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State Treasury Development Strategy by 2030: Digital transformation in professional operation and internal administration

08:43 | 26/04/2022

VCN – The State Treasury Development Strategy by 2030 has been approved by the Prime Minister in Decision No.455/QĐ-TTg dated April 13, 2022.

Accordingly, the State Treasury system will enhance the application of IT, towards digital transformation in professional activities and internal administration; continue to promote administrative reform across the whole State Treasury system.

Professional activities at Moc Chau State Treasury. Photo: Thùy Linh
Professional activities at Moc Chau State Treasury. Photo: Thùy Linh

Promoting “digitalization”, increasing utilization

With the goal of becoming a digital treasury, the State Treasury offers specific tasks and solutions to build and deploy the State Treasury's information technology architecture in line with the e-Government architecture, in which, the information system of the digital State budget and accounting will act as the core system, connecting, communicating and sharing data with the National Procurement Network, national database and other relevant systems.

In addition, digitizing professional operations of the State Treasury and providing open data on the state budget - finance through upgrading and developing the Budget and Treasury Management Information System and related systems into the Digital State Budget and Accounting Information System based on modern technology, allowing the provision of digital services, serving the needs of people, businesses, agencies, and units. It is also accessible as well as able to exploit information widely.

At the same time, building and completing other information technology application systems to meet the requirements of reform and modernization of the State Treasury; applying effectively digital technologies such as Cloud Computing, Big Data, Mobility, Internet of things (IoT), artificial intelligence (AI), Blockchain, in the development of the Digital Treasury apps and services in order to optimize the management and service provision of the State Treasury.

Along with that, the State Treasury continued to perfect security systems and solutions, risk prevention; operation supervision system and information security monitoring system, ensuring that the information technology system is always operated safely, stably and smoothly in all situations.

To accomplish these goals, the State Treasury has currently implemented inter-connected professional applications (online public services - Treasury and Budget Management Information System (TABMIS) - electronic bilateral payments).

Recording and evaluating the initial implementation results showed that the interconnection has brought good results when timely responding and better serving the demands of expenditure of budget-using units, especially in the context of the Covid-19 pandemic.

Completing the construction of the Digital Treasury by 2030

In the State Treasury Development Strategy to 2030, the State Treasury sets a target that by 2025, basically all transactions of state budget revenues and expenditures through the State Treasury will be done electronically (except for transactions within the scope of state secrets); linking digital data of the stages of estimating, allocating, implementing, accounting, auditing and finalizing the state budget; share information and data of state budget revenues and expenditures in real-time; perfecting the mechanism to control state budget expenditure towards risk control.

After 2025, focus on research and development of services following the needs of people, businesses and state agencies.

By 2030, complete the construction of the Digital Treasury. At the same time, strive to achieve the average issuance term of Government bonds from 9-11 years, with reasonable interest rates and issuance costs, contributing to restructuring, increasing the safety and sustainability of public debt.

The State Treasury will provide complete, timely and accurate information on state budget-finance in accordance with public accounting standards to serve the leadership, direction and administration of competent agencies and activities of inspection and supervision, improving the publicity and transparency in the management and use of state financial resources.

Furthermore, by 2030, the time to prepare and submit state budget finalization reports and annual state financial statements will be reduced from 6 to 12 months compared to 2020.

By Thùy Linh/Thanh Thuy