2022 Fiscal Transparency Report: Vietnam

Government-by-Government Assessments: Vietnam

During the review period, the government made its executive budget proposal and enacted budget accessible to the public, including online, but the government did not publish its end-of-year report within a reasonable period.  Information on debt obligations of state-owned enterprises was not publicly available.  Publicly available budget documents provided a fairly complete picture of the government’s planned expenditures and revenue streams, including natural resource revenues, but the government maintained non-transparent off-budget accounts.  Budget information was considered generally reliable, although the government was still working to adopt internationally accepted accounting standards.  While the supreme audit institution lacked independence that met international standards, it did review the government’s accounts, made its report publicly available and followed up on its findings.  The government specified in law or regulation and appeared to follow in practice the criteria and procedures for awarding natural resource extraction contracts and licenses.  Basic information on natural resource extraction awards was not always publicly available.

Vietnam’s fiscal transparency would be improved by:

• Publishing its end-of-year budget report within a reasonable period;
• Publicizing information on state-owned enterprise debt obligations;
• Eliminating off-budget accounts or subjecting them to adequate audit and oversight;
• Ensuring the supreme audit institution meets international standards of independence; and
• Publicizing basic information on natural resource extraction awards.