Vietnam representative agencies abroad Financial Reporting

Vietnam Embassy in Sweden. Photo: internet.

As stipulated, by the date 20th of the beginning of the quarter, Vietnam representative agencies abroad are responsible for reporting on the use of custody state budget funds to Vietnam representative agencies abroad. Then, the State Treasury will review, record and collect budget revenues corresponding to the actually incurred consular charges and fees.

In cases where the balance of the State budget funds in the custody of Vietnam representative agencies in foreign countries do not ensure sufficient expenditure needs in the following quarter, the Ministry of Foreign Affairs will conduct procedures for allocating funds (the deficit) from the source of the Focus Currency Fund of the State budget at the State Treasury.

If the balance of the State budget custody funds at Vietnam representative agencies overseas exceeds the expenditure demands of the next quarter, Vietnam representative agencies abroad are responsible for transferring the balance to the Focus Fund in the State Treasury after leaving a regular spending amount for the next quarter.

With respect to the arising amount in the State budget custody funds in the fourth quarter, Vietnam representative Agencies abroad must transfer to the Focus currency Fund of the State budget of the State Treasury before December 25th. Revenues arising after December 25th, Vietnam representative agencies abroad integrate into income and pay to the State budget next year.