Content, form and deadline for disclosure of state financial reports in Vietnam

Content, form and deadline for disclosure of state financial reports in Vietnam (Internet image)

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

1. Content, form and deadline for disclosure of state financial reports in Vietnam

The content, form and deadline for disclosure of state financial reports according to Article 14 of Decree 25/2017/ND-CP are as follows:

* Contents to be disclosed:

- Provincial-level People’s Committees shall disclose information of provincial state financial reports, including the state property situation; debts of local administrations and other payables of the State; funds of the State; revenues, expenditures and financial operation results of the State; the state cash flow within their provinces; except for detailed statistics in the fields of national defense, security and national reserves;

- The Ministry of Finance shall disclose information of national state financial reports, including the state property; public debts and other payables of the State; funds of the State; revenues, expenditures and financial operation results of the State; the state cash flow nationwide; except for detailed statistics in the fields of national defense, security and national reserves.

* Forms of disclosure:

State financial reports shall be disclosed in one or some of the following forms: publication distribution, posting up and publishing on e-portals and other forms as prescribed by law.

* Disclosure deadlines:

- Provincial-level People’s Committees shall disclose provincial state financial reports within 30 days after these reports are presented before provincial-level People’s Councils;

- The Ministry of Finance shall disclose national state financial reports within 30 days after these reports are presented before the National Assembly.

2. Rights and responsibilities of units compiling state financial reports in Vietnam

Rights and responsibilities of units compiling state financial reports in Vietnam according to Article 9 of Decree 25/2017/ND-CP are as follows:

- The State Treasury shall assist the Ministry of Finance in compiling national state financial reports for submission to the Government for further reporting to the National Assembly.

- Provincial-level State treasuries shall compile provincial state financial reports under the direction of the State Treasury and submit them to provincial-level People’s Committees for reporting to provincial-level People’s Councils and sending to the State Treasury for compiling national state financial reports.

- State treasuries at all levels shall publicize a list of agencies, units and organizations that fail to fully and promptly provide information to state treasuries at all levels as prescribed in Articles 16, 17 and 18 of Decree 25/2017/ND-CP, and suspend the allocation of state budget funds for these agencies, units and organizations, except those for payment of wages, allowances, social allowances, scholarships and a number of other urgent expenditures as prescribed by the Ministry of Finance.

The fund allocation and payment may resume only when the agencies, units and organizations have fully complied with regulations.

3. Regulations on reports on state finance in Vietnam

Regulations on reports on state finance according to Article 5 of Decree 25/2017/ND-CP are as follows:

- A report on state finance is a general financial report which reflects all information on property; payables; and funds of the State nationwide or within a province at the closing time of the reporting period.

- Contents of a report on state finance:

+ State property:

State property includes all property assigned by the State to the units prescribed in Clause 1, Article 2 of Decree 25/2017/ND-CP for possession, management and use in accordance with regulations: cash and cash equivalents; receivables; inventory goods; financial investment; granted loans; tangible fixed assets; unfinished capital construction; intangible fixed assets; and other property.

+ Payables of the State:

Payables of the State include debts of the Government, debts of local administrations and other amounts payable by the units prescribed in Clause 1, Article 2 of Decree 25/2017/ND-CP.

+ Funds of the State:

Funds of the State include funds for forming property; accumulative surplus (or deficit) of financial operations and other funds.

- The forms of reports on national and provincial state finance situations are provided in Appendix I to Decree 25/2017/ND-CP.

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