Vietnam's Ministry of Finance, Ministry of Planning and Investment to become one
The Ministry of Finance and the Ministry of Planning and Investment will merge with each other to form a new ministry with 34 agencies, down the current total of 56.
Deputy Prime Minister Ho Duc Phoc at a meeting on apparatus rearrangement in Hanoi, December 11, 2024. Photo courtesy of the government's news portal.
Vietnam Social Security, which is now under the Government and implements mechanisms and policies related to social insurance, health insurance, pensions and unemployment allowances, will be included in the new ministry, raising the number of agencies to 35.
The name of the new ministry can be either the Ministry of Finance and Development Investment or the Ministry of Economy and Development.
It will manage the sectors already assigned to the Ministry of Finance and the Ministry of Planning and Investment.
The information was disclosed at a meeting on government apparatus rearrangement led by Deputy Prime Minister Ho Duc Phoc on Wednesday.
Personnel of the Commission for Management of State Capital at Enterprises and the National Financial Supervision Committee will be transferred to this ministry.
The two ministries must complete the merger in December this year, and the new ministry must come into stable operation before February 25, 2025, the government has instructed.
The cabinet is reshuffling its apparatus by reducing the number of ministries by five, while the parliament will have the tally of its committees cut by four.
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