State Treasury set to go digital: officials

07-Aug-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The State Treasury of Vietnam is looking to become a digital treasury by 2030, with the ability to offer value-added services, such as budget compliance reports, announced officials at a conference in Hanoi today, August 5.

Held by the STV and the International Monetary Fund (IMF), the conference was aimed at giving the STV insights into its strategic development for the next decade, reported the Vietnam News Agency.

The STV has already achieved significant development in terms of policies and professional processes, organisational structure and manpower development and in modernising management technology, among other things.

STV general director Ta Anh Tuan said Vietnam’s public finance is being reformed toward transparency, efficiency and sustainability, thereby helping boost 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 investment in development, the STV system has played a key role in public financial management, according to Tuan.

He added that the treasury has worked hard to reform its apparatus and modernise its operations, including by increasing the application of information technology.

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 strategy for the next decade, he said, adding that in its draft strategy for 2021-2030, the STV has set the overall target of building a lean, efficient and effective system to create a digital treasury.

Senior economist Sandeep Saxena with the IMF’s Fiscal Affairs Department commented that the STV has made encouraging achievements in developing its core capacities and creating a solid foundation for the next reforms.

The STV will be able to create its open data portal and provide added-value services, such as periodic budget compliance reports and regular budget reports, to the general public by 2030, said Saxena.

He added that the STV will also be able to offer consultancy services on public asset management to other government agencies.

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

Silins said the information system for budget and treasury management has been put to use with a strong structure and capacity.

Some 30,000 units using the State budget have been connected to this system through the public services portal. Many of their networks have also been linked with banks.

As a result, up to 94 percent of the budget spending transactions have been directly transferred to bank accounts, while a staggering 98 percent of the budget collection transactions have been conducted online.


Category: Finance, Vietnam

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