The project on strengthening public financial management in Việt Nam with a total EUR 14 million (US$15.4 million) kicked off on Thursday. Photo thoibaonganhang.vn

HÀ NỘI – A project on strengthening public financial management in Việt Nam with 14 million euros (US$15.4 million) in funding from the European Union (EU) and the German Government officially kicked off on Thursday.

The project, implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH in cooperation with the Ministry of Finance (MoF), will contribute to sustaining Việt Nam’s robust growth through enhanced public financial management.

At the event, Deputy Chair of the Project Steering Committee Trần Văn Sơn expressed sincere thanks to the European Union and the German Government for supporting the Ministry of Finance in strengthening public financial management in Việt Nam.

“By focusing on our priority areas, namely the state budget and revenue forecast, public debt, tax and revenue, and bringing in international expertise and practices, the project will significantly contribute to enhancing public finance management in Việt Nam,” he said.

Bunde Kristina, Counsellor-Head of Cooperation, Delegation of the European Union in Việt Nam, said this project would help Việt Nam to collect more and spend better.

Moreover, it came at the right time because the public finance management reforms under this project would boost our energy budget support operation, she said.

Jens Schmidt-Kreye, First Secretary of German Development Cooperation at the German Embassy in Việt Nam, said the embassy was delighted to see the project ready to run at full speed with a clear implementation plan.

“Effective public financial management ensures that scarce public resources generate maximum impact where they are most needed," he said. "We believe that the project will help the Government of Việt Nam achieve its policy and development objectives and to set the stage for robust public service delivery."

Under the project, relevant Government agencies and other partners will focus on improving the quality of medium-term budget planning and increasing fiscal transparency, creating better risk management systems for public debt management; and increasing revenue potential and the economic efficiency of tax policy.

The project encompasses a tailored set of interlinked activities, including analytical work, legal and policy advice, and organisational development.

In addition, it provides formal and on-the-job training, coaching and mentoring, and peer-to-peer learning. – VNS