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THE PRIME
MINISTER OF GOVERNMENT
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No. 20/1998/QD-TTg
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Hanoi, January
26, 1998
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DECISION
TO ISSUE THE
REGULATION ON THE FINANCIAL MANAGEMENT OF THE VIETNAM SOCIAL INSURANCE
THE PRIME MINISTER
Pursuant
to the Law on Organization of the Government of September 30, 1992;
Pursuant to Decree No. 19-CP of February 16, 1995 of the Government on the
establishment of the Vietnam Social Insurance,
At the proposals of the Minister of Finance and the Managing Board of the
Vietnam Social Insurance,
DECIDES:
Article 1.-
To issue together with this Decision the Regulation on the financial management
of the Vietnam Social Insurance.
Article 2.-
This Decision takes effect from January 1, 1998. The earlier provisions which
are contrary to this Decision are now annulled.
Article 3.-
The Ministry of Finance and the Vietnam Social Insurance shall have to guide
and supervise the implementation of the Regulation issued together with this
Decision.
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FOR THE PRIME MINISTER
DEPUTY PRIME MINISTER
Nguyen Tan Dung
REGULATION
ON THE FINANCIAL
MANAGEMENT OF THE VIETNAM SOCIAL INSURANCE
(issued
together with Decision No. 20/1998/QD-TTg of January 26, 1998 of the Prime
Minister
Chapter I
GENERAL PROVISIONS
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- The Vietnam Social Insurance
- The Social Insurance of the provinces and
cities directly under the Central Government (hereafter collectively referred
to as Provincial Social Insurance).
- The Social Insurance of the districts,
provincial towns and provincial cities (hereafter collectively referred to as
District Social insurance).
Article 2.-
Monthly the Ministry of Finance shall provide adequate fund for the Vietnam
Social Insurance to make payments to the current beneficiaries of the social
insurance regimes before January 1st, 1995. The above-mentioned fund shall be
separately accounted and settled in accordance with the provisions of the Law
on the State Budget.
Article 3.-
The social insurance fund is formed on the basis of the contributions of
laborers and employers, State budget contributions and subsidies, profits from
the fund preservation and development activities and other revenues. The social
insurance fund is placed under the uniform and concentrated management in the
entire Vietnam Social Insurance system; is accounted independently from the
State budget and protected by the State.
Article 4.-
The social insurance fund is used to make payments to the objects that buy
social insurance and enjoy social insurance regimes from January 1st, 1995 and
to cover the expenses of the managerial apparatus of the Vietnam Social
Insurance system, the expenses of social insurance fund preservation and
development and other expenses.
Article 5.-
The investment fund for building the material base of the Vietnam Social Insurance
system shall be gradually allocated from the State budget in a couple of years
and also supplemented with profits derived from the implementation of
investment measures to develop the fund.
Article 6.-
Annually, the Vietnam Social Insurance shall have to draw up draft revenues and
expenditures of the social insurance fund, expenses of the managerial apparatus
and expenses of constructing the material base then submit them to the Managing
Board of the Vietnam Social Insurance for approval and to the Ministry of
Finance. The General Director of the Vietnam Social Insurance shall base
himself/herself on the approved draft revenues and expenditures to assign the
tasks of social insurance revenues and expenditures and construction investment
expenditures to the Social Insurance of the provinces and cities directly under
the Central Government.
The final settlement of revenues and
expenditures of the social insurance fund and the expenditures on construction
investment and procurement of working equipment and facilities shall be subject
to the social insurance accounting regulations issued by the Ministry of
Finance and other financial management regimes prescribed by the State.
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SOURCES FOR FORMING THE SOCIAL INSURANCE FUND
Article 7.-
The social insurance fund is formed from the following sources:
1. Contributions by laborers and employers.
2. State contributions and subsidies to
guarantee the implementation of social insurance regimes towards laborers.
3. Profits derived from the investment activities
carried out to preserve and develop the social insurance fund.
4. Financial support and aid from organizations
and individuals inside and outside the country.
5. Other revenues.
Article 8.-
The contributions by the objects that buy social insurance under the provisions
in Point 1 and Point 2, Article 36 of the Regulation on Social Insurance issued
together with Decree No. 12-CP of January 26, 1995 of the Government, the
provisions in Point 1 and Point 2 of Article 34 of the Regulation on the
Vietnam Social Insurance towards officers and professional military personnel,
non-commissioned officers and men of the People's Army and the People's Police,
issued together with Decree No. 45-CP of July 15, 1995 of the Government shall
be effected as follows:
1. The Social Insurance at all levels shall have
to guide and organize the full collection of social insurance premiums from all
social insurance buyers on schedule as prescribed.
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Article 9.-
The Vietnam Social insurance system shall be entitled to open deposit accounts
for the social insurance fund at the system of the State Treasury and open
accounts exclusively for the collection of social insurance premiums at the
system of State-owned commercial banks. The balances on all deposit accounts of
the Vietnam Social Insurance system at the State-owned commercial banks and the
State Treasury shall be entitled to the demand deposit interest rate under the
regulations of the State-owned commercial banks.
Chapter
III
SOCIAL INSURANCE PAYMENTS
Article
10.-
1. The Social Insurance of all levels shall have
to organize and make timely and full social insurance payments according to the
State regulations and policies to the eligible beneficiaries of the social
insurance.
2. The Social Insurance at all levels shall
directly or authorize employing units and representatives of wards, communes
and district townships to pay social insurance in accordance with the financial
management principles; the payment documents must be valid and proper in
accordance with current regulations of the State on the regime of accounting
documents.
3. The Social Insurance of all levels shall be
entitled to refuse to pay social insurance to social insurance beneficiaries
when there is a competent State agency's conclusion on deceitful acts of
forging dossiers and materials to enjoy the social insurance regimes;
immediately take measures to recover the wrong payments (if any) and at the
same time notify the subject person and the employing unit where he/she is
working or the authorities of the place where he/she is residing and enjoying
the social insurance regime for examining his/her responsibility in accordance
with the provisions of law.
Article
11.- All payments to the beneficiaries of the social insurance regimes
before January 1st, 1995 shall be fully funded by the State budget, including:
1. Pensions.
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3. Allowances for labor accident victims and
their helpers and supply of aid devices for labor accident victims.
4. Allowances for occupational diseases.
5. Allowances for workers working in the rubber
industry.
6. Death allowances (basic allowances and
subsidies for the deceased's dependents) and burial costs.
7. Purchase of medical insurance.
8. Payment fees.
9. Other expenses (if any).
Article
12.- The Vietnam Social Insurance shall comply with all regulations on the
drawing up of draft budgets, use and settlement of funds to make payments to
social insurance beneficiaries, which are ensured by the State budget in
accordance with the provisions of the Law on the State Budget and the guidance
of the Government and the Ministry of Finance on the allocation, drawing up,
observance and settlement of the State budget.
Article
13.- The social insurance fund used for making payments to beneficiaries of
social insurance regimes from January 1st, 1995 shall cover the following:
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2. Allowances for labor accident victims and
their helpers and supply of aid devices for labor-accident victims.
3. Sickness allowances.
4. Maternity allowances.
5. Allowances for occupational diseases.
6. Death allowances (basic allowances and
subsidies for the deceased's dependents) and burial costs.
7. Purchase of medical insurance.
8. Payment fees.
9. Other expenses.
Chapter
IV
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Article
14.-
1. Regular managerial expenses for the Vietnam
Social Insurance system extracted from the social insurance fund shall be
calculated in percentage (%) of the actually collected social insurance amount
each year (contributed by laborers and employers). In the immediate future, the
managerial expenses shall be 6% for five years.
2. Managerial expenses for the Vietnam Social
Insurance system shall comply with current norms and criteria of the State;
besides, special-purpose expenses of the system shall be decided by the
Managing Board of the Vietnam Social Insurance.
3. The Vietnam Social Insurance shall be
responsible for allocating managerial funds to the Social insurance of all
levels according to the assigned spending norms, criteria, regimes and tasks,
ensuring the principle that the fund allocated to the Social Insurance of all
levels shall not exceed the total revenues.
Article
15.-
1. Annually, on the basis of the approved
percentage of managerial expenses, the Vietnam Social Insurance shall make a
managerial expense estimate of the Vietnam Social Insurance system then submit
it to the Managing Board of the Vietnam Social Insurance for approval and to
the Ministry of Finance for supervision and monitoring of the implementation.
2. The Vietnam Social Insurance shall organize
the payment, settlement and make financial reports in accordance with the
social insurance accounting regulations issued by decision of the Minister of
Finance.
Article
16.-
1. Investment fund for the construction of
working offices of the Vietnam Social Insurance system shall be gradually
supplied from the State budget in a couple of years and partly from revenues
derived from the activities of preserving the value of and developing the
social insurance fund.
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Chapter V
ACTIVITIES OF PRESERVING THE VALUE OF AND DEVELOPING THE SOCIAL
INSURANCE FUND
Article
17.-
1. The Vietnam Social Insurance shall be
permitted to use temporarily idle money of the social insurance fund for the
application of measures to preserve the value of and develop the fund. The use
of the social insurance fund for investment must ensure safety and minimize
risks to preserve its value and bring about socio-economic efficiency.
2. The Vietnam Social Insurance shall be
permitted to take such investment measures to preserve and develop the social
insurance fund as:
- Purchasing bonds and bills of the State
Treasury and State-owned commercial banks.
- Lending capital to the State budget, the
National Fund for Investment Support and the State-owned commercial banks.
- Investing capital in a number of the large
projects and enterprises of the State, that need capital, and are permitted and
guaranteed by the Prime Minister.
Article
18.- Profits derived from the investment activities of the social insurance
fund shall be allocated as follows:
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- Making deductions to the reward and welfare funds
equivalent to the amount of three monthly actual wage payments in the whole
system.
- The remainder shall be added to the social
insurance fund for the purpose of preservation and development.