What are regulations on initial registration of accounts and specimen seal and signatures at the Vietnam State Treasury?

What are regulations on initial registration of accounts and specimen seal and signatures at the Vietnam State Treasury? (Image from the Internet)

Initial registration of accounts and specimen seal and signatures at the Vietnam State Treasury is specified in Point a, Clause 1, Article 8 of Circular 18/2020/TT-BTC as follows:

Applicants shall prepare an application for registration of account and specimen seal and signatures (form No. 01/MTK issued together with the Government's Decree No. 11/2020/ND-CP of January 20, 2020 on administrative procedures in the field of State Treasury).

 (1) As for signatures

- For applicants using the State budget and budget organizations:

+ The first signatures: The signatures of the account holder and the person(s) authorized to sign on behalf of the account holder in accordance with law. Each applicant may only register up to 4 people to sign the first signatures (account holder and 3 persons authorized to sign on behalf of the account holder). The head of the applicant is not allowed to authorize a person who registers the second signature to act as the account holder.

+ The second signatures: the signatures of the chief accountant or the accountant of the applicant and the person authorized to sign on behalf of the chief accountant or the accountant in charge. Each applicant may only register up to 3 people to sign the second signatures (chief accountant and 2 authorized persons).

Applicants in the armed forces having no chief accountant are not required to register the second signature. In a transaction document with the VST, clearly indicate “None” in the place which is supposed to be the signature of the chief accountant.

- As for finance authorities:

+ The first signatures: The signatures of the head of applicant (or the person(s) authorized to act as the account holder) and person authorized to sign on behalf of the account holder, as follows:

● Central budget: Leader of State Budget Department on domestic revenues and expenditures; leaders of Department of Debt Management and External Finance affiliated to Ministry of Finance with regard to foreign revenues and expenditures and accumulation fund for debt repayment.

● Provincial budget: Leader of Department of Finance;

● District budget: Leader of Division of Finance;

● Commune budget: President, Deputy President of People's Committee of commune.

+ The second signatures: the signatures of the assigned officers, specifically as follows:

● Central budget: Leader of State Budget Management Division on domestic revenues and expenditures; leaders of specialized divisions affiliated to Department of Debt Management and External Finance with regard to foreign revenues and expenditures and accumulation fund for debt repayment.

● Provincial budget: Leaders of the specialized division (Department of Finance) who are assigned to manage the expenditure accounts with payment order, revenue and expenditure accounts, transfer estimate accounts; deposit accounts;

● District budget: Officers (Division of Finance) who are assigned to manage the expenditure accounts with payment order, revenue and expenditure accounts, transfer estimate accounts;

● Commune budget: Accountants in charge.

- As for collecting authorities:

+ The first signatures: The signature of the head of the applicant. Each applicant may only register up to 4 people to sign the first signatures (account holder and 3 persons authorized to sign on behalf of the account holder). In case the collecting authority needs to register more than the number of people signing the first signatures, it must obtain such a written approval of the VST.

+ Do not register the second signature.

- Authorities in charge of inspection of management and use of state budget:

+ The first signatures: The signature of the head of applicant (or person authorized to act as the account holder).

+ The second signatures: the signatures of the chief accountant or the accountant in charge of the unit and the person authorized to sign on behalf of the chief accountant or the accountant in charge.

In a case where an applicant does not have an independent accounting apparatus, the second signature may be the signature of the officer assigned to keep track of temporarily collected/withheld accounts; after that, the applicant shall send a document assigning the officer to keep track of temporarily collected/withheld accounts to sign in the place which is supposed to be the “chief accountant” in accounting documents transacted with the VST.

- As for other businesses and organizations:

+ The first signatures: the signatures of the head of the applicant (or the person authorized to act as the account holder) or the legal representative stated in the business registration certificate (for sole proprietorship) and authorized persons to sign on behalf of account holder.

Particularly for single-member state-owned limited liability companies: depending on the specific provisions of the Company's Charter, the account holder may be the President of the Members' Council, the Director or General Director (the President of Members' Council may hold concurrently or hire another person to be the Director or General Director. The registration of signatures shall comply with the regulations applicable to the above enterprises and organizations.

+ The second signatures: the signatures of the chief accountant or the accountant in charge and the person authorized to sign on behalf of the chief accountant.

- The application for registration of account and specimen seal and signatures must clearly state the full name, title and position of the signatory.

 (2) As for specimen seal

- The specimen seal registered for transaction with the VST is the one registered at the police office, which is stamped into two (02) clear marks.

- As for applicants of the security and national defense: the specimen seal must be registered with the security agency in the field (national defense and security).

- As for the project management board which has an incomplete legal status (without own seal): It is allowed to use the investor's seal specified in the decision on the establishment of the project management board and it must register the seal of the investor with the VST agency where it registers the account.

Best Regards!