2017-2020: Striving for electronic State Treasury

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The objective of the plan is to build a modern State Treasury which operates safely, efficiently and steadily. Photo: TL.

The objective of the plan is to build a modern State Treasury which operates safely, efficiently and steadily on the basis of reformed policies on modernization and development of human resources, strengthening the reform of administrative procedures associated with the modernization of information technology.

In particular, by 2020, activities of the State Treasury will have been implemented on the basis of modern IT to form e-Treasury. Accordingly, the State authorities will research and revise legal regulations related to functions and tasks of the State Treasury, towards the development and formulation of the Law on the State Treasury for 2020-2030.

Specifically, regarding the management of the State Budget Fund, the State Treasury continues to apply advanced electronic information to the State budget revenue management towards simplification of administrative procedures, minimization of the time and procedures for payment. In addition, the State Treasury will research and implement new methods of collection of State budget revenues.

With regard to expenditure control, the State Treasury continues to revise the system of policies and legal documents to simplify administrative procedures, improve transparency and accountability in expenditure control of State budget through the State Treasury. Also, the State Treasury will uniformly control regular expenditures and investment expenditures of the State Treasury, shortening the time of investment expenditure control to only 1 day by 2020.

By 2020, the State Treasury will have also expanded online public services and applied IT in cost control to strive to establish a system to manage electronic procedures for regular expenditures and investment expenditures. On the other hand, the State Treasury will have improved the efficiency of investment expenditure control, to gradually increase the investment capital disbursement rate to 95-96% of the assigned capital plan and reduce the balance transferred to next year.

Regarding capital mobilization, the State Treasury will continue to revise legal documents on guidance of operational process and issue of Government bonds. Also, the State Treasury will improve the bond market, study and develop new bonds under the Plan on development of the bond market for 2017-2020, ensuring sufficient capital sources to meet the State budget demand for development and investment. Accordingly, the State Treasury will carry out restructure of domestic debt to prolong G-bonds to about 7-8 years, with G-bonds accounting for 22% of GDP by 2020.

In the period 2017-2010, the above tasks will be the central tasks of the State Treasury system to synthesize and make the annual State budget settlement to report to the Government and the National Assembly in accordance with the Law. Also, the State Treasury will prepare the necessary conditions, especially human resources to synthesize and make the annual State budget settlement.

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In addition, during this period, the State Treasury should complete and issue all internal guiding documents as the basis for the implementation of inspections and examination activities of the State Treasury such as post-inspection procedures, regulations on inspections and examination among subordinate units of the State Treasury; update on specialized inspections; and risk management framework for controlling State budget expenditure. Besides, the State Treasury should use inspection methods flexibly, combine remote monitoring with on-site inspections; strengthen self-inspections and post-inspections to detect and warn early of risks in State Treasury activities. Accordingly, the State Treasury will prevent and take measures to promptly handle violation of policies and regimes, helping management and administration of State Treasury activities to be smooth, safe and lawful.