Vietnam’s regulation on establishment and allocation of industrial encouragement funding estimates

Vietnam’s regulation on establishment and allocation of industrial encouragement funding estimates

According to the Circular, the establishment and allocation of the industrial encouragement funding estimates are as follows:  

(1) Regarding the national industrial encouragement funding 

- Annually, the Ministry of Industry and Trade of Vietnam shall, based on the industrial encouragement programs approved by competent authorities and the current regulations, standards, and norms, develop the national industrial encouragement funding estimates and include them in the state budget estimates of the Ministry of Industry and Trade of Vietnam for submission to the Ministry of Finance of Vietnam (regarding funding for recurrent expenditures) and the Ministry of Planning and Investment of Vietnam (regarding funding for expenditures on development investment) for summary and presentation to competent authorities under state budget and public investment laws. 

- The Ministry of Industry and Trade of Vietnam shall, based on the state budget estimates assigned by competent authorities and tasks approved by competent authorities, allocate the state budget estimates to units using the budget to implement the national industrial encouragement program according to the current law. 

(2) Regarding the local industrial encouragement funding 

- Annually, the units assigned to take charge of the implementation of local industrial encouragement tasks shall, based on the industrial encouragement programs approved by competent authorities and the current regulations, standards, and norms concerning expenditures, develop the national industrial encouragement funding estimates and send them to Departments of Industry and Trade for inclusion in the state budget estimates of Departments of Industry and Trade for submission to Departments of Finance (regarding funding for recurrent expenditures) and Departments of Planning and Investment (regarding funding for expenditures on development investment) for summary and reports to competent authorities under state budget and public investment laws. 

- Departments of Industry and Trade shall, based on the estimates assigned by competent authorities, allocate funding for the implementation of local industrial encouragement programs to units using the budget under current regulations. 

- Regarding the establishment, allocation, and assignment of industrial encouragement funding estimates of districts and communes, the People’s Councils of the equivalent levels shall make decisions in conformity with the organization of local industrial encouragement and state budget laws. 

Circular No. 64/2024/TT-BTC comes into force as of October 18, 2024.  

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE