Vietnam: What is Hue Heritage Conservation Fund?

Vietnam: What is Hue Heritage Conservation Fund? (Internet image)

1. What is Hue Heritage Conservation Fund?

The Government of Vietnam issued Decree 84/2022/ND-CP dated October 20, 2022 on the establishment and operation regulations of the Hue Heritage Conservation Fund.

This Decree applies to the People's Committee of Thua Thien Hue province; provincial People's Committees; centrally-affiliated cities that provide financial support to the Fund; and agencies, organizations, and individuals related to the establishment and operation of the Hue Heritage Conservation Fund.

The Hue Heritage Conservation Fund is a national fund established by the government and assigned to the People's Committee of Thua Thien Hue province to directly manage in order to mobilize resources to invest in the restoration, preservation, and development of Hue heritage values and to invest in works and items that have not been allocated funds by the state budget or are not allocated enough funds.

Hue Heritage Conservation Fund operates under the model of a public non-business unit directly under the People's Committee of Thua Thien Hue province; operates not for profit.

The Hue Heritage Conservation Fund has legal status, its own seal, and is allowed to open a deposit account for capital sourced from the state budget at the State Treasury and may open deposit accounts with capital sources from sponsoring organizations, enterprises, or individuals at the State Treasury or commercial banks in accordance with law.

The Fund's organizational structure includes: Fund Management Council; Fund operating agency.

2. Financial sources of Hue Heritage Conservation Fund in Vietnam

According to Decree 84/2022/ND-CP, the financial resources of the Hue Heritage Conservation Fund include:

- Support from the state budget of the provinces and centrally-run cities (excluding the budget of Thua Thien Hue province).

- Contributions, aid, and sponsorship from domestic and foreign organizations and individuals, including voluntary or purported sponsorship.

- Interest from the deposit account (if any).

- Fund balance source every year.

- Other legal sources (if any).

3. Responsibilities of agencies towards Hue Heritage Conservation Fund in Vietnam

- The Ministry of Finance of Vietnam shall assume the prime responsibility and coordinate with the Ministry of Culture, Sports, and Tourism of Vietnam; relevant ministries and branches; and the People's Committee of Thua Thien Hue province to inspect and supervise the implementation of the Hue Heritage Conservation Fund.

- The People's Committee of Thua Thien Hue province is responsible for:

+ Managing the Hue Heritage Conservation Fund according to the provisions of this decree and relevant legal documents.

+ Promulgating the Fund's operation charter and forms as prescribed in Article 10 of this Decree.

+ Organizing the mobilization of support from the state budget of the provinces and centrally-run cities, to mobilize support, funding, and contributions from domestic and foreign agencies, organizations, and individuals to the Fund.

+ Coordinating with the Ministry of Finance and relevant ministries, ministerial-level agencies and government-attached agencies to inspect and supervise the implementation of the Hue Heritage Conservation Fund.

+ Managing and supervising Hue Heritage Conservation Fund activities

+ Organizing regular and irregular inspection and examination of the observance of the formulation of revenue and expenditure plans and the management and use of the fund in accordance with law.

+ Directing the disclosure of Fund information in accordance with this Decree and applicable laws.

Decree 84/2022/ND-CP takes effect from October 20, 2022.

Chau Thanh

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