Vietnam: Total expenditure on supervision consultants must not exceed expenditure on construction supervision

16:16, 17/01/2020

On January 06, 2020, the Minister of Finance of Vietnam issued Circular No. 02/2020/TT-BTC providing guidelines on use of expenditure related to dredging of seaport waters under management and product collection of the Ministry of Transport.

According to Circular No. 02/2020/TT-BTC of the Ministry of Finance of Vietnam, after selecting independent consultants to supervise contract execution, investors, supervision consultants and the Vietnam Maritime Administration shall enter into contracts with 3 parties on implementation.

The contracts must specify payments made to the supervision consultants by the Vietnam Maritime Administration after the investors transfer money to accounts of the Vietnam Maritime Administration at the State Treasury.

Notably, expenditure on supervision consultants and supervision assistance consultants must depend on expenditure quota issued by specialized competent agencies, ensuring that total expenditure on supervision consultants and supervision assistance consultants does not exceed expenditure on construction supervision issued by specialized competent agencies.

More details can be found in Circular No. 02/2020/TT-BTC of the Ministry of Finance of Vietnam, which takes effect from February 24, 2020.

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