Promote non-cash payment activities in the State Treasury system

VCN - The State Treasury has just approved a Project on developing non-cash payments in the State Treasury system until 2025. Accordingly, the State Treasury strives to gradually reduce the rate of collection and payments by cash through the State Treasury by the end of 2025 and proceed to form a cashless treasury on the basis of modernizing payment methods.
, the State Treasury strives to gradually reduce the rate of collection and payments by cash through the State Treasury by the end of 2025. Photo:  Thùy Linh
The State Treasury strives to gradually reduce the rate of collection and payments by cash through the State Treasury by the end of 2025. Photo: Thùy Linh

Customers are center of payment activities

According to the State Treasury, non-cash payment (NCP) activities in the State Treasury system have made significant progress in terms of the legal framework, infrastructure and technology serving for NCP as well as other services and means of non-cash payment in collecting and expenditure through the State Treasury in general and state budget revenues and expenditures in particular.

However, in the context of international integration, with the strong development of information technology and telecommunications, many new services and payment solutions were introduced, posing challenges and requirements in completing the legal corridor; upgrading payment systems; applying new means and services of non-cash payment in collection and expenditure through the State Treasury in order to develop the Digital Treasury following the national digital transformation roadmap.

The State Treasury has researched, summarized, evaluated and built a project of non-cash payment development in the State Treasury system to 2025 with clear orientations.

Accordingly, it will promote the activities of NCP in the economy in general and in the State Treasury system in particular, especially in state budget revenue collection and expenditures, creating more favorable conditions for people and units involved in transactions with the State Treasury to access NCP services; set customers as the center of payment activities.

Furthermore, balancing innovation and creativity with financial stability, creating fair competition, protecting the interests of units, organizations and individuals having transactions with the State Treasury, protecting national interests, ensuring security and safety, risk management, and data security in the field of payments.

Simultaneously, the State Treasury applies scientific and technological achievements to promote the operation of NCP in the State Treasury system, in line with the development trend, able to connect with systems and services in other sectors and fields of the economy; strengthen cooperation with units inside and outside the Finance industry; applying domestic and international achievements and experiences of non-cash payments.

The objective of the project is to create a positive change in NCP in the State Treasury system, forming the habits of budget-using units, state budget payers, other organizations and individuals having transactions with the State Treasury located in urban areas in payment in general as well as state revenue collection and expenditures in particular, gradually developed in rural, remote, border and island areas.

At the same time, the State Treasury system will gradually reduce the rate of collection and payments by cash through the State Treasury and proceed to form a cashless treasury on the basis of modernizing payment methods, ensuring compliance with the general trend of the country, the region and the world on the development of non-cash transactions.

The State Treasury also sets the target of upgrading infrastructure and e-payment systems of the State Treasury; develop payment services through the State Treasury system in a diversified and modern manner in order to meet the demand for diverse payment of units, organizations and individuals on the basis of applying achievements of the Fourth Industrial Revolution. Also, connecting and sharing data with national database systems, ministries, sectors, localities and relevant units.

In particular, ensuring security, safety and confidentiality in the operation of the NCP, transparency of payment transactions in the State Treasury system, contributing to the prevention and combat of corruption, negativity, economic crime, prevention of money laundering and terrorist financing.

The specific goal is by the end of 2025 to strive to reach 100% of transactions of expenditure are non-cash payments at the State Treasury and reduce collection by cash at the State Treasury.

Development of modern and secure payment infrastructure

To achieve the above objectives, the State Treasury has proposed solutions to develop the NCP in the State Treasury system by 2025 in all fields, from the legal framework, technology, business processes, safety, security, and training to improve professional qualifications for officials and promoting information and communication work.

First of all, the State Treasury will complete the legal framework, mechanisms and policies.

For example, upgrading and developing a modern, safe, efficient and interoperable payment infrastructure so that commercial banks can access the data exchange portal of the State Treasury to collect information on payment tables for beneficiaries of state budget-using units; continue to improve the connection between the State Treasury's infrastructure and tax and customs authorities, the National Public Service Portal, the National Interbank Electronic Payment System (IPBS) and the payment systems of commercial banks.

At the same time, the State Treasury promotes collecting and spending through the State Treasury in the form of NCP.

Accordingly, the State Treasury continues to expand the network of accounts to serve the State Treasury's collection of state funds at commercial banking systems in order to ensure that the conditions for opening an account for the collection of the State Treasury's funds are met; coordinate with the General Department of Taxation, the General Department of Vietnam Customs and commercial banks to collect the state revenue by following the revenue identifier in order to minimize the transmission of information between agencies, facilitating the promotion of modern forms of collection such as QR-Code, mobile-money, e-wallets, mobile-banking.

In addition, every year, the State Treasury will coordinate with the State Bank and commercial banks to survey the provision of personal payment services via accounts, especially the locations of ATMs of commercial banks system in each locality to report to the Ministry of Finance.

Along with that, launching the State Treasury's control and proactive payment for purchases of goods and services to be used first and paid later (electricity, water, telecommunications, etc.) following the authorization of the units using the state budget.

At the same time, the State Treasury strengthens inspection and examination to ensure security, safety, and confidentiality in the operation of the NCP and minimizes risks in payment activities through the State Treasury system; strengthens the training and retraining of civil servants and arranges job positions in the State Treasury system in order to meet the requirements of promoting NCP; regularly disseminate, mobilize and guide customers to use non-cash payment methods when making transactions with the State Treasury.

By Thùy Linh/Thanh Thuy

Related News

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

VCN - To complete the task from now until the end of 2024 and successfully implement the State Treasury Development Strategy as planned, Deputy Minister of Finance Bui Van Khang stated "3 priorities, 3 breakthroughs" " and 7 notes in task performance.
Plan of bidding VND400,000 billion of government bonds with term 2024

Plan of bidding VND400,000 billion of government bonds with term 2024

VCN - The State Treasury has just announced details plan of the 2024 government bond bidding by term.
The bad debt ratio has increased, putting pressure on banks

The bad debt ratio has increased, putting pressure on banks

VCN - According to the summary of 2023 business results of 28 listed banks, the total volume of bad debt by the end of 2023 increased by more than 40% compared to 2022, to nearly 195,000 billion VND.
Behind the impressive net profit growth in the fourth quarter of 2023

Behind the impressive net profit growth in the fourth quarter of 2023

VCN - In the context of business results for the fourth quarter of 2023, besides the impressive increase in net profit, there are still many points that need to be considered more carefully such as revenue that has not increased correspondingly, gross profit margin sharply decreased, and abnormal profit increases sharply.

Latest News

Central bank urges card issuers to review procedures

Central bank urges card issuers to review procedures

The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.
Warning about impersonating tax authorities to commit fraud during  tax finalization month

Warning about impersonating tax authorities to commit fraud during tax finalization month

VCN - The Tax industry has continuously provided information and issued warnings about impersonating tax officials and tax authorities to commit fraud against taxpayers, but there are still people who fall into the trap of these fraudsters, especially during the peak month of tax settlement.
Effectively apply M&A to go long distance

Effectively apply M&A to go long distance

VCN - With advantages such as being cheaper than domestic capital, and accompanied by many factors such as technology, skills, management, market... foreign capital is a popular trend among businesses. Domestic enterprises seek through M&A activities to ensure sustainable development for the future.
Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury proactively digitizes and transforms operating methods

VCN - Hanoi State Treasury always proactively transforms and reforms its operating methods with the motto of “taking customers as the center” and taking the satisfaction of organizations and individuals as a measured level of task completion by civil servants.

More News

The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations

The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations

VCN - The Ministry of Finance aims to continue to strongly improve the business environment, create a healthy competitive environment, rapidly increase the number of newly established businesses, and reduce the rate of businesses temporarily suspending operations; reduce input costs and legal compliance costs in investment and business activities, reduce policy risks, strengthen trust, create a fulcrum for recovery and improve business resilience.
Vietnam tackles obstacles to stock market upgrade

Vietnam tackles obstacles to stock market upgrade

Vietnam's ambition to elevate its stock market from "frontier" to "emerging" status by 2025 faces two key hurdles, including pre-trade margin requirements for foreign investors and foreign ownership ratios in certain sectors, said Deputy Director of the Securities Market Development Department under the State Securities Commission (SSC) Pham Thi Thuy Linh.
Looking forward clear instructions in tax finalization in 2023

Looking forward clear instructions in tax finalization in 2023

VCN - Mr. Hoang Quang Phong (photo), Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) discussed supporting taxpayers in tax finalization in 2023.
Proactive in dealing with exchange rate pressure

Proactive in dealing with exchange rate pressure

VCN - Recently, the State of Bank (SBV) withdrew VND 30,000 billion through the T-bills channel, contributing to reducing exchange rate pressure. This is just one of the moves of the monetary policy management agency to stabilize the foreign exchange market, contributing to supporting the macro economy as well as import-export business activities of enterprises.
Tax sector accompanies and supports tax finalization

Tax sector accompanies and supports tax finalization

VCN - In the first months of 2024, the Tax sector has deployed peak months to support tax finalization in many different forms, thereby solving many problems in settlement of corporate income tax and personal income tax for taxpayers.
Minister of Finance: Fairness and transparency for the insurance market

Minister of Finance: Fairness and transparency for the insurance market

VCN - According to Minister of Finance Ho Duc Phoc, the Ministry has strengthened inspections to correct violations in the insurance sector, demonstrating fairness and transparency in the market.
Vietnamese securities companies race to boost capital amid high market demand

Vietnamese securities companies race to boost capital amid high market demand

These companies understand the importance of boosting their capital to remain competitive and avoid falling behind their peers.
Central bank required to take urgent measures to stabilise gold market

Central bank required to take urgent measures to stabilise gold market

The Government has directed the State Bank of Vietnam (SBV) to urgently inspect and supervise to stabilise the gold market.
Revenue from casino contributes about VND9,000 billion to the State budget

Revenue from casino contributes about VND9,000 billion to the State budget

VCN - The management of lottery and casino business activities is one of contents asked by National Assembly delegates to Minister of Finance at the question and answer session took place on the morning of March 18, within the framework of the 31st session of the National Assembly Standing Committee.
Read More

Your care

Latest Most read
Central bank urges card issuers to review procedures

Central bank urges card issuers to review procedures

The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.
Warning about impersonating tax authorities to commit fraud during  tax finalization month

Warning about impersonating tax authorities to commit fraud during tax finalization month

VCN - The Tax industry has continuously provided information and issued warnings about impersonating tax officials and tax authorities to commit fraud against taxpayers, but there are still people who fall into the trap of these fraudsters, especially dur
“3 priorities, 3 breakthroughs” in task deployment of State Treasury

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

To successfully implement the State Treasury Development Strategy as planned, Deputy Minister of Finance Bui Van Khang stated "3 priorities, 3 breakthroughs" " and 7 notes in task performance.
Effectively apply M&A to go long distance

Effectively apply M&A to go long distance

VCN - Sharing at the conference "Consumer goods and distribution industry: M&A trends and investment strategies to raise capital for Vietnamese enterprises", organized by the Business Association of High Quality Vietnamese Goods and the Leading Business C
Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury always proactively transforms and reforms its operating methods with the motto of “taking customers as the center” and taking the satisfaction of organizations and individuals as a measured level of task completion by civil servants.
Mobile Version