Ensure expenditure control and quick processing of public investment payment documents
Vietnam made good progress in reforming public financial management | |
The local Finance sector is flexible and strict in managing budget revenues and expenditures |
The State Treasury strengthens discipline, raising responsibility of officers performing public expenditure control. Photo: Dak Nong State Treasury |
In the first half of 2024, the State Treasury system has allocated VND 484,035 billion of recurrent expenditure, meeting 38.1% of the 2024 recurrent expenditure estimate of the State budget through the State Treasury. Compared to the same period in 2023, this result is VND28,135 billion higher than in value, and 0.4% lower in ratio than the estimate.
“The State Treasury is always ready to implement disbursement immediately. At the same time, the State Treasury has a transaction monitoring system, preventing delay in processing documents as well as conducting inspections and checking the monthly expenditure control, thereby tightening public service discipline and supporting disbursement of public investment", Mr. Tran Manh Ha said |
Regarding public investment expenditure from the state budget, as of June 30, accumulated payment was VND185,767.5 billion, meeting 27.8% of the 2024 plan assigned by the National Assembly and the Prime Minister. Accumulated payment of investment capital transferred from the previous year to June 30 through the State Treasury system was VND8,558.7 billion/VND52,546.3 billion, meeting 16.3% of the plan. Of which, paid domestic capital was VND8,530.8 billion, equal to 16.7% of the plan, and paid foreign capital was VND27.9 billion VND, equal to 2% of the plan.
To achieve the above results, the State Treasury has implemented solutions to strengthen discipline and enhance the responsibility of officers performing the state expenditure control, ensuring timely expenditures and in line with the law, and meeting the spending needs of budget-using units.
The State Treasury system has controlled payments of recurrent state expenditures to ensure that they are within the scope of estimates approved by competent authorities, in line with the contents, purposes, and standards and norms under provisions of current law. Regarding investment expenditure, the State Treasury has directed the implementation of payment control for capital construction investment projects to comply with the annual capital plan and principles of control of payment, documents and payment time, and urge recovery of advances under the Government regulations.
The State Treasury leaders have issued a directive local State Treasuries to strengthen expenditure control and speed up the disbursement of public investment capital in 2024; record and review difficulties in disbursement of public investment capital to report to competent authorities for consideration and handling.
However, the public investment spending in the first six months of the year is still lower than the set goals.
Mr. Tran Manh Ha, Director of the Department of Expenditure Control (the State Treasury), said that as per annual rules, the disbursement of public investment in the first half of the year is always lower than the rate of the second half of the year due to preparation of project, bidding, contract signing... Moreover, many ministries, branches and localities still face problems related to site clearance during the implementation since the beginning of the year.
Ha also said that the site clearance is a major cause affecting the public investment disbursement. Notably, in recent times, the market for construction and raw materials to implement highway projects in some regions such as the Mekong Delta are still difficult, affecting construction progress. Besides, there are also some subjective problems such as slow investment implementation leading to slow disbursement volume.
Therefore, the Director of the State Treasury said that since the beginning of the year, the State Treasury has sent documents to units requesting to promote public investment disbursement in line with the progress assigned by the Prime Minister and the Ministry of Finance. At the same time, the State Treasury has ensured immediate payment of all documents sent to the State Treasury. The State Treasury has supported online public services at level 4 to serve investors.
In the last months of 2024, in the issued dispatch on key tasks and solutions to promote growth, control inflation, and stabilize the macroeconomy in July and the third quarter of 2024, the Prime Minister requested ministries, agencies and localities to consider public investment disbursement as a key political task, closely follow the detailed disbursement plans and goals of each project for direction... Therefore, the Treasury industry will also closely follow these directions to focus on drastically implementing related work.
Director of the Department of Information Expenditure Control, in the third quarter of 2024, the State Treasury will coordinate with the Department of Investment (Ministry of Finance) to implement training on public investment and expenditure control in both the South and North, so that ministries and branches may well carry out the disbursement of public investment. At the same time, the State Treasury will continue to promote reform of administrative procedures, improve responsibility and compliance with discipline for State Treasury staff.
Experts also believe that ministries, branches and localities need to focus on removing difficulties and obstacles in implementing policy mechanisms related to public investment disbursement, especially on site clearance, raw material prices... Investors need to expedite the progress and construction to ensure payment volume with the State Treasury.
Related News
Public investment spending up 1.8% in first 10 months of 2024
10:03 | 08/11/2024 Finance
Removing many bottlenecks in regular spending to purchase assets and equipment
07:14 | 03/11/2024 Finance
Removing legal hurdles in regular spending for capital assets
09:02 | 05/11/2024 Finance
Accelerate implementation of solutions to disburse public investment capital
09:25 | 02/10/2024 Finance
Latest News
Strictly control public debt and ensure national financial security 2025
09:26 | 22/11/2024 Finance
Revising the title of a draft of 1 Law amending seven finance-related laws
14:33 | 21/11/2024 Finance
Transparency evates the standing of listed companies
09:47 | 21/11/2024 Finance
State-owned securities company trails competitors
14:46 | 20/11/2024 Finance
More News
Strengthening the financial “health” of state-owned enterprises
09:23 | 20/11/2024 Finance
U.S. Treasury continues to affirm Vietnam does not manipulate currency
13:46 | 19/11/2024 Finance
Exchange rate fluctuations bring huge profits to many banks
13:43 | 19/11/2024 Finance
A “picture” of bank profits in the first nine months of 2024
09:42 | 19/11/2024 Finance
Many challenges in restructuring public finance
10:02 | 18/11/2024 Finance
Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs
09:19 | 17/11/2024 Finance
Disbursement of public investment must be accelerated: Deputy PM
19:32 | 16/11/2024 Finance
HCMC: Domestic revenue rises, revenue from import-export activities begins to increase
09:36 | 16/11/2024 Finance
Effectively control fiscal and monetary policy : Deputy Prime Minister and Minister Ho Duc Phoc
09:33 | 16/11/2024 Finance
Your care
Strictly control public debt and ensure national financial security 2025
09:26 | 22/11/2024 Finance
Revising the title of a draft of 1 Law amending seven finance-related laws
14:33 | 21/11/2024 Finance
Transparency evates the standing of listed companies
09:47 | 21/11/2024 Finance
State-owned securities company trails competitors
14:46 | 20/11/2024 Finance
Strengthening the financial “health” of state-owned enterprises
09:23 | 20/11/2024 Finance