Deputy Prime Minister Vương Đình Huệ poses with the staff of the State Treasury of Việt Nam. — VNA/VNS Photo Phạm Hậu

HÀ NỘI — Deputy Prime Minister Vương Đình Huệ urged the State Treasury of Việt Nam to manage the State budget efficiently, which is critical in promoting socio-economic development.

Speaking at the meeting with the State Treasury on Monday, Huệ stressed that the treasury must develop solutions to enhance the efficiency of the State budget, with focus placed on speeding up the disbursement of public investment.

Resources must be spent for the right purposes to achieve socio-economic development goals and ensure the sustainable development of the Vietnamese economy, Huệ said.

Huệ urged the treasury to enhance reforms and modernisation as well as focus on developing human resources to better serve residents and businesses.

The State Treasury must issue a development strategy, which must be appropriate to the country’s finance development strategy and socio-economic development strategy to 2030, he said.

The State Treasury must contribute to building a stable and strong national finance for the country’s prosperous development, Huệ stressed.

In 2020, the State Treasury targeted that all State-budget transactions would be conducted online. In addition, cooperation with relevant agencies would be enhanced to speed up disbursement of public investment.

Huệ said that 2020 was an important year for Việt Nam because this was the final year of the 2016-20 five-year plan to create the impetus for the next five-year period.

The global slowdown was posing challenges to Việt Nam, Huệ said, urging efforts by the State Treasury to overcome difficulties to have a better year in 2020.

Huệ also visited Military Commercial Joint Stock Bank (MB) yesterday, the first working day after Tết (Lunar New Year) holiday.

Huệ urged the bank to speed up the digitalisation process to improve service quality and ensure convenience for customers. In addition, MB should focus on developing non-credit services.

MB should strive to maintain the position in the top five commercial banks by operation efficiency of Việt Nam, he asked.

MB reported a pre-tax profit of VNĐ10 trillion in 2019, up 29.1 per cent over 2018. Its ratio of bad debt was managed under 1.2 per cent. — VNS