New regulations on functions tasks and organizational structure of the Ministry of Finance

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The new organizational structure of the Ministry of Finance has 28 units.
The new organizational structure of the Ministry of Finance has 28 units.

Accordingly, the Ministry of Finance is a Government agency which has the function of implementing the State management in finance (including State budget, tax, fees and other revenues of the State budget, national reserve, State financial funds, financial investment, corporate finance and cooperative finance and collective economy, State assets); customs; accounting; independent audit; insurance; prices; securities; financial and other service activities within its state management scope; conducting the ownership rights to the State’s investment capital in enterprises according to regulations of the Law.

The Ministry of Finance performs the tasks and exercises powers stipulated in Government’s Decree No.123/2016/ND-CP dated September 1, 2016, defining the functions, tasks, powers and organizational structures of ministries and ministerial-level agencies; Decree No. 101/2020/ND-CP dated August 28, 2020 of the Government amending and supplementing some articles of Decree No. 123/2016/ND-CP and the other specific tasks and powers.

In which to submit to the Government bills, draft resolutions of the National Assembly, draft ordinances and draft resolutions of the National Assembly Standing Committee; draft decrees of the Government according to the approved annual law-making programs and projects of the ministry and projects and schemes assigned by the Government or the Prime Minister;

To submit to the Government and Prime Minister the strategies, master plans, medium-term, long-term and annual development plans in the fields of state management of the ministry; draft decisions, directives and other documents of the Prime Minister following Law;

To uniformly manage, direct and inspect the collection of taxes, fees, charges and other revenues following the Law for tax, customs agencies and others assigned by the State to collect fees, charges or other revenues;

To assume the prime responsibility for, and coordinate with concerned agencies in formulating and submitting to competent authorities for promulgation, and guiding and inspecting the implementation of legal documents on taxes, fees, charges and land use levy collection, rents for land, water surface, rent and sale of state-owned houses, registration fees and other revenues as prescribed by Law;

To inspect, supervise and handle violations of the Law in the implementation of provisions of the Law on lottery, betting, casino and prize-winning electronic games; issue, re-issue, adjustment, extension and revocation the Certificate of eligibility for trading in the lottery, betting, casino and prize-winning electronic games following current Law.

To assume the prime responsibility for and coordinate with concerned ministries and agencies in formulating and submitting to competent authorities for decisions on the prices of goods and services on the list of goods and services determined by the State; stipulate general pricing methods for goods and services so that ministries, central and local agencies, production and business establishments make price plans and serve as a basis for appraising price plans, checking price forming factors; coordinate with ministries and agencies in guiding pricing methods for goods and services under the decision-making power of ministries and agencies.

The Decree stipulate that the organizational structure of the Ministry of Finance includes 28 units:

  1. Department of State Budget,
  2. Department of Investment,
  3. Department of Finance for National Defense and Security (Department I),
  4. Department of Finance and Administration,
  5. Department of Banking and Financial Institutions,
  6. Department of International Cooperation,
  7. Legal Department,
  8. Department of Personnel and Training,
  9. Department of Finance Inspectorate
  10. Ministerial Office,
  11. Department of management and supervision for policies on taxes and fees.
  12. Department of Public Asset Management
  13. Department of Debt Management and External Finance
  14. Insurance Supervisory Authority
  15. Department of Management and Supervision of Accounting and Auditing,
  16. Department of Price Management,
  17. Department of Financial Informatics and Statistics,
  18. Department of Corporate Finance,
  19. Department of Financial Planning,
  20. General Department of Taxation,
  21. General Department of Customs,
  22. General Department of National Reserves,
  23. State Treasury,
  24. State Securities Commission,
  25. National Institute of Financial Strategy and Policy
  26. Vietnam Financial Times,
  27. Financial Magazine,
  28. Training Center for Financial Officers.

The Institute of Financial Strategy and Policy, the Vietnam Financial Times, the Financial Magazine, and the Training Center for Financial Officers are non-business organizations serving state management under the ministry. The rest are administrative organizations helping the Minister perform state management functions.

The State Budget Department has four units, the Finance and Administration Department has four units, the Department of Finance Inspectorate has four units, the Department of Banking and Financial Institutions has four units, the Legal Department has five units, the Department of Personnel and Training has seven units, and the Department of International Cooperation has four units

The Minister of Finance will submit to the Prime Minister for promulgation decisions defining the functions, tasks, powers and organizational structure of the General Department of Taxation, the General Department of Customs, the General Department of State Reserves, and the State Treasury, the State Securities Commission and a list of other non-business units under the ministry.

Regarding the transitional provision, the Tax Policy Department will continue to perform its functions and duties in accordance with current legal regulations until the Minister of Finance issues a Decision defining the functions, duties, powers and organizational structure of the Department of management and supervision for policies on taxes, fees and charges.

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