What is account opening for disbursement of funds derived from revenues retained by state regulatory authorities and public service units for developing public investment projects in Vietnam?

What is account opening for disbursement of funds derived from revenues retained by state regulatory authorities and public service units for developing public investment projects in Vietnam?

In Article 24 of Decree 99/2021/ND-CP stipulating account opening, according to which:

1. For legitimate revenues that state regulatory authorities retain for investment purposes:

a) Investors shall open accounts for fund management and disbursement at the State Treasuries where transactions are facilitated.

b) Signing up for an account for control and payment purposes shall be subject to the Government’s regulatory provisions related to administrative formalities for the state treasury field and those of the Ministry of Finance pertaining to instructions on signing up for and using accounts opened at State Treasuries.

2. For legitimate revenues that public service units retain for investment purposes, the places where accounts are opened for fund disbursement shall be subject to the Government’s regulations on financial autonomy of public service units. Public service units shall check the disbursement of funds under the regulations of Article 25 herein.

What is management, checking and disbursement/payment of funds derived from revenues retained by state regulatory authorities and public service units for developing public investment projects in Vietnam?

According to Article 25 of Decree 99/2021/ND-CP stipulates as follows:

1. Legal dossiers, advance funding dossiers, disbursement/payment dossiers of projects shall be subject to Article 9 herein.

2. Management, advance disbursement, recovery of advance disbursement, and disbursement/payment of funds shall be subject to Article 10 and 11 herein.

3. Time limits for advancing and disbursement/payment of funds on an annual basis, and time limits for control and disbursement/payment of funds set by the regulatory payment body, shall be subject to the regulations laid down in Article 13 herein.

What are principles of final accounting of state budget-funded public investments in the budgetary year in Vietnam?

Pursuant to Article 26 of Decree 99/2021/ND-CP stipulates as follows:

1. For the state budget, units and entities related to the disbursement of state budget-funded investment funds shall prepare the budgetary year-end account.

2. For public investment funds derived from legitimate revenues that regulatory authorities, public service units retain for investing purposes, entities and units involved in disbursement of funds shall make the review report on implementation and payment/disbursement in accordance with regulations of the Ministry of Finance in force.

3. Reporting agencies shall ensure that data shown in the year-end account must be collated, validated and must match. Specifically as follows:

a) Cooperate in collating and validating data on the amounts of state budget funding for public investment that have already been disbursed in the budgetary between investors and regulatory payment bodies where transactions in such amounts occur when preparing year-end accounts for submission to ministries, central authorities or superiors of investors (where they are authorized to do so), departments, divisions or subdivisions of provincial or district-level People’s Committees under their respective delegated authority.

b) Cooperate in collating and validating data on the amounts of state budget funding for public investment that have already been disbursed in the budgetary between ministries, central authorities, departments, divisions, subdivisions of provincial or district-level People’s Committees under their respective delegated authority and regulatory payment bodies at the same level when preparing year-end accounts for submission to same-level financial authorities.

c) For entities or units using commune-level budgets for public investment, the regulatory payment body shall cooperate with commune-level People’s Committees in collating, reconciling data to ensure that data received from the regulatory payment body and commune-level accountants are consistent. Comparison results shall serve as a basis for commune-level People’s Committees to complete their final accounts of commune-level budgets.

4. Data included in year-end final accounts must be arranged by specific managing agencies, funding sources, industries, sectors or projects (with details about domestic and foreign funding) that are subject to appropriate budget assignment decisions of competent authorities.

5. Ministries, central authorities, departments, divisions or subdivisions of provincial or district-level People’s Committees that are appropriately authorized, superiors of investors, investors, all-level financial authorities and regulatory payment bodies shall prepare, send, consider, review, communicate review results of and edit year-end accounts of which contents, principles and time limits for completion are subject to the Law on State Budget currently in force.

Best Regards!