Industrial encouragement budget is managed from the central to local levels in Vietnam

Industrial encouragement budget is managed from the central to local levels in Vietnam (Internet image)

Article 14 of Decree 45/2012/ND-CP stipulates the management of national and local industrial encouragement budget in Vietnam as follows:

• The Ministry of Industry and Trade of Vietnam shall estimate national industrial encouragement budget, then incorporate them into its annual budget estimates, and submit to competent state agencies as prescribed by laws.

• Provincial People’s Committees, People's Committees of districts or communes shall estimate local industrial encouragement budget, then incorporate them in their annual budget estimates, and submit to competent state agencies as prescribed by laws.

• Annually, state management agencies in charge of industrial encouragement shall make and send industrial encouragement budget estimates to finance agencies at the same level for incorporating into budget allocation plans for making submission to competent state agencies for consideration and decision in accordance with the Law on State budget.

• In case national and local industrial encouragement budget allocated from budgets are not yet used up, the remaining amount may be transferred to the subsequent year for further spending as prescribed by current provisions.

• The Ministry of Finance be in charge and cooperate with the Ministry of Industry and Trade in guiding the procedures for estimating, managing and using of national and local industrial encouragement budget.

Note: Industrial encouragement budget include national industrial encouragement budget and local industrial encouragement budget.National industrial encouragement budget is budget used for industrial encouragement activities managed and organized by the Ministry of Industry and Trade. Local industrial encouragement budget is budget managed by provincial People’s Committees, People's Committees of districts or communes, and used for industrial encouragement activities implemented locally.

More details can be found in Decree 45/2012/ND-CP, which comes into force from July 5, 2012.

Le Vy

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