Expenses for investment promotion activities from the state budget of Vietnam

Expenses for investment promotion activities from the state budget of Vietnam (Internet image)

December 30, 2022, the Ministry of Finance of Vietnam issued Circular 80/2022/TT-BTC guiding the norms for using funds from the state budget and financial management regulations for investment promotion activities.

Expenses for investment promotion activities from the state budget of Vietnam

Expenditures for investment promotion activities from the state budget are prescribed as follows:

- Expenses for research on potentials, markets, trends, and investment partners: comply with the provisions of Joint Circular 55/2015/TTLT-BTC-BKHCN.

- State budget recurrent expenditures for the implementation of information technology projects to build, upgrade, operate, and maintain information systems and databases in support of investment promotion activities; to build, operate, and maintain portals and websites for investment promotion:

Comply with regulations on management of investment in information technology applications funded by the state budget; current documents on information technology application spending; and economic and technical norms in the field of information and communication.

- Expenses for training, training, capacity building, and skills improvement in investment promotion: Expenditure content and level apply as prescribed in Circular 36/2018/TT-BTC.

- Expenses associated with organizing the forum, conference, and seminar; investment promotion seminars; and organizing dialogues between agencies, organizations, businesses, and investors:

Organizations in the country: comply with the provisions of Circular 102/2012/TT-BTC.

In the case of organizing international conferences and seminars in Vietnam, comply with the provisions of Circular 71/2018/TT-BTC.

+ Organizations abroad: comply with the provisions of Circular 102/2012/TT-BTC.

- Expenditure on survey and research delegations at home and abroad; investment promotion working groups based on specific topics or partners:

+ In the case of a domestic organization, follow the guidelines outlined in Circular 40/2017/TT-BTC.

+ Comply with the provisions of Circular 102/2012/TT-BTC in the case of an overseas organization.

- Fees for document translation: Comply with the provisions of Circular 71/2018/TT-BTC.

- Expenses:

+ Create images of the investment environment, policies and laws, potentials, opportunities, and investment connections in domestic and international media;

+ Support, guide, and facilitate investment activities; develop publications and documents for investment promotion activities;

+ Provide information to investors and guide them through investment procedures and administrative procedures.

Comply with the provisions of Circular 18/2021/TT-BTTTT, Circular 42/202020/TT-BTTTT, economic and technical norms, unit prices promulgated by competent authorities, and current regulations and spending norms of the state.

For the above expenditures, the heads of agencies assigned assume the primary responsibility for performing the decision-making task and take responsibility before the law for their decisions.

Sources of funds for investment promotion activities in Vietnam

According to Article 2 of Circular 80/2022/TT-BTC, funding sources for investment promotion activities include:

- The source of recurrent expenditures in the central budget for the implementation of national investment promotion activities, ministries' and central agencies' investment promotion activities

- Local budget recurrent expenditure sources to carry out local investment promotion activities in accordance with state budget decentralization

- Contributions of participating organizations and businesses;

- Support for domestic and international organizations and individuals;

- Funding for integration in programs and projects approved by competent authorities;

- Other legal sources of funding as prescribed by law

Circular 80/2022/TT-BTC takes effect on February 16, 2023.

Thanh Rin

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