State Treasury focuses on budget management

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Operations at Dong Nai State Treasury. Photo: Thuy Linh

As a result, the State Treasury has fully and promptly met the spending needs of the state budget and budget-using units in domestic and foreign currencies.

For the temporarily idle state treasury, the State Treasury said it had made term deposits at four state-owned commercial banks, of which shares were owned by the State by electronic bidding and interest rate competition.

In addition, in the first months of 2023, the State Treasury advised the leaders of the Ministry of Finance in developing and implementing the plan on budget management in 2023 and the first quarter of 2023 in a safe, proactive, transparent and effective manner.

The state budget is formed from the central budget fund, the local budget fund at all levels (including 63provincial budget funds, 705 district budget funds, and about 10,600 commune budget funds) and the balance on hundreds of thousands of deposit accounts of state financial funds, economic units and organizations opened at the State Treasury. According to the State Treasury, the state budget management has undergone many reforms and innovations.

Regarding capital mobilization, according to the report on the performance of tasks in the first quarter of 2023 of the State Treasury, by the end of March 31, 2023, the total value of issued Government bonds (G-bonds) is VND104,873 billion through Hanoi Stock Exchange, equivalent to 26.2% of the 2023 plan (VND 400,000 billion).

The average G-bond tenor in 2023 (until the end of March 31, 2023) is 12.68 years, and the average interest rate is 4.19% per year; the average remaining tenor of the G-bond portfolio is 9.21 years.

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Regarding the payment of G-bond principal and interest, the State Treasury said that the G-bond principal and interest were paid in full and on time to the owners in the first quarter of 2023 with a value of VND54,543 billion. Of which: the principal payment is VND28,238.1 billion and the interest payment is VND26,304.9 billion.