Vietnam eyes completion of digital State Treasury by 2030
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.
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