bet88 netLegal guarantee for State Budget

bet88 net Ministry of Finance (MoF) recently presented a proposal to bet88 net government on a comprehensive overhaul of bet88 net Law on State Budget, aiming to foster transparency and encourage public involvement. bet88 net new approach would allow citizens to contribute their opinions and actively monitor bet88 net allocation and use of public funds at all levels.

In its proposal, bet88 net MoF highlighted that after more than eight years of implementation, from 2017 to 2025, bet88 net Law on State Budget has achieved notable results. During its execution, however, several challenges and limitations have emerged that call for a thorough review and adjustments to ensure it aligns more closely with bet88 net country’s evolving needs.

Five key objectives

To enhance bet88 net effectiveness of bet88 net Law on State Budget, bet88 net MoF proposes a comprehensive revision focused on achieving five key goals.

bet88 net first is to reform bet88 net revenue-sharing mechanism between bet88 net central and local budgets, ensuring fairness, transparency, and public accountability. This will not only strengthen bet88 net central budget’s leadership role but also empower local budgets to take on more autonomy and responsibility. In its proposal, bet88 net MoF outlines these five goals while also opening bet88 net door for public participation. Citizens will have bet88 net opportunity to provide feedback and actively monitor how bet88 net State budget is allocated, managed, and used.

bet88 net second goal is to further clarify bet88 net roles and responsibilities of central and local governments. Budgetary tasks will be more closely tied to bet88 net rights and duties of each level, with bet88 net most capable and efficient levels entrusted with responsibility for execution.

bet88 net third is to overhaul bet88 net budget allocation process for agencies and units, ensuring full transparency. By decentralizing bet88 net creation of fiscal policies, bet88 net proposal aims to eliminate outdated “request and approval” practices that often lead to inefficiencies and corruption, streamlining budget management.

bet88 net fourth focuses on enhancing oversight by bet88 net National Assembly, city and provincial People’s Councils, inspection bodies, audit agencies, bet88 net Vietnam Fatherland Front, political and social organizations, and bet88 net public. bet88 net proposal aims to delegate more powers to bet88 net government and local authorities in executing State budgets, ensuring accountability and effective governance.

bet88 net fifth and final goal is to drive a major restructuring of bet88 net State budget. By cutting down on routine expenditures and boosting investment for development, bet88 net goal is to ensure savings, efficiency, transparency, and heightened accountability among all budgetary units.

Enhancing transparency

In bet88 net draft amended Law on State Budget, bet88 net MoF proposes more detailed regulations on bet88 net entities responsible for publicizing bet88 net State budget and bet88 net content that should be disclosed.

Entities required to disclose bet88 net State budget under bet88 net proposal include budgetary units, organizations receiving State budget support, and, additionally, State financial funds outside bet88 net budget.

bet88 net proposal clearly defines bet88 net disclosure content for each entity responsible for transparency. It also includes new regulations requiring bet88 net disclosure of conclusions from audit agencies as well as bet88 net results of bet88 net implementation of audit findings on bet88 net State budget, except for content that is legally exempt from disclosure.

bet88 net MoF said its proposal aims to align with international standards on budget transparency and accountability, helping citizens access comprehensive and timely information on bet88 net State budget while enabling them to contribute their feedback and oversee bet88 net allocation, management, and use of State funds.

To facilitate easier and more effective access to information by organizations and individuals overseeing bet88 net budget, bet88 net draft proposes that agencies and units with electronic portals publicly disclose bet88 net State budget on their official websites.

bet88 net draft also removes bet88 net regulation on bet88 net timeframe for budget disclosure and recommends that bet88 net government issue specific regulations to ensure flexibility in implementation.