Additional funding of Vietnam Veterans Association

According to Clause 4 Article 1 of the Decree No. 157/2016/NĐ-CP of the Vietnam’s Government, funds and assets of the Vietnam Veterans Association are specified as follows:

Funds for the operation of the Veterans Association include:

- Revenue from membership fees;

- Sources of aid and sponsorship; (new provision)

- Funding sources provided by the state budget, including:

+ Funds of the Central Vietnam Veterans Association and of the Veterans Association of agencies, organizations and units at the central level shall be guaranteed by the central budget.

+ Funds of the Veterans Associations at provincial, district and commune levels and of the Veterans Associations of agencies, organizations and units in the locality shall be guaranteed by the local budget.

- Sources of support from non-business units, businesses and other organizations; (new provision)

- Other revenue sources (if any).

Previously, the Decree No. 150/2006/NĐ-CP did not specify the definition and content of “other legal funds of the Association”. It can be seen that new provisions of the Decree No. 157/2016/NĐ-CP have specified the operating budget of the Veterans Association.

Concurrently, this Article also stipulates 02 types of property of the Veterans Association, including:

- Property assigned by the State;

- Property sponsored, donated by domestic and foreign individuals and organizations in accordance with law.

The operating budget of the Veterans Association in public non-business units which are self-financed for recurrent expenditures and investment expenditures, and are self-financed for recurrent expenditures, and enterprises, shall be guaranteed by these public non-business units and enterprises and accounted for operating expenses under the guidance of the Ministry of Finance of Vietnam.

View more details at the Decree No. 157/2016/NĐ-CP of the Vietnam’s Government, effective on January 15, 2017.

Phuong Thanh

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