04 rules of estimation and management of costs of IT application projects in Vietnam

Specifically, according to Article 3 of Circular No. 04/2020/TT-BTTTT of the Ministry of Information and Communications of Vietnam, rules of estimation and management of costs of IT application projects funded by state budget for development investment expenditures include:

1. Objectives and efficiency of IT application projects must be ensured.

2. Total investment, cost estimates, unit costs of IT application must be properly calculated and include all cost items as prescribed.

3. The State shall perform cost management by promulgating, instructing and inspecting the implementation of regulations on cost management.

4. Investors shall be held accountable for cost management from the investment preparation stage to the completion and putting of the project into official operation.

Besides, Circular No. 04/2020/TT-BTTTT also stipulates that with regard to distinct works of sectors or provinces, related ministries and provincial People’s Committees shall, based on the methods for establishing cost norms laid down in Clause 1 Article 7 hereof, determine or hire qualified organizations or individuals to determine, adjust and verify costs, and promulgate cost norms after obtaining the consent from the Ministry of Information and Communications. Promulgated cost norms must be presented to the Ministry of Information and Communications for monitoring. Promulgated economic-technical norms are the basis for determining unit costs, total investment, cost estimates and managing costs of IT application projects.

View details at Circular No. 04/2020/TT-BTTTT of the Ministry of Information and Communications of Vietnam, effective from April 09, 2020.

Le Hai

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