Expenditures associated with maintenance, management and operation of price databases in Vietnam

Expenditures associated with maintenance, management and operation of price databases in Vietnam as of July 1, 2024 (Internet image)

Regarding this matter, LawNet would like to answer as follows: 

On May 16, 2024, the Minister of Finance issued Circular 33/2024/TT-BTC on prescribing funding for establishment, maintenance, upgrading, management and operation of Price databases in Vietnam

Expenditures associated with maintenance, management and operation of price databases in Vietnam as of July 1, 2024

According to Article 5 of Circular 33/2024/TT-BTC, the expenditures associated with maintenance, management and operation of price databases, and limits thereof in Vietnam as of July 1, 2024 are as follows:

Expenditures on maintenance, management and operation of price databases which are covered by state budget-derived funding for recurrent expenditures shall comply with the Law on state budget, its guiding documents and relevant laws.

The following provisions shall apply to any expenditures actually incurred during the maintenance, management and operation of price databases:

- Expenditures on collection of information and data serving the maintenance, management and operation of price databases shall be paid in accordance with provisions of the Circular 194/2012/TT-BTC dated November 15, 2012 of the Minister of Finance of Vietnam.

- Expenditures on hiring of specialists, in case existing personnel is incapable of performing tasks, for analyzing and forecasting domestic and international market prices of goods, services and property used for maintaining, managing and operating price databases shall be paid at the expenditure limits on hiring of specialists prescribed in the Circular 02/2015/TT-BLDTBXH dated January 12, 2015 of the Ministry of Labour, War Invalids and Social Affairs of Vietnam.

- Expenditures on ensuring safety, security and confidentiality of information included in price databases shall be paid in accordance with provisions of the Circular 121/2018/TT-BTC dated December 12, 2018 of the Minister of Finance of Vietnam and its guiding documents.

- Expenditures on purchasing of information and data serving the maintenance, management and operation of price databases shall be paid under contracts signed in accordance with regulations of law on economic contracts.

- Other expenditures actually incurred by authorities and units tasked with maintaining, managing and operating price databases shall be paid in accordance with relevant regulations of law.

- Provisions on expenditures other than salaries of officials and public employees to be covered by state budget-funding enshrined in Circular 33/2024/TT-BTC and other legislative documents referred to in Circular 33/2024/TT-BTC shall apply until regulations on salary reform under the Resolution 27/NQ-TW dated May 21, 2018 of the 7th Meeting of the 12th Central Executive Committee come into force.

Nguyen Ngoc Que Anh

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