Vietnam: Payment principles for all-inclusive CPTPP procurement contracts

Vietnam: Payment principles for all-inclusive CPTPP procurement contracts​ (illustrative image)

According to Decree 95/2020/ND-CP on regulations on payment for all-inclusive CPTPP procurement contracts in Vietnam, payment for all-inclusive contracts is made multiple times upon acceptance of completed quantity or once after the contractor has fulfilled their contractual responsibilities, with the amount equaling the contract value minus any advance payments (if applicable). If it is not possible to determine the detailed completion value for each work item or acceptance stage, payment may be based on a percentage (%) of the contract value.

The payment dossier for all-inclusive contracts in Vietnam includes:

- Minutes of acceptance of completed quantitys in the payment period, confirmed by representatives of the contractor, the investor, and the supervising consultant (if any). These acceptance minutes confirm the completion of the construction, construction items, and work of the project as per the design without needing to confirm detailed completed quantitys;

- For goods procurement: Depending on the nature of the goods, the payment dossier may include invoices from the contractor, a packing list, transport documents, insurance certificates, quality certificates, goods acceptance minutes, certificates of origin, and other related documents and records.

Details can be found in Decree 95/2020/ND-CP effective August 24, 2020.

Ty Na

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