Kinhtedothi - Explaining issues of concern to National Assembly deputies, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that he will strengthen inspection of the stock market to limit risks...
On November 7, continuing the 8th Session, the National Assembly discussed in the hall the Draft Law amending and supplementing a number of articles of the Securities Law, the Accounting Law, the Independent Audit Law, the State Budget Law, the Law on Management and Use of Public Assets, the Tax Administration Law and the Law on National Reserves.
Strengthening decentralization of budget management
Explaining the issues that delegates were concerned about regarding the State Budget Law, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that the Law was amended to immediately resolve bottlenecks, difficulties and problems in a short period of time. In the coming term, the Law will be comprehensively amended in the direction of strengthening budget management decentralization, increasing the central budget's leadership and the local budget's initiative.
In response to concerns from National Assembly deputies about whether the State Budget Law (amended) conflicts with the Public Investment Law, Deputy Prime Minister and Minister of Finance Ho Duc Phoc affirmed that the Government, the Ministry of Finance, and the Ministry of Planning and Investment have discussed very carefully and the revised contents of the State Budget Law this time are consistent with the Public Investment Law (amended).
In order to avoid spreading investment and breaking fiscal policy, the revised Law on Public Investment stipulates that the medium-term public investment plan is determined on the basis of fiscal balance within 5 years, "that is, only when there is money will it be done, not when there is no money", increasing investment efficiency. According to Deputy Prime Minister and Minister of Finance Ho Duc Phoc, the amounts arising in the budget year will be allocated to spend on necessary projects and works that are not yet included in the medium-term public investment plan.
Citing the case of the collapsed Phong Chau Bridge (Phu Tho), Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that if the current Law on Public Investment was not included in the medium-term public investment plan, it would not be possible to implement it. Therefore, it is necessary to use budget reserves and savings to invest in order to complete the project early and ensure people's travel. These are practical requirements, both meeting the needs of fiscal policy management and ensuring the effective use of State budget resources.
Regarding the provisions, savings on state budget expenditures, and excess budget revenue for spending on natural disaster prevention, epidemics, catastrophes, storms and floods, national security and defense, and some other expenditures, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that the Draft Law on State Budget (amended) has clearly stipulated the authority to decide on these items to ensure transparency, clear responsibilities, and effective management.
The above capital sources are still deployed according to the procedures of public investment. Accordingly, project preparation, design approval, bidding, bidding, investment implementation, settlement... are still carried out as public investment projects. The only difference is whether the capital source is included in the medium-term plan or not, the rest still ensures efficiency and correct procedures.
Regarding the budget issue that has been decided by the National Assembly, some delegates said that the Government should not be assigned to manage this budget. Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that this issue has been mentioned many times by the Prime Minister.
"For example, when implementing a project that changes the budget decided by the National Assembly but still submits it to the National Assembly for approval, it will take more time. Therefore, the National Assembly has decided on the overall budget, then the Government will manage the allocation of each item when the unit price and norms are approved. This will individualize responsibility" - Deputy Prime Minister and Minister of Finance Ho Duc Phoc emphasized.
Management and operation issues are clearly decentralized .
Regarding the Law on Management and Use of Public Assets, which stipulates the authority to mobilize, manage, and approve, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that this amendment has been comprehensively changed. Previously, the Ministry of Finance approved the transfer of assets, but this draft Law is more decentralized. For assets belonging to the province, the Provincial People's Council is responsible for allocating and assigning the Provincial People's Committee to manage and operate. For assets belonging to ministries and branches, the Minister decides.
Accordingly, the Ministry of Finance only decides on issues of transferring assets from one sector to another, from one locality to another, from locality to the Central Government or vice versa... National security assets are under the authority of the Prime Minister. The remaining management and operation issues are clearly decentralized.
Public service units calculate depreciation, any product that is depreciated must be allocated to the development investment fund, any product that is not depreciated does not need to be allocated, so it depends on the product issue. Joint venture assets have been stipulated in the Law on Management and Use of Public Assets and Land, implemented in accordance with the Land Law, service units have the right to form joint ventures to perform services according to their functions and tasks but must not lose public assets or land.
According to Deputy Prime Minister and Minister of Finance Ho Duc Phoc, auditors must join the auditing association. This association is voluntary, self-funded, mainly protecting the rights and providing professional support to members. Auditors do not necessarily have to join the association; if necessary, they will join voluntarily, and should not be forced.
Regarding the Securities Law, National Assembly deputies said that there should be collateral or a commercial bank guarantee when issuing bonds to the public. Regarding this issue, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that the drafting agency had previously included this content in the Draft Law, then after receiving opinions from ministries, sectors, and businesses, the Government met and agreed that this provision was not necessary because if it were, it would narrow and affect the current stock market. Therefore, an assessment will be carried out according to international practice, which is credit rating for public issuances, and inspections will be strengthened to limit risks.
Source: https://kinhtedothi.vn/tang-cuong-thanh-kiem-tra-giam-sat-thi-truong-chung-khoan-de-han-che-rui-ro.html
![[Photo] Prime Minister Pham Minh Chinh chairs conference on anti-smuggling, trade fraud, and counterfeit goods](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2025/5/14/6cd67667e99e4248b7d4f587fd21e37c)
Comment (0)