New: Forms used for final accounts for finished projects utilizing Vietnam’s state capital

Circular No. 10/2020/TT-BTC of the Ministry of Finance of Vietnam prescribes settlement of investment projects, (project or cost) tasks in preparation for investment, and planning tasks (hereinafter collectively referred to as “projects”) that utilize state capital after finishing or suspending permanently according to written permission for temporary or permanent suspension issued by competent individuals capable of approving projects.

According to Circular No. 10/2020/TT-BTC of the Ministry of Finance of Vietnam, forms used for final accounts for finished projects are specified as follows:

- For completed independent projects, component projects, sub-projects, constructions, work items, and permanently suspended projects with construction and equipment load subject to inspection, use forms No. 01/QTDA, 02/QTDA, 03/QTDA, 04/QTDA, 05/QTDA, 06/QTDA, 07/QTDA, and 08/QTDA attached to this Circular.

- For planning projects, projects in preparation phase or permanently suspended projects utilizing investment capital sources of the government with no construction or equipment load subject to inspection, use forms No. 03/QTDA, 08/QTDA, 09/QTDA attached to this Circular.

In particular, Circular No. 10/2020/TT-BTC stipulates that final accounts for finished projects must fully and accurately identify: Investment capital sources for project execution according to each investment capital source; Total investment cost requested for settlement based on cost for each section (compensation, assistance, relocation, construction, equipment, project management, consulting and other costs); Cost for damage during investment process; Cost that is not accounted for when calculating asset value; Value of asset formed after investment.

The goal of the final settlement of the completed project is to evaluate the results of the investment process, determine the production capacity, and the value of the newly added assets brought about by the investment. Concurrently, evaluate the implementation of the State's regulations during the investment and implementation of the project, clearly define the responsibilities of investors, contractors, funding agencies, lending, payment control and relevant state management agencies.

View more relevant provisions at Circular No. 10/2020/TT-BTC of the Ministry of Finance of Vietnam, effective from April 10, 2020.

Thu Ba

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE