Participants discuss solutions for the development of the State Treasury in the future. — Photo thoibaotaichinh.vn

HÀ NỘI — The State Treasury of Việt Nam will set up an effective and transparent treasury system in the next ten years, said General Director Tạ Anh Tuấn.

This is a key part of the draft strategic direction for development of the State treasury in the period 2021-30, Tuấn said at a conference co-hosted by Vietnam State Treasury and International Monetary Fund (IMF) in Hà Nội on Monday.

He said the State treasury had almost completed goals assigned by the Prime Minister under Decision 138/QĐ-TTg on State treasury development until 2020 issued on August 21, 2007. It’s time to set new tasks and solutions for the future coinciding with the country’s development.

Tuấn said the draft strategy would be based on several key pillars including organising the operational apparatus following the regional treasury model, building a service administration and moving towards a digital treasury.

He said Việt Nam’s public finance is being renovated towards more transparency and sustainability, contributing to boosting economic development and enhancing the country's position in the international arena.

“With the function of managing the State Budget Fund and the State Finance Fund and mobilising State budget capital for development, the State Treasury plays an important role in financial management,” Tuấn said.

In the past, Tuấn said the treasury has actively reformed and modernised mechanisms and policies, professional processes, streamlined organisational apparatus and enhanced information technology innovation.

“Thereby, the treasury has made positive contributions to the management of public finance, improving efficiency, transparency and the ability of inspection and supervision of the State budget and the activities of State financial management,” he said.

In the current context of changes in the domestic and international situation, there is a need for research, exchange, discussion and careful evaluation to define the objectives, tasks and solutions to build and organise the implementation of the State Treasury Development Strategy till 2030.

Sandeep Saxena, an expert from the IMF, said the State Treasury has achieved good results in developing core competencies and building a strong foundation for future innovations.

By 2030, he said the treasury will become a completely digital treasury in all aspects and provide value-added services such as periodic analysis reports on budget, open database, and periodic budget reports to serve the public.

The State Treasury will also aim to provide a range of public financial management consulting services for other Government agencies and units, Sandeep said. — VNS