What are regulations on the cost of storing national reserve goods managed directly by the General Department of State Reserves from May 15th, 2024 in Vietnam?

What are regulations on the cost of storing national reserve goods managed directly by the General Department of State Reserves from May 15th, 2024 in Vietnam?

On March 25th, 2024, the Minister of Finance issued Circular 21/2024/TT-BTC, which regulates the cost of storing national reserve goods managed directly by the General Department of State Reserves.

Circular 21/2024/TT-BTC is effective from May 15th, 2024. It replaces Circular 161/2015/TT-BTC, which regulates the cost of storage and the loss rate of national reserve goods managed directly by the General Department of State Reserves.

Based on the Appendix issued with Circular 21/2024/TT-BTC, the following regulations are on the cost of storing national reserve goods managed directly by the General Department of State Reserves from May 15th, 2024:

What are cases in which commodities in national reserve in Vietnam are stored and released?

Pursuant to Article 34 of the Law on the National Reserves in 2012 stipulating the cases in which commodities in national reserve are stored and released:

The cases in which commodities in national reserve are stored and released

1. The storage and release of commodities in national reserve under the Prime Minister's decisions are specified in Article 35 of this Law.

2. The storage and release of commodities in national reserve in emergencies are specified in Article 36 of this Law.

3. The storage, release and exchange of commodities in national reserve according to given targets are specified in Article 37 of this Law.

4. The storage and release of commodities in national reserve in other cases are specified in Article 39 of this Law.

As regulations above, commodities in national reserve in Vietnam are stored and released in following cases:

- The storage and release of commodities in national reserve under the Prime Minister's decisions when:

+ Presidents of People's Committees of central-affiliated cities and provinces (hereinafter referred to as provincial People's Committees) announce the occurrence of an epidemic in their localities;

+ Preventing and suppressing, and alleviating consequences of natural disasters, catastrophes, epidemics, fires, or relieving famine;

+ Market prices fluctuate;

+ Satisfying the demands of the defense or security.

- The storage and release of commodities in national reserve in emergencies such as natural disasters, fire or epidemics that threaten to spread on a large scale; National or social security objectives that must be immediately accomplished.

- The storage, release and exchange of commodities in national reserve according to given targets

- The storage and release of commodities in national reserve in following cases:

+ Release of commodities in national reserve for liquidation and destruction;

+ Storage of commodities in national reserve for excessive commodity quantities upon actual inventory compared to those stated in the accounting books.

What are regulations on the cost of storing national reserve goods managed directly by the General Department of State Reserves from May 15th, 2024 in Vietnam? - image from internet

What are responsibilities and entitlements of the Government and the Prime Minister of Vietnam?

Pursuant to Article 13 of the Law on the National Reserves in 2012 stipulating responsibilities and entitlements of the Government and the Prime Minister of Vietnam:

Responsibilities and entitlements of the Government and the Prime Minister

1. The Government shall perform the unified state management of the national reserves, having the following tasks and powers:

a/ Request the National Assembly to decide national reserve development policies, orient national reserve resources and 5-year national reserve plans;

b/ Request the National Assembly to decide the level of annual central budget allocation for the national reserves;

c/ Request the National Assembly Standing Committee to decision annual additional central budget allocations for the national reserves (if any);

d/ Request the National Assembly Standing Committee to decide central budget to make up for the released commodities in national reserve;

e/ Request the National Assembly Standing Committee to adjust to the list of commodities in national reserve;

f/ Appoint Ministries and agencies to manage commodities in national reserve.

2. The Prime Minister has the following tasks and powers:

a/ Approve the national reserve strategies, annual national reserve plans and the planning for the system of national reserve warehouses;

b/ Assign state budget plans and estimates for the national reserves within the state budget estimates approved by the National Assembly;

c/ Decide the storage and release of commodities in national reserve in accordance with this Law and relevant laws.

As regulations above, the Government shall perform the unified state management of the national reserves, having the following tasks and powers:

- Request the National Assembly to decide national reserve development policies, orient national reserve resources and 5-year national reserve plans;

- Request the National Assembly to decide the level of annual central budget allocation for the national reserves;

- Request the National Assembly Standing Committee to decision annual additional central budget allocations for the national reserves (if any);

- Request the National Assembly Standing Committee to decide central budget to make up for the released commodities in national reserve;

- Request the National Assembly Standing Committee to adjust to the list of commodities in national reserve;

- Appoint Ministries and agencies to manage commodities in national reserve.

Best regards!