Financial management for foreign non-refundable aid

In accordance with the Circular 12, all aid amounts must be classified, managed, monitored and accounted.

Non-refundable aid belonging to the State budget revenues shall be estimated and accounted in a sufficient and timely manner; settled according to regulations on settlement of State budget expenditures and revenues and settlement of expenditures of programs, projects and aid amounts.

All monetary aid amounts directly managed and implemented by the Vietnamese program or project owner shall be transferred to a separate account opened at the State Treasury or a commercial bank upon receipt; be monitored, accounted and finalized separately for each specific aid.  Within that, be monitored, accounted and finalized separately for each specific aid amount.

At the same time, not be transferred for a specific program or project to an individual, rented, borrowed or joint account of the agency or unit upon receipt. It is not allowed to open an overseas account to receive aid unless otherwise prescribed by the law of sponsors and specified in the Aid Agreement/Aid Treaty.

For the aid amounts provided by sponsors in the form of goods, in kind, or works, managing agencies shall take full responsibility for the management, monitoring, allocation, and coordination with sponsors to determine the value of the in-kind aid given to the Vietnamese party.