Vietnamese government tightens budget spending on properties abroad

HANOI: Beginning this April 26, all purchases or construction of offices abroad worth US$10 million (RM33.26 million) or more, which will be used by State budgets, will have to get a nod from the Prime Minister, a new regulation said.

According to Vietnam news agency, the regulation sets qualifications for agencies to buy properties abroad with State budgets, which are limited to State-run agencies or agencies fed by State budgets.

The beneficiaries include those representative agencies abroad, which have not yet owned any office buildings or any kinds of workplaces.

Also eligible are agencies abroad with their office and living space narrower than 70% of standards or their offices and accommodations getting degraded seriously.

Relevant properties projects abroad worth US$10 million upwards also need to receive the Prime Minister's approval in procedures and proceedings of investments and construction. -- Bernama