Eagle eyes needed to manage state funds

Why does there need to be clearer regulations concerning National Assembly national financial policy oversight tasks?

This causes me many headaches, since currently besides the state budget, Vietnam is home to over 50 diverse central or specialised financial funds which also belong to state finance and are part of the national finances. Several non-budget state funds have huge sums, but the NA never hears reports about these funds.

The NA needs to be well informed of how state financial funds are formed and used and held responsible for supervising the performance of non-budget state funds.
 
The constitution should cover not only state budget, but also entire state finance, including non-budget state funds.

Non-budget financial funds came into being in an ever-increasing number, would the NA be in a position to supervise the performance of all of them?

Albeit not belonging to the state budget, these financial funds are part of state finance, so that their performance should be put under NA oversight, to a certain extend.

In fact, the NA deputies know little about how many non-budget financial funds were operating and how their performance was. That was because fund management companies almost never read reports about these funds before the NA.

I myself, during the time acting as deputy chairman of NA Economic and Budget Committee, had yet to be fully informed of state financial fund performance.

In the recent past when joining a meeting on reports assessment, I recognised that many non-budget funds were currently managed by ministries and government agencies. Some big funds have been operating for several dozen years, but with modest efficiency. Misuse of these funds’ capital was not rare.

Should we develop a separate law on management of non-budget state finance to keep them under control?

The mobilising rate from the gross domestic product into state budget keeps falling, whereas the capital amount and sources of non-budget financial funds have grown bigger in scale and proportion. Hence, if the NA did not supervise non-budget state fund performance, it could not decide on and supervise entire state finances.

In 2013, the NA will comment on the Law on Management and Usage of State Capital, Law on Public Procurement, and the amended Law on State Budget. These are crucial laws governing state finance and national assets, but have yet to closely supervise performance of non-budget funds.

We should enact the Law on State Finance which covers entire state financial operations, including state budget, state financial funds and state credit activities.