Principles for financial management of the Intellectual Property Office of Vietnam

Principles for financial management of the Intellectual Property Office of Vietnam (Internet image)

According to Article 1 of Circular 158/2010/TT-BTC, the principles for financial management of the Intellectual Property Office of Vietnam include:

• Perform assigned functions and tasks effectively;

• Proactively use allocated financial resources in a manner that ensures efficiency, creates conditions for investment in equipment and facilities to serve professional activities, promotes savings, and prevents waste;

• Proactively invest in the development of human resources, organize the organizational structure, and build a team of highly qualified officials in appropriate numbers and structures;

• Ensure the autonomy and responsibility of the unit's leaders in organizing work, labor utilization, and financial resources;

• Implement transparency and democracy as regulated by law, ensuring the legitimate rights of officials, and workers.

- The Intellectual Property Office of Vietnam is responsible for opening accounting books and organizing accounting entries to fully track all generated revenues according to the state-regulated regime; fully and timely pay the state budget for fees and charges as required.

- The Intellectual Property Office of Vietnam is entitled to autonomy and responsibility in organizing service activities that are appropriate to the professional field and the unit's capabilities, in accordance with the law. The service activities of the Intellectual Property Office of Vietnam must be accounted for separately, ensuring profitability and not using profits from state-assigned activities to cover losses from service business operations.

More details can be found in Circular 158/2010/TT-BTC, which comes into force from November 26, 2010.

Nguyen Phu

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