Chapter VI
ACCOUNTING, AUDIT, AND STATEMENT OF STATE BUDGET
Article 63. Accounting and statement of state budget
1. Agencies, organizations, units, and individuals related to state budget revenues and expenditures must do accounting and make statement of state budget in accordance with state accounting regulations and this Law.
2. Finance authorities are entitled to suspend budgets of agencies, organizations and units at the same level that fail to adhere to regulations on accounting, statement, or other financial statement, and take responsibility for their decision.
3. State Treasuries shall do accounting of state budget; consolidate state budget revenues and expenditures; submit reports to finance authorities at the same level and relevant agencies according to applicable regulations.
Article 64. Settlement of state budget revenues and expenditures at year’s end
1. At the end of the budget year, agencies, organizations, units, and individuals related to budget revenue and expenditure shall close accounting books and make state budget statements.
2. The deadline for adjusting state budget statements is January 31 of the next year.
3. The estimated expenditures, including additional expenditures in the year that are not enacted or completely enacted at the end of the budget year, including the time for adjusting state budget statement prescribed in Clause 2 of this Article, must be cancelled, except for the following expenditures which are permitted to be carried over to the next year and recorded in the next year’s budget:
a) Expenditure on development investment carried over to the next year’s budget according to the Law on Public Investment;
b) Expenditures on equipment purchase that have adequate documents and purchase contracts signed before December 31 of the enactment year;
c) Sources for implementation of wage policies;
d) Autonomous budgets of public service agencies and regulatory agencies;
dd) Estimates added by competent authorities after September 30 of the enactment year;
e) Funding for scientific research.
4. The usable revenue increases and expenditure decreases prescribed in Clause 2 Article 59 of this Law; Such amounts may be carried over to next year's budget if permitted by a competent authority.
5. The government shall provide specific regulations on carrying over budget.
Article 65. Requirements applied to state budget statement
1. Information on the state budget statement must be accurate, truthful, and adequate.
2. The state budget revenue stated is the amount collected and accounted for as prescribed. Revenues of the last year’s budget submitted to next year’s state budget shall be recorded in the next year’s budget. The state budget expenditure stated is the amount paid and accounted for as prescribed.
3. Information on state budget statements of budget-using units, investors, and various levels of state budgets must be compared and confirmed by State Treasuries where the transactions are made.
4. Contents of the state budget statement must be conformable with the state budget estimate given and list of state budget entries.
5. On budget statements of districts and communes, expenditure must not be higher than revenue.
6. Budget statements of budget-using units, superior budget estimate units, and various levels of state budget must be enclosed with the explanation and assessment of result, efficiency of budget expenditure associated with performance of tasks of units, local governments, fields, and target programs they are responsible for.
7. Budget statements of off-budget financial funds must be enclosed with explanation and assessment of result, efficiency of performance of their tasks.
8. Illegitimate state budget revenues must be returned to the payers; pending state budget revenues must be collected; illegitimate state budget expenditures must be recovered in full.
Article 66. Approving state budget statements
1. Annual statements shall be examined as follows:
a) Each revenue and expenditure shall be examined;
b) The revenues must be conformable with regulations of law on taxes, fees, charges, and other regulations of the State;
c) The expenditures must satisfy the conditions in Clause 2 Article 12 of this Law;
d) All revenues and expenditures must be accounted for in accordance with regulations on accounting of the State, list of state budget entries, and on schedule;
dd) Documents about revenues and expenditures must be legitimate; figures in accounting books and budget statements must match the documents and figures of State Treasury.
2. Annual budget statements are examined by the following agencies:
a) The superior budget estimate unit shall examine budget statements made by affiliated budget estimate units as prescribed;
b) In case the budget estimate unit level 1 is also a budget-using unit, the finance authority at the same level shall examine its budget statement.
3. The examining agency is entitled to:
a) Request State Audit Office of Vietnam or hire a independent audit organization to audit budget statements of large-scale target programs/projects to have more basis for examination;
b) Request provision of explanation or additional information necessary for examining the statement;
c) Request payment of amounts payable to state budget and remove expenditures that are illegitimate or not conformable with the approved estimate; take punitive actions or request a competent authorities to take punitive actions against the violations that cause losses to state budget.
d) Correct errors or request the remake of the budget statement if necessary.
4. When the examination of the annual budget statement is finished, the superior budget estimate unit shall send a notification of approval for budget statement to the inferior budget estimate unit; budget estimate units level I shall send the notification to the inferior budget estimate units and the finance authorities at the same level for verification.
The finance authority shall send notification of approval for budget statement budget estimate units level I that are also budget-using units.
5. The head of the examining agency is responsible for result of budget statement results, and incur penalties for undiscovered and overlooked violations.
Article 67. Verification of state budget statement
1. Verifying authorities:
a) Finance authorities shall verify annual budget statements of budget estimate units level I under their management, except for the case in Point b Clause 2 Article 66 of this Law;
b) Finance authorities of provinces and districts shall verify annual budget statements of inferior budgets;
c) The Ministry of Finance shall not verify annual budget statements of provinces.
2. Finance authorities shall verify annual budget statements of budget estimate units level I under their management as follows:
a) Examine the adequacy and consistency of figures; ensure consistency between figures on the statement and notification on approval for budget statement of the affiliated unit and confirmation by State Treasury;
b) Inspect the accuracy and legitimacy of the increases and decreases compared to the given budget estimate;
c) Make remarks about the annual budget statement.
3. Finance authorities of provinces and districts shall verify annual budget statements of inferior budgets as follows:
a) Inspect the adequacy and consistency of figures;
b) Inspect the accuracy and legitimacy of the increases and decreases compared to the given budget estimate;
c) Make remarks about the annual budget statement.
4. Verifying authorities are entitled to:
a) Request the budget estimate units level I and inferior finance authorities to provide additional information necessary for verification of the budget statements;
b) Request responsible authorities to remove, recover illegitimate expenditures and pay the amounts payable to state budget as prescribed;
c) Request the statement-examining authority to adjust the budget statements of budget estimate units if incorrect;
d) Request refund of the illegitimate revenues or request a competent authorities to request such refund.
5. When the annual budget statement is verified, the finance authority shall issue a notification which contains remarks and recommendations, and send it to the budget estimate unit level I or the People’s Committee at the lower level.
If there are errors, the finance authority shall request the budget estimate unit level I to adjust the statement; the superior finance authority shall request the People’s Committee at lower level to request the People’s Council at the same level to adjust the statement.
Finance authorities shall deal with violations within its competence or request a competent authority to do so.
6. If discovering errors in a budget statement of a province during aggregation of state budget statements, the Ministry of Finance shall request the People’s Committee of such province to request the People’s Council of the same province to adjust the statement. The Ministry of Finance shall deal with violations within its competence or request a competent authority to do so.
Article 68. Making of state budget statements of budget estimate units and investors
1. Budget-using units shall make state budget statements and submit them to the superior budget estimate unit.
2. Every investor in fundamental construction programs/projects, National target programs, and projects of national importance shall:
a) At the end of the budget year: Make a statement of the capital sources, state budget capital, use of capital, amount of works completed and paid for in the year; send it to the provider of capital for fundamental construction, supervisory agency of the investor, and the finance authority at the same level;
b) When the fundamental construction program/project, National target program, or project of national importance is finished: Make a statement of capital sources and state capital enclosed with explanation of use of capital; send it to the provider of capital for fundamental construction and the agency competent to examine the budget statement of the fundamental construction or program/project as prescribed;
c) With regard to National target programs and projects of national importance the investment contents of which are decided by the National Assembly, the budget statement must be submitted to the National Assembly for consideration and submission to the National Assembly apart from the regulations in Point a and Point b of this Clause.
3. According to the approved budget statement of a budget-using unit, the superior budget estimate unit shall make a report on state budget statement within its competence and send it to the superior budget estimate unit; budget estimate units level I shall send it to finance authorities at the same level.
Budget estimate units level I shall impose deadline for submission of budget statements by affiliated budget estimate units in order to ensure the report on budget statement is submitted to the finance authority at the same level on schedule.
Article 69. Deadline and procedures for making statements of local government budgets
1. Based on the reports submitted by State Treasuries, result of examination and verification of budget statements of inferior budget estimate units level I, and statements of inferior budgets approved by the People’s Council, the local finance authority shall consolidate and make a statement of local government budget, then submit it to the People’s Committee at the same level.
2. The People’s Committee shall send the statement of local government budget to the People’s Council at the same level for verification and to the superior finance authority.
3. The People’s Committee shall submit a report on statement of local government budget to the Standing Committee of the People’s Council at the same level for opinions before submitting it to the People’s Council.
4. The report on budget statement of the People’s Committee and verification report of the People’s Council shall be sent to Members of the People’s Council the same level at least 05 working days before the opening date of the next midyear meeting of the People’s Council.
5. The People’s Council of each commune shall consider approving its budget statement, send it to the People’s Committee of the district within 05 working days from the day on which the statements is approved. The People’s Councils of the district shall consolidate and make a budget statement of the district, submit it to the People’s Council of the same district for approval, and send it to the People’s Committee of the province within 05 working days from the day on which the statement is approved. The People’s Council each province shall consolidate and make a budget statement of the province, submit it to the People’s Council of the same province for approval before December 31 of this next year.
The People’s Council of each province shall specify time limits for approval budget statements of communes and districts; time limits for the People’s Committees to send budget statements to the agencies mentioned in Clause 2 and Clause 3 of this Article.
6. In case the budget statements are yet to be approved by the People’s Council, the People’s Committee at the same level and the State Audit Office of Vietnam that audited such budgets must keep clarifying the contents requested by the People’s Council and submit a report to the People’s Council within 30 days from the deadline mentioned in Clause 5 of this Article.
Article 70. Deadline and procedures for making statements of central government budgets
1. Budget estimate units level I of central government budget shall make budget statements within their competence and send them to the Ministry of Finance and State Audit Office of Vietnam before October 01 of the next year.
2. The People’s Committee of each province shall submit its provincial budget statement to the Ministry of Finance and State Audit Office of Vietnam before October 01 of the next year.
3. Within 05 working days from the day on which the People’s Council of the province approves the provincial budget statement, the People’s Council the province must send it to the Ministry of Finance and State Audit Office of Vietnam.
4. Based on the report made by State Treasury, result of verification of budget statements of budget estimate units level I of central government budget, and provincial budget statements approved by the People’s Councils of provinces, the Ministry of Finance shall make a statement of central government budget, submit it to government and State Audit Office of Vietnam within 14 months after the end of the budget year.
5. The government shall submit a the central government budget statement to Standing Committee of the National Assembly within 16 months from the end of the budget year.
6. The statement of central government budget made by the government must be sent to Members of the National Assembly within 20 days before the opening date of the midyear meeting of the National Assembly.
7. The National Assembly shall consider approving the statement of central government budget within 18 months form the end of the budget year.
8. Procedures for agencies of the National Assembly to verify the statement of central government budget shall be decided by Standing Committee of the National Assembly.
9. If the statement of central government budget is yet to be approved by the National Assembly, the government, within its competence, advertisement State Audit Office of Vietnam must keep clarifying the contents requested by the National Assembly by the deadline imposed by the National Assembly.
Article 71. Auditing statements of central and provincial government budgets
1. State Audit Office of Vietnam shall audit the statement of central government budget before submitting it to the National Assembly for consideration and approval.
2. State Audit Office of Vietnam shall audit statements of provincial government budget before submitting them to the People’s Councils of provinces for consideration and approval.
Article 72. Settlement state budget surplus
1. Surplus of central and provincial government budgets shall be used for payment of principal and interest of loans of state budget. If surplus still remains, 50% of it will be transferred to the financial reserve fund at the same level, the other 50% will be transferred to the next year’s budget; if the financial reserve fund has reached 25% of annual budget expenditure estimate, the remaining surplus shall be included in next year budget revenue.
2. Surplus of budgets of districts and communes shall be included in next year budget revenue.
Article 73. Settlement of illegitimate state budget revenues and expenditures after the state budget statement is approved
In case illegitimate state budget revenues and expenditures are found after a state budget statement is approved, Clause 8 Article 65 of this Law shall apply and such amounts may be accounted for in the budget of the year in which they are dealt with.
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