Quyết định 450/QD-TTg

DECISION

APPROVING THE FINANCIAL STRATEGY UNTIL 2020

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government on December 25, 2001;

Pursuant to the Government's Decree No. 118/2008/ND-CP of November 27, 2008, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Minister of Finance,

DECIDES

Article 1. Approving the financial strategy until 2020 with the following primary contents:

I. VIEWPOINTS, OVERALL TARGET AND SPECIFIC TASKS

1. Viewpoints

The development and implementation of the financial strategy until 2020 are attached to the following major viewpoints:

a/ Finance is the lifeline of the economy and plays an important role in boosting the rapid and sustainable development together with reforming the growth model and the economy;

b/ The national finance must be efficiently, comprehensively, reasonably and equitably developed. The efficiency must be prioritized throughout the implementation of the strategy;

c/ The finance must be manage by law that ensures the financial discipline, uniformity, transparency and modernization of national finance.

2. Overall objectives

Building healthy national finance, sustaining the financial security, macro-economic, financial and monetary stability, facilitating the economic growth together with reforming the growth model and restructuring the economy, properly settling social security issues; mobilizing, managing, distributing and using financial resources in the society efficiently and equitably; synchronously and comprehensively carry out administrative reform; assuring the efficiency of financial management and supervision.

3. Specific tasks

a/ Keeping on properly handling the relations between accumulation and consumption, between conservation and investment; introducing policies on encouraging accumulation for investment in development, and consumption guidance; reasonably attracting and concentrating social resources on the investment in socio-economic infrastructure, in improving the quality of human resources, in creating prerequisites for expediting economic reform and the innovation of the growth model. The total social investment over the period 2011-2015 may account for approximately 33.5-35% of GDP;

b/ Total revenue from taxes and charges may account for 22-23% and 21-22% of GDP over the period 2011-2015 and 2016-2020 respectively, with domestic revenues (excluding revenue from crude oil) may exceed 70% of total State budget revenues by 2015 and exceed 80% of total State budget revenues by 2020;

c/ Increasing the efficiency of public financial resources, especially the capital sources from the State budget; to continue reforming the State budget expenditures and public investment; increasing investment in human development; reforming the financial mechanism of the public non­-business sector and finances of state enterprises; reforming salaries; strengthening the social security system;

d/ Synchronously developing all types of market, restructuring the financial market and financial services; expanding and diversifying market activities in order to attract resources at home and overseas to participating in socio­economic development.

- Concentrating on developing a efficient, sustainable and safe securities market, ensuring the lawful rights and interests of market participants that are regionally competitive; expediting the development of the bond market, including the Governmental bonds, municipal bonds and corporate bonds;

- The stock market capitalization value may account for approximately 50% of GDP in 2015, and 70% of GDP in 2020; the debit balance of the bond market may reach approximately 30% of GDP in 2020; the total turnover of the insurance sector may reach 2-3% in 2015 and 3-4% of GDP in 2020;

-- Developing a synchronous financial supervision mechanism capable of accurately analyzing, assessing the level risk of the entire financial system and each of its segments.

dd/ Ensuring and national finance security; positively balancing the budget; gradually reducing the State budget deficit; keeping Governmental and national debt balance within the safe limit; increasing the State reserves in order to promptly satisfy sudden needs of the economy;

- Reducing the State budget deficit to below 4.5% of GDP in 2015 (including Governmental bonds) and 4% of GDP over the period 2016-2020;

- Public debts (including Government debts, debts guaranteed by the Government and municipal debts) may not exceed 65% of GDP by 2020; and the foreign debit balance may not exceed 50% of GDP; Governmental debit balance may not exceed 55% of GDP;

- Striving to increase the total State reserve to 0.8-1% of GDP by 2015, and approximately 1.5% of GDP by 2020; concurrently reforming the structure of goods reserves to timely satisfy sudden and urgent needs of the State.

e/ Completing the financial regime to ensure synchrony and stability of the market mechanism under the State's regulation. Modernizing the financial mechanism to be modern in an efficient way.

II. SOLUTIONS TO IMPLEMENT THE STRATEGY

1. Increasing the efficiency of national financial resource mobilization

a/ Completing the financial regime

Expediting the completion of the financial regime compatible with the process of completing the socialist market mechanism, attract resources in society to investment in development, concentrating on the process of economic reform. Improving the legislation quality, evaluating the impacts of financial policies and enhancing legal affairs works.

Keeping on reviewing, synchronizing and solving problems about the financial mechanism and policies in order to concentrate social resources on the competitive sectors and areas with potential of added-value. Completing the incentive and support policies for enterprises, especially small and medium ones; concentrating on supporting enterprises that invest in crucial, hi-tech and supporting industries; completing the mechanism for encouraging enterprises to directly invest and do business in highlands, rural areas and remote areas.

Keeping on opening the financial market efficiently in conformity with international commitments; actively participating in the international financial market. Completing the financial mechanisms and policies in order to further attract and optimally utilize the foreign capital sources to meet the requirements for national development in each period.

b/ Reasonably mobilizing revenues from tax, charges and fees

Completing the system of collection policies together with reforming State budget revenues. Building a synchronous and sustainable tax system in conformity with international practices and capable of fully, proactively and reasonably mobilizing revenues for the State budget by 2020. Expanding the tax bases and imposing reasonable tax rates, ensuring taxation equality among tax payers, boosting production, increasing the competitiveness of the economy, and encouraging investment and export of goods and services while practicing selective protectionism aiming to national industrialization and modernization. Simplifying the system of tax incentives. Increasing the efficiency of tax administration, preventing tax evasion and tax fraud.

Completing the legal system applicable charges and fees; gradually shifting the fees of which the nature is service provision relation to managing under service price mechanism; delegating more powers to localities to make decisions on charges and fees belonging to local budgets and associated with state management functions of local administrations.

c/ Innovating the policy on revenues from land and natural resources

Expanding revenues from land and natural resources, ensuring compatibility between economic interests and social, environmental interests. These sources are considered vital for investment in development. Boosting the rearrangement and settlement of State-owned houses and land; selling and transferring, or changing the use purposes of, unused houses and land consistently with the land planning in order to generate financial resources for investment in the infrastructure.

Amending and supplementing policies on the revenues from land in accordance with the amendment and supplement of the Law on Land towards ensuring that the collection is consistent with the use purposes and market prices, contributing to forming an systematic and efficient real estate market; concurrently expanding the allocation and lease of land at auctions for increasing revenues from land and efficiently using land.

Adjusting the system of financial policies on natural resources extraction, encouraging domestic extensive processing, restricting the export of crude natural resources, contributing to the reasonable, economical and effective protection, extraction and use of natural resources, and environment protection.

d/ Managing prices in accordance with the market mechanism and under the State’s supervision

Applying the market price mechanism to goods of which the prices are fixed by the State before 2015, in association with enhancing the control over the production costs of exclusive services, goods, and public products. Respecting the right of producers and traders to independently fix prices and to engage in price competition in accordance with law.

Completing the legal environment for price management by developing the Law on Prices. Managing prices and stabilizing prices using indirect methods in accordance with the market mechanism and international commitments. Diversifying the forms of bidding, auction and valuation.

2. Improving the efficiency of the distribution and use of financial resources attached to the process of reforming national finance

a/ Enhancing the guiding role of State-owned financial resources in investment in socio­-economic development, especially in the synchronous development of the infrastructure system attached to attracting investment from the private sector.

Step by step adjusting the investment mechanism towards gradually reducing the proportion of public investment, including investment from the State budget, and prioritizing investment in essential economic-technical infrastructure.

Classifying the contents and scope of investment from the central and localities. Creating a mechanism for localities to attract resources for development consistently with their planning, the capability and financial resources.

Developing the guiding role of public investment in order to create an attractive investment environment to investment sources of the society. Concurrently facilitating the access of enterprises in all economic sectors to such capital sources by creating equitable conditions in bidding for the constructions and execution of investment projects.

Completing the financial mechanisms and policies to encourage all economic sectors to invest in infrastructure; diversifying the forms of public-private partnership (PPP); boosting the socialization of resources for investment in development, shifting from direct investment by the State to investment by enterprises consistently with the planning. Creating a legal corridor for developing local development investment funds for the purpose of raising capital for building socio-economic infrastructure.

Reviewing, supplementing and completing particular financial mechanisms applicable to key economic regions in order to create and spread the motivation over other regions. Completing the financial incentive system for the purpose of encouraging investment in developing infrastructure in impoverish areas, remote areas, border areas, and islands.

b/ Reforming the State budget expenditure structure toward increasing investment in humans

Reforming State budget expenditure structure, ensuring the accomplishment of socio­-economic development objectives, concentrating on developing a green economy, assuring national defense and security and paying off debts. Increasing financial provisions and reserves. Gradually shifting the State resources to investment in humans.

Concentrating resources on accelerating the process of industrialization - modernization and economic structure reform in agriculture and rural areas; step by step making the agriculture a large-scale production.

Concentrating the State financial resources  and attract non-state capital resources to investment in science, technology and environment, especially technology researches and application. Combining state financial resources to intensively invest in educational and medical facilities in accordance with the socio-economic development conditions, together with improving the efficiency of the State budget invested in these fields.

c/ Reforming public investment attached to increasing the efficiency of investment of Capital sources from the State budget

Ensuring efficient investment of Capital sources from the State budget; developing a system of standards for evaluation of investment projects; and to supervising, evaluating, and inspecting the management and use of investment projects funded by the State budget. Publicly announcing the investment projects funded by the State budget.

Innovating long-term investment plans. The investment expenditure plans are considered part of medium-term financial-budgetary plans. Ensuring that investment expenditures from the State budget is limited to available resources and consistent with preferential policies formulated by the National Assembly and the Government.

Establishing principles and foundation for making development investment expenditure estimates, capital allocation, payment and finalization in order to concentrate investment capital for completing constructions consistently with their schedules and the medium-term financial plans.

Amending provisions on investment decentralization in order to ensure that the investment is made only after the procedures are completed, the capital sources and the capital capability at each budget level are identified.

Completing the regulations on of public investment supervision. Imposing heavier penalties to ensure discipline in reporting and disclosing information about public investment. Enhancing the National Assembly’s supervision over the key constructions of national importance and the supervision of People's Councils over local investment projects. Increasing community supervision and completing the mechanism for citizens to supervise the works related to budget, land and property of the State and the people.

Innovating the method of development of State credit on the commercial principle to ensure its sustainability. Enhancing the management of the on-lending of foreign loans of the Government; decentralizing and assigning tasks among budget levels in order to enhance responsibility, efficiency and initiative in loan use. Properly performing the state financial management of loans.

d/ Innovating the establishment and allocation of State budget estimates

Amending the Law on the State budget to ensure the leading role of the central budget; step by step eliminating the intricacy of the State budget system; delegating more power and responsibility for budget management of State budget-funded units at all levels together with increasing the transparency and responsibilities to provide explanation; enhancing inspection and supervision.

Completing the legal framework for elaborating medium-term financial plans and expenditure plans. Improving the quality of financial and budgetary analysis and forecasts.

dd/ Developing the social security network on the basis of harmonious and efficient combination of the State’s resources and social resources

Keeping on increasing State budget expenditure on the implementation of social security policies and creation of social equity. Increasing the efficiency of investment in national target programs, in highlands and remote areas; supporting vocational training for and employment creation for the poor and people on welfare. Properly implementing preferential policies and step by step improving living standards for national contributors.

Diversifying the resources and methods for developing the social security system. Providing opportunities for the poor to access basic social services and benefit from the national socio-economic development investment programs. Integrating poverty reduction and employment creation programs with national and local socio-economic development programs.

Fortifying the sustainability, equality and efficiency of the social insurance system; completing the financial mechanisms and models towards long-term sustainability of social insurance funds and equality among the insured on the cash-on-delivery principle. Diversifying the investment of social insurance funds. Systematically opening for the private sector to provide social insurance services.

e/ Reforming the salary structure for public employees, officials and officers

Fundamentally reforming the salary structures for public employees, officials and officers, ensuring that they are able to live on their salaries above the average level in the society. Combining the  reform of the salary structure with rearranging, strengthening and improving the quality of the public employees, officials and officers, encouraging high performance together with public-duty responsibility.

Actively studying the relations between minimum, average and maximum salary levels as a basis for formulating the system of salary scales benefits structures appropriate for practical requirements, ensuring reasonability an equality within the limit of available State budget resources. Diversifying financial resources for reforming the salary structures for public employees, officials and officers.

g/ Completing the policies and mechanisms of public property management for the purpose of ensuring efficient and economical use of national property

Keeping on innovating financial policies on the management and use of land and national natural resources in accordance with the market mechanism; ensuring the efficient management and extraction of national property serving socio-economic development, preserving and consolidating essential conditions for production, life and sustainable development.

Properly implementing the Law on Management and Use of State’s Property. Completing the system of standards and norms of state property use suitable for new conditions in an efficient and economical manner. Deploying the mechanism of state property procurement in accordance with the centralization method nationwide.

Separating the management of public property in the administrative and non­-business sectors; granting the autonomy attach to responsibility to non-business units in the procurement, use and liquidation of public property.

h/ Increasing the potential and efficiency of state reserve management

Amending, supplementing and completing legal document system on state reserves synchronously and consistently with the new requirements, conditions and tasks. Formulating the Law on National Reserves.

Increasing the State reserves with a reasonable and appropriate structure of commodities. Properly managing the state reserves and completing the system of quality standards, technical regulations and economic-technical norms.

3. Reforming the financial mechanism applicable to public non-business units along with diversifying social resources for developing public services

a/ Reforming the mechanism and method of investment from the State budget in public non-business units

The State shall keep playing the leading role and increases investment in building facilities of basic public services, ensuring that people on welfare and the poor have access to and benefit from essential quality public services. The State budget shall ensure enough funds for regular operation of public non-business units located in remote areas, highlands and ethnic minority areas.

Synchronously reforming the financial mechanism applicable to public non-business units towards delegating more power to these units and increasing their autonomy and responsibilities for work performance and use of resources (both human and financial resources) consistently with the characteristics of each type of services and market demand.

Shifting from State budget regular allocation to the mechanism of placement of orders or assignment of tasks by the State on the basis of the system of economic-technical norms and criteria and standards of each type of service. Implementing the mechanism of bidding for the provision of public services.

b/ Reforming the mechanism of pricing public non-business services

Reforming the mechanism of pricing for placement of orders for public non-business products and services; the State shall set prices or price bracket of basic services which play the essential role in the society; systematically eliminating the subsidies on service prices and charges. Allowing public non­-business units to completely include the costs (salaries, regular operation expenses and fixed asset depreciation) in the prices of their services.

Concurrently studying and formulating policies to create conditions for the poor to access essential public non-business services, ensuring social equity. The State shall provide direct funding supports for people on welfare and the poor to pay for public non-business services provided in accordance with the market mechanism, instead of the method of exemption from and reduction of service charges through public non-business units.

c/ Boosting socialization of public non­-business services

Completing the financial policy and mechanism to encourage mobilization of all resources in the society for investment in the development of public non-business services, especially in education health, scientific research and socio-cultural affairs. Completing the regulations on cooperation and association between public establishments and localities, enterprises and individuals in building facilities.

Diversifying the providers of public services; creating a fair competitive environment for the provision of services by units and organizations of different economic sectors.

Keeping on efficiently implementing preferential policies on socialized providers of public services.

d/ Raising the publicity, transparency, democracy and responsibility in financial management of non-business units

Studying and establishing quality standards for non-business services provided for the society; forming a system of criteria for evaluation of levels of fulfillment and quality of performance of assigned tasks by public non-business units.

Completing the information and reporting regime, finance and accounting work and responsibility for performance of providers of public non-business services.

Enhancing inspection and supervision over the providers of public services; establishing independent inspection and evaluation organizations.

4. Completing enterprise finance policies and mechanisms; restructuring state enterprises

a/ Further reforming enterprise finance policies and mechanisms on the basis of respecting the right to business freedom and creating an equal, stable, transparent, open and healthily competitive business environment. Efficiently implementing tax and credit incentives for enterprises, especially small and medium ones;

b/ Concentrating on developing state enterprises engaged in important industries and key sectors of the economy, ensuring macro-stability, national security and defense. Building State’s economic groups which are strong in financial potential and effective in production and business and properly act as a tool of macro-regulation. The State invests capital only in groups, corporations and enterprises with 100% State’s capital in key industries and sectors after reforming. State’s groups and corporations must only concentrate on their main business lines. Withdrawing State’s capital from enterprises that the State does not need to control and concentrate the invested capital on their main business lines. Establishing and increasing financial inspection and supervision over State’s groups and corporations; strictly carrying out compulsory audit to State’s groups and corporations;

c/ Completing financial policies in order to rearrange, innovate, and improve the efficiency of State-owned enterprises (enterprises with 100% State’s capital and enterprises in which the State holds the controlling shares); carrying out equitization consistently with the market mechanism, adopting policies to attract and select strategic investors suitable to each enterprise. Resolutely dissolving enterprises that operate inefficiently, resulting in loss of state capital;

d/ Innovating the mechanism of state capital investment and the financial management mechanism for state-owned enterprises; clearly distinguishing state ownership from the right of enterprises to do business, and the relation between the State and representatives of state capital portions at enterprises. Completing the mechanism of management of state capital at enterprises. Increasing the supervision by state owners of enterprises with state capital; enhancing the supervision and evaluation of the efficiency of use of state capital.

5. Synchronously developing the financial market and financial services

a/ Developing the legal system on the financial market and financial services

Completing the legal framework regulating the system of financial market and financial services with a view to enhancing macro-regulation by the State and supervising the efficiency of activities on the market; to promote intensive development of the system of financial markets on the basis of diversifying financial institutions and commodities on the financial market.

Amending the Law on Securities. Efficiently implementing the Law on amending and supplementing a number of articles of the Insurance Business Law and the international commitments on insurance services. Diversifying insurance services on request by the market.

Developing and completing the legal framework for synchronously developing the market of accounting, audit, credit rating, valuation consultancy, tax consultancy and customs services. Efficiently implementing the Law on Independent Audit.

Cooperating with related ministries and sectors in completing policies to promote development of non-cash payment services for safety purposes; diversifying payment services and expediting electronic payment applications.

b/ Keeping on completing the structure of the securities market

Reforming the securities market in order to ensure the synchronous and balanced development of the stock market, the bond market and the derivative services market. Building a mechanism for connecting the monetary market with the capital and insurance markets.

Keeping on developing the market of Government bonds, municipal bonds and corporate bonds. Encouraging enterprises of all economic sectors to issue stocks and bonds, and raise capital from the securities market.

Diversifying the products on the financial market. Increasing the supply for the securities market and improving the quality of supply sources by boosting new issuances and listings, and diversifying financial tools for completing the market structure.

Disclosing information to public companies in accordance with international standards; applying international standards and practices of corporate management and risk management, and formulate a mechanism to protect small investors.

Completing the system of financial policies in order to promote and diversifying the participation of domestic professional investment organizations; encouraging investors to participate in the market; connecting the Stock Exchange of Vietnam with ASEAN ones.

c/ Increasing operational capability of participants in the financial market and providers of financial services

Reforming securities trading organizations and insurance enterprises towards creating strong and credible financial potential, and highly capable profession, developed management and healthy operation, ensuring liquidity and system safety. Establishing and developing credit-rating agencies.

Completing the model of lottery enterprises, enhancing the State control over enterprises dealing in gambling and prizing games, including casinos.

Keeping on developing and increasing the operation efficiency and the role of professional associations of finance, accounting, audit, pricing, taxation and customs services.

6. Expediting international cooperation and proactive financial integration

a/ Actively expanding financial cooperation

Actively participating in international cooperation programs to raise the voice and status of Vietnam in international financial cooperation forums. Gradually approaching advanced financial markets.

Increasing policy discussion and exchange of financial and monetary experiences with foreign Governments and international financial institutions. Diversifying contents, forms and partners of international cooperation, combining international cooperation with the modernization of the financial sector.

Increasing the efficiency of the use of financial and technical support in the financial sector.

b/ Consolidating and intensifying international financial integration

Adjusting and developing financial mechanisms and policies consistently with multilateral and regional regulations and commitments, as well as the Vietnam’s socio-economic conditions. Responsibly fulfilling the Vietnam's integration commitments in the financial sector.

Actively formulating effective and consistent policies on financial integration; increasing the supervision over the integration process for making rational adjustments and minimizing negative impacts cause by this process.

7. Enhancing capability and efficiency of inspection, supervision and assurance of national financial security

a/ Increasing the capability and efficiency of specialized financial examination and inspection

Increasing the capability and quality of financial inspection in all fields; improving the efficiency of the internal supervision system and the role of remote supervision.

Intensifying financial inspection over agencies and organizations funded by the State budget; detecting and strictly handling violations of the financial and budgetary sector, and acts of corruption detected through inspection.

Completing and efficiently deploying the mechanism for cooperation between financial inspection and supervision agencies and functional agencies in handling arising financial matters.

Enhancing the efficiency of the inspection and supervision over specialized state management sectors (Tax, Customs, Securities, Treasury, Reserves, Insurance And Pricing).

b/ Enhancing financial discipline, practicing thrift, preventing extravagance and losses of financial resources and national property

Completing and following the system of norms, standards and regimes as a basis for practicing thrift and preventing extravagance. Enhancing the role and responsibility of the leaders as well as individual public employees in practicing thrift and preventing extravagance.

Boosting the implementation of the financial and budgetary disclosure regulations. Increasing community and public supervision.

c/ Increasing the ability of supervision over the business sector

Systematically completing the mechanism and system of criteria for financial supervision of enterprises. Innovating the method of financial supervision of state economic groups and corporations.

Strengthening the mechanism and personnel of enterprise finance management and supervision.

d/ Increasing risk management and supervision, and assuring safety of national debts

Organizing and assessing the implementation of the Law on Public Debt Management, raising the responsibility of related agencies and units using capital from public debts.

Developing and properly using debt management tools, maintaining safe debt indexes in accordance with international practices. Concentrating on risk management of debt list.

Supervising the mobilization, distribution and use of loans, debt payment, public debt management, risk management, assurance of debt safety and national financial security; intensifying the inspection the adherence to laws of units that use loans.

Keeping on building, strengthening and completing the database of public debts.

dd/ Increasing the efficiency of the State's supervision of the financial market and financial services

Enhancing the role and function the State’s supervision over the financial market and financial services on the principle of respecting the market rules.

Completing the supervision mechanism and applying supervision criteria and standards, ensuring synchrony, uniformity, transparency and conformity with international practices.

Fortifying the organization and improving the capability of financial supervision institu­tions; increasing cooperation and exchange of information among financial supervision agencies; establishing a comprehensive and efficient national supervision system.

e/ Enhancing macro-financial supervision capability

Innovating new methods of macro-financial supervision by establishing early financial and monetary warning systems.

Completing the database and systematizing indicators for collecting information and analyzing and processing macro-economic and financial data.

Developing and applying models of macro-economic and financial analysis and forecast.

8. Intensifying administrative reform in the finance sector, completing methods of running financial policy

a/ Keeping on completing the legal system applicable to administrative procedures in the financial sector

Synchronizing the system of legal documents on administrative procedures in the finance sector; simplifying and improving the quality of administrative procedures in the finance sector; publicizing administrative processes and procedures towards equality, transparency, feasibility consistently with the conditions and development of Vietnam, and the process of international integration.

Amending the Tax Administration Law and the Customs Law and processes and procedures for management of State budget revenues; adopting modern tax administration and customs control approaches; reforming administrative procedures for reducing expenses on customs law compliance. Developing professional and effective tax consultancy and customs services.

b/ Modernizing national finance concentrating on enhancing application of information technologies

Boosting the application of information technologies to the finance sector, striving to complete the major information systems in the finance sector by 2020; integrating and synchronizing the financial information systems.

Basically establishing a national financial database and specialized databases; setting up an information system; improving the efficiency of information systems serving the management. Completing the technological foundations for the provision of electronic public services in the finance sector.

c/ Strengthening the organization of the finance management apparatus, ensuring unified administration and strict management of national finance

Decentralizing the management (under the state management of the Ministry of Finance) between central and local levels on the principle of unified management of the national finance.

Building an effective and reasonable financial mechanism capable of multiple fields; performing the major function being macro-management by law and policy, guidance and inspection of implementation.

d/ Developing human resources of the financial sector to fulfill the requirements and tasks set out during the transformation of the economy. Developing professional titles and criteria for public employees, officers and officials of the financial sector; increasing the efficiency of the assessment of public employees, officers and officials based on their work performance.

dd/ Completing the methods of administering financial policies

Completing the methods of administering financial policies toward the macro-financial balance for each development period; developing and employing methods of budget administration in accordance with economic cycles.

Strengthening the capability of organizing implementation, assessing impacts and forecasting policies. Developing financial and budgetary analysis and forecast activities. Intensifying the cooperation and exchange of information between monetary and financial policies right during the policy formulation.

Enhancing policy propagation. Establishing a system of collecting feedbacks on financial policies and mechanisms from the public and enterprises.

III. ORGANIZATION OF THE STRATEGY IMPLEMENTATION

The financial strategy until 2020 may be implemented in 2 stages (corresponding to the financial-budgetary plans in the period 2011 - 2015 and in the period 2016 - 2020) and actualize through the 9 sectoral strategies as follows:

1. Tax system reform strategy in the period 2011 - 2020;

2. Customs development strategy until 2020;

3. State treasury development strategy until 2020;

4. National public debt and foreign debt strategy in the period 2011 - 2020 and the orientation towards 2030;

5. Vietnam insurance market development strategy in the period 2011 - 2020;

6. Capital market development strategy until 2020;

7. Vietnam securities market development in the period 2011 - 2020;

8. National reserves development strategy until 2020;

9. Accounting and audit strategy until 2020 and the orientation towards 2030.

Article 2. Responsibilities for organizing and implementing the strategy

1. The Ministry of Finance shall:

a/ Be in charge and organize the implementation of the strategy; approve and direct the implementation of plans on the implementation of the strategy contents in each period;

b/ Guide and expedite ministries, agencies and localities consistently their functions and assigned tasks in elaborating and implementing programs and contents related to the strategy;

c/ Be in charge and cooperate with related ministries and localities in, examining the implementation of the strategy; annually and once every five years review, evaluate and draw experiences from the implementation of the strategy;

d/ Be in charge and cooperate with related agencies in, proposing and submitting the Prime Minister for decision the modification of the strategy's objectives and contents when necessary.

2. The Ministry of Planning and Investment shall be in charge and cooperate with the Ministry of Finance in, balancing and arranging annual investment capital in accordance with the Law on the State budget for implementation of the strategy.

3. Ministries, ministerial-level agencies, Government-attached agencies and provincial- level People's Committees shall coordinate with the Ministry of Finance and related agencies in, on the basis of their state management functions and tasks prescribed by law, directing and participating in the implementation of relevant contents of this strategy.

Article 3. This Decision takes effect on the date of its signing.

Article 4. Ministers, heads of ministerial-level agencies, heads of Government-attached agencies and chairpersons of provincial-level People's Committees shall implement this Decision.-