April 03, 2020 04:45

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A vision to set up a"Digital Treasury"

09:28 | 06/04/2019

VCN- In order to effectively develop the State Treasury system by 2020, the State Treasury has constantly improved its policies and professional processes, completed the apparatus, associated with modern technology and developed human resources to perform the assigned functions and tasks.

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set up digital treasury

Recently, the State Treasury has improved its organizational structure in the direction of focusing on managing, operating and streamlining the administrative process. Photo: Thuy Linh

Modernizing collection and payment

One of the most importance factors to develop the State Treasury in accordance with the goals and directions is human resources. Recently, it improved its organizational structure in the direction of focusing on managing, operating and streamlining the administrative apparatus. It has also developed IT application systems toward centralizing online and integrated with TABMIS: implementation ofa project on modernization of state budget collection; centralized electronic payment; providingonline public services; investment in development of information technology infrastructure and information technology staff. Information technology has become a breakthrough, of great impact and effective support for reform and modernization of the State Treasury system.

Thanks to efforts to comprehensively change human resources and information technology, the State Treasury development strategy to 2020 has shown the correct vision of the Ministry of Finance in general and the State Treasury in particular.

For the management of State budget revenue, the tax payment process between Tax, Customs and State Treasury authorities has been increasingly improved to simplify administrative procedures. The State Treasury has continuously expanded its accounts at all commercial banks in areas with a large number of taxpayers andconnected and exchanged data on State budget collection between authorities.

The State Treasury has actively modernized the State budget spending. It has successfully developed a process on controlling State budget spending towards simplicity, clarity and transparency in dossiers, documents, and contents; specifying responsibilities and competency of authorities and units; step by step shifting from pre-control, post- payment to pre-payment and post-control.

The time for the control of investment spending has been shortened from 7 to between 1-3 working days. For recurrent expenditures, a control threshold has been set up according to the list of expenditures to control, based on risk. The State Treasury has controlled the spending under the fixed expenditure mechanism; implemented single window spending; implemented State budget spending via credit cardsandreceived expenditure control documents through its Website. The Ministry of Finance has also developed and submitted to the Government for consideration a Decree on sanctioning administrative violations in the field of management and use of state assets, thrifty practice, waste combat and national reserve at the State Treasury; thereby, contributing to improving the financial discipline of units using State budget.

Minimize cash payment

The State Treasury has built a system of centralized payment accounts and deployed centralized e-payment with the banking system which is connected with TABMIS system. Currently, all transactions related to State budget have been implemented through the centralized e-payment system. According to reviews, payment transactions are processed automatically, quickly, accurately and safely.

Towards the goal of non-cash payment, the State Treasury has constantly reviewed and completed regulations on managements of cash collection and payment to closely monitor expenditures in cash. It has also coordinated with commercial banks to deploy non-cash payment methods:Authorizing commercial banks to collect State revenue in cash; collecting revenue via internet, ATM, POS/EDC; personal payment via account; State budget spending via credit card; State budget spending in cash via commercial banks. By the end of 2017, the state budget collection in cash accounted for less than 2%, creating a basis for development of non- cash transaction at State Treasury by 2020.

The operation of the State Treasury is aiming for global good practices and approaching development trends of advanced treasury model and management method of “in transition” economies, in particular the new governance model: changing from management into service; bringing enterprise spirit into state management activities that consider work efficiency as a measurement; applying competition principles and quality in duty performance; decentralizing control and collecting information. The State Treasury’s development strategy is the harmony between inheritance, stability,innovation and development. It integrates modernization with the State Treasury’s functions and the organizational reform of the State Treasury. This strategy is completely in line with the guidelines and policies of the Party and the State on promoting application and development of information technology to meet the requirements of sustainable development and international integration, consistent with the digital technology applications of the Industrial Revolution 4.0

The development of a modern, streamlined, efficient, effective and unified treasury system towards 2-level model (executive level and performance level) to effectively perform key functions of the State Treasury, the State Treasury has been successful with the “treasury service” model, contributing to building an administrative service.

Initial results in implementing the State Treasury development strategy by 2020 will lay the foundation for the target set by 2030 that all activities of managing, administration and providing services of the State Treasury are implemented in a digital environment and on the basis of modern information technology applications and connected with ministries, branches and localities to set up a "digital treasury system".

By Thuy Linh/Ngoc Loan