Finance Ministry launches open budget portal hinh anh 1At the launching ceremony (Photo: VNA)

Hanoi (VNA) -
The Ministry of Finance (MoF) launched an open budget portal at on August 26.

Built based on advanced models from around the world and Vietnam’s requirements for openness and transparency in public finances, it looks to improve efficiencies in the distribution, management, and utilisation of public resources.

It is also expected to help MoF compile reports on open budgets in a faster and more accurate manner and keep a close watch on budget reports from ministries, State agencies, and localities.

Speaking at the launch ceremony, which was also part of the activities marking the 75th anniversary of Vietnam’s financial sector, Minister of Finance Dinh Tien Dung underlined that the launch of the portal is of great importance to openness and transparency in public finances.

It is also the first step towards the implementation of the financial sector’s open data portal, which will be linked with national portals.

The portal is expected to provide individuals, businesses, researchers, and local and international organisations with useful data and information on public finances, thereby enhancing social accountability and the effective use of State budget funds, he added.

Operations Manager for the World Bank (WB) in Vietnam Stefanie Stallmeister voiced a belief that the new portal will improve openness and transparency and effectiveness in balancing the budget, along with macro-economic management, risk awareness, and responsibility in public service provision.

The portal was built with support from the Vietnam Public Financial Management (PFM)’s Analytical and Advisory Assistance (AAA) Programme, and co-financed by the Swiss and Canadian Governments through the WB in 2016./.