Duties and powers of the National Institute for Finance in Vietnam

Duties and powers of the National Institute for Finance in Vietnam (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

1. Position and functions of the National Institute for Finance in Vietnam

- Institute of Financial Strategy and Policy (hereinafter referred to as the Institute) is a public science and technology organization under the Ministry of Finance with the function of researching and developing financial strategies and policies; basic and applied scientific research in the field of finance; analyzing and forecasting financial economics; organizing and managing scientific and technological research activities of the financial industry; and helping the Minister carry out the task of researching financial strategies and policies to serve the state management function of the Ministry of Finance.

- The Institute of Financial Strategy and Policy has legal status, its own seal, and is allowed to open accounts at the State Treasury and commercial banks for transactions according to the provisions of law; Funding for basic scientific research is guaranteed by the budget and the state according to regulations.

The Institute's international transaction name is: National Institute for Finance (abbreviated as NIF).

The Institute's headquarters are located in Hanoi city.

(Article 1 of Decision 2468/QD-BTC 2014)

2. Duties and powers of the National Institute for Finance in Vietnam

The tasks and powers of the National Institute for Finance are specified in Article 2 of Decision 2468/QD-BTC 2014, including:

- Research and develop a national financial strategy:

+ Lead research and develop national financial strategies; other strategies as assigned by the Minister of Finance;

+ Participate and coordinate research and develop specialized strategies led by units under the Ministry of Finance;

+ Evaluate and criticize specialized strategies, ensuring compliance with the overall national financial strategy and other related strategies;

+ Organize the implementation, preliminary review, and summary of the implementation of the national financial strategy.

- Research and develop financial and monetary policies:

+ Preside over research and develop policies in the field of finance and currency as assigned by the Minister of Finance;

+ Participate in, coordinate research, and develop policies chaired by units under the Ministry of Finance or by relevant ministries and branches as assigned by the Minister of Finance;

+ Evaluate and criticize policies and propose reform and amendment plans;

+ Participate in implementing, preliminary, and finalizing the implementation of financial and monetary policies as assigned by the Minister of Finance.

- Basic and applied scientific research in the field of finance.

- Organize economic and financial analysis and forecasting activities; research and evaluate the impact of financial policy on socio-economic and sustainable development.

- Organize and implement the construction of financial databases and economic and financial information system, compilation and publication of magazines, scientific research publications, and research documents on financial strategies and policies according to the provisions of law.

- Manage scientific and technological research activities of the financial industry:

+ Develop and organize the implementation of science and technology development plans for the financial sector, including long-term and annual research plans as assigned by the Minister of Finance;

+ Carry out standing duties of the Science and Technology Council of the financial sector;

+ Scientific and technological information and statistics of the financial industry.

- Participate in training and consulting in the field of finance and provide public services within the scope of the functions and tasks of the Institute.

- Propose and organize the implementation of international cooperation contents under the Institute's management.

- Manage finances, assets, civil servants, and public employees according to the provisions of the law and the decentralization of the Minister of Finance.

- Perform other tasks assigned by the Minister of Finance.

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