Vietnam proposes consolidated State Budget and public investment law

Vietnam's Ministry of Finance has submitted a draft of the consolidated State Budget Law to the National Assembly Standing Committee. The proposed law aims to merge the existing frameworks for state budget management and public investment into a single, streamlined legal structure.

Minister of Finance Ngô Văn Tuấn stated that the draft reduces the number of articles from the current two laws to 103 articles across 10 chapters. The primary objectives are to eliminate overlapping regulations, enhance fiscal management through digital transformation, and integrate public investment plans directly into five-year financial plans and annual budget estimates.

The reform focuses on decentralizing authority while increasing accountability and power control. It also seeks to simplify administrative procedures for public investment and introduce new requirements for evaluating the socio-economic efficiency of projects. The Economic and Finance Committee has expressed preliminary agreement with the proposal, noting that the draft incorporates various feedback from ministries, local authorities, and international organizations.