Legal Counselling

Vietnam: Promulgating loan balance of local government budgets

09:15, 01/01/2017

This is a notable content of the Decree No. 163/2016/NĐ-CP of Vietnam’s Government on guidelines for the Law on State budget of Vietnam.

According to the Decree No. 163/2016/NĐ-CP of Vietnam’s Government, loan balance of local government budgets is prescribed as follows:

- Loan balance of budgets of Hanoi and Ho Chi Minh City must not exceed 60% of the local government budget revenue they may retain;

- In the administrative divisions permitted to retain an amount of revenue higher than Recurrent expenditure of the local government budgets, loan balance must not exceed 30% of the amount retained;

- In the administrative divisions permitted to retain an amount of revenue not exceeding recurrent expenditure of the local government budgets, loan balance must not exceed 20% of the amount retained;

- The revenue higher than or exceeding recurrent expenditure of the local government budgets shall be determined according to the revenue and expenditure estimates of the local government budgets decided by the National Assembly of the year in which budget estimates are made, and the revenue of the local government budgets to be retained shall not including residual revenues of local government budget.

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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