State Treasury: safely and effectively managing state budget

	State Treasury mobilizes more than VND74.000 billion of Government Bonds
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	State Treasury: promoting tradition of national budget management

Operations at PhuTho State Treasury. Photo: Thuy Linh

State revenue and expenditures controlled in strict and timely manner

In the first six months of 2020, provincial and municipal State Treasuries actively cooperated with collecting agencies in their respective areas to focus on accounting fully, promptly and accurately revenues to the State budget all levels; regularly provided revenues for competent agencies to serve the management of budget collection at all levels.

According to the latest report from the State Treasury, as of June 30, 2020, State revenue gained VND668,647 billion, or 44.22% of the estimate. Of which, domestic revenue was VND557,628 billion; revenue from crude oil VND20,997 billion, revenue from import and export activities VND 89,743 billion, or 43.15% of the estimate (including estimate of VAT refund).

In addition to reform and modernization for collection, the State Treasury controlled State budget spending in a strict, timely and legal fashion. Also, the State Treasury proactively worked with ministries, sectors, localities and State budget-using agencies to synchronously carry out many positive solutions to boost the disbursement of investment capital, promptly meeting the spending needs of State budget-using agencies such as: enhancing control of recurrent spending (expenditures of festivities, conferences, business trips abroad) in the context of Covid-19 pandemic control and prevention in accordance with the law.

For recurrent spending, at the end of June 30, 2020, the State Treasury controlled VND455,896 billion, equal to 40.85% of the estimate (including expenditures for Covid-19 support under decisions of competent agencies; excluding expenditures for debt repayment, aid and addition for financial reserves).

Thanks to the State budget spending control, State Treasuries discovered 10,306 ineligible expenditures and requested necessary procedures and refused to pay VND10.3 billion.

For investment spending, the disbursed investment capital as of June 30, 2020 in the disbursement plan 2020 was VND155.9 trillion (reaching 33.1% of the plan assigned by the National Assembly and the Prime Minister). Through controlling investment capital spending, the State Treasury system refused to spend VND15.9 billion.

The State Treasury also said that due to the Covid-19 pandemic, the domestic and international financial and monetary markets are constantly fluctuating, directly affecting the issuance of government bonds by the State Treasury. To fulfill the capital mobilization plan in 2020 and maintain the Government bond interest rates and stabilize the market, the State Treasury took the initiative in coordinating and proposing Vietnam Social Insurance and Deposit Insurance to actively participate in government bond bidding. As a result, the interest rate for issuing government bonds did not increase sharply, gradually following the government bond trading interest rates in the secondary market and the State Treasury gradually increased the amount of mobilizedcapital to meet the spending needs of the State budget.

Disbursement of public investment accelerated

According to the State Treasury, the general context of the world and the country for the finance sector in general and the State Treasury system in particular are risks and challenges but also opportunities for breakthrough development with the goal: "Completing the goals of the State Treasury Development Strategy to 2020 and developing a State Treasury Development Strategy for the 2021-2030 period".

The whole State Treasury system strives 100% of State budget-using units to have transactions with the State Treasuries perform online public services at level 4; tightens discipline, administrative discipline, uphold responsibilities of the head; continues to streamline the apparatus in combination with modernizing management technologies in order to improve the effectiveness and efficiency of the State Treasury system.

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In the last six months of 2020, the State Treasury aims to organize and manage the state budget fund safely and effectively, enhance the role and responsibilities of the State Treasury in performing financial - budget tasks, strengthen public spending management. At the same time, strengthening coordination with related units to promptly remove obstacles and accelerate the disbursement progress of 100% of capital construction investment under the direction of the Prime Minister. The State Treasury strives to complete the implementation of online public services at all units that have transactions with the State Treasury by the end of October 2020.