Vietnam chamber of commerce fined $6,000 for misusing state funds

By Thai Son, Thanh Nien News

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The headquarters of the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi. Photo credit: VTC News
The Vietnam Chamber of Commerce and Industry was ordered on Thursday to pay VND127 million (US$6,000) in fines for its misuse of state funds between 2006 and 2011.
The chamber, also known as VCCI, deposited the remaining VND9.4 billion ($442,000) from its activities at the 2006 APEC summit in Hanoi into banks instead of returning it to the state budget, inspectors said.
VCCI then withdrew parts of the sum between 2008 and 2010 to fund activities without seeking the required approval from relevant authorities, inspectors said, adding that it earned more than VND91 million ($4,300) in interests from bank deposits.
Besides, the chamber paid nearly VND480 million ($22,600) during the 2009-2011 period using 147 invoices that did not include mandatory information like the customers' name, address, tax code, and signature.
It also paid VND36 million ($1,700) through five other invoices that failed to meet regulations, inspectors said, without elaborating.
State inspectors asked Prime Minister Nguyen Tan Dung to review the roles of specific VCCI officials related to the violations. They also proposed that the Ministry of Finance set a framework for the VCCI's finance-related activities and closely monitor its fiscal management.

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