Vietnam Ministry of Finance

Vietnamese finance sector timeline:

1945-1954: the MOF was established and put forward policies aiming at enriching state budget and unifying state financial management.

1955-1990: the MOF expanded with the establishment of state-level departments and performed in accordance with the centrally planned economy of Vietnam. 1991-2010: Finance sector of Vietnam went through 20 year reform.

On 28th August 1945: the Ministry of Finance was set up according to the announcement of the establishment of the provisional Government of Vietnam.

Confronting numerous difficulties and shortages, the Ministry of Finance along with the Government shouldered the responsibility of recovering the country after the 1945 famine, with the national budget being practically zero.

The 1945-1954 periods marked a turning point in the history of Vietnamese finance with the success of MOF in getting Vietnam out of the financial crisis resulting from the 1945 famine. Campaigns appealing people to donate to the Independence Fund, the National Defense Fund, and Gold Week contributed greatly to the development of the state finance in first days of independence.

From 1945 till now, the MOF has operated as a government agency assuming the responsibility for state-level finance management(namely issues related to national budget, tax revenue, fees, state assets, national reserves and state financial funds, financial investment, corporate finance and financial services). Besides, the MOF is responsible for national accounting, independent auditing, insurance supervision, prices management, and the operation of the Department of Customs, the State securities commission. Also, the MOF is the representative of the state in enterprises whose equity partly belongs to the state. The MOF has representatives in each province, called Department of Finance.

For more information about the MOF, click the link below:

http://www.mof.gov.vn/portal/page/portal/mof_en