Order of formulation of five-year finance plans in Vietnam

Order of formulation of five-year finance plans in Vietnam (Internet image)

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

1. Formulators of five-year finance plans in Vietnam

 Formulators of five-year finance plans in Vietnam according to Article 5 of Decree 45/2017/ND-CP include:

- The Ministry of Finance shall assume the prime responsibility for, and coordinate with the Ministry of Planning and Investment and related ministries and central agencies in, formulating national five-year finance plans and reporting them to the Government for submission to the National Assembly for consideration and decision.

- Provincial-level People’s Committees shall direct provincial-level Finance Departments to assume prime responsibility for, and coordinate with provincial-level Planning and Investment Departments and other related local agencies in, formulating provincial-level five-year finance plans and reporting them to provincial-level People’s Councils for consideration and decision.

2. Order of formulation of five-year finance plans in Vietnam

According to Article 9 of Decree 45/2017/ND-CP, the order of formulation of five-year finance plans in Vietnam is as follows:

* Order of formulating national five-year finance plans:

- Before March 31 of the fourth year of each five-year finance plan, the Prime Minister shall issue a directive on formulation of the national five-year finance plan for the subsequent period;

- Before December 31 of the fourth year of each five-year finance plan, the Ministry of Planning and Investment shall assume the prime responsibility for, and coordinate with related ministries and agencies in, anticipating major socio-economic targets for the subsequent five-year period and send them to the Ministry of Finance for use as a basis for formulation of the national five-year finance plan for the subsequent period;

- Before June 30 of the fifth year of each five-year finance plan, based on the socio-economic development plan of the subsequent five-year period already submitted to the Government, the Ministry of Finance shall assume the prime responsibility for, and coordinate with the Ministry of Planning and Investment and related ministries and agencies in, formulating the national five-year finance plan for the subsequent period and submitting it to the Prime Minister;

- Before September 20 of the fifth year of each five-year finance plan, based on the Prime Minister’s opinions, the Ministry of Finance shall finalize the national five-year finance period for the subsequent period and report it to the Government for submission to the Standing Committee and agencies of the National Assembly;

- Before October 20 of the fifth year of each five-year finance plan, based on opinions of the Standing Committee and Committees of the National Assembly, the Ministry of Finance shall finalize the national five-year finance plan for the subsequent period and report it to the Prime Minister for submission to the National Assembly.

* Order of formulation of provincial-level five-year finance plans:

- Before May 15 of the fourth year of each five-year finance plan based on the Prime Minister’s directive on formulation of the five-year finance plan for the subsequent period, provincial-level People’s Committees shall direct provincial-level Finance Departments to assume the prime responsibility for, and coordinate with provincial-level Planning and Investment Departments and related agencies and units in, formulating their local five-year finance plans for the subsequent period;

- Before November 30 of the fourth year of each five-year finance plan, provincial- level People’s Committees shall report their local five-year finance plans for the subsequent period to their provincial-level People’s Councils’ Standing Bodies;

- Before December 31 of the fourth year of each five-year finance plan, provincial-level People’s Committees shall send their local five-year finance plans for the subsequent period which have been finalized based on opinions of provincial-level People’s Councils’ Standing Bodies to the Ministry of Finance and Ministry of Planning and Investment for opinion;

- Before July 20 of the fifth year of each five-year finance plan, provincial-level People’s Committees shall finalize their local five-year finance plan for the subsequent period and send them together with documents on annual state budget estimates to the Ministry of Finance and Ministry of Planning and Investment;

- Based on the opinions of the Ministry of Finance and Ministry of Planning and Investment, provincial-level People’s Committees shall finalize their local five-year finance plans for the subsequent period and report them to their provincial-level People’s Councils for consideration and decision together with the budget estimates for the first year of the subsequent five-year planning period;

- Before December 10 of the fifth year of each five-year finance plan, based on their local socio-economic development plans for the subsequent five-year period, provincial- level People’s Councils shall consider and decide on their local five-year finance plans of the subsequent period.

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