July 07, 2020 10:01

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State Treasury: promoting tradition of national budget management

09:42 | 03/06/2020

VCN - Over a long period of development, the State Treasury system has formed a glorious and proud tradition, paving the way for further development steps of the sector.

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Operations at Phu Tho State Treasury: Photo: Thuy Linh

A long period of development

On May 29, 1956, President Ho Chi Minh signed Edict No. 75 / SL to establish the National Exchequer under the Ministry of Finance - the forerunner of the State Treasury. During the resistance war, the National Exchequer helped build and protect the people's Government, contributing to the nation's victory, fulfilling its mission, and being an important tool of the young revolutionary Government fighting enemy activities in the field of finance - currency, laying the foundation for the finance of the new regime.

To meet the requirements of the country's financial and monetary management reform and administration in the renovation period, the State Treasury system was re-established under Decision No. 07 / HDBT of January 4, 1990 of the Ministers’ Council and officially put into operation on April 1, 1990 with five major functions and tasks.

After a long period ofdevelopment, the State Treasury system is not only an agency that manages the State budget but also becomes a State management unit of the State budget fund, national financial funds and State accounting, mobilizing capital for the State budget and development investment. The State Treasury system has made great progress in terms of functions, tasks, organizational structure and human resources; affirmed its importance in the national finance system through the planning and implementation of policies to mobilize capital, manage and distribute the country's financial resources, helping improve quality of financial and budgetary management and administration. 

Implementing the State Treasury Development Strategy up to 2020, the operation of the State Treasury system (from 2001- to 2010) gradually stabilized and developed towards modernization reform. The State budget collection was reformed towards simplifying administrative procedures and reducing time for taxpayers. Advanced electronic information technology was applied effectively to the State budget revenue management with the completion of phase 1 of the State budget modernization project.

In addition, the control of State budget spending was gradually reformed according to the "single window" transaction model; separating receiving and processing divisions, thereby gradually unifying the focal points and the State budget spending control. The management of State funds in this period always ensured safety, fully and promptly met the payment needs for units, and on the other hand, the State Treasury continues to use idle funds to advance to the State Budget, paving the way for the study of State budget management reform towards safety and efficiency.

Towards digital treasury platform

In the next stage, the State Treasury development strategy for 2021 – 2030 is being set with a general goal; building a modern, streamlined, effective and efficient State Treasury to perform the functions of managing State budget; managing state fund and mobilizing capital for State budget  and total State accounting based on three main development pillars, namely improving the quality of treasury services, contributing to building the serving administrative system; arranging the organizational structure according to the regional treasury model, aiming at the 2-level treasury model.

Managing and providing services based on modern information technology, with data connection and sharing with ministries, sectors, localities and agencies and units to form a "digital treasury", associate modernization of functions of the treasury with reform of the organizational structure of State Treasury activities, towards good global practices and taking information technology as a breakthrough step, in which digital transformation is a solution throughout implementation.

Accordingly, the State Treasury sets a number of major reform directions in the following years, in which focusing on improving the effectiveness and efficiency of State budget fund management through closely linking allocation, implementation and finalization of State budget based on electronic data interconnection and finalizing the framework for State budget spending control. State budget collection and spending transactions are computerized to minimize expenses and improve transaction processing speed, ensuring information and data of State budget collection and spending in a timely manner.

The capital mobilization for the State budget must also be in line with objectives of the Government's debt management strategies, plans and programmes and borrowing plans, ensuring efficient and cost-effective mobilization and supporting the development of the Government bond market. The proactive State budget management according to the market principles fully and promptly meets the payment needs of the State budget and transaction units at the State Treasury and idle State funds are effectively used.

Notably, the State Treasury will provide full, accurate and timely financial and State budget information, serving management, administration and accountability by the Government, ministries, sectors, localities and inspection and supervision by the National Assembly and People's Councils at all levels and the people; gradually shortening the time to prepare and submit State financial statements and State budget statements not in excess of nine months from the end of the fiscal and budget year.

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In this period, the State Treasury will focus on building and perfecting the digital treasury platform, meeting requirements of improving the effectiveness, efficiency and service quality of the State Treasury; developing digital treasury based on digital technology; and ensuring information safety and security.

 

 

 

By Thuy Linh/ Huyen Trang