Expenses of the Farmer Support Fund in Vietnam from February 15, 2025

Expenses of the Farmer Support Fund in Vietnam from February 15, 2025

The expenses of the Farmers Support Fund in Vietnam are stipulated as expenses arising during the period related to the Fund's activities, including:

(1) Operational expenses:

- Lending trust fees;

- Setting up loan risk provisions as prescribed in Article 16 of Circular 92/2024/TT-BTC;

- Exchange rate difference expenses (if any);

- Purchase of risk insurance and other professional insurance types as regulated by law;

- Costs for recovering and handling loan debts;

- Other professional activity expenses as regulated by law.

(2) Operational machinery expenses:

- Expenses for officials and employees:

+ Salaries and salary allowances for employees and Fund managers as regulated in Article 33 of Decree 37/2023/ND-CP and in accordance with the Fund's internal expense regulation;

+ Contributions based on salary for employees including mandatory social insurance, health insurance, unemployment insurance, union funding; shift meals, labor protection for those requiring labor protection equipment at work; expenses for female labor; overtime payment and other applicable expenses as per the law for single-member limited liability companies wholly owned by the State;

+ Uniform expenses for Fund's officials and employees, not exceeding the uniform transaction costs deductible when determining taxable income for enterprises;

- Expenses for management and public service activities:

+ Conference, seminar, guest reception; training, survey, research, experience learning activities, travel expenses for Fund's officials and employees on business trips domestically and internationally as regulated; support expenses for delegates who are officials of a subordinate Fund attending conferences, seminars, training, organized by a higher-level Fund (including meals, accommodations, and travel expenses) if these expenses are not covered by other agencies, organizations, or units, as regulated in the Fund’s internal expenditure regulation. These expenses are implemented in accordance with the legal regulations applicable to state agencies;

+ Electricity, water, telephone, internet, postal fees, materials, paper, ink, office supplies; purchase of documents, newspapers; advisory expenses related to Fund activities, payment services, audits; hiring of domestic and foreign experts; collaborator expenses, scientific research, technology innovation research expenses; rewards for innovative improvements, productivity enhancement, environmental protection work, agency protection; health care, fuel expenses, fire prevention and fighting, transportation, propaganda, advertising, marketing expenses; reception, protocol according to legal regulations;

- Asset expenses including: Depreciation of fixed assets; asset leasing; maintenance, repair, and operation of assets; purchase of tools and equipment; asset insurance, equipment inspection; sale and liquidation of assets including the remaining value of liquidated or sold fixed assets (if any);

- Other expenses related to the operational machinery as regulated by law.

(3) Payment of taxes, fees, and charges (if any) as prescribed by tax, fee, and charge law.

...

More details can be found in Circular 92/2024/TT-BTC effective from February 15, 2025.

Loan fees from credit contracts signed by the Fund before Circular 92/2024/TT-BTC takes effect are considered loan interest as stipulated in point a, clause 1, Article 6 of Circular 92/2024/TT-BTC.

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