16:42 | 23/10/2016 Finance - Banking
(VEN) - The Ministry of Finance has passed around the draft decree on state financial reports for relevant ministries and agencies to comment in order to implement the Accounting Law and the State Budget Law. The most interested content in the draft decree is to publicize state financial reports from January 1, 2018.
Article 15 of the draft decree states that provincial people’s committees are responsible for publicizing reports on their local government debts, other state liabilities and state capital sources, while the Ministry of Finance has to post state financial reports in terms of state assets, public debts and other state liabilities.
Provincial people’s committees must publicize key information in their state financial reports and give detailed explanations about some important socioeconomic indicators on their websites. The Ministry of Finance has to publish printed editions of key information in their state financial reports and notes of important socioeconomic indicators at national level, the same content will be posted on the Ministry of Finance’s website.
Provincial people’s committees have to publicize their state financial reports within 15 days from the date of being reported to provincial people’s councils. In addition, the Ministry of Finance must publicize state financial reports nationwide within 30 days from the date of being reported to the National Assembly. State financial reports are determined to be stored permanently.
According to economists, information demand on the state financial situation has become a reality. Many countries, international organizations and donors providing aid to Vietnam also pay great attention to the financial situation and repayment capacity of the state. If information about state finance is provided adequately, the state can borrow from foreign partners with favorable conditions about loan terms, interest rates and other matters.
According to the Ministry of Finance, during the process of negotiations about aid programs for Vietnam, foreign countries and international financial organizations always ask Vietnam to give adequate information about state finance. Providing financial data in an adequate and honest manner is seen as a foremost requirement.