Legal Counselling

Vietnam: The power to decide the use of central government budget reserve

09:10, 30/12/2016

The Government of Vietnam has 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, in the expenditure estimate of local government budgets, the reserve of 2% - 4% of total budget expenditure at each level shall be built up.

The power to decide the use of central government budget reserve is as follows:

- With regard to expenditures of greater than VND 3 billion associated with a specific objective, the Ministry of Planning and Investment shall take charge and cooperate with the Ministry of Finance and relevant agencies in requesting the Prime Minister to decide capital expenditures and expenditures under management of the Ministry of Planning and Investment. The Ministry of Finance shall take charge and cooperate with relevant agencies in requesting the Prime Minister to decide remaining expenditures.

- The Minister of Finance shall decide expenditures not exceeding VND 3 billion associated with a specific objective and send quarterly reports to the Prime Minister;

- Quarterly, the Ministry of Finance shall send a report on using central government budget reserves to the Government as prescribed in Point a and Point b of this Clause; the Government shall report it to the Standing Committee of the National Assembly or the National Assembly at the nearest meeting.

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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