Regulations on funding for the construction, maintenance, upgrade, management, and operation of the price database from July 1, 2024 in Vietnam

Regulations on investment funding for building and upgrading the Price Database in Vietnam

- The sources of funding for building and upgrading the Price Database include:

+ Public investment funds allocated by the state budget;

+ Other legitimate funding sources (if any).

- The investment funds for building and upgrading the Price Database using public investment capital are implemented according to the Law on Public Investment 2019, State Budget Law 2015, and related guiding documents.

- Agencies and units tasked with building the Price Database shall base on the current state of existing physical facilities, economic and technical standards on information technology, and research to determine investment contents to submit to competent authorities for approval as a basis for allocating implementation funds.

Investment funds for building and upgrading the national Price Database are allocated in the Ministry of Finance’s state budget estimates; investment funds for building the Price Database at local levels are allocated in the local state budget estimates according to the budget decentralization.

Regulations on funding for maintenance, management, and operation of the Price Database in Vietnam

- The sources of funding for maintaining, managing, and operating the Price Database include:

+ Regular state budget expenses as stipulated by the State Budget Law 2015 allocated by competent authorities in the annual budget estimates of agencies and units (including additional sources within the year);

+ Income from operational activities, development funds for operational activities, and other legitimate funds (if any);

+ Legitimate financial support from domestic and foreign organizations and individuals, and other sources of income as per legal regulations.

- Annually, the agencies and organizations responsible for maintaining, managing, and operating the Price Database shall prepare budget estimates for these activities to submit to competent authorities for approval according to legal provisions.

- The Ministry of Finance and People’s Committees of provinces and central-affiliated cities shall balance and allocate funds in their annual budget estimates in accordance with the State Budget Law 2015 and other relevant legal documents.

More details can be found in Circular 33/2024/TT-BTC effective from July 1, 2024.

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