Types of reports on implementation and payment of public investment capital in Vietnam

Types of reports on implementation and payment of public investment capital in Vietnam (Internet image) 

Regarding this issue, LawNet responded as follows:

1. What is public investment capital?

According to Clause 22, Article 4 of the Law on Public Investment 2019, public investment capital regulated in the Law on Public Investment 2019 shall comprise: state budget funds; legitimate revenues of state agencies and public service units that are retained for investment purposes as provided in law.

2. Types of reports on implementation and payment of public investment capital in Vietnam

Specifically, Article 2 of Circular 15/2021/TT-BTC stipulates the following types of reports on the implementation and payment of public investment capital:

- Periodic reports: Reports serving consolidation of information on implementation and settlement of medium-term and annual public investment, produced in a definite frequency, and consisting of monthly reports, annual reports, mid-term reports on medium-term investment, full-term reports on medium-term investment.  

+ Practical accrued settlement of public investment of 3 months in April report shall be settlement results of the first quarter of planning year.  

+ Practical accrued settlement of public investment of 6 months in July report shall be settlement results of the second quarter of planning year.  

+ Practical accrued settlement of public investment of 9 months in October report shall be settlement results of the third quarter of planning year.  

+ Practical accrued settlement of public investment of 12 months in the following January report shall be settlement results of the fourth quarter of planning year.  

- Specialized reports and irregular reports: Reports serving management demand of competent authority, containing information on specific topic or irregular issues relating to implementation and settlement of medium-term and annual public investment, and produced one or multiple times in a definite period of time.

3. Principles of implementing reporting regime in Vietnam

When implementing the regime of reporting on the implementation and payment of public investment capital, it is necessary to ensure the following principles:

- Entities and agencies shall produce reports on implementation and settlement of medium-term and annual public investment on the basis of plans for medium-term and annual public investment allocated according to Law on Public Investment 2017 and guiding documents.

- Agencies and entities shall produce reports on implementation and settlement of medium-term and annual public investment must be adequate, accurate, honest, and timely according to Circular 15/2021/TT-BTC.

Reports must specify drawbacks, difficulties, and factors affecting assignment of plans and settlement of public investment according to plan, propose solutions relating to management and settlement of public investment; provide adequate information serving management affairs of competent authority and relevant agencies, organizations, and individuals.

- List of projects (including investment projects, investment preparation tasks (projects or costs), planning tasks), investment allocated for each sector, program, project of each ministry, ministerial agency, Governmental agency, other agency in central governments, and policy financial institutions (hereinafter referred to as “central ministries”), and local governments according to decisions on assigning capital plans of competent authority

(including medium-term plans, annual plans, additional plans, extended plans, revised plans). 

For capital for balancing local government budget, in case People's Councils of all levels assigns higher than plans allocated by the National Assembly or the Prime Minister, local governments must produce reports on increased capital and consolidate in reports

(in the column on capital plans of local governments under schedules of Circular 15/2021/TT-BTC).

Ministries and central agencies: People’s Committees of provinces and central-affiliated cities (hereinafter referred to as “People’s Committees of provinces”) shall produce reports on all public investment under management of ministries, central government authorities, and local government authorities including investment controlled and settled via State Treasury of all levels and other capitals under control and settlement obligations of other entities as per the law.

- In case ministries, ministerial agencies or local governments fail to produce adequate and timely reports according to this Circular, Ministry of Finance shall submit reports to competent authority for actions to be taken as per the law.

- Apply information technology in implementing reporting regime and satisfying demands of the National information report system.

(Article 3 of Circular 15/2021/TT-BTC)

Thanh Rin

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE