Vietnam: Grounds for formulation of a provincial-level five-year finance plan

According to Decree No. 45/2017/ND-CP of Vietnam’s Government, a provincial-level five-year finance plan shall be formulated based on the following grounds:

- The implementation of the local five-year socio-economic development plan and finance plan of the previous period;

- Socio-economic development and finance-state budget objectives, targets and orientations set forth in the national strategy and five-year plan on socio-economic development; strategies on finance, public debts and tax system reform; socio-economic development objectives, targets and orientations in the five-year planning period of the locality; and approved socio-economic development master plan of the locality;

- Forecasts about the socio-economic situation which might affect the locality’s ability to mobilize and demand for finance-state budget resources in the five-year planning period;

- Regulations on finance-state budget, including also mechanisms for assignment of revenue sources and spending tasks between the central budget and local budgets and among local administrations of different levels; and orientations for revision of existing regulations and promulgation of new ones in the five-year planning period;

- Directions of the Prime Minister and provincial-level People’s Committee on formulation of five-year socio-economic development plans and five-year finance plan.

More details can be found in Decree No. 45/2017/ND-CP of Vietnam’s Government, which takes effect from June 05, 2017.

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