What are regulations on account opening for payment of investment capital at the State Treasury in Vietnam?

What are regulations on account opening for payment of investment capital at the State Treasury in Vietnam?

Pursuant to Article 5, Process of controlling and paying for projects using public investment capital through the state treasury system Decision 890/QD-KBNN in 2022 stipulating account opening for payment of investment capital at the State Treasury water as follows:

To serve the control and payment of investment capital of the State Treasury, the Investors shall open an investment capital payment account (estimated account) at the State Treasury.

Dossier for opening an account as prescribed in Article 12, Decree No. 11/2020/ND-CP dated January 20, 2020 of the Government, Circular No. 18/2020/TT-BTC dated March 31, 2020 of the Ministry Financial guidance on registration and use of accounts at the State Treasury.

The order of implementation follows the instructions in Official Dispatch No. 3546/KBNN-KTNN dated July 1, 2020 of the State Treasury on guiding the implementation of Circular No. 18/2020/TT-BTC dated March 31, 2020 of the Ministry Finance.

What is dossier for control and payment of project using public investment capital through the State Treasury system in Vietnam?

Pursuant to Article 4, Process of controlling and paying for projects using public investment capital through the state treasury system Decision 890/QD-KBNN in 2022 stipulating dossier for control and payment of project using public investment capital through the State Treasury system is as follows:

Legal dossiers, advance dossiers, payment dossiers of tasks, programs and projects, according to each capital source, the State Treasury where the transaction is made shall comply with the provisions of Articles 9, Article 14, Article 17, Article 19, Article 20, Article 21, Article 22, Article 23 and Article 25 of Decree No. 99/2021/ND dated 11/11/2021 of the Government.

Particularly for the case of self-implementation specified in the decision or document approving the contractor selection plan of the competent authority according to the provisions of the Bidding Law, the State Treasury where the transaction is located does not require the Investor to Send written permission for self-execution.

What are implementation principles of process of controlling and paying for projects using public investment capital through the State Treasury system in Vietnam?

Pursuant to Article 3, Process of controlling and paying for projects using public investment capital through the state treasury system Decision 890/QD-KBNN in 2022 stipulating implementation principles of process of controlling and paying for projects using public investment capital through the State Treasury system are as follows:

1. “Payment first, control later” public investment capital is a form of payment applied to contractual expenditures and payments are made in installments until the disbursement value reaches 80% of the contract value. within the scope of Article 1 of this Procedure. In particular, the State Treasury where the transaction is carried out shall carry out payment procedures immediately after receiving all legal and valid dossiers as prescribed in Decree No. 99/2021/ND-CP dated 11/11/2021 of the Government. regulations on management, payment and settlement of projects using public investment capital (Decree No. 99/2021/ND-CP dated 11/11/2021 of the Government) and relevant legal documents. The control of expenditures and handling of inspection results shall be carried out by the State Treasury where the transaction is made immediately after such expenditure has been paid.

2. The State Treasury where the transaction is performed "pay first, control later" for each disbursement (including advance/payment of completed volume) of the contract of payment in installments until the value is If the disbursement reaches 80% of the contract value, it will switch to the form of "control first, pay later" for the next disbursements until the contract value is fully paid.

In case the disbursed capital has not reached 80% of the contract value but the investor requests the final payment, the State Treasury where the transaction is located must implement the form of "control first, pay later".

3. “Control first, pay later” of public investment capital is a form of payment control applied to expenditures without contracts and payments made for final payment of contracts or expenses with contract with a payment request value greater than 80% of the contract value until the end of the contract value.

4. Investors, project management boards using public investment capital from the state budget and lawful revenues from state agencies for investment, PPP project contracting agencies, agencies The owner may act on behalf of the investor in case the investor is not in the country, (hereinafter referred to as the Investor) may open an investment capital payment account at the State Treasury where transactions are convenient for the investor. Investor's transaction. Procedures for opening an account are carried out in accordance with the Government's Decree No. 11/2020/ND-CP dated January 20, 2020 on administrative procedures in the field of State Treasury (Decree No. 2020/ND-CP dated January 20, 2020 of the Government); Article 5, Article 24 Decree No. 99/2021/ND-CPdated 11/11/2021 of the Government and Circular No. BTC dated 31/3/2020 of the Ministry of Finance guiding the registration and use of accounts at the State Treasury.

5. The State Treasury where the transaction is made shall receive documents and documents sent by the Investor in the manner prescribed in Decree No. 11/2020/ND-CP dated January 20, 2020 of the Government; Decision No. 3519/QD-KBNN dated June 30, 2020 of the General Director of the State Treasury promulgating the process of handling and rotating records and documents of state budget expenditures at the provincial State Treasury and Decision No. 2899/ QD-KBNN dated June 15, 2018 of the General Director of the State Treasury promulgated together with the professional process to unify the focal point for controlling state budget expenditures at the district-level State Treasuries that do not have administrative offices. . At the same time, implement payment control on the basis of dossiers and documents provided by the Investor, payment principles and regulations in Decree No. 99/2021/ND-CP dated 11/11/2021 of the Government, applicable laws and regulations in this Process.

6. The State Treasury where the transaction is permitted to suspend capital payment shall give written opinions to the Investor in the following cases: payment reductions or refusal of payment; answer the Investor's problems in capital payment; coordinate with the Investor and relevant agencies to recover the capital amount used for wrong purposes, wrong subjects, contrary to the State's financial management regime, and at the same time report it to the governing body and the Treasury. State superior to summarize and report to financial agencies for consideration and handling.

After completing the payment procedures, if it is discovered that the investor's payment request has not yet met the correct regime or lack of documents as prescribed in Decree No. 99/2021/ND-CP dated 11/05/13 11/2021 of the Government, the State Treasury where the transaction refuses to pay and within 03 working days from the date of receiving the investor's dossier, the State Treasury where the transaction is located must have a written specifically notify the reason for the payment refusal, send it to the Investor once for completion and supplementation as prescribed; Past the prescribed time limit, without receiving a reply or receiving a reply that is not consistent with current regulations, the State Treasury where the transaction is located shall report to a higher competent authority and report to the financial agency for review and process. For capital advances or payments in the form of "payment first, control later", the control period,

7. Public investment capital paid for each job or item of a task or project must not exceed the approved estimate in case of appointment of a contractor, in case of self-implementation or non-contractual performance. The total capital paid for tasks and projects must not exceed the total investment approved by the competent authority, the public investment capital disbursed for tasks or projects in the year for the works and items of the project. tasks and projects do not exceed the planned capital in the year already arranged for the project. In case of payment under contract, the contract value must not exceed the bid package price (or cost item); the payment value does not exceed the value of the signed contract or the adjusted contract.

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