Measures for preventing and combating corruption in financial and asset management in Vietnam

Measures for preventing and combating corruption in financial and asset management in Vietnam​ (Illustrative Image)

According to Circular 05/2011/TT-TTCP, regulations on anti-corruption in financial and asset management in Vietnam are specified as follows:

1. Financial and asset transparency within agencies and units in Vietnam

Units, organizations, and task forces within state inspection agencies must disclose the following in accordance with legal requirements:

- Financial management policies, policies, standards, and norms stipulated by the State; regulations on management, policies, standards, and norms for using the agency’s or unit’s budget and assets.

- Financial plans, estimates, budget settlements, and annual financial reports.

- Total investment levels, total budget estimates, investment capital plans, investment reports, capital expenditure reports, and procurement reports.

- Revenue reports, management, and use of contributions, support, and aid from organizations and individuals (if any).

- Inventory lists of existing assets by funding sources; usage reports and liquidation reports of various assets.

2. Implementation of financial and asset management regulations

Units, organizations, task forces within state inspection agencies must fully and promptly implement:

- Regimes, standards, and norms stipulated by the State.

- Regulations on financial and asset management of agencies and units.

- Accounting, statistical, inspection, and audit regimes.

- Financial disclosure regimes.

3. Inspection and supervision regime

- The financial and asset management regulations of the agency or unit must be built on transparency, clarity, and democracy within the agency or unit.

- Annual capital and funding settlement reports; completed investment capital settlement reports, and usage reports for aid must be audited; settlement reports and audit reports must be disclosed within the agency or unit.

- The People’s Inspectorate must regularly supervise; the head of the state inspection agency must periodically inspect the implementation of financial and asset management regulations, statistical policies, accounting, audit, and financial disclosure regulations; supervision reports and inspection conclusions must be disclosed within the agency or unit.

4. Prohibited acts

Prohibited acts in financial and asset management include:

- Stipulating illegal revenues, setting up, and using illegal funds.

- Incorrect implementation of accounting and statistical policies.

- Incorrectly collecting, spending, procuring, and using according to State policies, standards, and norms.

- Exploiting capital allocation, disbursement, procurement, management, use of assets, inspection, payment, and settlement for personal gain.

- Falsifying documents for payment and settlement of budget use, asset procurement, materials, travel expenses, project expenses, and other expenses.

- Other prohibited acts according to laws and regulations in financial and asset management.

More details can be found in Circular 05/2011/TT-TTCP, effective from March 7, 2011.

Thuy Tram

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