ministry of Culture, Sports and Tourism of Vietnam is the owner representative.
2. The Cinematographic Development Support Fund shall be established from the following sources:
a) The capital charter of the Cinematographic Development Support Fund shall be provided by the state budget. The funding shall be performed after the Prime Minister of Vietnam decides to establish or approve the charter of the organization and operation of the Fund;
b) Mobilization of voluntary contributions and sponsorship of domestic and foreign agencies, organizations, individuals, and other legal income sources;
c) Interests of deposits of the Fund at banks;
d) Other legal revenue sources as prescribed by law.
Under the above regulations, the Cinematographic Development Support Fund shall operate under the model of a single-member limited liability company with 100% of its capital charter owned by the State, and the Ministry of Culture, Sports and Tourism of Vietnam is the owner representative.
Thus, the Ministry of Culture, Sports and Tourism is the owner representative of the Cinematography Development Support Fund in Vietnam.
What are the purposes of establishing the Cinema Development Support Fund in Vietnam?
Under Article 43 of the Law on Cinematography 2022 on the purposes of the Cinema Development Support Fund:
The Cinematographic Development Support Fund aims to:
1. Provide support for projects on experimental films, debut films, and films of young authors.
2. Provide support for authors, film production projects, and outstanding Vietnamese films that participate in film festivals, film awards, film competitions, film fairs, film programs, and film weeks abroad.
3. Provide support for other activities for cinematographic development.
Thus, the Cinematographic Development Support Fund in Vietnam aims to:
- Provide support for projects on experimental films, debut films, and films of young authors.
- Provide support for authors, film production projects, and outstanding Vietnamese films that participate in film festivals, film awards, film competitions, film fairs, film programs, and film weeks abroad.
- Provide support for other activities for cinematographic development.
What are the operational principles of the Cinematographic Development Support Fund in Vietnam?
Under Article 44 of the Law on Cinematography 2022, the operational principles of the Cinematographic Development Support Fund in Vietnam are as follows:
Operational principles of the Cinematographic Development Support Fund
1. Operate not for profits; preserve the charter capital and cover its own management costs.
2. Carry out the collection, expenditure, financial and asset disclosure, and accounting work according to law.
3. Submit to the state inspection and audit regarding its activities.
4. Ensure publicity, transparency, thrift, efficiency, proper use, and compliance with the law, not coinciding with the budget provided by the state for public activities of cinematography. The fund shall not provide support for film production projects funded by the state budget.
5. Transfer the remaining budget of the previous year to the following year for use.
Thus, the operational principles of the Cinematographic Development Support Fund are specified as follows:
(1) Operate not for profits; preserve the charter capital and cover its own management costs.
(2) Carry out the collection, expenditure, financial and asset disclosure, and accounting work according to law.
(3) Submit to the state inspection and audit regarding its activities.
(4) Ensure publicity, transparency, thrift, efficiency, proper use, and compliance with the law, not coinciding with the budget provided by the state for public activities of cinematography.
The fund shall not provide support for film production projects funded by the state budget.
(5) Transfer the remaining budget of the previous year to the following year for use.
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