REGULATIONS ON THE FORMULATION OF FINANCE AND FINANCE-STATE BUDGET PLANS
On April 21, 2017, the Government issued the Decree No. 45/2017/ND-CP detailing the formulation of five-year finance plans and three-year finance-state budget plans.
In accordance with the regulations in this Decree, 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.
Within that, the Contents of a national five-year finance plan includes the content such as determination of overall objectives of the five-year finance plan; determination of the state budget balance; debt management indicators; forecasts about risks that might affect the state budget balance and debt management indicators and other financial solutions to ensuring the implementation of the national five-year finance plan…
The Ministry of Finance shall assume the prime responsibility for, and coordinate with the Ministry of Planning and Investment in, summarizing national three-year finance-state budget plans and reporting them to the Government for submission to the National Assembly for reference during the discussion, consideration and approval of annual state budget estimates and central budget allocation plans. Provincial-level Finance Departments shall assume the prime responsibility for, and coordinate with provincial-level Planning and Investment Departments in, summarizing provincial-level three-year finance-state budget plans and reporting them to provincial-level People’s Committees for submission to provincial-level People’s Councils for reference during the discussion, consideration and approval of annual local budget estimates and allocation plans.
This Decree takes effect on June 5, 2017, and applies from the 2017 budgetary year.
