Vietnam: 05 requirements for the provincial budget deficit of each province to be permitted

09:15, 29/12/2016

On December 21, 2016, the Government of Vietnam issued the Decree No. 163/2016/NĐ-CP on guidelines for the Law on State budget of Vietnam.

According to the Decree No. 163/2016/NĐ-CP of Vietnam’s Government, provincial budget deficit of each province is permitted only when it meets all the regulations and conditions as follows:

- Only provincial budget deficit because of investment in projects under midterm public investment plans decided by the People’s Council of the province is permitted;

- Annual provincial budget deficit shall not exceed the annual budget deficit decided by the National Assembly for such province;

- Within 90 days from the end of the budget year preceding the year in which the estimates are made, no overdue outstanding debt arising from the loans payable in the budget year preceding the year in which the estimates are made;

- Take loans to cover local government budget deficit primarily mobilized from midterm and long-term loans;

- Loan balance of local government budget, inclusive of loans to cover budget deficit according to the estimate shall not exceed the loan balance.

View more details at Decree No. 163/2016/NĐ-CP of Vietnam’s Government, effective from January 01, 2017.

- Thanh Lam -

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