15:34 | 02/08/2017 Finance - Banking
Starting August 1st, establishments that draw funds from the State budget will have to publicise their budget estimates and balance every quarter under a new Circular of the Ministry of Finance.
Establishments can publicise the information at meetings, post the information at their headquarters or issue publications on their budget estimates and balance.
Budget-related information can also be publicized through the media or on company websites.
Relevant ministries, agencies and People’s Committees at all levels are responsible to examine the publication of State budget estimates and balance of establishments within their jurisdiction.
Violators will be punished in line with current regulations.
The publication of information must be done no later than 15 days after the end of the quarter and the six-month period.
In another regulation that will kick off on August 15, the Electricity of Vietnam will be allowed to adjust the average electricity retail price every six month under a decision issued by Prime Minister Nguyen Xuan Phuc. The price change must be done transparently, publicly and within the price framework regulated by the Prime Minister.
If the electricity price is increased 10 percent higher than the current rate or affects the macro-economy, the Ministry of Industry and Trade will co-ordinate with the Ministry of Finance to inspect and review the price adjustment to submit to the PM for consideration.
Also from August 15, monthly pensions, social insurance allowances and social allowances will increase by 7.44 percent for eight groups, including public officials, workers, soldiers, police and those receiving pensions for occupational accidents and diseases.