State Treasury looks to go more digital

Update: 20:41 | 05/08/2019
The State Treasury of Vietnam (STV) is drafting a development strategy for the next decade in which it looks to become a digital treasury in 2030.
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The STV and the International Monetary Fund (IMF) held a conference in Ha Noi on August 5 to discuss the former’s development directions for 2021-2030.

state treasury looks to go more digital
General Director of the State Treasury of Vietnam Ta Anh Tuan speaks at the conference in Ha Noi on August 5. (Photo: VNA)

STV General Director Ta Anh Tuan said Vietnam’s public finance is being reformed towards transparency, efficiency and sustainability, helping to promote economic development and the country’s stature in the international arena.

With the functions of managing the State budget and financial funds and mobilising capital from the State budget for development investment, the STV system has played an important role in public financial management.

Tuan noted the treasury has worked hard to reform its apparatus and modernise its operations, including by increasing IT application. 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 crucial part of the financial sector’s, he said, adding that in its draft strategy for 2021-2030, the STV sets the overall target of building a lean, efficient and effective system towards a digital treasury.

According to senior economist Sandeep Saxena at the IMF’s Fiscal Affairs Department, the STV has obtained encouraging achievements in developing the core capacities and creating a solid foundation for the next reforms.

Mark Silins, a consultant at the IMF, also shared the view on the improvements in the management of the State budget fund between 2011 and 2020.

The information system for budget and treasury management has been put into use with strong structure and good capacity. About 30,000 units using the State budget have been connected with this system via the public services portal. Many of their networks have also been linked with banks. Thanks to that, up to 94 percent of the budget spending transactions have been directly transferred to bank accounts, while 98 percent of the budget collection transactions have been conducted online.

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(Source: VNA)