QUỐC HỘI

Luật số: 56/2024/QH15

CỘNG HÒA XÃ HỘI CHỦ NGHĨA VIỆT NAM

Độc lập - Tự do - Hạnh phúc

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LUẬT

SỬA ĐỔI, BỔ SUNG MỘT SỐ ĐIỀU CỦA LUẬT CHỨNG KHOÁN, LUẬT KẾ TOÁN, LUẬT KIỂM TOÁN ĐỘC LẬP, LUẬT NGÂN SÁCH NHÀ NƯỚC, LUẬT QUẢN LÝ, SỬ DỤNG TÀI SẢN CÔNG, LUẬT QUẢN LÝ THUẾ, LUẬT THUẾ THU NHẬP CÁ NHÂN, LUẬT DỰ TRỮ QUỐC GIA, LUẬT XỬ LÝ VI PHẠM HÀNH CHÍNH

Căn cứ Hiến pháp nước Cộng hòa xã hội chủ nghĩa Việt Nam; Quốc hội ban hành Luật sửa đổi, bổ sung một số điều của Luật Chứng khoán số 54/2019/QH14, Luật Kế toán số 88/2015/QH13 đã được sửa đổi, bổ sung một số điều theo Luật số 38/2019/QH14, Luật Kiểm toán độc lập số 67/2011/QH12 đã được sửa đổi, bổ sung một số điều theo Luật số 97/2015/QH13, Luật Ngân sách nhà nước số 83/2015/QH13 đã được sửa đổi, bổ sung một số điều theo Luật số 59/2020/QH14, Luật Quản lý, sử dụng tài sản công số 15/2017/QH14 đã được sửa đổi, bổ sung một số điều theo Luật số 64/2020/QH14, Luật số 07/2022/QH15, Luật số 24/2023/QH15, Luật số 31/2024/QH15 và Luật số 43/2024/QH15, Luật Quản lý thuế số 38/2019/QH14, Luật Thuế thu nhập cá nhân số 04/2007/QH12 đã được sửa đổi, bổ sung một số điều theo Luật số 26/2012/QH13, Luật số 71/2014/QH13, Luật số 31/2024/QH15 và Luật số 43/2024/QH15, Luật Dự trữ quốc gia số 22/2012/QH13 đã được sửa đổi, bổ sung một số điều theo số 21/2017/QH14, Luật Xử lý vi phạm hành chính số 15/2012/QH13 đã được sửa đổi, bổ sung một số điều theo Luật số 54/2014/QH13, Luật số 18/2017/QH14, Luật số 67/2020/QH14, Luật số 09/2022/QH15 và Luật số 11/2022/QH15.

Điều 1. Sửa đổi, bổ sung một số điều của Luật Chứng khoán

1. Bổ sung khoản 49 vào sau khoản 48 Điều 4 như sau:

“49. Market manipulation of the securities market is the implementation of one of the following acts:
a) Using one or more trading accounts of oneself or others, or colluding to continuously buy and sell securities to create artificial supply and demand;

b) Placing buy and sell orders for the same type of securities on the same trading day, or colluding to trade buy and sell securities that do not lead to actual transfer of ownership or ownership only circulates among members of a group to create artificial security prices, supply and demand;

c) Continuously buying or selling securities with a dominant volume at the time of market opening or closing to manipulate security prices;

d) Trading securities by means of hoarding, inducing others to continuously place buy and sell orders, causing a large impact on supply and demand and security prices, manipulating security prices;

d) Giving opinions directly or indirectly through mass media about a type of security, or about the organization issuing securities, to influence the price of that type of security after having executed transactions and holding a position in that type of security;

e) Using other trading methods or performing other trading acts, or combining spreading false rumors, providing misleading information to the public to create artificial supply and demand, manipulating security prices.”.

2. Amending and supplementing point d, Clause 1, Article 9 as follows:

“d) Managing, inspecting, checking, and supervising the business activities of the Vietnam Stock Exchange and its subsidiaries, the Vietnam Central Securities Depository and Clearing Corporation and its subsidiaries; approving the business regulations of the Vietnam Stock Exchange and the Vietnam Central Securities Depository and Clearing Corporation; requiring the Vietnam Stock Exchange and the Vietnam Central Securities Depository and Clearing Corporation to amend their business regulations; suspending or revoking decisions related to the business activities of the Vietnam Stock Exchange and its subsidiaries, the Vietnam Central Securities Depository and Clearing Corporation and its subsidiaries; directing the Vietnam Stock Exchange and its subsidiaries, the Vietnam Central Securities Depository and Clearing Corporation and its subsidiaries to perform tasks related to business activities in necessary cases to protect the legitimate rights and interests of investors;”.

3. Supplementing some points and clauses of Article 11 as follows:

a) Supplementing point e after point d, Clause 1 as follows:

“e) Foreign investors are individuals with foreign nationality, organizations established under the laws of foreign countries, conducting investment and business activities in Vietnam.”;

b) Supplementing Clause 1a and Clause 1b after Clause 1 as follows:

“1a. Professional securities investors are organizations as prescribed in Clause 1 of this Article allowed to participate in buying, trading, and transferring individual corporate bonds.

1b. Professional securities investors are individuals as prescribed in Clause 1 of this Article allowed to participate in buying, trading, and transferring individual corporate bonds belonging to one of the following two cases:

a) Individual corporate bonds with credit ratings and collateral for those bonds;

b) Individual corporate bonds with credit ratings and payment guarantees by credit institutions for those bonds.”

4. Supplementing Article 11a after Article 11 as follows:

“Article 11a. Responsibilities of organizations and individuals related to report dossiers and documents

1. Organizations and individuals participating in the process of preparing dossiers and documents related to securities activities and the securities market must bear legal responsibility for the legality, accuracy, truthfulness, and completeness of the dossiers and documents. Organizations and individuals participating in confirming dossiers and documents must bear legal responsibility within the scope related to those dossiers and documents. Dossiers and documents must ensure clear information, not misleading, and contain all important content affecting the decisions of agencies, organizations, and investors.

2. Agencies, organizations, and individuals with authority to receive, process, and approve dossiers and documents shall examine the validity of the dossiers and documents based on the provided dossiers and documents; they shall not be responsible for violations by organizations and individuals occurring before and after the submission of valid dossiers and documents. Valid dossiers and documents are those with complete papers and the content of those papers declared fully in accordance with the law.

3. Dossier consulting organizations and practitioners participating in dossier consulting have the following responsibilities:

a) Dossier consulting organizations and practitioners participating in dossier consulting must be honest, careful, and fully comply with the provisions of the law in dossier consulting activities;

b) Dossier consulting organizations are responsible for reviewing and checking information in the dossiers, ensuring that analysis and evaluation are performed reasonably and carefully based on the provided information, data, and documents, and must bear legal responsibility within the scope of consulting related to the dossiers and documents.”

4. Auditing organizations, auditors approved, persons signing audit or review reports must comply with the provisions of the law on independent auditing; comply with auditing standards when auditing financial reports and bear responsibility for opinions on the truthfulness and reasonableness of audited reports and data; comply with standards for assurance service contracts; bear responsibility for issuing opinions on the compilation of financial information according to conventions.”.

5. Amending and supplementing Clause 3, Article 12 as follows:
   “3. Committing acts of market manipulation of the securities market.”.

6. Amending and supplementing some points and clauses of Article 15 as follows:
   a) Amending and supplementing point d, Clause 2 as follows:
   “d) For the public offering aimed at raising capital to implement projects of the issuing organization, the number of shares sold to investors must reach at least 70% of the estimated number of shares to be offered, except for offerings to existing shareholders according to ownership ratios. The issuing organization must have a plan to cover the expected capital shortfall to implement the project.”; b) Amending and supplementing point g, Clause 3 as follows:
   “g) Complying with the Government's regulations on bondholder representatives, debt ratios, issuance value on equity, and credit ratings;”.

7. Amending and supplementing some points and clauses of Article 18 as follows:
   a) Supplementing point k after point i, Clause 1 as follows:
   “k) Reports on charter capital contributed up to the time of registration for the initial public offering of shares audited by an independent auditing organization according to the regulations of the Minister of the Ministry of Finance.”; b) Supplementing point i after point h, Clause 3 as follows:
   “i) Contracts between the issuing organization and the bondholder representative.”.

8. Amending and supplementing some points and clauses of Article 28 as follows:
   a) Supplementing points d and dd after point c, Clause 1 as follows:
   “d) After the end of the public share offering and shares have not been listed or registered for trading, if it is discovered that the offering violated the provisions at Clause 1, Article 27 of this Law; d) After the end of the public offering of bonds, warrant-covered bonds, if it is discovered that the offering violated the provisions at Clause 1, Article 27 of this Law.”; b) Supplementing Clause 2a after Clause 2 as follows:

“2a. After the public offering, shares or shares converted from convertible bonds or shares purchased from warrants that have been listed or registered for trading shall not be cancelled.”

9. Amending and supplementing some points and clauses of Article 31 as follows:

a) Amending and supplementing points a, b, and c, Clause 1 as follows:

“a) Having a decision of the General Meeting of Shareholders approving the issuance plan and use of proceeds from the offering; clearly determining investor criteria; the number of shares, offering price of shares, or principles for determining the offering price of shares;

b) Participants in the offering shall only include strategic investors and professional securities investors as prescribed in Clause 1, Article 11 of this Law for share offerings, convertible bond offerings, or strategic investors and professional securities investors as prescribed in Clause 1a and Clause 1b, Article 11 of this Law for bond offerings with warrants;

c) Trading and transferring of individually offered shares, individually offered convertible bonds, and individually offered bonds with warrants shall be restricted for a minimum of 03 years for strategic investors and a minimum of 01 year for professional securities investors from the date of completion of the offering, except for trading and transferring between professional securities investors as prescribed in point b of this clause, or implemented according to legally effective court judgments, decisions, arbitration decisions, or inheritance according to the law;”;

b) Amending and supplementing points b and c, Clause 2 as follows:

“b) Participants in the offering include professional securities investors that are organizations.

In case the offered bonds fall under the cases prescribed in point a or point b, Clause 1b, Article 11 of this Law, participants in the offering include professional securities investors that are organizations and professional securities investors that are individuals;

c) Trading and transferring of individual corporate bonds shall only be conducted between professional securities investors as prescribed in Clause 1a and Clause 1b, Article 11 of this Law, except for implementation according to legally effective court judgments, decisions, arbitration decisions, or inheritance according to the law;”.

10. Supplementing Articles 31a and 31b after Article 31 in Chapter II as follows:

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“Article 31a. Suspension of private securities offerings

1. The State Securities Commission has the right to suspend a private securities offering registered with the State Securities Commission for a maximum of 60 days in the following cases:

   a) The registration dossier for the private securities offering contains false information, omits important content that could affect investment decisions and cause damage to investors;

   b) The distribution of securities is not implemented in accordance with the provisions of the law.

2. Within 07 working days from the date the private securities offering is suspended, the issuing organization must announce the suspension of the private securities offering according to the method prescribed in Clause 3, Article 25 of this Law and must withdraw the issued securities if investors request, and simultaneously refund money to investors within 15 days from the date of receiving the request.

3. When the shortcomings leading to the suspension of the private securities offering are remedied, the State Securities Commission issues a notice to cancel the suspension and the securities continue to be offered.

4. Within 07 working days from the date of the notice to cancel the suspension, the issuing organization must announce the cancellation of the suspension according to the method prescribed in Clause 3, Article 25 of this Law.

Article 31b. Cancellation of private securities offerings

1. The State Securities Commission decides to cancel a private securities offering registered with the State Securities Commission in the following cases:

a) The suspension period prescribed in Clause 1, Article 31a of this Law expires and the issuing organization fails to remedy the shortcomings leading to the suspension of the private securities offering;

b) After the end of the private share offering and shares have not been listed or registered for trading, if it is discovered that the offering violated the provisions at Clause 1, Article 31a of this Law;

c) After the end of the private bond offering, if it is discovered that the offering violated the provisions at Clause 1, Article 31a of this Law.

2. In addition to the cases prescribed in Clause 1 of this Article, private securities offerings are cancelled according to legally effective court judgments, decisions, arbitration decisions, or decisions of competent authorities as prescribed by law.

3. After a private offering, if shares or shares converted from convertible bonds or shares purchased from warrants have been listed or registered for trading, they shall not be cancelled.

4. Within 07 working days from the date the private securities offering is cancelled, the issuing organization must announce the cancellation of the private securities offering according to the method prescribed in Clause 3, Article 25 of this Law and must withdraw the issued securities, and simultaneously refund money to investors within 15 days from the date the offering is cancelled. After this period, the issuing organization must compensate investors for damages according to the terms committed to investors.”.

11. Amending and supplementing some points and clauses of Article 32 as follows:

a) Amending and supplementing point a, Clause 1 as follows:

“a) Companies with contributed charter capital from 30 billion VND upwards, with equity from 30 billion VND upwards, and having at least 10% of voting shares held by at least 100 investors who are not major shareholders;”;

b) Supplementing Clause 4 after Clause 3 as follows:

“4. The Minister of the Ministry of Finance details the registration of public companies and the procedures for registering public companies.”.

12. Amending and supplementing some points and clauses of Article 33 as follows:

a) Amending and supplementing point d, Clause 1 as follows:

“d) The most recent annual financial report of the joint stock company audited by an independent auditing organization. In case the company increases charter capital after the end of the most recent accounting year, the company must supplement the most recent audited or reviewed financial report;”;

b) Supplementing point g after point e, Clause 1 as follows:

“g) Reports on contributed charter capital up to the time of registration as a public company audited by an independent auditing organization according to the regulations of the Minister of the Ministry of Finance.”.

13. Amending and supplementing Clause 6, Article 36 as follows:

“6. In case the company repurchases shares of workers according to the company's regulations on issuing shares to workers, the following provisions shall be implemented:

a) The total number of shares of workers repurchased by the company must be reported at the nearest Annual General Meeting of Shareholders;

b) The company is not required to perform charter capital reduction procedures for the number of shares repurchased by the company.”.

14. Amending and supplementing Clause 7, Article 37 as follows:

“7. Public companies are not allowed to offer shares to increase charter capital within 06 months from the date of completion of share repurchases, except in cases where public companies repurchase shares of workers leaving employment according to the program for issuing shares to workers, or securities companies repurchase their own shares in case of implementing transaction error corrections.”

15. Amending and supplementing some clauses of Article 38 as follows:

a) Amending and supplementing Clauses 1 and 2 as follows:

“1. Public companies lose their public company status when falling into one of the following cases:

a) No longer meeting one of the public company conditions prescribed in point a, Clause 1, Article 32 of this Law;

b) Failing to disclose information for 02 consecutive years regarding audited annual financial reports;

c) Failing to disclose information for 02 consecutive years regarding resolutions of the Annual General Meeting of Shareholders;

d) Within 01 year from the date the State Securities Commission confirms the completion of public company registration or from the date of completion of the public offering, the company fails to register shares at the Vietnam Central Securities Depository and Clearing Corporation or fails to register for listing or trading of shares on the Stock Exchange.

2. Within 15 days from the date of no longer meeting one of the conditions prescribed in point a, Clause 1, Article 32 of this Law, public companies are responsible for sending report documents to the State Securities Commission.

After 01 year from the date of no longer meeting the provisions at point a, Clause 1, Article 32 of this Law, if the company still does not meet the conditions of a public company, the company must send a dossier to cancel public company status to the State Securities Commission for consideration to cancel public company status.

In case public companies do not send dossiers and report documents to the State Securities Commission as prescribed in this clause, the State Securities Commission bases on the shareholder list provided by the Vietnam Central Securities Depository and Clearing Corporation or the most recent audited annual financial report of the company to consider cancelling public company status.”;

b) Amending and supplementing Clause 5 as follows:

“5. The Minister of the Ministry of Finance prescribes the cancellation of public company status, procedures for cancelling public company status, and the cancellation of public company status in cases of reorganization, dissolution, or bankruptcy of enterprises.”.

16. Amending and supplementing Clauses 3 and 4, Article 39 as follows:

“3. The shareholder list of public companies no longer meeting the shareholder structure conditions provided by the Vietnam Central Securities Depository and Clearing Corporation or prepared by the company for public companies that have not registered securities at the Vietnam Central Securities Depository and Clearing Corporation;

4. The most recent audited annual financial report or a written confirmation of equity by an approved auditing organization in case public companies no longer meet the conditions for contributed charter capital or equity. In case the company increases charter capital after the end of the most recent accounting year, the company must supplement the most recent audited or reviewed financial report.”.

17. Supplementing Clause 4 after Clause 3, Article 55 as follows:

“4. The Vietnam Central Securities Depository and Clearing Corporation decides to establish subsidiaries and organize, assign the implementation of some of its rights and obligations as prescribed by this Law to subsidiaries after approval by the Ministry of Finance.”.

18. Amending and supplementing point a, Clause 4, Article 56 as follows:

“a) Implementing clearing and settlement of transactions for securities traded on the securities trading system. In case of implementing clearing and settlement of derivatives transactions, clearing members that are commercial banks, foreign bank branches shall only implement clearing and settlement of transactions for the clearing member that is a commercial bank, foreign bank branch itself;”.

19. Amending and supplementing Clause 1, Article 63 as follows:

“1. Clearing activities, determination of payment obligations for money and securities are implemented through the Vietnam Central Securities Depository and Clearing Corporation or its subsidiaries.”.

20. Abolishing some articles, clauses; supplementing some phrases in some articles, clauses, points as follows:

a) Abolishing Article 23; Clause 3, Article 48; Clause 4 and Clause 5, Article 135;

b) Supplementing the phrase “and its subsidiaries” after the phrase “Vietnam Central Securities Depository and Clearing Corporation” at point dd, Clause 1, Article 7, Clause 3, Article 52, and Article 68.

Article 2. Amending and supplementing some articles of the Accounting Law

1. Amending and supplementing Clause 1, Article 3 as follows:

“1. Financial reports are a system of economic and financial information of the accounting unit prepared and presented in accordance with the provisions of accounting standards, accounting regimes.”.

2. Amending and supplementing Clause 3, Article 7 as follows:

“3. The Ministry of Finance prescribes accounting standards, professional ethics standards for accountants of Vietnam based on international accounting standards suitable for the specific conditions of Vietnam; guides objects, scope, format, schedule, and other contents related to the application of international accounting standards.”.

3. Amending and supplementing Clause 1, Article 11 as follows:

“1. The writing used in accounting is Vietnamese. In case foreign languages must be used on financial reports in Vietnam, both Vietnamese and foreign languages must be used simultaneously. Accounting documents in foreign languages must be translated into Vietnamese when requested by competent state agencies.”.

4. Amending and supplementing Clause 4, Article 12 as follows:

“4. In case the first or last accounting year period has a duration not exceeding 03 consecutive accounting months, it is allowed to be added to the next accounting year or added to the previous accounting year to form one accounting year; the first or last accounting year period must not exceed 15 months.”.

5. Amending and supplementing the name of Article and Clause 4, Article 19 as follows:

a) Amending the name of the Article as follows:

“Article 19. Signing and confirming accounting documents”;

b) Amending and supplementing Clause 4, Article 19 as follows:

“4. Electronic documents must have electronic signatures or other forms of confirmation by electronic means according to the provisions of the law on electronic transactions.”.

6. Amending and supplementing Clause 1, Article 29 as follows:

“1. Financial reports of accounting units are used to summarize and explain the financial situation and operating results of the accounting unit. Financial reports of accounting units must be prepared and presented in accordance with the provisions of accounting standards, accounting regimes applied by the unit, including:

a) Financial position report;

b) Operating results report;

c) Cash flow statement;

d) Notes to financial reports;

d) Other reports as prescribed by law.”.

7. Amending and supplementing Clause 2, Article 51 as follows:

“2. Accounting personnel have the right to independence in professional and business accounting matters; retain professional opinions in writing when there are differences of opinion with the decision-maker; report in writing to the head accountant or legal representative of the accounting unit when discovering acts violating the law on finance and accounting in the unit; in case compliance with the decision is still required, report to the direct superior of the decision-maker or competent state agency and shall not be responsible for the consequences of implementing that decision.”.

8. Amending and supplementing some points and clauses of Article 71 as follows:

a) Amending and supplementing point b, Clause 2 as follows:

“b) Building, submitting to the Government for promulgation or promulgating within competence legal documents on accounting, except for provisions at Clause 2a of this Article;”;

b) Supplementing Clause 2a after Clause 2 as follows:

“2a. The State Bank of Vietnam is responsible for promulgating accounting regimes or legal documents on accounting applied to credit institutions, foreign bank branches within its management scope, ensuring compliance with accounting standards.”.

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9. Repeal point d, Clause 1, Article 16.

Article 3. Amending and supplementing some articles of the Law on Independent Auditing

1. Amend and supplement point i, Clause 2, Article 11 as follows:

“i) Regulations on registration and management of auditing practice; regulations on suspension of auditing practice, revocation of Auditing Practice Registration Certificates; regulations on public disclosure of the list of auditing enterprises, branches of foreign auditing enterprises in Vietnam, and practicing auditors.”

2. Amend and supplement Article 16 as follows:

“Article 16. Persons not allowed to register for auditing practice, not allowed to continue auditing practice

1. Persons not allowed to register for auditing practice, including:
   a) Cadres and civil servants as prescribed by law on cadres and civil servants; public employees as prescribed by law on public employees; officers, professional military personnel, defense workers, public employees in agencies and units of the People's Army; officers, non-commissioned officers in professional roles, officers, non-commissioned officers in technical specialties, police workers, public employees in agencies and units of the People's Police; b) Persons currently prohibited from practicing auditing according to effective court judgments or decisions; persons currently being prosecuted for criminal responsibility; persons convicted of crimes infringing on economic management order, crimes related to financial, accounting, and auditing duties, who have not had their criminal records expunged; persons currently subject to administrative handling measures such as education at communes, wards, or towns, placement in compulsory drug rehabilitation centers, or placement in compulsory education centers; c) Persons convicted of crimes infringing on economic management order from serious to more serious levels.

2. Persons not allowed to continue auditing practice, including:
   a) Persons specified at point b, Clause 1 of this Article; b) Persons whose Auditing Practice Registration Certificates have expired or are no longer valid according to regulations of the Ministry of Finance.

3. Amend and supplement some clauses of Article 29 as follows:
   a) Add Clause 1a after Clause 1 as follows:
   “1a. Maintain the conditions prescribed in Article 21 of this Law during operation.”; b) Add Clause 1b after Clause 1a as follows:
   “1b. In case an auditing enterprise has a branch, it must meet the conditions prescribed in Clause 1a of this Article and ensure at least five auditors registered for practice at the head office, excluding auditors registered for practice at the branch.”; c) Add Clause 2a after Clause 2 as follows:
   “2a. Practicing auditors must not be assigned to sign audit reports for an audited entity for more than five consecutive years. The Ministry of Finance shall prescribe the cooling-off period for practicing auditors to continue signing audit reports for the same audited entity.”

4. Amend and supplement some points and clauses of Article 37 as follows:
   a) Add point đ after point d, Clause 1 as follows:

“đ) Other large-scale enterprises must audit their annual financial reports as prescribed by the Government.”;

b) Amend and supplement Clause 4 as follows:
“4. Enterprises and other organizations as prescribed by relevant laws or voluntarily implement auditing.”.

5. Amend and supplement Clause 8, Article 39 as follows:
“8. In case of signing an auditing contract with an auditing enterprise or a branch of a foreign auditing enterprise in Vietnam for more than five consecutive years, the audited entity must require the auditing enterprise or branch to change the practicing auditor signing the audit report.”.

6. Amend and supplement Clause 1, Article 58 as follows:
“1. Auditing enterprises and branches of foreign auditing enterprises in Vietnam must not assign practicing auditors to perform audits for a public interest entity for more than five consecutive years. The Ministry of Finance shall prescribe the cooling-off period for practicing auditors to continue performing audits for the same public interest entity.”.

7. Amend and supplement Article 60 as follows:
“Article 60. Handling violations of law on independent auditing
1. Organizations and individuals committing acts violating the provisions of this Law shall, depending on the nature and severity of the violation, be subject to administrative fines, criminal prosecution, state management measures as prescribed by this Law, and if damage is caused, must compensate according to law.
2. The maximum administrative fine for violations in the field of independent auditing is 2 billion VND for organizations and 1 billion VND for individuals. The statute of limitations for administrative penalties in the field of independent auditing is five years.
3. The Government shall prescribe the handling of administrative violations in the field of independent auditing.”.

Article 4. Amending and supplementing some articles of the Law on State Budget

1. Amend and supplement Clause 10 and add Clause 10a after Clause 10, Article 8 as follows:
   a) Amend and supplement Clause 10 as follows:
   “10. Decisions on investment and expenditure for programs, tasks, and projects using state budget funds must be consistent with the Law on Public Investment and relevant legal provisions. For programs, tasks, and projects outside the medium-term public investment plan, funded from sources of increased revenue, expenditure savings, and the annual state budget reserve, implementation shall follow the provisions of Article 10 and Article 59 of this Law.

The Government shall prescribe procedures for investment and implementation of programs, tasks, and projects to ensure strictness, efficiency, and correct purpose.”;

b) Add Clause 10a after Clause 10 as follows:

“10a. State budget expenditure tasks are allocated from two sources (public investment expenditure and regular expenditure): purchase, repair, renovation, and upgrading of assets and equipment; expenditure on hiring goods and services; repair, renovation, upgrading, expansion, and new construction of project components in already invested construction projects and other necessary tasks.

The Government shall prescribe details for this clause.”.

2. Add point d after point c, Clause 9, Article 9 as follows:

“d) Use of local budget investment capital for construction projects of infrastructure facilities within the territory belonging to expenditure tasks of the directly superior budget level; support for other localities to invest in construction of key projects, regional linkage, national linkage, international linkage projects with spillover effects, creating economic - social development momentum, and other important tasks, ensuring they are within the capacity of the local budget balance and do not affect the implementation of tasks belonging to the responsibilities of the local budget.

The Government shall prescribe details for this point.”.

3. Amend and supplement some points and clauses of Article 19 as follows:

a) Amend and supplement point a, Clause 5 as follows:

“a) Total central budget expenditure, including detailed allocated amounts and unallocated detailed amounts; investment development expenditure by sector; regular expenditure by sector; national reserve expenditure; interest payment expenditure, aid expenditure; supplementary expenditure to the financial reserve fund; budget reserve;”;

b) Add Clause 5a after Clause 5 as follows:

“5a. Assign the Government to allocate and assign expenditure budgets for unallocated detailed amounts specified at point a, Clause 5 of this Article, ensuring timeliness, economy, efficiency, and strict compliance with legal provisions, reporting quarterly to the Standing Committee of the National Assembly and reporting to the National Assembly at the nearest session.”.

4. Amend and supplement some points and clauses of Article 30 as follows:

a) Amend and supplement point a, Clause 2 as follows:

“a) Total amount, including detailed allocated amounts and unallocated detailed amounts; investment development expenditure and regular expenditure by sector; supplementary expenditure to local financial reserve funds; budget reserve;”;

b) Add Clause 2a after Clause 2 as follows:
“2a. Assign the People's Committee at the same level to allocate and assign expenditure budgets for unallocated detailed amounts specified at point a, Clause 2 of this Article, ensuring timeliness, economy, efficiency, and strict compliance with legal provisions, reporting periodically to the Standing Committee of the People's Council and reporting to the People's Council at the same level at the nearest session.”;

c) Add point i after point h, Clause 9 as follows:
“i) Decision on aid expenditure.
The Government shall prescribe details for this point.”.

5. Amend and supplement point a, Clause 1, Article 36 as follows:
   “a) Investment for programs, projects, tasks, and other public investment objects of ministries, ministerial-level agencies, agencies under the Government, other central agencies, and state-owned enterprises as prescribed by law on public investment;”.

6. Amend and supplement some points and clauses of Article 38 as follows:
   a) Amend point a, Clause 1 as follows:
   “a) Investment for programs, projects, tasks, and other public investment objects managed by localities as prescribed by law on public investment and implementation of expenditure tasks specified at point d, Clause 9, Article 9 of this Law;”; b) Add point b1 after point b, Clause 1 as follows:
   “b1) Subsidizing interest rate differences, management fees, and entrusted lending fees through policy banks to implement economic - social policies at the locality;”; c) Add Clause 4a after Clause 4 as follows:
   “4a. Aid expenditure.”.

7. Amend and supplement Clause 1, Article 49 as follows:
   “1. After being assigned budget quotas by the Government and People's Committees, first-level budget units at the central and local levels shall allocate and assign budget quotas to subordinate budget-using units, units assigned to manage infrastructure assets according to law on management and use of public assets, units assigned to operate, maintain infrastructure assets, units assigned to implement tasks according to the Government, and subordinate budget units in cases of authorization to implement expenditure tasks, sending them to the finance authority at the same level, and simultaneously sending them to the State Treasury where transactions are conducted for implementation. The allocation and assignment of budgets must ensure the time limits and requirements prescribed in Article 50 of this Law.”.

8. Amend and supplement Clause 1, Article 74 as follows:

“1. Based on the provisions of this Law, the Government shall prescribe management and use of budgets for certain activities of the Communist Party of Vietnam, certain activities in the fields of defense, security, foreign affairs, and certain special fiscal - budget mechanisms for Ho Chi Minh City, some provinces and centrally-run cities, and special administrative - economic units, reporting to the Standing Committee of the National Assembly for opinions before implementation, and reporting to the National Assembly at the nearest session.”

Article 5. Amending and supplementing some articles of the Law on Management and Use of Public Assets

1. Amend and supplement Clause 2, Article 17 as follows:

“2. Based on provisions in this Law, decentralization by the Government, and decisions or decentralization of decision-making authority by provincial People's Councils, manage and use of public assets within the management scope of localities shall be assigned to district and commune People's Councils, People's Committees at all levels, Chairpersons of People's Committees at all levels, heads of specialized agencies under provincial People's Committees, or heads of agencies, organizations, and units.”

2. Amend and supplement Article 39 as follows:

“Article 39. Maintenance and repair of public assets at state agencies

1. State agencies assigned to manage and use public assets or agencies/units managing and operating public assets are responsible for performing maintenance and repair of assets in accordance with regulations, standards, economic - technical norms, and expenditure norms for maintenance and repair of public assets issued by agencies or persons with authority prescribed in Clause 3 of this Article.

2. The State ensures funding for maintenance and repair of public assets at state agencies according to regulations, standards, economic - technical norms, and expenditure norms for maintenance and repair of public assets.

3. Authority to issue regulations, standards, economic - technical norms, and expenditure norms for maintenance and repair of public assets is prescribed as follows:

a) Sectoral ministries prescribe or submit to competent authorities to prescribe regulations, standards, and economic - technical norms for maintenance and repair of assets under the state management scope of the Ministry;

b) For public assets without regulations, standards, or economic - technical norms prescribed at point a of this clause, based on manufacturer guidelines and actual asset use, Ministers, heads of central agencies, and provincial People's Councils prescribe or decentralize authority to prescribe regulations, standards, economic - technical norms for maintenance and repair, or expenditure norms for maintenance and repair applied to public assets at agencies under their management scope;

c) For public assets without regulations, standards, economic - technical norms for maintenance and repair, or expenditure norms prescribed at points a and b of this clause, the head of the state agency assigned to manage and use public assets or the head of the agency/unit assigned to manage and operate public assets decides specifically on maintenance and repair of assets and expenditure norms for maintenance and repair of public assets assigned to manage, use, or manage and operate.”.

3. Add Clause 2a after Clause 2 and amend and supplement Clause 3, Article 40 as follows:

a) Add Clause 2a after Clause 2 as follows:
“2a. Transfer to localities for management and handling.”;

b) Amend and supplement Clause 3 as follows:
“3. Sale. The form of sale shall not be applied to public assets that are land, assets attached to land, except for land and assets attached to land of Vietnamese agencies abroad and cases allowed for sale according to other laws.”.

4. Amend and supplement Clause 4, Article 41 as follows:
“4. Recovered public assets shall be handled in the following forms:
a) Assigned to agencies, organizations, units for management and use according to Article 29 of this Law; b) Transferred according to Article 42 of this Law; c) Sold or liquidated according to Articles 40, 43, and 45 of this Law; d) Destroyed according to Article 46 of this Law; đ) Assigned to land fund development organizations for management and exploitation according to land law; e) Assigned to organizations with functions of managing and operating housing of localities for management and exploitation according to Government regulations; g) Other handling forms according to decisions of the Prime Minister.”.

5. Add Article 42a after Article 42 as follows:
“Article 42a. Transfer of public assets to localities for management and handling
1. The transfer of public assets to localities for management and handling is applied to public assets that are working offices and other assets currently existing at those working offices where state agencies assigned to manage and use public assets no longer have a need for use.
2. The transfer and management and handling of public assets after transfer to localities shall be implemented according to Government regulations.”.

6. Amend and supplement point a, Clause 2, Article 45 as follows:

“a) Demolition, destruction. Materials and supplies recovered from demolition or destruction that are still usable shall be transferred, sold, or continued to be used if there is a need;”.

7. Amend and supplement Clause 2, Article 56 as follows:

“2. Authority to approve proposals for using public assets for business purposes is prescribed as follows:

a) Ministers, heads of central agencies decide or decentralize decision-making authority to approve proposals for using public assets at public service units under the management scope of the Ministry or central agency to the heads of agencies/units under the Ministry or central agency, or heads of public service units;

b) Provincial People's Councils decide or decentralize decision-making authority to approve proposals for using public assets at public service units under local management to district and commune People's Councils, People's Committees at all levels, Chairpersons of People's Committees at all levels, heads of specialized agencies under provincial People's Committees, or heads.”.

8. Amend and supplement Clause 2, Article 57 as follows:

“2. Authority to approve proposals for using public assets for leasing purposes shall be implemented according to the provisions of Clause 2, Article 56 of this Law.”.

9. Amend and supplement Clause 2, Article 58 as follows:

“2. Authority to approve proposals for using public assets for joint venture and cooperation purposes shall be implemented according to the provisions of Clause 2, Article 56 of this Law.”.

10. Amend and supplement Article 61 as follows:

“Article 61. Depreciation and wear and tear of fixed assets at public service units

1. Fixed assets at public service units are subject to depreciation calculation, except for cases prescribed in Clause 2 of this Article.

2. Extraction of depreciation for fixed assets at public service units is implemented in the following cases:

a) Fixed assets at public service units that self-guarantee regular and investment expenditures, except in cases where the price of public service according to law does not include depreciation costs; b) Fixed assets at public service units belonging to objects required to structure depreciation costs of fixed assets into service prices according to law; c) Fixed assets of public service units not falling under the provisions of points a and b of this clause are used for business activities, leasing, joint ventures, and cooperation according to law.

3. Fixed asset depreciation costs must be allocated to each public service activity, business activity, leasing, joint venture, and cooperation to be accounted for in the costs of each corresponding activity and product/service prices.

4. Money extracted for fixed asset depreciation is used to repay loans and mobilized capital for investment and purchase of fixed assets (if any). The remaining amount is added to the Fund for Development of Public Service Activities; in case the unit does not have a Fund for Development of Public Service Activities, it is managed and used according to the financial mechanism applied to that unit.”.

11. Amend and supplement some points and clauses of Article 65 as follows:
a) Amend and supplement point d, Clause 2 as follows:
“d) Special assets and specialized assets must not be used for business, leasing, joint ventures, cooperation, and other business forms, except for cases of using national defense and security land combined with labor production and economic construction activities, using dual-use works according to land law, law on management and protection of national defense works and military zones;”; b) Amend and supplement Clause 3 as follows:
“3. Contents on formation, management, use, and handling of special assets and specialized assets at units of the People's Armed Forces not specified in Clause 2 of this Article shall apply relevant provisions in Section 3 of this Chapter; for public service units belonging to the People's Armed Forces, relevant provisions in Section 4 of this Chapter shall apply. Use of national defense and security land combined with labor production and economic construction activities shall be implemented according to land law; formation, management, and use of dual-use works must comply with regulations on management and protection of national defense works and military zones.”.

12. Amend and supplement Clause 1, Article 66 as follows:
“1. Formation, management, use, and handling of assets serving management work at units of the People's Armed Forces shall be implemented according to provisions in Section 3 of this Chapter; formation, management, use, and handling of assets serving management work at public service units belonging to the People's Armed Forces shall be implemented according to provisions in Section 4 of this Chapter. Use of national defense and security land combined with labor production and economic construction activities shall be implemented according to land law; formation, management, and use of dual-use works must comply with regulations on management and protection of national defense works and military zones.”.

13. Amend and supplement Clause 3, Article 78 as follows:
“3. Infrastructure assets are fixed assets subject to depreciation calculation and extraction of depreciation according to law.”.

14. Amend and supplement Clause 2 and Clause 3, Article 80 as follows:
“2. Based on economic - social development requirements, management requirements, exploitation capacity, and specific characteristics of each type of infrastructure asset and the method prescribed in Clause 1 of this Article, the object assigned to manage infrastructure assets shall prepare a Proposal for Exploitation of Infrastructure Assets to submit to competent agencies or persons for approval. For infrastructure assets serving public purposes that do not generate revenue from asset exploitation and other cases according to Government regulations, a Proposal for Exploitation of Infrastructure Assets does not need to be prepared.
3. Organization of exploitation of infrastructure assets shall be implemented according to Articles 81, 82, 83, and 84 of this Law.”.

15. Amend and supplement point b, Clause 1, Article 81 as follows:
“b) Other cases according to Government regulations.”.

16. Add Clause 2a after Clause 2, Article 87 as follows:
“2a. Transfer to localities for management and handling.”.

17. Add Article 89a after Article 89 as follows:
“Article 89a. Transfer of infrastructure assets to localities for management and handling
1. The transfer of infrastructure assets to localities for management and handling is applied to assets where the object assigned to manage infrastructure assets no longer has a need for use.
2. The transfer and management and handling of assets after transfer to localities shall be implemented according to Government regulations.”.

18. Amend and supplement some clauses of Article 109 as follows:
a) Amend and supplement Clause 4 as follows:
“4. Payment into the state budget for:
a) Vietnamese Dong;

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