VCN – This is a task for the State Treasury in the coming time, assigned by the Deputy Minister of Finance Do Hoang Anh Tuan at the Conference summarizing the task performance in 2018 and deploying tasks for 2019 of the State Treasury on 17 December 2018.
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Deputy Minister of Finance Do Hoang Anh Tuan addressed at the Conference
Sticking to the State revenue estimate
Reporting on the key task performance of the State Treasury system in 2018, Mr. Nguyen Quang Ninh, Deputy Director General of State Treasury said that in 2018, sticking to the State revenue estimates, the entire system from central level to local level has actively cooperated with collecting agencies to drastically and effectively implement measures and solutions under the Ministry of Finance and local governments in the collection of state budget. At the same time, creating favourable conditions for taxpayers, and in timely, full and accurate accounting of revenues contributing to the State budget at all levels.
According to the final report, by the end of 14 December 2018, State revenue accounted through the State Treasury system was VND 1,392,719 billion, including state budget balance of VND 1,266,183 billion. This revenue accounting for 95.985% of the year estimate. For recurrent expenditure, as of 14 December 2018, the State Treasury system has control expenditures at VND 773,003 billion (equal to 79.2% of the estimate). Along with that the investment expenditure disbursed via State Treasury system was VND 241,844 billion (equal to 62% of the year capital plan). Through the control of public capital investment, the system has refused to pay VND 59.5 billion.
According to Mr. Vinh, regarding the capital mobilization, in 2018, the macroeconomic situation and market movement have directly affected the capital mobilization of the State Treasury. However, thanks to flexible and timely measures, as of 30 November 2018, the State Treasury has held 46 bidding sessions of Government bonds and collected VND 152,347 billion. Also in 2018, the State Treasury continued to enhance the administrative reform and effectively deployed the model of Single Window with single officer; concentrated on improving and simplifying procedures for budget collection and spending in the State Treasury; boosted the implementation of projects to carry out Government Resolutions on simplifying administrative procedures and civil documents and reducing payment time for multiple paid invoices.
Notably, 2018 is an important milestone in the reform of organizational structure of the State Treasury. The representative said that continuing the renovation and restructuring of the apparatus in a streamlined and effective manner, as of 1 June 2018, the State Treasury has dissolved 43 transaction offices.
“Despite certain shortcomings and inadequacies, generally, the State Treasury has completed the assigned political and operational tasks well, significantly contributing to effectively implementing solutions provided by the Government for the country’s socio-economic development,” said Nguyen Quang Vinh.
Strictly controlling the State fund
Continuing the implementation of State Treasury Development Strategy by 2020, in 2019, the State Treasury identifies the objectives and action motto: “Making efforts to fulfil objectives of State Treasury Development Strategy by 2020”; promptly studying and building orientations for State Treasury development for the 2021-2030 period; enhancing administrative disciplines and raising responsibility of the head; boosting the implementation of online public services at level 4; continuing the restructuring and streamlining of the apparatus associated with modernization of management technology in order to improve the effectiveness and efficiency of the State Treasury system.
Particularly, Mr. Nguyen Quang Vinh noted that in 2019, the State Treasury will make efforts to operate and control the State fund in a strict and safe manner, raise the responsibility of State Treasury in the performance of fiscal and budgetary tasks, and enhance the management of public spending.
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The State Treasury will closely coordinate with the collecting agencies to gather revenues in a timely fashion to the State budget and strive to fulfil the State revenue estimates for 2019; continuing to expand specialized collecting accounts at commercial banks to facilitate taxpayers. Furthermore, the system will expand the scope of areas which are required to pay the personal expenditure via bank account, visa card, so reducing the proportion of cash payment to State Treasury,” said the representative of the State Treasury.
In addition, the State Treasury system will strictly monitor the collection and spending of State budget, synthesize and report in timely and accurate manner on information for management of State fund of leaders at all levels. Along with that, monitoring and urging investors and project management boards to process the recovery of advanced payments, reporting to the provincial and municipal People’s Committees to direct investors and related departments and sectors for appropriate solution for overdue advanced payment.
Especially, the State Treasury will focus on deploying the task of capital mobilization and investing in development and striving to fulfil the plan of capital mobilization for 2019, set by the Ministry of Finance; issuing bonds in various terms, concentrating on issuing bonds with long terms of 5 years or more, and ensuring the fulfilment of the target of prolonging the domestic Government bond term. Particularly, executing the interest rate reasonably and consistently with the execution of monetary policy in order to stabilize the market, save costs for the State budget; paying Government bonds on due dates in a safe, accurate and convenient manner for the bond owners.
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Commenting on the task performance in 2018, Mr. Do Hoang Anh Tuan said that the State Treasury has completed the State budget task well. However, there are still some big issues that the State Treasury should pay more attention to, such as the disbursement of capital investment and recurrent expenditure are still lower that those in previous years; resources have not been mobilized much for conducting inspections; the online public service at level 4 has been implemented in State agencies and has not expanded to the people. The Deputy Minister requests the State Treasury to build an accurate and full database for 2019, and to make financial reports and report in detail to each level and sector.
Embracing the comments of the Deputy Minister Do Hoang Anh Tuan, Director General of the State Treasury asserted that these comments will be specified in the action program and plan of the State Treasury as a basis for task performance in 2019 and the following years,
By Thuy Linh/ Huyen Trang