Cash revenue accounts for 0.47 percent of total revenue at the State Treasury

	State Bank sets cashless payments as top priority for 2020
	Strong e-payment growth recorded in 2019
	In 2019, State budget revenue and expenditure in cash through treasuries drops sharply

The State Treasury will expand collection accounts at commercial banks to enhance the coordination of collection. Photo: Thuy Linh

Promote non-cash payments

In 2019, the State Treasury will continue to implement measures to promote non-cash payments such as: regularly propagating and guiding people, businesses and transaction units to use non-cash payments in state budget revenues and expenditures; and strictly control cash payments.

The State Treasury has actively coordinated and timely provided information on the demand for cash payments to the commercial bank where the account is opened to arrange cash sources to meet spending needs of the State budget. At the same time, expanding the collection accounts at commercial banks to enhance the coordination of revenue collection and authorized collection of cash tothe State budget.

Thereby, the total revenue and expenditure of the State budget in cash through the State Treasury system decreased significantly compared to the same period last year.

According to statistics, in 2019, the State budget in cash through the State Treasury system accounted for 0.47 percent of the total revenue through the State Treasury (down by 14 percent compared to the same period in 2018).

Along with that, the State budget expenditure in cash through the State Treasury accounted for 2.96 percent of the total expenditure through the State Treasury (down by 43 percent compared to the same period in 2018).

Operating centralized payment systemsat banks

Along with continuing to deploy the opening and use of the State Treasury's account at banks to make quick and convenient payments, associated with the modernization of payment work, in the past year, the State Treasury has expanded the collection account at State Treasury units to quickly collect the revenue to the state budget, create favorable conditions for organizations and individuals to pay taxes and contribute to reforming administrative procedures.

Currently, the State Treasury has opened payment accounts in VND for 63 provincial State Treasuries and continued to expand the collection accounts for State Treasury units at five commercial banking systems (VietinBank, Vietcombank, BIDV, Agribank and MB).

SinceNovember 2019, the State Treasury has cooperated closely with the relevant units to complete the preparatory work in order to make the provisions of Circular No. 58/2019 / TT-BTC come into practice such as: signing framework agreement with four commercial banks (VietinBank, Vietcombank, BIDV and MB). Particularly for the Bank for Agriculture and Rural Development, the State Treasury is continuing to negotiate and sign anagreement.

Following Circular 58/2019/TT-BTC, the State Treasury has cooperated with the State Bank to collectquickly, fully and promptly concentrate the State budget balances at the State Treasury's general payment at commercial banks to the State Bank at the end of the working day. At the same time, timely transfer the state budget from the State Treasury's general payment account at the State Bank to the State Treasury's general payment account at commercial banks at the beginning of the working day to meet the demand for payment through the State Treasury.

According to the State Treasury, the implementation of Circular No. 58/2019/TT-BTC is a strong reform step of the State Treasury in building and operating a centralized payment system in accordance with international practice and meet the aim of closely combining fiscal and monetary policy.