Vietnam: The Minister of Finance shall direct inspection activities in the financial sector

Specifically, according to Article 24 of Decree No. 82/2012/NĐ-CP of Vietnam’s Government, responsibilities of the Minister of Finance in inspection of the financial sector are as follows:

- To lead, direct inspection activities within the management scope of the Ministry of Finance.

- To direct the formulation and approval of inspection programs and plans.

- To handle timely inspection conclusions and recommendations.

- To consolidate organization and assign staff with professional capacity and moral qualities to perform financial inspection; to organize, direct and facilitate for financial inspection.

- To ensure funds and working conditions for agencies assigned to perform financial inspection functions.

- To regularly request inspection agencies under his/her management to report, and regularly report to superior state management agencies on inspection work. To timely remove difficulties and problems relating to inspection work; to handle overlaps in inspection and examination activities within his/her management scope.

- Other tasks as prescribed by law.

Moreover, Article 26 of Decree No. 82/2012/NĐ-CP stipulates that responsibilities and rights of agencies, organizations and individuals subject to inspection and relevant agencies, organizations and individuals comply with Article 10 of the Law on Inspection of Vietnam. Responsibilities of agencies, organi­zations and individuals in the finance sector:

- Agencies, organizations and individuals in the finance sector and heads of finance agencies shall provide prompt, adequate and accurate information and documents at the request of agencies assigned to perform financial inspection function in service for inspection activities; and coordinate with agencies assigned to perform financial inspection upon request.

- Within the ambit of their responsibilities, heads of finance agencies shall consider and handle according to their competence, or assist the Minister of Finance in considering and timely handling, violations of individuals, agencies or units which are detected through financial inspection work.

View more details at Decree No. 82/2012/NĐ-CP of Vietnam’s Government, effective from November 25, 2012.

Le Vy

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