Vietnam urged to make State budget transparent

26-Aug-2014 Intellasia | TBKTSG | 6:00 AM Print This Post

The government should inform its State budget revenue and spending more clearly so that its people can understand this matter better, said Victoria Kwakwa, country director of the World Bank in Vietnam.

Kwakwa told a conference held by the Ministry of Finance in Hanoi on Wednesday that governmental agencies and organisations should publicise the charges and fees they collect from people. They should not be allowed to retain certain proportions of these revenues for their spending as this could erode the transparency of State budget collections.

Kwakwa warned against the fact that many localities borrow too much to invest in their projects although the debt has gone beyond their payment capacities.

She also emphasized the importance of public finance restructuring as it plays a crucial role in ensuring socio-economic stability and helps the country meet the target of restructuring its economy.

The Ministry of Finance said State budget collections increased 18 percent a year in 2004-2013.

Minister of Finance Dinh Tien Dung stressed at the conference that draft amendments to the State budget law will strictly regulate the responsibilities of localities for their expenses. The Ministry of Planning and Investment should supervise public investment projects to ensure their efficiency.

The conference attracted around 150 representatives of governmental agencies and ministries, international organisations and diplomatic corps in Vietnam.


Category: Economy

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