Vietnam: Verification and allocation of construction investment capital funded from the state budget for the implementation of the Forest Protection and Development Plan

Vietnam: Verification and allocation of construction investment capital funded from the state budget for the implementation of the Forest Protection and Development Plan (Illustrative Image)

Circular 85/2014/TT-BTC stipulates the verification and allocation of construction investment capital funded from the state budget for the implementation of the Forest Protection and Development Plan in Vietnam as follows:

For projects managed by ministries and central authorities:

The Ministry of Finance shall give verification opinions on the allocation to the ministries and central authorities within 5 working days from the date of receipt of the investment capital allocation plan from the ministries and central authorities.

For a project with capital allocated illegally, the Ministry of Finance shall give an opinion for the State Treasury of Vietnam to halt payment; if payment has been made, such paid capital for the project must be recovered. Ministries and central authorities are responsible for directing the investors of projects with capital allocated illegally to return the paid capital to the state budget and are liable for the consequences caused by the illegal allocation.

For projects managed by local authorities:

- For projects managed at the provincial authorities, during the participation with relevant units in the annual investment capital plan (including capital funded from central and local budget), the Department of Finance simultaneously verifies the investment capital allocation plan before the authorities submit it to the Provincial People's Committee for decision.

Based on the decision on the investment capital plan assigned by the Provincial People's Committee, the State Treasury of Vietnam shall control the payment in accordance with regulations. In case there is a project without sufficient investment procedures, the State Treasury of Vietnam shall halt payment and notify the Department of Finance to submit it to the Provincial People's Committee for handling;

- For projects managed at the district authorities), the Division of Finance and Planning shall verify the investment capital allocation plan immediately before submitting it to the District People's Committee for decision. Based on the decision on the investment capital plan assigned by the District People's Committee, the District State Treasury of Vietnam shall control the payment under regulations. In case a project without sufficient investment procedures is discovered, the District State Treasury of Vietnam shall halt payment and notify the Division of Finance and Planning and the District People's Committee for handling.

Details can be found in Circular 85/2014/TT-BTC effective from August 15, 2014.

Ty Na

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