Will the Ministry of Finance perform function of representing owner of state capital in enterprises under the ministry in Vietnam?

Will the Ministry of Finance perform function of representing owner of state capital in enterprises under the ministry in Vietnam?

In Article 1 of Decree 14/2023/ND-CP stipulating position and functions of the Ministry of Finance as follows:

The Ministry of Finance is an agency of the Government, performing the state management function on: Finance - budget (including: State budget; public debt; taxes; fees, charges and revenues) other state budget; state reserves; state financial funds; financial investment; corporate finance; finance of cooperatives and collective economy; public property as prescribed by law); custom; accountant; independent audit; price; stock; insurance; financial services and other services under the state management scope of the ministry; to represent the owner of the state capital portion in enterprises under the ministry according to the provisions of law.

In addition, the Ministry of Finance also has the function of state management in the following areas in Vietnam:

- Finance - budget;

- Custom;

- Accountant;

- Independent audit; price;

- Stock;

- Insurance;

- Financial services and other services under the state management scope of the ministry.

Will the Ministry of Finance have task of adjusting the list of goods and services for price stabilization in Vietnam?

In Clause 8, Article 2 of Decree 14/2023/ND-CP, there are regulations on the tasks of the Ministry of Finance in the field of prices:

8. Regarding national reserve management:

a) To assume the prime responsibility for, and coordinate with concerned ministries and agencies in, formulating and submitting to competent authorities a list, detailed list of national reserve goods, total national reserve level, and national reserve plan;

b) To promulgate national technical regulations, economic-technical norms and quality control for national reserve goods and national reserve stock standards (except for national reserve standards of the Ministry of Industry and Trade). and the Ministry of National Defense) in accordance with the law;

c) Promulgate regulations on financial management regime, maximum purchase price, minimum selling price, compensation price for national reserve goods, cost levels for purchase, sale, import and export, preservation, insurance, relief, support and aid for national reserve goods in accordance with law;

d) Based on the approved state budget estimates and national reserve plans, to ensure financial sources for national reserve activities of ministries and branches managing national reserve goods; appraise and compile the final settlement of the budget expenditure for the national reserve;

dd) Specialized inspection and examination of national reserves in accordance with law;

e) Organize the implementation of regulations on management, preservation, import, export, purchase, sale and rotation of goods for national reserve goods according to the provisions of law.

Thus, one of the tasks of the Ministry of Finance is to assume the prime responsibility for, and coordinate with relevant agencies in, formulating and submitting to competent authorities for adjustment in Vietnam:

- List of goods and services subject to price stabilization;

- The list of goods for which the price stabilization fund is established and the list of goods and services for which price declaration is made.

Which administrative organizations will help the Minister of Finance perform the state management function in Vietnam?

In Article 3 of Decree 14/2023/ND-CP, there are regulations on the organizational structure of the Ministry of Finance as follows:

1. State Budget Department.

2. Investment Department.

3. Department of Finance, National Defense, Security, and Special (Department I).

4. Department of Finance and Administration.

5. Finance Department of banks and financial institutions.

6. Department of International Cooperation.

7. Legal Department.

8. Department of Organization and Personnel.

9. Inspector.

10. Office.

11. The Department manages and supervises policies on taxes, fees and charges.

12. Department of Public Property Management.

13. Department of Debt Management and External Finance.

14. Department of Insurance Management and Supervision.

15. Department of Accounting and Auditing Management and Supervision.

16. Price Management Department.

17. Department of Informatics and Financial Statistics.

18. Department of Corporate Finance.

19. Department of Planning and Finance.

20. General Department of Taxation.

21. General Department of Customs.

22. General Department of State Reserves.

23. State Treasury.

24. State Securities Commission.

25. Institute of Strategy and Financial Policy.

26. Vietnam Financial Times.

27. Financial Journal.

28. School of fostering financial officers.

Organizations specified in Clauses 1 to 24 of this Article are administrative organizations that assist the Minister in performing the state management function; the organizations specified in Clauses 25 to 28 of this Article are non-business organizations serving state management under the ministry.

The State Budget Department has 4 departments, the Finance and Administration Department has 4, the Investment Department has 4, the Finance Department of banks and financial institutions has 4, the Legal Department has 5, and the Legal Department has 5. The staff organization has 7 departments, the International Cooperation Department has 4 rooms.

The Minister of Finance shall submit to the Prime Minister for promulgation decisions defining the functions, tasks, powers and organizational structure of the General Department of Taxation, the General Department of Customs, the General Department of State Reserves, and the State Treasury, State Securities Commission and a list of other non-business units under the ministry.

Thus, administrative organizations that will help the Minister of Finance perform state management functions in Vietnam include:

- Department of State Budget.

- Investment Department.

- Department of Finance, National Defense, Security, and Special (Department I).

- Department of Finance and Administration.

- Finance Department of banks and financial institutions.

- Department of International Cooperation.

- Legal services.

- Organize staff.

- Inspect.

- Office.

- Department to manage and supervise tax policies, fees and charges.

- Department of Public Property Management.

- Department of Debt Management and External Finance.

- Insurance Management and Supervision Department.

- Department of management, accounting supervision and auditing.

- Department of Price Management.

- Department of Informatics and Financial Statistics.

- Corporate Finance Department.

- Department of Planning and Finance.

- General Department of Taxation.

- General Department of Customs.

- General Department of State Reserve.

- State Treasury.

- State Securities Committee.

Note: Decree 14/2023/ND-CP takes effect from May 15, 2023.

Best Regards!