Vietnam: Affairs for which expenditures are covered by the Fund for assistance to foreign affairs for the economy

Vietnam: Affairs for which expenditures are covered by the Fund for assistance to foreign affairs for the economy (Illustrative image)

Article 4 of Circular 42/2011/TT-BTC stipulates that the Fund for assistance to foreign affairs for the economy in Vietnam cover expenditures for the following affairs:

1. Promote and introduce the country, aiming to elevate the image and status of Vietnam and create opportunities to promote investment, trade, tourism, labor export, and raise aid.

2. Establish and expand relationships with governments, and financial communities, and leverage foreign partners to enhance foreign economic relationships.

3. Assist domestic agencies and enterprises to explore, and seek markets and business opportunities; support the organization of events promoting international economic relations; verify and validate foreign partners, provide information, and resolve disputes in foreign economic relations.

4. Gather valuable information on economy, science, technology, education, and human resource training, support research, and advise in policy development for economic growth.

5. Invite domestic and international experts and scholars to participate in training and capacity-building for staff involved in foreign affairs for the economy.

6. Publish and provide publications serving the dissemination of foreign economic information.

7. Make awards for individuals and collectives with outstanding achievements in foreign affairs for the economy.

8. Other affairs as directed by the Prime Minister of the Government of Vietnam.

9. Other supportive affairs in alignment with the Fund's principles and objectives.

10. Expenditures for managing the Fund.

The utilization of the Fund mentioned in sections 1, 2, 3, 4, 5, 6, 7, 8, 9 is carried out under the policies on expenditures and expenditure levels of the State; agencies and units performing tasks or projects in foreign affairs for the economy must prepare a detailed budget estimate and submit it for approval by the competent authority before implementation. The expenditures covered by the Fund specified in section 10 are carried out in accordance with Article 6 of Circular 42/2011/TT-BTC.

More details can be found in Circular 42/2011/TT-BTC effective from May 10, 2011.

Thuy Tram

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