What are regulations on account registration application and specimen seal and signatures at the Vietnam State Treasury?

1. What are regulations on account registration application and specimen seal and signatures at the Vietnam State Treasury?

Pursuant to Clause 1, Article 8 of Circular 18/2020/TT-BTC stipulating account registration application of account registration application and specimen seal and signatures at the Vietnam State Treasury as follows:

1. Registration of accounts and specimen seal and signatures

a) Initial registration of accounts and specimen seal and signatures

Applicants shall prepare an application for registration of account and specimen seal and signatures (form No. 01/MTK issued together with the Government's Decree No. 11/2020/ND-CP of January 20, 2020 on administrative procedures in the field of State Treasury).

(1) As for signatures

- For applicants using the State budget and budget organizations:

+ The first signatures: The signatures of the account holder and the person(s) authorized to sign on behalf of the account holder in accordance with law. Each applicant may only register up to 4 people to sign the first signatures (account holder and 3 persons authorized to sign on behalf of the account holder). The head of the applicant is not allowed to authorize a person who registers the second signature to act as the account holder.

+ The second signatures: the signatures of the chief accountant or the accountant of the applicant and the person authorized to sign on behalf of the chief accountant or the accountant in charge. Each applicant may only register up to 3 people to sign the second signatures (chief accountant and 2 authorized persons).

Applicants in the armed forces having no chief accountant are not required to register the second signature. In a transaction document with the VST, clearly indicate “None” in the place which is supposed to be the signature of the chief accountant.

- As for finance authorities:

+ The first signatures: The signatures of the head of applicant (or the person(s) authorized to act as the account holder) and person authorized to sign on behalf of the account holder, as follows:

● Central budget: Leader of State Budget Department on domestic revenues and expenditures; leaders of Department of Debt Management and External Finance affiliated to Ministry of Finance with regard to foreign revenues and expenditures and accumulation fund for debt repayment.

● Provincial budget: Leader of Department of Finance;

● District budget: Leader of Division of Finance;

● Commune budget: President, Deputy President of People's Committee of commune.

+ The second signatures: the signatures of the assigned officers, specifically as follows:

● Central budget: Leader of State Budget Management Division on domestic revenues and expenditures; leaders of specialized divisions affiliated to Department of Debt Management and External Finance with regard to foreign revenues and expenditures and accumulation fund for debt repayment.

● Provincial budget: Leaders of the specialized division (Department of Finance) who are assigned to manage the expenditure accounts with payment order, revenue and expenditure accounts, transfer estimate accounts; deposit accounts;

● District budget: Officers (Division of Finance) who are assigned to manage the expenditure accounts with payment order, revenue and expenditure accounts, transfer estimate accounts;

● Commune budget: Accountants in charge.

- As for collecting authorities:

+ The first signatures: The signature of the head of the applicant. Each applicant may only register up to 4 people to sign the first signatures (account holder and 3 persons authorized to sign on behalf of the account holder). In case the collecting authority needs to register more than the number of people signing the first signatures, it must obtain such a written approval of the VST.

+ Do not register the second signature.

- Authorities in charge of inspection of management and use of state budget:

+ The first signatures: The signature of the head of applicant (or person authorized to act as the account holder).

+ The second signatures: the signatures of the chief accountant or the accountant in charge of the unit and the person authorized to sign on behalf of the chief accountant or the accountant in charge.

In a case where an applicant does not have an independent accounting apparatus, the second signature may be the signature of the officer assigned to keep track of temporarily collected/withheld accounts; after that, the applicant shall send a document assigning the officer to keep track of temporarily collected/withheld accounts to sign in the place which is supposed to be the “chief accountant” in accounting documents transacted with the VST.

- As for other businesses and organizations:

+ The first signatures: the signatures of the head of the applicant (or the person authorized to act as the account holder) or the legal representative stated in the business registration certificate (for sole proprietorship) and authorized persons to sign on behalf of account holder.

Particularly for single-member state-owned limited liability companies: depending on the specific provisions of the Company's Charter, the account holder may be the President of the Members' Council, the Director or General Director (the President of Members' Council may hold concurrently or hire another person to be the Director or General Director. The registration of signatures shall comply with the regulations applicable to the above enterprises and organizations.

+ The second signatures: the signatures of the chief accountant or the accountant in charge and the person authorized to sign on behalf of the chief accountant.

- The application for registration of account and specimen seal and signatures must clearly state the full name, title and position of the signatory.

(2) As for specimen seal

- The specimen seal registered for transaction with the VST is the one registered at the police office, which is stamped into two (02) clear marks.

- As for applicants of the security and national defense: the specimen seal must be registered with the security agency in the field (national defense and security).

- As for the project management board which has an incomplete legal status (without own seal): It is allowed to use the investor's seal specified in the decision on the establishment of the project management board and it must register the seal of the investor with the VST agency where it registers the account.

b) Registration of additional accounts

- In case of additional account registration and no change in legal documents, specimen seal and signatures compared to the previous registration of account, the applicant shall make an application for registration of account and specimen seal and signature (form No. 01/MTK issued together with the Government's Decree No. 11/2020/ND-CP of January 20, 2020 on administrative procedures in the field of State Treasury) and then send it to the VST where the transaction is made.

- In case of additional account registration and changes in signatory(ies) compared to the previous registration of account, the applicant shall make an application for registration of account and specimen seal and signature (form No. 01/MTK issued together with Decree No. 11/2020/ND-CP) and then send it to the VST where the transaction is made, along with the documents of appointment of the new signatories.

c) Change of specimen seal and signatures

In case of changing the specimen seal and signatures of signatories of the first signatures, signatories of the second signatures, or changing the signatory on behalf of the account holder, the signatory on behalf of the chief accountant/accountant compared to the previous registration: the applicant shall make an application for change of specimen seal and signatures (form No. 02/MTK issued together with the Government's Decree No. 11/2020/ND-CP) and send it to the VST where the transaction is made.

d) Change of legal documents

In case of change of account holder, or chief accountant/accountant, in case of a written re-appointment of the position of the registered account holder, chief accountant or a written re-assignment of the accountant: the applicant shall make an application for change of specimen seal and signatures (form No. 02/MTK issued together with the Government's Decree No. 11/2020/ND-CP) and send it together with the written re-appointment or written re-assignment to the VST where the transaction is made.

2. What are establishment decisions when registering the account at the Vietnam State Treasury for the first time?

Pursuant to Clause 2, Article 8 of Circular 18/2020/TT-BTC stipulating establishment decisions when registering the account at the Vietnam State Treasury for the first time as follows:

2. Establishment decisions

a) Applicants shall send their establishment decisions when registering the account at the VST for the first time, except for the entities specified in Point b Clause 2 of this Article.

In which: Project management boards may choose to send their establishment decisions, project approval decisions, or the project assignment decisions if the project management board is assigned a capital project or the target program project of investment nature. State-capitalized enterprises may send their establishment decisions, sole proprietorships may send their business registration certificates (state-capitalized enterprises include enterprises having state capital and single-member state-owned limited liability companies).

b) The following applicants are not required to submit their establishment decisions:

- Agencies of the Communist Party of Vietnam.

- Central state agencies, including: Office of the President, Office of the National Assembly, Office of the Government, Ministries, ministerial-level agencies, Governmental agencies.

- Agencies of unions and organizations, including: Vietnam Fatherland Front Committee, Ho Chi Minh Communist Youth Union, Vietnam Women's Union, Vietnam Farmers’ Union, Vietnam Labor Confederation, Vietnam Veterans Association.

- Offices of People's Committees of provinces, districts and People's Committees of communes.

- Units of the armed forces (National Defense and Security).

Best Regards!