Launch of the Public Financial Management Consultancy and Analysis Program

VCN- On the afternoon of 21 March 2018, the launching ceremony of the Public Finance Management Consultancy and Analysis (AAA) project in Vietnam took place at the Ministry of Finance. The Minister of Finance, Mr. Dinh Tien Dung presided over the ceremony.
khoi dong du an chuong trinh tu van va phan tich quan ly tai chinh cong Many stocks face the risk of being forced to leave the stock exchange
khoi dong du an chuong trinh tu van va phan tich quan ly tai chinh cong Applying corporate finance mechanism: Opportunities for public service delivery agencies
khoi dong du an chuong trinh tu van va phan tich quan ly tai chinh cong Member of the Party Central Committee, Minister of Finance Dinh Tien Dung: The financial sector is breaking through to transform itself
khoi dong du an chuong trinh tu van va phan tich quan ly tai chinh cong
Minister Dinh Tien Dung together with representatives of cooperation agencies. Photo: TL.

Attending the ceremony were the presence of the World Bank Country Director in Viet Nam, the Swiss Ambassador to Vietnam, the Canadian Ambassador to Vietnam and representatives from ministries, industries and other partners.

At the opening of the ceremony, the Minister of Finance Dinh Tien Dung said, in recent years, the situation in the world and the area was complicated and unpredictable. Accordingly, conflicts occur in many place and the world economy is forecast to recover faster but still has many risks. In addition, Vietnam is a low middle-income country, so the access and mobilization of preferential loans will gradually decrease. In that context, the Ministry of Finance has co-ordinated with the World Bank, the Swiss Government and the Government of Canada to develop an AAA Program aimed at enhancing the positive role of public financial management system in order to improve the efficiency and effectiveness of public expenditure and the quality of public services based on the Government's strategic objectives. The AAA program focuses on supporting the reform of the State Budget, which is one of the important and urgent reforms that need to be implemented in accordance with the Financial Strategy until 2020.

"I am pleased to announce that, to date, the procedures for approving the AAA project have been completed to transfer the program to the implementation phase from now to the end of 2020. I suggest that AAA Program Management Units, functional units of the Ministry of Finance, technical levels of the World Bank and donors should be active, work hard and coordinate to implement the AAA Program effectively according to the target and plan", the Minister said.

At the ceremony, WB Country Director Ousmane Dione said that WB is a reliable strategic partner of Vietnam, sharing knowledge and experience for the country's economic development strategy. Due to the rapid and open development of the Vietnamese economy, there are many challenges to the management. Therefore, the reform of public financial policy plays an important role in the strategy of economic development.

"We believe the AAA program will play a very important role for better budget execution and reporting as well as better monitoring of budgetary risk", the WB representative said.

The Swiss Ambassador to Vietnam and the Canadian Ambassador to Vietnam also expressed their support for the Swiss Government and the Government of Canada, and hoped that the program would achieve positive results in the process of Vietnam’s reform of public financial management.

Mr. Nguyen Ba Toan, Deputy Manager of AAA Program Management said that one of the key contents of the Government's Financial Sector Development Strategy to 2020 was to improve efficiency of public expenditure and allocation of State budget expenditures.

Thus, in recent years, the Ministry of Finance has attempted to implement important reforms to focus on improving public expenditure, increasing transparency of public expenditure and improving the quality of public services. Supporting the reform process, from 2014, commissioned by the Swiss Federal Bureau of Economic Affairs and the Canadian Ministry of Global Affairs, the World Bank in Vietnam has coordinated with the Ministry of Finance to develop anew cooperation program - Public Finance Management Consultancy and Analysis Program in Vietnam (AAA program).

The process of developing the Program has been conducted and implemented quickly, and continuously to carry out the steps of exchange, agreement, submission with competent authorities for consideration and approval.

Accordingly, on the Vietnamese side, on the basis of the Investment Decision of the Prime Minister, the Minister of Finance issued Decision No. 2804 / QD-BTC dated 28 December 2016 on investment in the Program AAA. On 14 December 2017, the Governor of the State Bank of Vietnam, representing the Socialist Republic of Vietnam signed the financing agreement for the Program. On 27 February 2018, on the basis of the President's approval, the Ministry of Foreign Affairs announced the funding agreement for the official program to take effect. Accordingly, the AAA program will be implemented from now to 31 December 2020.

khoi dong du an chuong trinh tu van va phan tich quan ly tai chinh cong Financial authorities of Dien Bien province should continue to overcome difficulty and promote discipline

VCN- On the afternoon of 13 March 2018, during the visit to Dien Bien, the mission of ...

With the above-mentioned reform agenda, the AAA Program has two main objectives: to support the capacity building of law enforcement agencies in planning, implementing and monitoring implementation, and to improve the planning, implementation, and accountability of the budget; providing empirical analysis of the efficiency and effectiveness of major public finance reforms at central and local level.

By Thuy Linh/ Hoang Anh

Related News

Rubber exports grows sharply in June

Rubber exports grows sharply in June

VCN - According to Import – Export Tax Department (Ministry of Industry and Trade), Vietnam's rubber exports in June 2024 reached about 150 thousand tons, worth 238 million USD, up 77.6% in volume and 76.6% in value. Price compared to May 2024.
Vietnam rises 11 places in budget transparency ranking

Vietnam rises 11 places in budget transparency ranking

VCN - The results of the Open Budget Survey 2023 (OBS 2023) have just been announced by the International Budget Cooperation (IBP), Vietnam's budget transparency ranking continues to be raised to 57 out of 125 countries, climbing 11 places compared to the 2021 assessment period and rising 20 places compared to 2019.
South Korea is Vietnam’s leading trading partner

South Korea is Vietnam’s leading trading partner

VCN – South Korea has maintained its position as largest trading partners of Vietnam for many years.
Vietnam hopes to have a breakthrough in investment from Japanese ODA capital

Vietnam hopes to have a breakthrough in investment from Japanese ODA capital

VCN - On June 26, Minister Ho Duc Phoc had a meeting with Mr. Ito Naoki, Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam. Speaking at the reception, the Minister said that Vietnam wanted to have a breakthrough in the process of investing ODA capital, focusing on large national projects.

Latest News

2025 budget estimation must be practical, accurate and efficient

2025 budget estimation must be practical, accurate and efficient

VCN - Directing the 2025 state budget estimation, Minister of Finance Ho Duc Phoc emphasized that units must ensure that the 2025 budget estimation must be practical, accurate, efficient, and meet the requirements for performing professional and political tasks assigned to central and local agencies.
The corporate bond market will be more vibrant in the second half of the year

The corporate bond market will be more vibrant in the second half of the year

VCN - In the first half of 2024, with bond maturity pressure continuing to increase, corporate bond issuance has shown many positive signs compared to the previous year. According to forecasts, businesses' need to borrow and issue corporate bonds will accelerate in the second half of 2024.
Prioritize resources and promptly supplement capital for policy credit

Prioritize resources and promptly supplement capital for policy credit

VCN- In the near future, to further promote the effectiveness of policy credit, the Ministry of Finance will continue to preside over and coordinate with relevant ministries, branches and the Vietnam Bank for Social Policies (VBSP) to implement many key solutions.
Measures suggested to boost startups’ access to capital

Measures suggested to boost startups’ access to capital

The recent vigorous growth of startups in Vietnam has attracted domestic and foreign investors, but insiders recommended more efforts be made to facilitate startups’ access to funding from investors so that they can live up to potential.

More News

Inflationary pressure seen from monetary policy

Inflationary pressure seen from monetary policy

VCN - The economy went through the first half of the year, inflation is still under control and forecast to reach the target set by the National Assembly and the Government. However, variables from the currency market such as exchange rates, interest rates, credit..., even gold prices, are issues that need to be paid attention.
Banks with the problem of promoting credit growth

Banks with the problem of promoting credit growth

VCN - It is estimated that by the end of June 2024, the economy's credit growth will reach nearly 4.5%. This number is still far from the yearly credit growth target of 14-15%.
Proposal to increase Special Consumption Tax on tobacco products

Proposal to increase Special Consumption Tax on tobacco products

VCN - At the workshop Special Consumption Tax on cigarettes held by Vietnam Tax Consulting Association and the Institute of Financial Strategy and Policy on July 16, experts and businesses clarified the goals and content of amended the special consumption tax policy on tobacco products. According to experts, there cannot be a solution that fully ensures the benefits of both consumers, the state and businesses, but it is necessary to choose the most optimal option to achieve the initially set goals.
Savings of individual customers at banks hit record high

Savings of individual customers at banks hit record high

In spite of low interest rates, figures from the State Bank of Vietnam (SBV) released this week show deposits of individual customers increased by more than VNĐ39.7 trillion in April, to reach more than VNĐ6.7 quadrillion.
Managing fiscal policy has achieved many positive and comprehensive results

Managing fiscal policy has achieved many positive and comprehensive results

VCN - On July 15, the Ministry of Finance held an online conference to summarize state budget financial work in the first 6 months of the year, implementing tasks in the last 6 months of 2024. Minister of Finance Ho Duc Phoc attended and directed the conference. Also attending the Conference were Deputy Ministers of Finance, leaders of units under the Ministry of Finance.
Determine tools, policy for inflation control

Determine tools, policy for inflation control

VCN - According to economic expert Associate Professor, PhD. Ngo Tri Long (photo), former Director of the Price Market Research Institute (Ministry of Finance), inflation is an issue that needs special attention, especially related to the management of monetary policy, interest rates, increasing prices of goods and services...
The impact of wage increases on inflation will not be too significant

The impact of wage increases on inflation will not be too significant

VCN - Addressing concerns related to wage and price increases, Dr. Nguyen Duc Do, Vice Director of the Institute of Economics - Finance (Finance Academy), believes there are not many factors causing sudden price surges in the last 6 months of 2024. Therefore, it can be expected that the rate of price increases in the last 6 months will be comparable to that in the first 6 months of 2024.
Imposing and raising special consumption tax contributing to change consumption behavior

Imposing and raising special consumption tax contributing to change consumption behavior

VCN - At the Workshop on Comments on Completing the Revised Law on Special Consumption Tax (SCT) organized by the Vietnam Confederation of Commerce and Industry (VCCI) on July 11, many experts and businesses contributed their opinions to clarify the importance and impact of the revised special consumption tax law, which emphasizes the addition of taxable areas or tax increases to change society's consumption behavior.
The local Finance sector is flexible and strict in managing budget revenues and expenditures

The local Finance sector is flexible and strict in managing budget revenues and expenditures

VCN - Although the forecast for the last 6 months of the year will still have many difficulties and challenges, the Finance sector in all localities expressed their determination to strive to achieve and exceed estimates, while strengthening the prevention of revenue loss and handling tax debt recovery, etc.
Read More

Your care

Latest Most read
2025 budget estimation must be practical, accurate and efficient

2025 budget estimation must be practical, accurate and efficient

VCN - Directing the 2025 state budget estimation, Minister of Finance Ho Duc Phoc emphasized that units must ensure that the 2025 budget estimation must be practical, accurate, efficient, and meet the requirements for performing professional and political
The corporate bond market will be more vibrant in the second half of the year

The corporate bond market will be more vibrant in the second half of the year

VCN - In the first half of 2024, with bond maturity pressure continuing to increase, corporate bond issuance has shown many positive signs compared to the previous year. According to forecasts, businesses' need to borrow and issue corporate bonds will acc
Prioritize resources and promptly supplement capital for policy credit

Prioritize resources and promptly supplement capital for policy credit

VCN - According to the VBSP, by the end of June, total policy credit capital rose 7.6% year-on-year to VND 372,723 billion, including entrusted capital from the local budget at VND46,929 billion, an increase of VND7,755 billion, accounting for 12.6%.
Measures suggested to boost startups’ access to capital

Measures suggested to boost startups’ access to capital

The recent vigorous growth of startups in Vietnam has attracted domestic and foreign investors, but insiders recommended more efforts be made to facilitate startups’ access to funding from investors so that they can live up to potential.
Inflationary pressure seen from monetary policy

Inflationary pressure seen from monetary policy

The economy went through the first half of the year, inflation is still under control and forecast to reach the target set by the National Assembly and the Government
Mobile Version