Vietnam’s CFBA: Role and Importance in National Finance

The National Assembly’s Committee on Finance and Budget (CFBA) plays a crucial role in Vietnam’s political system, overseeing and deciding on national financial matters. The CFBA contributes significantly to ensuring transparency, efficiency, and sustainability in the state budget, directly impacting the country’s socio-economic development.

Functions and Responsibilities of the CFBA

As a body of the National Assembly, the CFBA carries out the following essential functions and responsibilities:

• Reviewing draft laws and ordinances on finance and budget: The CFBA analyzes and assesses the feasibility and impact of draft laws related to national finance before submitting them to the National Assembly for approval.
• Supervising the implementation of the state budget: The CFBA monitors and inspects the government’s revenue and expenditure, ensuring compliance with laws and the efficient use of national resources.
• Approving the settlement of the state budget: The CFBA reviews and evaluates the government’s annual budget settlement report, ensuring transparency and integrity in public financial management.

Importance of the CFBA

The CFBA plays a vital role in:

• Ensuring a balanced national budget: The CFBA analyzes and assesses the country’s revenue sources and expenditure needs, proposing solutions for budget balance and ensuring resources for socio-economic development.
• Improving the efficiency of national resource utilization: The CFBA monitors budget utilization, detects and prevents waste and corruption, and contributes to improving the effectiveness of public investment.
• Promoting sustainable economic growth: By guiding appropriate fiscal policies, the CFBA contributes to macroeconomic stability, promotes sustainable economic growth, and improves people’s living standards.

CFBA and Budget Transparency

Budget transparency is crucial for enhancing the effectiveness of public financial management and strengthening government accountability. The CFBA plays a vital role in promoting budget transparency through:

• Public disclosure of budget information: The CFBA requires the government to disclose information on budget revenue and expenditure, enabling public participation in monitoring.
• Dialogue with citizens and businesses: The CFBA organizes dialogues and listens to the opinions and contributions of citizens and businesses on issues related to finance and budget.

Vietnamese Budget Transparency Chart

Conclusion

The National Assembly’s Committee on Finance and Budget (CFBA) is a crucial body in Vietnam’s political system, making significant contributions to ensuring transparency, efficiency, and sustainability in the state budget. The CFBA contributes to promoting sustainable economic growth, improving people’s living standards, and building a stronger and more prosperous nation.

Frequently Asked Questions

1. What is the organizational structure of the CFBA?

2. What is the process for the CFBA to review draft laws and ordinances on finance and budget?

3. What is the role of citizens in overseeing the activities of the CFBA?

4. How can I find information about the activities of the CFBA?

5. What programs does the CFBA have to support businesses?

Learn More

• Article: The Role of the National Assembly in Enacting Laws on Finance and Budget.
• Article: Measures to Improve the Efficiency of Public Financial Management in Vietnam.

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