General Director of the State Treasury of Vietnam Ta Anh Tuan speaks at the conference in Hanoi on August 5 (Photo: VNA) Hanoi (VNA) – The State Treasury of Vietnam (STV)is drafting a development strategy for the next decade in which it looks tobecome a digital treasury in 2030.
The STV and the International Monetary Fund(IMF) held a conference in Hanoi on August 5 to discuss the former’sdevelopment directions for 2021-2030.
STV General Director Ta Anh Tuan said Vietnam’spublic finance is being reformed towards transparency, efficiency andsustainability, helping to promote economic development and the country’sstature in the international arena.
With the functions of managing the State budgetand financial funds and mobilising capital from the State budget fordevelopment investment, the STV system has played an important role in publicfinancial management.
Tuan noted the treasury has worked hard toreform its apparatus and modernise its operations, including by increasing ITapplication. As a result, it has greatly contributed to the improvement of efficiency,effectiveness and transparency in public finance.
The STV’s development strategy forms a crucialpart of the financial sector’s, he said, adding that in its draft strategy for2021-2030, the STV sets the overall target of building a lean, efficient andeffective system towards a digital treasury.
According to senior economist Sandeep Saxena atthe IMF’s Fiscal Affairs Department, the STV has obtained encouragingachievements in developing the core capacities and creating a solid foundationfor the next reforms.
Mark Silins, a consultant at the IMF, alsoshared the view on the improvements in the management of the State budget fundbetween 2011 and 2020.
The information system for budget and treasurymanagement has been put into use with strong structure and good capacity. About30,000 units using the State budget have been connected with this system viathe public services portal. Many of their networks have also been linked withbanks. Thanks to that, up to 94 percent of the budget spending transactionshave been directly transferred to bank accounts, while 98 percent of the budgetcollection transactions have been conducted online. -VNA
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