Vietnam’s regulation on management and use of revenues from advisory services and project management activities

Que Anh

16:59, 10/10/2024

On October 1, 2024, the Minister of Finance of Vietnam promulgated Circular No. 70/2024/TT-BTC on the management and use of revenues from advisory services and project management activities by investors and management boards of projects funded by the state budget.

Vietnam’s regulation on management and use of revenues from advisory services and project management activities

According to the Circular, revenues of investors and management boards with projects assigned for management:

- Revenues from the costs of the projects assigned for management: Deductible project management costs and other revenues from the projects assigned for management.

- Other legal revenues of investors and management boards according to regulations: Revenues from providing advisory services for other projects and other revenues as prescribed by the law.

- Budget provided by the State (if any).

The division of revenues from project management activities between investors and management boards with projects assigned for management: according to the contents and volume of work and responsibilities between investors and management boards, Directors of units assigned as investors shall issue written decisions on the division ratio of revenues from project management activities between investors and management boards (if any) and assume responsibility for such decisions.

Regarding revenues from the costs of projects assigned for management, fees collected under the law on fees and charges, and other amounts of the state budget (if any) according to the Law on State Budget, the Law on Public Debt Management, and relevant laws, investors and management boards shall open accounts at Vietnam State Treasury Authorities where it is convenient for transaction for management.

Regarding revenues not subject to projects assigned for management and funds established under regulations on financial autonomy mechanisms of public service providers, the investors and management boards may open deposit accounts at Vietnam State Treasury Authorities or commercial banks for management.

See more details in Circular No. 70/2024/TT-BTC, effective as of November 15, 2024.

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