State financial reports to be compiled from 2018
Vietnam will start to compile reports on the State’s assets, debt obligations, capital sources and financial results from 2018 in accordance with the Government’s Decree 25.
The newly-issued decree, which will take effect on January 1 next year, specifies the content and announcement of the reports as well as responsibilities of agencies and localities for providing data to assist compiling reports at central and local levels.
Central-level reports will contain the State’s financial information about what is financed and managed by the State budget across the country while local-level reports feature the State coverage in provinces and centrally-run cities.
The State financial reports will comprise four basic parts detailing the State’s assets, liabilities, capital sources, tax and fee collections and spending, financial results, and explanations.
The reports will be like those of businesses.
Notably, the State’s debt obligations will cover debts of the Government, provinces and cities, and liabilities of agencies and units.
The decree says the State financial reports will be done based on the accounting period of one year from January 1 to December 31.
The Ministry of Finance will have to submit central-level reports to the Government for consideration 14 months after a fiscal year ends and the Government will forward it to the National Assembly 18 months after the fiscal year is out at the latest.
Local governments should publicize their State financial reports within 30 days from the date of the reports going before the people’s councils in provinces and cities.
The Ministry of Finance will make public central-level reports 30 days from the date of their presentation to the legislature.
The State financial reports can be publicized in the form of publications and on portals, among others.