Which Ministry does the Finance Department belong to? Duties and powers of Finance Department in Vietnam

Which Ministry does the Finance Department belong to? Duties and powers of Finance Department in Vietnam
Nguyễn Thị Diễm My

Which Ministry does the Finance Department belong to? What are the duties and powers of Finance Department in Vietnam? – Thu Tuyen (Thai Binh)

Which Ministry does the Finance Department belong to? Duties and powers of Finance Department in Vietnam

Which Ministry does the Finance Department belong to? Duties and powers of Finance Department in Vietnam (Internet image)

1. Which Ministry does the Finance Department belong to?

According to Article 1 of Decision 1919/QD-BNN-TCCB, the Finance Department is an organization under the Ministry of Agriculture and Rural Development of Vietnam and has the function of advising, synthesizing, and assisting the Minister in performing state management in the fields of finance, accounting, prices, property, land, taxes, fees, and charges; management of state capital; arrangement and restructuring of enterprises; and management of state-owned enterprises and enterprises with state capital under the management of the Ministry.

2. Duties and powers of the Finance Department in Vietnam

Duties and powers of the Finance Department in Vietnam include:

(1) Taking the lead in advising and submitting to the Minister long-term, medium-term, and annual strategies, plans, schemes, mechanisms, policies, and legal documents in the areas assigned to them for management; guiding, inspecting, and organizing the implementation according to regulations.

(2) Regarding budget revenue and expenditure estimates:

- Submitting to the Minister the state budget estimate plan and decide on the allocation, adjustment, and assignment of the annual budget estimate to the budget-using agencies and units of the Ministry;

- Guiding agencies and units under the Ministry to prepare annual budget revenue and expenditure estimates and 3-year state budget plans;

- Approving estimates of annual budget expenditure tasks for agencies and units in accordance with current standards, norms and regimes and as authorized by the Minister;

- Summarizing and publicize state budget estimates according to regulations.

(3) Regarding the settlement of budget capital:

- Assuming the prime responsibility for approving or appraising and notifying the annual state budget settlement for the units affiliated with the Ministry; units using state budget capital managed by the Ministry (including subsidies and national reserves) according to regulations;

- Assuming the prime responsibility for, and coordinating in, verifying and submitting to the Minister for approval the final settlement of investment capital for projects of groups A, B, and C; national important projects; and other important projects according to regulations;

- Guiding and inspecting the finalization of the state's investment capital in investment projects in the form of public-private partnerships (PPP) under the management of the Ministry according to regulations;

- Synthesize and publicize the annual state budget finalization report as prescribed.

(4) Regarding the arrangement and restructuring of enterprises in which the Ministry is the owner's representative:

- Advising and submitting to the Minister the project on the establishment of state-owned enterprises under the Ministry;

- Submitting to the Minister a master plan on arrangement, renewal, ownership transformation, transfer, dissolution, and bankruptcy of state-owned enterprises and state-owned enterprises under the management of the Ministry; guiding, inspecting, and organizing the implementation after it has been approved;

- Taking charge and cooperate in submitting to the Ministry the list of public non-business units under the Ministry to be converted into joint-stock companies and specific plans for conversion of the public non-business units under the Ministry into joint-stock companies; guide, inspect and organize the implementation according to the list approved by the Prime Minister and according to the provisions of law;

- Summarizing reports on the arrangement and restructuring of state-owned enterprises according to regulations.

(5) Management of enterprises in which 100% charter capital is held by the State, enterprises with capital contributed by the State in which the Ministry acts as the owner's representative:

- Advising and submitting to the Minister to perform the function of state owner for enterprises in which 100% charter capital is held by the State:

+ Deciding on objectives, functions, tasks, and business lines; annual and medium-term strategies, production and business plans; and investment and development plans;

+ Promulgating, amending, and supplementing the charter of the organization and operation of the enterprise; decide on the charter capital and adjust the charter capital during the operation of the enterprise according to regulations;

+ Promulgating financial regulations of enterprises; operation regulations of the Controllers;

+ Deciding on the policy of capital contribution, increase or decrease in contributed capital, and transfer of investment capital of the enterprise to joint-stock companies or limited liability companies with two or more members; deciding on the policy of accepting joint-stock companies or limited liability companies with two or more members to become subsidiaries or associate companies of the enterprise;

+ Approving the policy on capital mobilization plans, investment projects, construction, purchase, and sale of fixed assets, investment projects outside the enterprise, and offshore investment projects of the enterprise in accordance with regulations;

+ Approving financial statements, profit distribution plans, and setting up annual funds of the enterprise; approving the fund of salary, remuneration, and bonus of enterprise managers and controllers;

+ Supervising and inspecting the management, use, preservation, and development of capital; the implementation of strategies and plans for investment and development; the recruitment of employees; the implementation of the enterprise's salary and bonus regimes;

+ Carrying out financial supervision, evaluating the operational efficiency of the enterprise, and assessing the level of task completion of the enterprise managers and controllers;

+ Performing the functions of other owner's representative agencies in accordance with the law.

- Advising and submitting to the Minister to perform the function of representing the owner of state capital in enterprises:

+ Deciding according to its competence the investment to increase capital, transfer shares, or contribute capital of the State in joint-stock companies or limited liability companies with two or more members;

+ Requesting the representative of the state capital share to perform tasks related to the rights and obligations of capital contributing shareholders; to give written opinions on matters under the responsibility of the representative of the state capital portion to be reported; and to seek opinions in accordance with the regulation on the operation of the representative of the capital portion and relevant regulations of law;

+ Supervising the recovery of investment capital, profit, and dividends distributed from joint stock companies, limited liability companies with two or more members;

+ Deciding on the salary, responsibility allowance, bonus, and other benefits of the representative of the state capital share;

+ Inspecting, supervising and evaluating the activities of the representative of the state capital share;

+ Performing the functions of other state shareholders in accordance with the law.

(6) Regarding guidance and support for the development of agricultural enterprises:

- Proposing a program to support and improve corporate governance capacity for enterprise managers;

- Coordinate with relevant agencies and units in guiding and inspecting the implementation of regulations on conditional business lines and services in accordance with the law.

(7) Regarding arrangement, restructuring, and development of agro-forestry companies that manage forests and agro-forestry land:

- Submitting to the Minister a mechanism for management and conversion of ownership of agricultural and forestry companies;

- Participating in the Council for the appraisal of plans for the arrangement and restructuring of enterprises with state-owned agricultural and forestry farms managed by the central and local governments;

- Urging and inspecting the implementation of schemes on the arrangement and restructuring of agricultural and forestry enterprises with state-owned agricultural and forestry farms of provinces, ministries, branches, economic groups, or State corporations established by the Prime Minister's decision;

- Monitoring the management and use of land by agro-forestry companies converted from state-owned agro-forestry farms according to the sector development planning.

(8) On management of state assets (including land) at administrative agencies, public non-business units, enterprises, and organizations assigned to manage programs and projects under the management of the Ministry:

- Assuming the prime responsibility for, and coordinating in, compiling, summarizing, and submitting to the Minister for promulgation regulations on standards, norms, and regimes for the use of land and specialized properties at agencies and units under the Ministry's management;

- Presiding over and submitting to the Minister the plan for handling state property according to regulations; deciding to lease assets to serve the operation of agencies, units, and other organizations under the Ministry's management; determining the value of investment capital, which is the property of the State participating in the implementation of PPP projects according to regulations;

- Guiding, examining, and synthesizing reports on the registration of the right to management and use of state property; the management of land use by administrative agencies, non-business units, and state enterprises under the Ministry; inventory of state assets according to regulations;

- Assuming the prime responsibility for inspecting the observance of the regime of procurement, management and use of state property; compile reports on the management and use of state assets under the Ministry's management according to regulations;

- Guiding the management, advising and proposing plans for asset handling of programs and projects using capital from the state budget and capital sources from the state budget upon completion.

(9) Regarding the management of public service organizations and activities:

- Taking charge and cooperating in submitting to the Ministry for promulgation a list of public non-business services funded by the state budget; financial autonomy plans of public non-business units in accordance with law;

- Coordinating in formulating and submitting to the Ministry mechanisms and policies on public service provision;

- Assuming the prime responsibility for summarizing and submitting to the Ministry for approval the plan and funding for the provision of public products and services using the state budget.

(10) Assuming the prime responsibility for, and coordinating with relevant units in, guiding and inspecting the implementation of the financial autonomy mechanism by public non-business units under the Ministry.

(11) Approving the plan for using non-business capital to invest, maintain, repair, and purchase assets, goods, and services in order to maintain regular operations at administrative agencies and non-business units under the Ministry as authorized by the Minister and prescribed by law.

(12) Presiding over, advising, and submitting to the Minister the task of managing non-business capital from the state budget and state assets in programs and projects using official development assistance (ODA) and support from foreign non-governmental organizations (NGOs).

(13) Assuming the prime responsibility for, and coordinating with relevant units in, implementing the budget and treasury management information system (TABMIS).

(14) Assuming the prime responsibility for, or coordinating with relevant agencies and units in, submitting to the Minister the financial handling plan for unexpected expenditure tasks for agencies and units under the Ministry; settling tax, fee, and charge issues within the scope of state management of the Ministry.

(15) Assuming the prime responsibility for, guiding, inspecting, and supervising the financial and accounting management at agencies and units using the state budget managed by the Ministry; propose to the Minister to handle violations according to the provisions of the law.

(16) Assuming the prime responsibility for, guiding, inspecting, and summarizing the implementation of the Law on thrift practice and waste prevention in agencies and units under the Ministry.

(17) Regarding audit:

- Coordinating with the State Audit in implementing the audit plan at the Ministry;

- Assuming the prime responsibility for, and coordinate with relevant agencies and units in, summarizing, monitoring, examining and handling the implementation of the State Audit's conclusions.

(18) Participating in and coordinating with relevant agencies and units:

- Investment policy, allocation of annual investment capital plans for projects under the management of the Ministry;

- Approving prices and unit prices of public products and services using the state budget for ordering; pre-acceptance test and finalization of orders for public products and services using the state budget for enterprises under the Ministry;

- Appointment/appointment, re-appointment/re-nomination, dismissal of the title of Manager of enterprises under the management of the Ministry, Representative of the state capital portion in enterprises under the Ministry;

- Appointment, re-appointment, dismissal, commendation, and discipline of chief accountants or the person in charge of accounting in administrative agencies, non-business units, and project management boards under the Minister's authority;

- Professional training and retraining in the fields under the management of the Department, as assigned by the Minister;

- Appraisal and acceptance of scientific research programs and topics; development investment projects; basic investigation projects; planning projects; and other projects as assigned by the Minister.

(19) Carrying out the tasks of international cooperation and international economic integration under the management of the Department as assigned by the Minister.

(20) Assuming the prime responsibility for, advising, and submitting to the Ministry for financial management of funds established by the Ministry in accordance with law.

(21) Developing and submitting to the Ministry a scheme on employment positions, payroll, and the structure of civil servant ranks; managing civil servants, records, assets, and other resources assigned according to regulations; implementing administrative reform contents according to the programs and plans of the Ministry and as assigned by the Minister.

(22) Performing other duties assigned by the Minister.

(Article 2 of Decision 1919/QD-BNN-TCCB)

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