The State Treasury focuses on solutions to ensure revenue expenditure and budget management

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The State Treasury has coordinated with units to ensure timely and effective state budget revenues and expenditures. Photo: T.Linh
The State Treasury has coordinated with units to ensure timely and effective state budget revenues and expenditures. Photo: T.Linh

Gathering revenue sources, ensuring expense control

According to a report from the State Treasury, in the first months of the year, State Treasury units proactively coordinated with the General Department of Vietnam Customs, General Department of Taxation and local collection agencies to quickly focus and collect accurate revenues for budgets at all levels; providing regular and continuous revenue data information to competent levels, serving revenue collection management at all levels.

Currently, the State Treasury has been continuing to coordinate with commercial banks to collect state budget and make electronic bilateral payments. By the end of the first quarter of 2024, the State Treasury has signed framework agreements with 21 commercial banks, connected bilateral electronic payments with 16 commercial banks and is continuing to coordinate with the remaining commercial banks for implementation.

The State Treasury said it is piloting a personal payment service through accounts at the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Vietnam Bank for Agriculture and Rural Development (Agribank).

In controlling state budget expenditures, the entire State Treasury system has ensured strict, timely and regulated expenditures. The unit also provided daily disbursement data to the Ministry of Finance, party committee leaders, and local authorities to promptly serve the management and administration of the state budget. In particular, the entire system has proactively coordinated with ministries, branches and localities to synchronously deploy many positive solutions that contribute to promoting the disbursement of public investment capital; strengthen strict control of regular expenses…

The State Treasury has strengthened regular inspections, surprise inspections and remote monitoring of the implementation of administrative procedures in the field of state budget expenditure control…

Pay principal and interest on government bonds promptly

Along with ensuring state revenue revenues and expenditures, the State Treasury has also managed the state treasury to fully and promptly meet the spending needs of the state budget and units that have transactions with the State Treasury in domestic and foreign currencies. According to the State Treasury, from the beginning of the year to May 15, 2024, the total mobilized volume of Government bonds reached VND 120,790 billion, reaching nearly 30.2% of the total plan for 2024. Average issuance term is 11.09 years; the average issuance interest rate is 2.24%/year.

General Director of the State Treasury Tran Quan said that the State Treasury continues to organize the issuance of Government bonds in appropriate with central budget needs and market situation within the scope of tasks, on favorable market conditions to strive to complete assigned tasks. In addition, the State Treasury will also manage issuance interest rates closely to the market situation, diversify terms to meet requirements from the central budget, and closely tie capital mobilization to state budget mobilization.

From the results achieved above, in the future, the Ministry of Finance has requested the State Treasury to promptly make payments for completed volumes, promoting payments through the State Treasury’s online public services to save time and travel expenses of investors, public transparency of the application processing process at the payment control agency in accordance with the Prime Minister’s direction in Official Dispatch No. 24/CD-TTg dated March 22, 2024 on accelerating the progress of allocation and disbursement of public investment capital in 2024.

The State Treasury also needs to continue to coordinate closely with collection agencies to fully and promptly collect revenues into the state budget; deploy the expansion of collection accounts at commercial banks complying with the regulations. At the same time, it is necessary to closely follow the market situation, state budget revenues and expenditures, organize government bond bidding through the Hanoi Stock Exchange to mobilize capital for the central budget with appropriate amounts, ensuring cost savings and efficiency in public debt management; organize payment of principal, interest on government bonds, and related expenses promptly and fully complying with regulations.

In the second quarter, the State Treasury continues to require State Treasury units to proactively coordinate with local revenue agencies to quickly focus and accurately account revenues for all budget levels. Regarding expenditure control, the State Treasury requires the entire system to promote administrative reform in a customer-oriented direction, taking the satisfaction of individuals and organizations as an important measure in the public service provision of the State Treasury.

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