Regulations on financial policies and management, and use of assets of the Land Development Fund in Vietnam

Regulations on financial policies and management, and use of assets of the Land Development Fund in Vietnam (Image from Internet)

Regulations on financial policies and management, and use of assets of the Land Development Fund in Vietnam

According to Article 20 of Decree 104/2024/ND-CP which stipulates the financial policies and management, and use of assets of the Land Development Fund in Vietnam as follows:

- The financial year of the Land Development Fund begins on January 1 and ends on December 31.

- The financial regime (including wage mechanisms, allowances for management officials and employees) and the management, use of assets of the Land Development Fund are implemented according to regulations applicable to public service providers and stipulated in the organization and operation charter of the Fund. Specific contents related to the financial policies of the Land Development Fund stipulated in Decree 104/2024/ND-CP are carried out according to Decree 104/2024/ND-CP.

- The land office of the Land Development Fund adheres to the land use policies applicable to public service providers according to land law regulations.

Regulations on Revenues and Expenditures of the Land Development Fund in Vietnam

- Revenues include:

+ Revenue from management costs of funds advanced from the Land Development Fund as stipulated in Article 17 of Decree 104/2024/ND-CP.

+ Interest from deposits according to legal provisions.

+ Revenue from entrusted management of other funds stipulated in Clause 5, Article 19 of Decree 104/2024/ND-CP.

+ Other revenues according to legal provisions.

- Expenditures include:

+ Expenses for advancing funds, retrieving advanced funds, and managing the operating funds of the Land Development Fund.

+ Salaries, allowances, and other expenditures for members of the Management Board, the Supervisory Board, and the Executive Agency of the Land Development Fund according to regulations applicable to public service providers.

+ Payments to the state budget and other expenditures according to legal regulations.

- In case of entrusted management of the Land Development Fund as stipulated in Article 12 of Decree 104/2024/ND-CP, the entire management entrustment cost is all revenues stipulated at points a, b, and d, Clause 1, Article 21 of Decree 104/2024/ND-CP; the entrusted fund is responsible for paying all expenditures of the Land Development Fund.

- The Management Board of the Land Development Fund is responsible for issuing the Fund's internal spending regulations to serve as a basis for implementation and management of the Fund's expenditures.

- The charter capital of the Land Development Fund is not to be used for expenditures stipulated in Clauses 2 and 3, Article 21 of Decree 104/2024/ND-CP. Surplus revenue exceeding expenditure (if any), after setting aside various reserves and fulfilling state financial obligations as stipulated, is to be supplemented to the charter capital of the Land Development Fund.

- The Land Development Fund is responsible for finalizing its revenues and expenditures according to legal regulations.

(Article 21 of Decree 104/2024/ND-CP)

Regulations on Accounting, Reporting Policies in Vietnam

- The Land Development Fund implements accounting policies according to the laws on accounting applicable to off-budget state financial funds, ensuring a complete, prompt, honest, accurate, and objective reflection of economic and financial activities.

- Annually, the Land Development Fund is responsible for submitting its yearly financial report to the Provincial People's Committee.

The annual financial report of the Land Development Fund is audited by an independent audit organization as stipulated by law. The deadline for submission is 90 days from the end of the financial year at the latest.

- Inspection, supervision, control, inspection, and audit of the Land Development Fund are conducted according to the organization and operation charter of the Land Development Fund and legal provisions.

(Article 22 of Decree 104/2024/ND-CP)

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE