Decree No. 99/2007/ND-CP dated June 13, 2007 of the Government on management of work construction investment expenditures

THE GOVERNMENT -----------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ----------
No. 99/2007/ND-CP	Hanoi, June 13, 2007

DECREE

ON MANAGEMENT OF WORK CONSTRUCTION INVESTMENT EXPENDITURES

THE GOVERNMENT

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the November 26, 2003 Law on Construction;

At the proposal of the Construction Minister,

DECIDES:

Chapter I

GENERAL PROVISIONS

Article 1.- Subjects of application

This Decree applies to organizations and individuals involved in the management of investment expenditures on construction of works financed by state capital.

Organizations and individuals involved in the management of investment expenditures on construction of works financed by other capital sources are encouraged to apply this Decree.

Article 2.- Governing scope

This Decree provides for the management of work construction investment expenditures, including the total investment; work construction cost estimates; construction norms and prices; contracts in construction activities; payment and settlement of investment capital for construction of works financed by state capital, including state budget capital, official development assistance, development investment credit of the State, State-guaranteed credit and other investment capital of the State.

For works financed by official development assistance (referred to as ODA for short) sources, if the treaties concluded by competent agencies or organizations of the Socialist Republic of Vietnam contain provisions on work construction investment expenditure management different from those of this Decree, those treaties prevail.

Article 3.- Principles for management of work construction investment expenditures

1. The management of work construction investment expenditures must ensure the objectives and efficiency of investment projects on construction of works and objective requirements of the market economy.

2. The management of work construction investment expenditures is conducted for each construction work in accordance with stages of work construction investment, designing steps, types of capital sources and the States regulations.

3. The total investment and work construction cost estimates must be accurately and fully calculated and suit the duration of work construction. The total investment means the maximum expenditure, which an investor is allowed to use for investment in work construction.

4. The State performs the function of managing the work construction investment expenditures through the promulgation, guidance and inspection of the implementation of regulations on management of work construction investment expenditures.

5. Work construction investors bear full responsibility for the management of work construction investment expenditures from the stage of investment preparation until the construction completion and work commissioning.

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