Source: Ministry of Finance Graphics: Văn Chung

Increasingly synchronous and transparent policies

According to the MoF's report on the implementation of the Index of Improvement of Legal Regulations in the first six months of 2023, the financial law has been built to meet the criteria of uniformity, feasibility, publicity, and transparency. Recognizing the importance of developing and completing financial law, the leaders of the MoF regularly pay attention to, direct, and organize the serious implementation of policies on financial law development.

According to the MoF, the development and completion of financial legal institutions and policies have yielded numerous positive results in the first six months of 2023. Implementing the task of developing law 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.

Financial policies have been implemented flexibly in response to the challenges posed by the economic crisis, thus easing difficulties and promoting production and business. Institutional improvement in 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 improving national competitiveness.

Currently, the MoF is urgently implementing various important law projects, such as tax law revision, the Law on Management and Use of State Capital to Invest in Production and Business in Enterprises (amended), and many Government Resolutions and Decrees. The MoF has sent a document to the Ministry of Justice (MoJ) requesting the development of the Law on Management and Use of State Capital Invested in Production and Business at Enterprises (amended) after completing the procedures to supplement the National Assembly's Law and Ordinance Development Program 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.

Consider individuals and businesses as the focal point

In terms of legal document drafting and promulgation, from November 16, 2022, to the end of May 15, 2023, the Ministry submitted to the Government and the Prime Minister for promulgating 20 decrees and 2 decisions, while also issuing 41 circulars under the authority. The MoF examined 41 circulars issued by the Ministry; the inspection results revealed that these circulars were issued in line with their competence, procedures, and contents under the provisions of superior documents and the Law on Legal Document Promulgation.

The appraisal of legal documents continues to be promoted in the form of a Council to improve quality and efficiency. From November 16, 2022, to the end of May 15, 2023, the Legal Department (Ministry of Finance) organized the appraisal of 41 circulars drafted by units under the Ministry. Furthermore, as assigned by the Prime Minister, the MoF has been tasked 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 the inspection and supervision of law enforcement organizations have been increasingly strengthened.

Concerning the results of regular reviews, the Ministry 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 under the Ministry issued plans to inspect and review legal documents to serve 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 thematic documents and the implementation of legal documents, etc.

According to the economic expert Nguyen Minh Phong, MoF is one of the ministries and branches that has issued a variety of legal documents pertaining to individuals and businesses. Financial policies have become more citizen-centered, with a focus on individuals and businesses. Indeed, the capacity to reflect policies in the process of law enforcement, particularly in receiving and handling individual's and businesses' reflections and recommendations, has become increasingly concentrated. Moreover, dialogue with people and businesses about problems in the implementation of legal policies has been conducted on a regular and timely basis.