What are regulations on finalization and audit of state budget assistance grant and finalization of programs, projects utilizing assistance grant in Vietnam?

Finalization of state budget assistance grant and finalization of programs, projects utilizing assistance grant in Vietnam

Pursuant to Article 18 of the Circular 23/2022/TT-BTC (takes effect from 20/05/2022) stipulating finalization of state budget assistance grant and finalization of programs, projects utilizing assistance grant in Vietnam as follows:

1. Annual finalization of expenditure of state budget assistance grant shall be implemented on the basis of:

a) State budget revenue, expenditure estimates are decided by competent authorities.

b) Ministry of Finance shall prepare statement within state budget estimate, which is granted according figures recorded by State Treasury on the basis of records of appraisal/approval of budget finalization with presiding authorities.

c) Unused estimates shall be terminated at the end of revision period of state budget estimates, other than those permitted by competent authorities to be carried forward.

d) Presiding authorities are responsible for finalizing expenditure for subordinate entities utilizing state budget in accordance with regulations and law on state budget.

2. Finalization of programs, projects utilizing assistance grant shall conform to regulations and law on finalization of expenditure of programs, projects, and non-projects.

3. Finalization of finished projects shall conform to Circular No. 10/2020/TT-BTC dated February 20, 2020 of Ministry of Finance.

Audit of projects utilizing assistance grant in Vietnam

Pursuant to Article 19 of the Circular 23/2022/TT-BTC (takes effect from 20/05/2022) stipulating audit of projects utilizing assistance grant in Vietnam as follows:

1. Audit of assistance grant projects shall be carried out in accordance with assistance agreements and Vietnam’s laws.

2. In case of independent audit: Project owners are responsible for submitting or requesting sponsors to submit annual independent audit reports or ad-hoc audit reports to presiding authorities and equivalent financial authorities in order to serve finalization and settlement of assistance grant of projects.

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