Cooperation in State revenue collection: Important step forward to Digital Treasury

VCN – Coordination between the State Treasury and commercial banks in collecting state revenue has gradually promoted its effectiveness.

This is a step to concretize the Government's direction on strengthening non-cash payments and facilitating taxpayers when fulfilling their obligation to pay the state budget, and towards a digital treasury in the future.

the state revenue collection by cash through the State Treasury system accounts for less than 1%.
The state revenue collection by cash through the State Treasury system accounts for less than 1%. Photo: Thùy Linh

Collecting revenue by electronic method accounts for over 99%

Up to now, the state revenue collection by cash through the State Treasury system accounts for less than 1%. This achievement is thanks to close cooperation between the State Treasury and commercial banks.

Previously, there were only five state-owned commercial banks signed with the State Treasury. However, since May 2020, there have been four more commercial banks participating in the collection cooperation program. The expansion of cooperation has contributed to the development and diversification of the State Treasury's revenue collection methods in order to strengthen administrative reform, promote non-cash payments, and support people and businesses when performing obligations with the state budget.

For example, at Thai Nguyen State Treasury, from June 1, 2021, this unit has stopped all direct transactions by cash at the head office. Accordingly, the revenue collection activities and collection of fines for administrative violations are carried out on the National Public Service Portal through taxpayers' accounts, and fines are paid at commercial banks or directly at the banking transaction office of five commercial banks including VietinBank, Agribank, BIDV, Vietcombank and MB Thai Nguyen branch.

According to this unit, the collection cooperation has helped the State Treasury to reduce the workload, thereby creating conditions to increase human resources for professional activities. On the other hand, reducing pressure to ensure security when transporting cash.

After nearly two years of expanding the collection program to achieve the goal of a "cashless" Treasury, the program has brought many benefits. Affirming the State Treasury's view that "if you want to go far, you have to go together", Deputy Director General of the State Treasury Tran Thi Hue said this cooperation would bring benefits to all three parties.

Accordingly, the cooperation between the State Treasury and commercial banks will create more advantages for taxpayers (expanding space for carrying out tax procedures, tax payment time; taxpayers are provided more diversified and modern payment services, with a simple and convenient collection and payment process, reducing the time of carrying out payment procedures); contributing to the implementation of public services, customs procedures, and quick clearance.

In addition, the coordination of state revenue collection between the State Treasury and commercial banks also helps that all state revenue collection carried out through banks will be recorded directly into the State Treasury's accounts, ensuring timely gathering of revenue to the state budget and information on revenue transmitted to the General Department of Taxation and the General Department of Vietnam Customs quickly and conveniently.

For the State Treasury, besides gathering revenue more quickly and promptly into the state budget, without having to go through intermediaries, the coordination of state revenue collection with banks also helps to reduce the workload of the State Treasury, creating conditions for the State Treasury to further streamline its apparatus, operate effectively and efficiently following Resolution No. 18-NQ/TW of the 12th Central Committee. In particular, the results of cooperation between the State Treasury and commercial banks also contribute to improving the business environment, creating an important driving force for socio-economic development, improving the labor productivity of the society, and contributing to the digitization of the economy.

Continue to improve procedures

Coordination between the State Treasury, Tax, Customs authorities and commercial banks is a significant step forward in administrative reform, making a breakthrough in revenue collection on the basis of information technology and following the principles of convenience, accuracy, timeliness, and modernity, appropriate with international practices and bringing benefits to all parties.

To implement the State Treasury Development Strategy to 2030, forming an electronic treasury, a “Three No” Treasury (no cash, no paper documents, no transactional customers), in the future, the collection order will be further expanded by the State Treasury with commercial banks to coordinate collection in each area in order to create the most favorable conditions for taxpayers, promote reform of administrative procedures and improve customer service quality, reducing payment transaction time to about 5 minutes per transaction.

To do that, the State Treasury, Taxation, Customs authority and commercial banks will continue to review the procedures in the process of coordinating state revenue collection to detect unreasonable procedures and improve following the direction of simplification and understanding in order to facilitate taxpayers.

Furthermore, timely exchange of information in solving all problems so that the implementation of the regulation on coordination of state revenue collection goes in order and promotes efficiency, and brings benefits to tax authorities, State Treasury, commercial banks and taxpayers.

Deputy Director General of the State Treasury Tran Thi Hue affirmed that the State Treasury wished and was ready to cooperate with commercial banks that have demand and are willing to invest in facilities, technical infrastructure, application of information technology and human resources to coordinate in state revenue collection and electronic bilateral payments with the State Treasury.

By Thùy Linh/Thanh Thuy

Related News

Vietnam Customs actively promotes cooperation activities

Vietnam Customs actively promotes cooperation activities

VCN – In the first quarter of 2024, international cooperation and integration activities were actively implemented and planned by Vietnam Customs. Notably, Vietnam Customs has urgently completed plans for the 33rd meeting of the ASEAN Directors-General of Customs in June in Phu Quoc (Kien Giang province).
Five key northern local customs departments signed an emulation agreement

Five key northern local customs departments signed an emulation agreement

VCN - Five local customs departments belonging to Emulation Cluster No. 3 of the General Department of Vietnam Customs (including Hai Phong Customs Department, Hanoi Customs Department, Quang Ninh Customs Department, Bac Ninh Customs Department and Ha Nam Ninh Customs Department) signed an emulation agreement, striving to complete assigned tasks.
The General Department of Vietnam Customs strives to promote import and export growth

The General Department of Vietnam Customs strives to promote import and export growth

VCN - On April 15, the General Department of Vietnam Customs held an online briefing conference to evaluate the results of the first quarter of work and deploy the work program for the second quarter of 2024. According to the authorization of the Director General, Deputy Director General Nguyen Van Tho chaired the conference.
Vietnam Customs with outstanding results in ASEAN cooperation

Vietnam Customs with outstanding results in ASEAN cooperation

VCN - Along with the integration trend, Vietnam Customs is always an active member in implementing regional customs cooperation initiative programs regarding international cooperation on customs within the Association of Southeast Asian Nations (ASEAN) community.

Latest News

Vietnam seeks to remove obstacles in upgrade of securities market

Vietnam seeks to remove obstacles in upgrade of securities market

The State Securities Commission of Vietnam (SSC) recently held an online working session with the World Bank (WB) and the Asia Securities Industry and Financial Markets Association (ASIFMA) to discuss ways to remove obstacles related to criteria for upgrading the Vietnamese securities market.
Price stability from supply increase and transparency in trading in gold market

Price stability from supply increase and transparency in trading in gold market

VCN - To stabilize the gold market, economic expert Prof.Dr. Tran Tho Dat, a member of the Prime Minister's Economic Advisory Group, said that it is necessary to implement solutions to make all transactions transparent in the gold market, implement electronic invoices as well as pay taxes in gold investment activities.
SBV takes more actions to stabilise foreign exchange rates

SBV takes more actions to stabilise foreign exchange rates

The State Bank of Vietnam (SBV) on April 23 took some moves like issuing treasury bills (T-bills), further employing T-bills as an open market operation (OMO), and stipulating liquidity and interest rates in the inter-bank market in the face of surging USD/VND exchange rates.
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT

Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT

VCN - The revised Draft Law on Value Added Tax (VAT), besides inheriting many provisions from the current Law, also revises and supplements several contents to suit the actual situation, including some notable contents in VAT refund.

More News

Corporate bond maturity in 2024 remains high: MoF

Corporate bond maturity in 2024 remains high: MoF

The volume of corporate bonds maturing in 2024, though lower than that in 2023, is till at a high level, mostly in industries with payment risks such as real estate and renewable energy, according to a report by the Ministry of Finance (MoF).
Support clearance procedures for imported gold for bidding

Support clearance procedures for imported gold for bidding

VCN - The State Bank (SBV) has sent a document to competent ministries and branches requesting coordination in implementing the Prime Minister's direction in gold market management.
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low

The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low

VCN - According to forecasts, Vietnam's financial sector in 2024 will be more positive, with the exchange rate gradually cooling down from the end of the second quarter of 2024, while interest rates will remain low to promote growth.
Majority of credit institutions forecast profit growth in 2024

Majority of credit institutions forecast profit growth in 2024

A total of 86.2% of credit institutions expect their profit this year to grow compared to 2023, according to the latest survey of the State Bank of Vietnam (SBV).
Central bank plans to auction gold bars on April 22

Central bank plans to auction gold bars on April 22

The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Old loans must endure higher interest rates temporarily: central bank

Old loans must endure higher interest rates temporarily: central bank

The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
State-owned enterprises flourished

State-owned enterprises flourished

VCN - The production and business situation in the first quarter of 2024 of the state-owned enterprise sector continues to have many bright spots with many financial targets completed or exceeding the set plan. This is the premise for positive business results in the second quarter and the whole year 2024.
Forum discusses support for women-owned firms ​to join supply chains

Forum discusses support for women-owned firms ​to join supply chains

A forum on supporting women-owned businesses to join supply chains through sustainable development tools took place in Hanoi on April 17.
Ensure savings and prevent losses in disbursement of public investment

Ensure savings and prevent losses in disbursement of public investment

VCN - The practice of thrift and combating waste in the management and use of public investment is one of key tasks in the program of thrift practice and waste combat in 2024 of the Ministry of Finance.
Read More

Your care

Latest Most read
Vietnam seeks to remove obstacles in upgrade of securities market

Vietnam seeks to remove obstacles in upgrade of securities market

The State Securities Commission of Vietnam (SSC) recently held an online working session with the World Bank (WB) and the Asia Securities Industry and Financial Markets Association (ASIFMA) to discuss ways to remove obstacles related to criteria for upgrading the Vietnamese securities market.
Price stability from supply increase and transparency in trading in gold market

Price stability from supply increase and transparency in trading in gold market

VCN - To stabilize the gold market, economic expert Prof.Dr. Tran Tho Dat, a member of the Prime Minister's Economic Advisory Group, said that it is necessary to implement solutions to make all transactions transparent in the gold market, implement electr
SBV takes more actions to stabilise foreign exchange rates

SBV takes more actions to stabilise foreign exchange rates

The State Bank of Vietnam (SBV) on April 23 took some moves like issuing treasury bills (T-bills), further employing T-bills as an open market operation (OMO), and stipulating liquidity and interest rates in the inter-bank market in the face of surging USD/VND exchange rates.
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT

Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT

The revised Draft Law on Value Added Tax (VAT) also revises and supplements several contents to suit the actual situation, including some notable contents in VAT refund
Corporate bond maturity in 2024 remains high: MoF

Corporate bond maturity in 2024 remains high: MoF

The volume of corporate bonds maturing in 2024, though lower than that in 2023, is till at a high level, mostly in industries with payment risks such as real estate and renewable energy, according to a report by the Ministry of Finance (MoF).
Mobile Version