Criteria for classifying public service units in the financial sector as of February 1, 2024 in Vietnam

Criteria for classifying public service units in the financial sector as of February 1, 2024 in Vietnam

Criteria for classifying public service units in the financial sector are as follows:

- Classification according to establishment authority:

+ Public service units are established under the authority of the Government.

+ Public service units are established under the authority of the Prime Minister.

+ Public service units are established under the authority of the Minister of Finance.

+ Public service units are established under the authority of the People's Committees of provinces and centrally run cities.

- Classification according to level of autonomy

+ Public service units cover their own recurrent and investment expenditures;

+ Public service units cover their own regular expenses;

+ Public service units self-guarantee part of their regular expenses;

+ Public service units whose regular expenses are guaranteed by the state budget.

Conditions for establishing public service units in the financial sector in Vietnam

Conditions for establishing public service units in the financial sector are as follows:

- The establishment of public service units in the financial sector must meet the conditions according to the provisions of Clause 2 of Article 4 and Points a, c, d, and dd of Clause 1 of Article 5 of Decree 120/2020/NĐ-CP, Circular 04/2022/TT-BTC guiding the functions, tasks, and powers of local financial agencies under the Provincial People's Committee and District People's Committee.

- In addition to the general conditions specified in Clause 1 of Article 5 of Circular 72/2023/TT-BTC, the establishment of public service units in the financial sector must also meet other conditions according to relevant laws (if any).

- Public service units in the financial sector established before February 1, 2024, must meet the conditions according to the provisions of Points a, c, d, dd, Clause 1, Article 5, Decree 120/2020/NĐ-CP, Circular 04/2022/TT-BTC guiding the functions, tasks, and powers of local financial agencies under the Provincial People's Committee and District People's Committee and ensure that 30% or more of regular expenses or 30% or more of the number of employees are paid from non-business revenue (except in cases where the unit only provides basic, essential public services).

More details can be found in Circular 72/2023/TT-BTC, taking effect on February 1, 2024.

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