Regulations on management and use of finance and assets of vocational education institutions in Vietnam

Regulations on management and use of finance and assets of vocational education institutions in Vietnam (Internet image) 

Regarding this matter, LawNet would like to answer as follows: 

1. Regulations on management and use of finance and assets of vocational education institutions in Vietnam

Regulations on management and use of finance and assets of vocational education institutions in Vietnam according to Article 31 of the Law on Vocational Education 2014 are as follows:

- The vocational education institution shall follow finance, accounting, auditing, taxation regime and financial disclosure as prescribed.

- The vocational education institution using government budget must manage and use the government budget resources as prescribed in law on government budget.

The public vocational education institution may decide the capital mobilization, use of capital and assets associated with the tasks assigned to expand and improve the quality of training as prescribed in regulations of the Heads of vocational education authorities in the central government.

- The vocational education institution manages and uses the assets from government budget as prescribed in law on management and use of state-owned property; enjoy autonomy and take responsibility for management and use of the assets from the government budget.

- The assets and land allocated to the private vocational education institution by the State under form of sponsorship, aid, or gift must be used for proper purposes and they are not changed into private ownership regardless of forms.

- The vocational education authorities in the central government, Ministries, ministerial-level agencies, and the People’s Committee of the province shall inspect the management and use of the finance resources at the vocational education institutions; management and use of state-owned property of the vocational education institutions as prescribed in regulations of the Government.

2. Policies on vocational education institutions in Vietnam

Policies on vocational education institutions in Vietnam according to Article 26 of the Law on Vocational Education 2014 are as follows:

- The vocational education institution shall benefit from the following policies:

+ Acquire land through land allocation or lease by the State; receive incentives for credit to invest in facilities and improve the training quality; tax incentives in accordance with regulations of law on taxation; tax exemption from the undivided income in the vocational education to invest in development; tax exemption and reduction as prescribed in regulations on profits earned from products or services of the training activities; tax incentives applied to the production, business or services conformable with the training activities, publishing of teaching materials, production and provision of training equipment, import of books, newspaper, materials and training equipment;

+ Participate in tender, receive the training order of the State as prescribed in law on tender, orders for public services using government budget.

+ Apply for capital incentives from domestic and foreign programs or projects;

+ Participate in programs for training of domestic and foreign vocational educators or administrative officials using the funding from the government budget;

+ Support the investment to ensure the requirements in order to accept upper-secondary ethnic boarding school graduates to apprentice;

+ Support development in training of disciplines meeting study demands of the workers working abroad;

+ Incentive policies on private sector involvement as prescribed.

- People’s Committees at all levels shall enable vocational education institutions in the administrative divisions to undertake training activities, propagate the progress of science, technology and technology transfers.

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