OVERSEAS REPRESENTATIVE AGENCIES OF VIETNAM SHALL NOT USE CASH WHEN PAYING FOR THE BENEFICIARY
This is one of the content prescribed at the Decree No. 117/2017/ND-CP stipulating on management and use of state budget for some external relations activities issued by the Government on October 19, 2017. In particular:
Heads of overseas representative agencies of Vietnam shall consider and decide on selecting prestigious banks in the host country to open the account of overseas representative agencies to serve for operation and ensure the budget and deposit. Overseas representative agencies of Vietnam shall use means of payment and not use cash when paying for the beneficiary excluding the cases such as overseas representative agencies are located in countries that the payment account system is undeveloped, the units providing services don’t have bank accounts; items that are allowed to pay in cash as stipulated by the Ministry of Finance; New regulations requires that state budget estimate shall be made according to the form as stipulated and submitted according to time as stipulated by competent agencies and guidelines made by the Ministry of Finance; it must fully demonstrate details of each revenue and expense items including expenses from retained revenue according to the regime; explanation on bases of calculation for each revenue and expense item. After being allocated the budget estimate by the Prime Minister, ministries, central agencies shall allocate and distribute the budget estimate to overseas representative agencies in US dollars converted from Vietnamese dong.
This Decree takes effect on December 10, 2017 and annuls the Decree No. 107/2011/ND-CP dated November 2011.
