Financial law is increasingly synchronous, feasible, and transparent

Financial law is increasingly synchronous, feasible, and transparent

Financial law policies promptly respond to challenges

Recognizing the importance of developing and perfecting financial law, the leaders of the MoF pay close attention to, direct, and organize the serious implementation of regulations by proposing, designing law development programs, researching, evaluating policy impacts, etc., resulting in increased effectiveness of this task.

According to the MoF, the development and complement of legal financial policies have yielded numerous positive results in the first six months of 2023. Implementing the task of developing laws in accordance with synchronous orientation and solutions has resulted in a significant improvement in the quality of financial legal documents that meet the criteria of uniformity, feasibility, publicity, and transparency.

Therefore, the Party and the State's guidelines and policies are being institutionalized and concretized, and both the legal system of the economy and the country's socioeconomic life are also being improved. Financial policies have been flexibly implemented in response to the challenges posed by the economic crisis, thereby timely removing obstacles and promoting production and business.

The improvement in institutions of the financial sector has approached the following national practices, meeting the requirements of integration and contributing to financial management modernization, ensuring administrative reform requirements, and fostering national competitiveness.

For specific tasks, the MoF has sent a written request to the Ministry of Justice (MoJ) for the development of the Law on Management and Use of State Capital Invested in Production and Business at Enterprises (amended) after it has been completed to carry out procedures to supplement the Law and Ordinance Development Program of the National Assembly in 2023. After the 5th session of the 15th National Assembly, the Standing Committee of the National Assembly will consider and give comments on the content of the bill, together with the decision to add to the law and ordinance development program when eligible.

The MoF has sent a document to the MoJ requesting the development of a Resolution to report to the National Assembly and the Standing Committee of the National Assembly for additional registration in the National Assembly's 2023 l for proposal to develop a Resolution of the National Assembly on piloting the use of recurrent expenditures of the State budget to renovate, upgrade, expand, and build new items in existing facilities and works. Accordingly, the National Assembly's Standing Committee has just proposed that the dossier be studied and clarified further, then submitted to the National Assembly for consideration and decision at the 6th Session or at a proper time.

Concerning the National Assembly's proposal to develop a Resolution on value-added tax reduction, it has been considered for revision and supplementation to the Law and Ordinance Development Program in 2023, with a deadline for submission to the National Assembly for comments and approval at the 5th Session.

Enterprise-centric policies

In terms of legal document development and promulgation, from November 16, 2022, to the end of May 15, 2023, the Ministry submitted to the Government and the Prime Minister for promulgation 20 decrees and 2 decisions, while also issuing 41 circulars.

The Department of Legal Affairs and the MoF examined 41 circulars issued by the Ministry, the inspection results showed that these circulars were issued in line with their competence, procedures, and contents under the provisions of superior documents and the Law on Promulgation of Legal Documents.

The appraisal of legal documents is being promoted in the form of a Council to improve quality and efficiency. From November 16, 2022, to the end of May 15, 2023, the Department of Legal Affairs and the MoF appraised 41 circulars drafted by units under the Ministry. Furthermore, the MoF has been tasked by the Prime Minister with leading the drafting of six documents, including three decrees and three circulars, to detail the implementation of the Law on Insurance Business (amended).

The inspection and review of legal documents as well as supervision of the organization of law enforcement are increasingly strengthened. The capacity to reflect policies in the process of law enforcement, especially in receiving and handling reflections and recommendations of individuals and businesses is increasingly focused. Moreover, dialogue with individuals and businesses about problems in the implementation of legal policies is conducted on a regular and timely basis.

Regarding the results of regular reviews, the Ministry has just issued a decision on the plan to implement the task of reviewing and systematizing legal documents in the financial sector in 2023. Based on the Ministry's Plan, the General Departments have issued plans to inspect and review legal documents as a foundation for system-wide implementation. The MoF shall inspect legal documents issued by ministries, branches, and localities related to the financial sector; examine both thematic documents and the implementation of legal documents.

To further improve the development and improvement of financial institutions and policies, the MoF proposes to continue to promote collaboration among agencies; innovate, and improve procedures and practices.

As a result, the lead drafting agency must proactively coordinate with relevant functional units of the MoJ, the Government Office, and the National Assembly Committees to carry out the drafting task. These agencies need to participate from the beginning in the process of drafting, discussing, and commenting on the draft. At the same time, it is necessary to diversify forms of consulting relevant agencies and organizations, and individuals in the direction of promoting the application of information technology in the drafting of documents./.