By 2025, State Treasury to operate on digital data

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The State Treasury system has accelerated online transactions. Photo: TL

The strategy also sets a target that by 2025, all state budget transactions through the State Treasury will be carried out online (except for transactions within the scope of state secrets); all operations from estimation, allocation, accounting, auditing and state budget finalization will be digitalized; information and data of state budget revenues and expenditures shall be shared; the mechanism to control state budget expenditure will be developed on risk-based control.

After 2025, the State Treasury will focus on researching and developing services according to the needs of people, businesses and state agencies; and by 2030, State Treasury will complete the construction of the digital Treasury.

The State Treasury will strive to issue 9-11 year term Government bonds with reasonable interest rates and issuance costs, contributing to restructuring, increasing the safety and sustainability of public debt.

Before 2025, the State Treasury will prepare full conditions on mechanisms, policies, professional processes, and application of information technology so that by 2030, the organizational structure works according to the 2-level treasury model and reduce at least 15% of payroll compared to 2020.

Forming the Digital Treasury

One of the main tasks and solutions of the Strategy is to strengthen the application of information technology, actively participate in the industrial revolution 4.0, and form the digital treasury.

Specifically, the State Treasury will build the State Treasury's information technology architecture in line with the e-Government architecture.

In which, the Digital State Budget and Accounting Information System plays a role as the core system which connects and shares data with the National Procurement Network, other national database systems, and other relevant systems.

In addition, the State Treasury will digitize State Treasury operations and provide open data on state budget - finance through upgrading and developing the Budget and Treasury Management Information System and other relevant systems into a digital State Budget and Accounting Information System based on modern technology, allowing the provision of digital services, serving the needs of people, businesses, agencies, units and allowing access to and exploitation of information.

At the same time, the State Treasury will build and complete other information technology systems to meet the requirements of reform and modernization of the State Treasury; effectively apply digital technologies such as Cloud Computing, Big Data, Mobility, Internet of things (IoT), artificial intelligence (AI) and Blockchain in building and deploying digital Treasury applications and services to optimize the management, administration and service provision of the State Treasury.

The State Treasury will continue to improve systems and solutions for security and risk prevention; operation monitoring system and information security monitoring system, ensuring that the information technology system is always operated safely, stably and smoothly in all situations.

Studying and piloting arrangement of the organizational structure according to the 2-level model

Another key task and solution of the Strategy is apparatus streamlining and human resource development.

In which, the State Treasury will continue to review to arrange and reduce State Treasury units at the district level; pilot arrangement of the organizational structure according to the 2-level model according to the roadmap in accordance with the level of information technology application, the decentralization of state management and the reorganization of administrative units at all levels, ensuring the operations of the State Treasury and the transactions of the organizations and individuals with the State Treasury are convenient.

Along with that, the State Treasury will recruit and train State Treasury officers according to job positions, and become officers with moral qualities and solid political bravery; high professionalism, qualifications, skills, and creative capacity based on the competitive mechanism of recruitment, remuneration and promotion regime, in order to meet the requirements of the work and the country’s orientations by 2030, and better serve people, businesses and state agencies.

Moreover, the State Treasury will strengthen the use of external resources and staff streamlining according to the guidelines of the Party and Government.

The State Treasury will build a contingent of leaders of the State Treasury at all levels and treasury officers to research and develop mechanisms and policies at the central level of high quality, to meet the reform and modernization requirements of the State Treasury system in the context of international economic integration and fourth industrial revolution; restructure State Treasury officers at each level and each unit, in line with the consolidation of the organizational apparatus, modernization of operations and reform of management methods.

The State Treasury will develop a mechanism to measure performance (Key Performance Indicators or KPI) of each unit and each officer according to the standards of titles and working positions, creating motivation and pressure on each unit and each officer to make all efforts to achieve the assigned tasks.

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Moreover, the State Treasury will improve the working climate and actively implement policies and mechanisms of the Party and the Government, creating conditions and promoting the initiative, creativity and arousing the spirit of dedication in the performance of official duties of the treasury officers.