Vietnam: Power to approve expenditures for assistance to foreign affairs according to Circular 42

Vietnam: Power to approve expenditures for assistance to foreign affairs according to Circular 42 (Illustration)

According to Article 5 Circular 42/2011/TT-BTC, the power to approve expenditures for assistance to foreign affairs in Vietnam is defined as follows:

1. The Minister of Foreign Affairs decides the annual Fund use plan on the basis of the budget plan appraised by the Ministry of Finance of Vietnam.

2. Based on the approved Fund use plan, the Fund's Director is responsible for implementing and guiding the agencies using the Fund to implement the plan with savings and efficiency.

The heads of agencies using the Fund's budget are responsible for managing and using the allocated Fund's budget to complete affairs as per the plan approved by the Ministry of Foreign Affairs, adhering to the Fund's Financial Management Regulations and current State regulations.

3. In case of an unexpected affair arising outside the plan or the expenditure for a registered affair exceeds the allocated level, the head of the agency using the Fund must report to the Fund's Director for consideration. The decision-making power for each case is as follows:

- For estimates of up to 10,000 USD, the Fund's Director decides.

- For estimates exceeding 10,000 USD, the Fund's Director reports to the Minister of Foreign Affairs for decision.

4. If the Fund has not timely allocated the budget for foreign affairs for the economy approved by the competent authorities, the head of the agency using the Fund will decide to make budget advance from its current financial sources to complete affairs and is responsible for promptly reimbursing the advanced amount after receiving the budget from the Fund.

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

Thuy Tram

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