Circular No. 29/1999/TT-BTC guides the implementation of financial transparency for funds with revenue from contributions from the people.

CIRCULAR

GUIDELINES FOR IMPLEMENTING FINANCIAL TRANSPARENCY FOR FUNDS WITH REVENUES FROM CITIZEN CONTRIBUTIONS ISSUED BY THE MINISTRY OF FINANCE NUMBER 29/1999/TT-BTC ON MARCH 19, 1999

Pursuant to Decision No. 225/1998/QĐ-TTg dated November 20, 1998 of the Prime Minister on the issuance of regulations on financial transparency for state budgets at all levels, budgetary units, state-owned enterprises, and funds with revenues from citizen contributions; the Ministry of Finance issues guidelines for implementing financial transparency for funds with revenues from citizen contributions as follows:

I. FINANCIAL TRANSPARENCY FOR FUNDS WITH REVENUES FROM CITIZEN CONTRIBUTIONS

1\. CONTENTS OF TRANSPARENCY:

1.1\. The head of the administrative agency authorized to permit the establishment of the fund shall publicly disclose the following contents:

a\. Documents regarding the purpose of the fund's activities, the fund's operational regulations, the purpose of using the fund's revenues, conditions, standards, rights, and obligations of beneficiaries;

b\. Documents announcing the contributors, contribution forms, and contribution levels for each contributor; exemptions and reduction levels (applicable to funds with mandatory contribution revenues);

1.2\. The head of the management board (or account holder) of the fund shall publicly disclose the following contents:

a\. List and contribution/taxation levels of organizations and individuals who have contributed or sponsored the fund.

b\. Quarterly and annual settlement statements of the fund according to approved revenue-expenditure items (Form B01ckq for social funds, charitable funds, and non-investment infrastructure funds; Form B02CKQ for investment infrastructure funds) and the results of fund utilization (attached).

2\. FORMS OF TRANSPARENCY: posting publicly at the fund's headquarters and announcing publicly during direct meetings with contributing and sponsoring organizations and individuals.

3\. TIMING OF TRANSPARENCY:

3.1\. Announce publicly the contents specified in Part I, Clause 1, Point 1.1, Subpoint a before soliciting contributions or seeking sponsorships from organizations and individuals.

3.2\. Announce publicly the contents specified in Part I, Clause 1, Point 1.1, Subpoint b at least 15 days prior to implementation.

3.3\. Announce publicly the contents specified in Part I, Clause 1, Point 1.2, Subpoint a within 15 days after the end of each funding period.

3.4\. Announce the revenue-expenditure settlement of the Fund and the results of fund utilization as follows:

- Within 15 days after the end of the quarter for quarterly settlements and utilization results.

- No later than February 15 of the following year for annual settlements and utilization results.

II. TRANSPARENCY IN THE PROCESS OF RAISING CONTRIBUTIONS FROM CITIZENS FOR INVESTMENT IN INFRASTRUCTURE CONSTRUCTION AT COMMUNES AND MARKET TOWNS:

1\. CONTENTS OF TRANSPARENCY: For each infrastructure construction project utilizing citizen contributions, the Chairman of the People's Committee of the commune or market town shall publicly disclose the following contents:

1.1\. Investment policy, purpose of raising contributions from citizens for construction investment;

1.2\. Approved project budget (Form B03CKQ attached);

1.3\. Sources of investment capital for the project, including specific details on citizen contributions, aggregated for the entire project and separately for each component (if applicable) (Form B03CKQ attached);

1.4\. Documents announcing the contributors, contribution forms, and contribution levels for each contributor, exemptions and reduction levels;

1.5\. Final settlement report on capital and its utilization for the project and measures to address unspent revenues or insufficient capital compared to actual investment costs (Form B05CKQ attached);

1.6\. Report on the completion and quality inspection of the project and the approved final settlement report;

1.7\. For basic construction projects that are tendered according to current tendering regulations, the Chairman of the Tender Evaluation Board shall publicly disclose the following contents:

a\. Tender method, tender form; tender package division (if applicable); bidder criteria; list of Tender Evaluation Board members;

b\. List of bidders participating in the tender; list of qualified bidders; tender selection criteria for each round;

c\. Tender results: bidders participating in the final round, evaluation of bidders' ability to meet tender selection criteria, winning bidder (Form B04CKQ attached);

2\. FORMS OF TRANSPARENCY: posting publicly at the People's Committee headquarters and announcing publicly during direct meetings with commune residents.

3\. TIMING OF TRANSPARENCY:

a\. Publicly announce the investment policy, purpose of raising contributions from citizens, project budget, sources of investment capital for construction, contributors, contribution forms, and contribution levels for each contributor as specified in Part II, Clause 1, Points 1.1, 1.2, 1.3, and 1.4 at least 15 days before implementation.

b\. - Publicly announce the contents specified in Part II, Clause 1, Point 1.5 no later than 15 days after the settlement is approved.

- Publicly announce the contents specified in Part II, Clause 1, Point 1.6 no later than 15 days after the reports are approved.

c\. For tendered construction projects:

- Publicly announce the contents specified in Part II, Clause 1, Point 1.7, Subpoint a, 15 days before the tender opening;

- Publicly announce the contents specified in Part II, Clause 1, Point 1.7, Subpoint b, two days after completing the preliminary bidder review;

- Publicly announce the contents specified in Part II, Clause 1, Point 1.7, Subpoint c, two days after obtaining the tender result.

III. RESPONSE TO QUESTIONS AND ANSWERS:

1/ The head of the administrative agency authorized to permit the establishment of the fund, the Director of the Management Board (or account holder) of the funds, the Chairman of the People's Councils of communes and towns organizing the collection of contributions from the people for investment in infrastructure construction, and the chairman of the Bidding Committee shall be responsible for answering inquiries regarding the contents to be disclosed as prescribed in this Circular.

The response to inquiries shall be carried out in the form of sending a letter to the person making the inquiry or meeting directly with the parties involved.

2/ The response to the person making the inquiry must be provided no later than five days from the date of receipt of the inquiry. In cases where the content of the inquiry is complex and requires more time to prepare the response, a specific date for the response must be rescheduled for the person making the inquiry but not exceeding twenty days from the date of receiving the content of the inquiry.

3/ The contents of the inquiries and responses to inquiries must be disclosed together with other financial disclosure contents to the recipients of public information as follows:

- For funds with revenues from people's contributions, publicly announce at the fund's meetings with contributing and sponsoring organizations and individuals and post at the fund's office;

- For the case of collecting contributions from the people for investment in infrastructure construction in communes and towns, it shall be announced at meetings of the people in the commune on the matter of collecting contributions for the investment in infrastructure construction (if any) and posted at the office of the People's Council of the commune or town.

IV. IMPLEMENTATION ORGANIZATION:

1/ This Circular shall take effect fifteen days from the date of issuance.

2/ The Chairmen of the People's Councils of provinces and centrally governed cities shall be responsible for guiding the implementation of financial disclosure for funds with revenue from contributions of the people within their localities and activities collecting contributions of the people for investment in infrastructure construction of communes and towns.

The head of the administrative agency authorized to permit the establishment of the fund, the Director of the Management Board (or account holder) of the funds with revenue from contributions of the people, and the Chairmen of the People's Councils of communes and towns shall be responsible for implementing the provisions of this Circular.