What are duties, rights and responsibilities of investors, project management authorities and contractors executing publicly-funded projects in Vietnam?
What are duties, rights and responsibilities of investors, project management authorities and contractors executing publicly-funded projects in Vietnam? Thank you!
Pursuant to Article 53 of the Decree 99/2021/ND-CP stipulating duties, rights and responsibilities of investors, project management authorities and contractors executing publicly-funded projects in Vietnam as follows:
1. Investors (project management authorities) shall:
a) comply with regulatory provisions on the regime for management, disbursement/payment and final settlement of publicly-funded projects.
b) bear responsibility for the accuracy of quantities, prices and costs of payment requests, data, documents and materials provided to regulatory payment bodies and state regulatory authorities in charge of management and disbursement/payment of public investment funds.
c) be subject to inspection of management, disbursement and final settlement of investment funds in publicly-funded projects conducted by financial authorities at all levels and investment decision-issuing authorities.
d) check management, disbursement/payment and settlement of investment funds for publicly-funded projects by contractors. Cooperate with regulatory payment bodies in making assessment reports on advance funding and recovery of advance funding under this Decree.
dd) implement its intracorporate accounting regime. By end of the budgetary year, make the reconciliation chart showing data on annual public investment funds for specific projects for submission to regulatory payment bodies where transactions occur by February 10 in the next year for validation purposes.
e) Make, submit and take control of dossiers on final settlement of investment funds for completed projects in accordance with regulations.
g) Bear responsibility before law and agencies in charge of reviewing the final settlement for the legality of the final settlement dossier and the accuracy of data of final settlement requests; the accuracy of successfully-tested quantities that investors and contractors provide as a basis for final settlement; the relevancy of the unit price agreed upon by the investor and contractor in the contract.
h) Redisburse surplus funds to the state budget when the completed project obtaining final settlement approval has the amount eligible for final accounting which is less than the amount paid to the project, the amount of advance funding in accordance with regulations, and bear responsibility for advance funding amounts that have not yet been recovered. Disbursing more funds eligible for the approved final accounts to the contractors or suppliers according to the budget plan when the amount specified in the approved final accounts is higher than the disbursed amount.
i) The investor (project owner) shall be responsible for managing and using electronic payment control forms issued by the regulatory payment body (the State Treasury) for use at publicly-funded investment projects.
2. Contractor:
a) Prepare the dossier on termination of contractual financial obligations and final settlement of the value of the contract signed with the investor in accordance with law on contracts when all contractual work is completed; bear responsibility for data and legality of relevant documents included in the dossier on final settlement of the contract in accordance with regulations.
b) Cooperate with the investor in radically dealing with issues arising from the signed contract; repay the amounts that investors disburse in breach of regulatory policies in a full and timely manner.
c) Comply with decisions on approval of final settlement of investment funds for completed projects issued by competent persons.
3. Independent audit contractors, auditors must observe the independent audit principles, have legally accepted authority, obligations and responsibility for independent audit when auditing final accounts.
Best regards!
