Duties and Powers of the Ministry of Finance in State Budget Management

1. Summarize, prepare, and submit to the Government of Vietnam the 5-year national financial plan, the 3-year national financial-budget plan; the state budget estimates and the plan for allocation of the central budget annually, including regular expenditures, national reserve expenditures, interest payment expenditures, and aid expenditures; adjust the 5-year national financial plan, the 3-year national financial-budget plan, the state budget estimates, and the central budget allocation plan when necessary; cooperate with the Ministry of Planning and Investment to prepare the investment expenditure estimates, the allocation plan for basic construction investment expenditures, state credit support expenditures, and equity capital contribution and joint venture expenditures of the central budget in accordance with the law;

2. Develop and submit to the Government of Vietnam a plan to supplement the state budget revenue estimates, a plan for allocating and using the increased revenue and saving expenditures of the central budget, and a plan for adjusting the state budget estimates in accordance with regulations;

3. Develop and submit to the Prime Minister of the Government of Vietnam the draft decision assigning revenue and expenditure tasks to each ministry, agency equivalent to a ministry, agency under the Government of Vietnam, and other central agencies; the revenue and expenditure tasks, percentage (%) division of shared revenues, and the level of supplementation from the central budget to each province and centrally governed city in accordance with the Law on State Budget;

4. Decide under authority or submit to the Prime Minister of the Government of Vietnam for decision on the use of the central budget contingency, the use of the central financial reserve fund, and other financial reserves in accordance with the law;

5. Act as the lead and cooperate with ministries, agencies equivalent to ministries, agencies under the Government of Vietnam, other central agencies, and provincial People's Committees in developing, submitting to the Government of Vietnam, or the Prime Minister of the Government of Vietnam to regulate or regulate under authority the allocation norms and policies, standards, and expenditure norms of the budget in accordance with the law on the state budget;

6. Provide guidance on the requirements, content, and deadlines for preparing the 3-year financial-budget plan and state budget estimates; inform the control number of regular expenditure estimates of the state budget on the total level and each revenue-expenditure area for ministries, agencies equivalent to ministries, agencies under the Government of Vietnam, and other central agencies; the regular expenditure estimates for national target programs for agencies managing national target programs; the total revenue on the territorial surface and the balance expenditure estimates for local budgets for each province and centrally governed city;

7. Organize the implementation of the state budget, manage the central budget under authority; monitor and expedite the implementation of budget estimates at all levels;

8. Inspect the allocation of budget estimates assigned to ministries, agencies equivalent to ministries, agencies under the Government of Vietnam, and other central agencies; provide guidance on managing and operating the budget of ministries, central authorities, and local authorities; direct and inspect the implementation of revenue and expenditure tasks of ministries, agencies equivalent to ministries, agencies under the Government of Vietnam, other central agencies, and local authorities;

9. Organize and direct the implementation of the state budget accounting and settlement and periodically report the implementation of revenue and expenditure estimates in accordance with the law;

10. Appraise and summarize the budget settlements of ministries, agencies equivalent to ministries, agencies under the Government of Vietnam, and other central agencies; summarize local budget settlements in accordance with the Law on State Budget; summarize and submit to the Government of Vietnam for submission to the National Assembly to approve the overall state budget settlement;

11. Advance central budget funds under authority or under the decisions of competent authorities in accordance with the Law on State Budget and guiding documents;

12. Recover advanced central budget funds;

13. Act as the lead in reporting to the Government of Vietnam on the disbursement and settlement situation of public investment plans, programs, and projects; provide guidance on payment and settlement of projects using public investment funds;

14. Prepare a national financial report across the country and report to competent state agencies in accordance with the law;

15. Act as the lead and cooperate with ministries and relevant agencies in developing and submitting to the Government of Vietnam for decision on financial policies and solutions within the scope of assigned duties to curb and combat inflation or deflation in the economy.

Details can be found at Decree 87/2017/ND-CP effective from July 26, 2017.

- Ngoc Duyen -

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