Nearly VND 80 thousand billion deposited on term by State Treasury at bank online

State Treasury will check, evaluate and track in order to ensure the system is always operated safely, securely and effectively. Photo: Thùy Linh

Based on the provisions of Circular No. 64/2019/TT-BTC dated September 16, 2019 of the Ministry of Finance amending and supplementing Circular No. 314/2016/TT-BTC dated November 28, 2019 2016 of the Ministry of Finance which guides a number of articles in Decree No. 24/2016/ND-CP of the Government dated April 5, 2016 on State budget management regime for term deposits of State funds by online method, the State Treasury has designed and built a Fund Management System to make time deposits at commercial banks which has been in operation since December 1, 2020.

According to Luu Hoang, Director of the Fund Management Department (State Treasury), as of December 31, 2020, the State Treasury has made deposits via the Fund Management System with the total amount of term deposits at commercial banks nearly VND 80,000 billion.

After a month of implementing term deposits at commercial banks through the Fund Management System it has brought encouraging results.

The operation helps the procedures of making transactions to be safe, secure, transparent, simple, convenient and saves time and costs for both commercial banks and the State Treasury. All steps of the process (from the step of sending the notice of demand on term deposits by State Treasury; commercial banks send the offers to receive deposits; State Treasury opens the offer, determines the result of the selection of commercial banks for making term deposits; State Treasury sends the notice of the result of selecting a commercial bank to deposit term deposits until the signing of the deposit contract annex) is done on the Fund Management System. The total time for making a deposit transaction is four working days (shortening two days compared to Circular No. 64/2019/TT-BTC).

Besides that, according to Hoang, the Fund Management System is seen by participating commercial banks as friendly and easy to use when the operation is quite simple and the interface is similar. In particular, the user support utilities include email is automatically sent to the user's email address when the State Treasury's notice is sent to the system and the announcement at the home screen is automatically lead to the professional operation screen.

Thanks to careful preparation (two days of testing and 15 days of pilot implementation), commercial banks participating in the system have not faced difficulties or been surprised when starting to perform the above transaction in the system. During the operation process, the State Treasury has regularly reviewed and checked the system and promptly instructed and answered the questions of commercial banks, so in a month of operation, it did not lead to errors or problems affecting the results of the offers.

The Fund Management System has also enabled timely communication and coordination between the State Treasury and units under the Ministry of Finance when information about term deposits of the State Treasury is available. The Fund Management System automatically synthesises and sends reports to the Ministry of Finance and at the same time sends notices to commercial banks.

A representative of the State Treasury affirmed that the results of the implementation of the Fund Management System will continue to be reviewed, assessed and monitored by the State Treasury to ensure the system is always operated safely, securely and effectively for users.