The development of the State Treasury of Vietnam should gradually approach the level of the region and the world, in which its operation will base on a modern corporate governance model.
The State Treasury of Vietnam is tasked with focusing on the development of new services in line with the demand of people, businesses, and state agencies and completing the process of building a digital treasury by 2030.
Vietnam aims to complete the development of a digital State Treasury by 2030. |
The goal was set in Prime Minister’s Decision No.455 on State Treasury Development Strategy by 2030, which plays a key role in promoting the effective utilization of state resources in the system of public finance management.
Under the strategy, the development of the State Treasury of Vietnam should approach the level of the region and the world, in which the agency's operation will base on a modern corporate governance model.
“It is expected that the State Treasury would soon meet the demand in national finance management with higher service quality for individuals, businesses, and state agencies,” it added.
As part of the strategy, the Government identifies IT application as a key solution, along with reform in legal framework and innovation in operation mechanism.
“A comprehensive modernization in the structure of the State Treasury would create a new driving force for the agency’s further development,” it added.
By 2025, the State Treasury of Vietnam is expected to operate based on digital data and complete a digital platform, in which all transactions of state budget expenditure and collection should be conducted via an online platform.
In addition, the agency is responsible for finalizing the risk-management mechanism to better control state budget spending.
The strategy also expects to keep the maturity period of Government bonds at 9-11 years with attractive return rates but at the same time ensure the safety and sustainability of public debt.
The State Treasury should provide timely and sufficient data on finance-budget in line with accounting standards to aid the Government’s policy-making process and enhance transparency in the management of state resources.
By 2030, the processing time for the final account and state financial reports would be reduced by 6-12 months compared to 2020.
Other News
- Vietnam's non-cash payments reach US$9.8 trillion, 23 times GDP
- PM urges Central bank to ensure positive growth in 2024
- Vietnamese Gov't to continue VAT cut for second half of 2024
- 3,400 taels of gold purchased at the first-in-11-year auction
- HoSE to launch KRX-developed transaction system in early May
- Central bank moves gold auction to tomorrow
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
Trending
-
Pristine white lotus enchants flower lovers in Hanoi
-
Vietnam news in brief - May 18
-
Six ideal destinations for green tourism in Vietnam
-
Vietnam's central bank to inspect gold trading practices
-
Hanoi's 70th liberation anniversary literary and art contest launched
-
Japanese duo of illusionists to wow audiences in Vietnam
-
Walking tour to experience public arts in the heart of Hanoi
-
Propaganda poster contests launched for Hanoi’s 70th liberation anniversary
-
Bas-reliefs on Hue's nine dynastic urns listed as UNESCO heritage