Regarding financial strategy by 2030, what are methods for innovating the mechanism for decentralization of state budget in Vietnam?

Regarding financial strategy by 2030, what are methods for innovating the mechanism for decentralization of state budget in Vietnam?

Pursuant to Point 2.c, Section III, Article 1 of the Decision 368/QĐ-TTg in 2022 stipulating methods for innovating the mechanism for decentralization of state budget in Vietnam as follows:

Innovate the mechanism for decentralization of state budget according to application of principles and good international practices on the decentralization and management of revenue, the tasks of expenditures and the relationship amongst budget levels. Basically, overcome the situations of the integration in the management of the state budget, strengthen the leading role of the central budget. Promote decentralization, encourage local authorities in creation, increase of revenue, mobilization of resources for the socio-economic development in the local areas, creation of initiative and self-responsibility for local authorities in making of decision and use of the budget. Increase powers and responsibilities for management of budget at all levels and budget-using units; at the same time, enhance the transparency and accountability, strengthen inspection and supervision.

Review, develop and complete specific mechanisms and policies on finance and budget that are applicable to key economic regions and some large provinces and cities; promote the connection of regions, strengthen international integration and narrow the development gap of regions.

Regarding financial strategy by 2030, what are methods for continuing to reform control of state budget expenditures and management of state treasury in Vietnam?

Pursuant to Point 2.d, Section III, Article 1 of the Decision 368/QĐ-TTg in 2022 stipulating methods for continuing to reform control of state budget expenditures and management of state treasury in Vietnam as follows:

Innovate the mechanism for management and control of the commitment to the state budget expenditures according to international practices. Unify the process and digitize the control and payment for the state budget expenditures through the State Treasury. Innovate the measures for control of the state budget expenditures towards the management of risks and improvement of post-audit in association with the decentralization; assign accountability to the units that use budget corresponding to the level of the development of internal audit function in the ministries, central and local authorities.

Complete the mechanism for management of state treasury towards approaching practices of management of state treasury in developed countries in conformity with the actual situations in Vietnam, ensure centralized, safe, transparent and effective management. Continue to complete the model of centralized payment of the State Treasury. Diversify instruments of investment and borrowing from state treasury. Closely connect between the management of state treasury with the management of state budget and debt in order to reduce costs and the risks of debt; enhance the effectiveness, safety and sustainability of the system of management of public financial and improve fiscal space. Establish a framework for management of the risks of state treasury in a modern and comprehensive manner.

Regarding financial strategy by 2030, what are methods for strictly management of public property in Vietnam?

Pursuant to Point 2.dd, Section III, Article 1 of the Decision 368/QĐ-TTg in 2022 stipulating methods for strictly management of public property in Vietnam as follows:

Continue to complete the legal framework for the management and use of public property; especially the law on finance of land, natural resources, valuation and identification of the value of state-owned enterprises in case of equitization; develop legal documents on the management and use of specialized public property, ensure the synchronization and consistency with the Law on management and use of public property. Develop a system of criteria for assessment and organize the assessment of management of public property in the administrative and business sector. Expand and upgrade the national database on public property; build and operate an system of electronic transaction of public property.

Regarding financial strategy by 2030, what are methods for improving national reserve potential in Vietnam? 

Pursuant to Point 2.e, Section III, Article 1 of the Decision 368/QĐ-TTg in 2022 stipulating methods for improving national reserve potential in Vietnam as follows:

Complete the legal framework for the management and administration of national reserve; improve national reserve that is strong with a reasonable structure, proactively meets the unexpected and urgent needs of the economy; promote private sector involvement and attraction of non-state budget resources for national reserves.

Focus on storage of strategic, essential, high-value, high-frequency products and products that cannot be produced domestically to proactively and promptly respond to emergency situations, ensure national defense and security and perform assigned tasks. At the same time, review, adjust and promote strategic, essential and necessary products or remove unsuitable items from the list of national reserve goods.

Best regards!