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VN to push for public finance modernisation

Update: October, 28/2015 - 17:31
Viet Nam must strive to improve institutional mechanisms, law implementation, supervision, inspection and auditing to ensure that resources are used appropriately, effectively and in a transparent manner. — Photo nhandan.com.vn

HA NOI (VNS) — Viet Nam is committed to building good governance, improving public financial management and fighting corruption, according to eputy minister of finance Huynh Quang Hai.

"Enhancing the efficiency and effectiveness of limited resources to foster economic growth and improve public services requires an effective and comprehensive public finance management system," said Hai during a ceremony yesterday to kick start a project aimed at modernising the Government's public finance management.

The EU Public Finance Modernisation Project (EU-PFMO) aimed to support the Vietnamese Ministry of Finance to enhance its capacity in public finance management as well as to support macroeconomic stability and the strengthening of the government's ability to implement its economic and social policies through the efficient, effective and transparent planning and execution of the state budget.

Hai added that the Government must strive to improve institutional mechanisms, law implementation, supervision, inspection and auditing to ensure that resources are used appropriately, effectively and in a transparent manner.

"The improvement of public finance is even more demanding as Viet Nam is becoming more integrated in the international economy," said EU Minister Counsellor and Head of Co-operation and Development Section, Alejandro Montalban Carrasco.

He said that it would play an increasingly important role with the new generation of Free Trade Agreements (FTA), such as the EU-Viet Nam Free Trade Agreement (EVFTA) and Trans-Pacific Partnership (TPP).

He noted that the implementation of said commitments poses many challenges, particularly to improve the business climate and to reduce and remove obstacles to international trade and investment.

The EU-PFMO project, which was signed between the Government of Viet Nam and the Delegation of the European Union to Viet Nam in December last year, aimed to contribute to the alleviation of poverty and inclusive growth across the country. — VNS

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