What are included in the costs of the Vietnam Chamber of Commerce and Industry (VCCI)?

What are included in the costs of the Vietnam Chamber of Commerce and Industry (VCCI)? - Image from Internet

The costs of the Vietnam Chamber of Commerce and Industry (VCCI) are regulated by Article 8 of Circular 133/2015/TT-BTC, which guides the financial management mechanism of the Vietnam Chamber of Commerce and Industry, issued by the Minister of Finance.

The costs of the Vietnam Chamber of Commerce and Industry (VCCI) (excluding the Taiwan Affairs Committee) are all the expenses incurred in the implementation of promotion activities and business and service activities, including:

1. Costs for raw materials, fuel and lubricants, purchased services (calculated based on actual consumption and actual original price), labor tools and equipment allocation costs, fixed asset repair costs, and costs for the repair of fixed assets.

2. Depreciation costs of fixed assets according to current regulations.

3. Salary costs, wages, and costs with salary nature to be paid to employees in accordance with the VCCI salary regulations. The Standing Committee or the President of VCCI (according to the Charter of VCCI) is responsible for building and promulgating the VCCI salary regulations to ensure compliance with current regulations.

4. Social insurance, health insurance, unemployment insurance, and union funds for employees that VCCI must pay according to regulations.

5. Transaction costs, external relations, reception, marketing, promotion, and advertising costs calculated based on actual costs incurred and regulations of the Enterprise Income Tax Law.

6. Other monetary costs according to regulations include: Costs for taxes, fees, levies, land rent; severance pay, unemployment pay for employees; costs for women workers; costs for medical care, environmental protection; labor protection and workwear costs; meal costs for employees; costs for party work and unions at VCCI (the part of the cost outside the budget of the party and union organizations is paid from the specified source) and other monetary costs.

7. The value of the provisions set aside and processed to recover property losses as prescribed.

8. Costs for the implementation of promotion activities specified in point 1.2 clause 1 Article 6 of this Circular. Some specific spending items are as follows:

a) Costs for research, survey activities; collect, disseminate information and propaganda of policies and laws.

b) Costs for organizing conferences, seminars, and economic forums in Vietnam and abroad; meetings between government agencies and representatives of the business community.

c) Costs for organizing training courses for businesses.

d) Costs for organizing business delegations to study and survey foreign markets; Organize the reception of businessmen, foreign trade delegations to Vietnam to seek investment opportunities, promote trade.

e) Costs for scientific research, publishing magazines and other economic information publications under promotion activities.

f) Costs for contributing membership fees and participating in the activities of international organizations.

g) For the mobilization of sponsorship to implement promotion activities: In case it is necessary to hire a sponsorship consultant, the Standing Committee or the President of VCCI shall decide the amount of consultant fees based on current regulations and be responsible for ensuring effectiveness when implementing.

9 Financial operating costs include: Rental costs for fixed assets; actual losses incurred in the current period and exchange rate differences due to revaluation of the end-of-period balances of long-term receivables and long-term payables with foreign currency origins, losses incurred when selling foreign currency; loan interest costs (including loan interest for capital construction for basic construction works that have been completed and put into use); early payment discounts for buyers of goods and services and other financial expenses according to current regulations.

10. Other operating expenses: Costs of liquidation and sale of fixed assets (residual value and liquidation and sale costs); fines for breach of contract; costs to collect fines; costs for the recovery of bad debt receivables that have been written off from the accounting books and other operating expenses under the law.

Above are the costs of the Vietnam Chamber of Commerce and Industry. For more detailed information, you should refer to Circular 133/2015/TT-BTC. We hope that our advice will help to resolve your concerns.

Best regards!