State Treasury meets schedule on State financial statements

VCN- In 2019, the State Treasury assigned a new important task which is to make the State financial statement. The entire State Treasury system has worked with agencies to ensure the completion of the National Assembly’s schedule.  
state treasury meets schedule on state financial statements In 2019, State budget revenue and expenditure in cash through treasuries drops sharply
state treasury meets schedule on state financial statements In 2019: The State Treasury committed to beat the disbursement investment capital of 2018
state treasury meets schedule on state financial statements State Treasury managed state budget flexibly and reduce waste in 2019
state treasury meets schedule on state financial statements
As of November 30, provincial units had sent financial statements to the State Treasury. Photo: T.L

Provincial units basically submitted financial statements

According to the State Treasury, more than 53,300 units must provide financial information in 2018 for the State Treasury nationwide. As of November 30, provincial units basically submitted financial statements to the State Treasury. For central units, so far 16 of 59 units submitted financial statements to the State Treasury. In addition, the State Treasury has worked with localities in summarising district-level financial information, provincial-level State financial statements to meet schedule for reporting to authorities.

At local State treasuries, the preparation of the State financial statements has been implemented smoothly. At Hai Duong State Treasury, Vu Duc Trong, Director of Hai Duong State Treasury said 1,333 units of Hai Duong province are required to submit financial information to the State Treasury, of which, 1,294 level-1 estimate units, and public asset administration agencies, tax and Treasury authorities. Currently, the State Treasury has received 100 financial statements of units. 100 percent of level-1 estimate units have submitted financial statements and are waiting for synthesis.

To achieve the results, according to Trong, in addition to working with the financial agency, Hai Duong State Treasury held a training course for district treasury officials. The State Accounting Division was assigned to prepare and synthesise State financial statements. In addition, Hai Duong State Treasury supported units in registering accounts on the portal to submit to the State financial statements. At the same time, it requested accounting officials open monitoring books on Excel spreadsheets the list of units that must submit State financial statements for monitoring.

By the end of December, 353 level1-estimate units of Lai Chau State Treasury submitted State financial statements. Nguyen Ngoc Phong, Director of Lai Chau State Treasury said to achieve the results, since the beginning of the year it had sent dispatches on the preparation of the State financial statements to level 1- estimate units in the province.

In Son La province, 595 units are required to submit State financial statements to the State Treasury. A total 330 level 1- estimate units, 232 management agencies and 19 construction investment management boards submitted State financial statements to Son La State Treasury.

According to Director of Son La State Treasury Nguyen The Chat, to accomplish this task, Son La State Treasury requested district State Treasury units study guidance documents on preparing State financial statements and report to the Provincial People's Committee about the purposes, requirements, contents of preparing State financial statements in the province. Thereby, the Provincial People's Committee requested estimate units, management boards, tax and financial agencies to submit State financial statements to the State Treasury in a timely fashion.

Complex operational aspect

Although the State Treasury has made efforts to complete the State financial statements in 2018, this is a new task, so there are many problems.

Nguyen Duc Thai, Head of State Accounting Department of the Hai Duong State Treasury said 2019 was the first year the State Treasury system was assigned to prepare State financial statements for the fiscal year 2018. This task is not only new but also complex in terms of operational aspect.

“Accounting operation is the 'backbone' activity of the Treasury, but the State Treasury has only implemented budget accounting and management, monitoring and accounting of budget revenues and expenditures and financial resources assigned by the Government and the Ministry of Finance. The preparation of the State financial statement is more complex because in addition to reflecting budget information, it also reflects information outside the budget. Moreover, this information does not only stem from the Treasury system, but also from State agencies and units,” Thai said.

Thai said the most difficult thing in preparation of State financial statements is that financial agencies, relevant agencies and level 1-estimate units in the area have not paid much attention. Therefore, sometimes coordination between financial agencies and the State Treasury in implementation is not effective .

According to Nguyen Thi Hai, Deputy Director of Thai Binh State Treasury, another difficulty in preparing State financial statements is the computer skills of accounting officials of level 1- estimate units are still weak. Although the guidance dispatch was issued, the operation in registering accounts and summiting State financial statement is still confusing. Therefore, the quality of State financial statements have not meet requirements, so they must be returned many times and the submission of statements is still slow compared to regulations.

Support each estimate unit

From this situation, local State Treasuries have advised Provincial People's Committees on the purpose, meaning and importance of preparation of State financial statements. Specifically, the State Treasury advised the Provincial People's Committee to direct level 1-estimate units, departments and district People's Committees to implement this task.

When summarising State financial statements, the State Treasury in many localities discovered incorrect information they coordinated with financial agencies to summarise and review level 1-estimate units to update the system. For units that submitted State financial statements or their statements have errors, accounting officials took screenshots of the error to send these errors to units via email, helping units handle to resubmit statements to the State Treasury.

According to local State Treasuries, the State Treasury has coordinated with financial agencies to request units that submitted statements that are inconsistent with regulations on time and directly urge them by phone or document, and impose sanctions on stopping spending.

The entire State Treasury system has requested units that have not submitted State financial statements synthesise them. With this progress and the deployment of all treasury units, the State Treasury believes State financial statements will be prepared and submitted to the National Assembly in accordance with the plan.

Nguyen Thi Hoai, Director of Accounting Department of the State Treasury:

2019 is the first year the State Treasury prepared State financial statements. The preparation of the State financial statements requires care due to the synthesis of State financial statements of more than 53,000 units in the country. This is considered a breakthrough for Vietnam because according to statistics worldwide, only 25 countries have done this, of which only six countries have made accrual statements. This will be an international standard statement.

By Bao Minh/Ngoc Loan

Related News

Striving for revenue to rise by over 15% compared to assigned estimate

Striving for revenue to rise by over 15% compared to assigned estimate

VCN – At meeting on summarizing in financial budget October and deploying work program in November held by the Ministry of Finance on November 11, Deputy Minister of Finance Cao Anh Tuan requested to speed ​​up review budget work and quickly remove financial institutional bottlenecks.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
State budget revenue estimate 2025 assessed as positive level despite potential challenges

State budget revenue estimate 2025 assessed as positive level despite potential challenges

VCN – Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that the state budget revenue for 2025 is estimated at VND 1,966.8 trillion, an increase of 15.6% compared to the estimate for 2024.

Latest News

GDVC sets goal of widely disseminating Customs policies

GDVC sets goal of widely disseminating Customs policies

VCN – The General Department of Vietnam Customs (GDVC) has issued a plan to disseminate and educate the law; and support and provide information in 2025.
Hai Phong Customs sets out 15 tasks to achieve the revenue target of VND 72,000 billion

Hai Phong Customs sets out 15 tasks to achieve the revenue target of VND 72,000 billion

VCN – Hai Phong Customs Department has issued Directive No. 624/CT-HQHP dated January 21, 2025 on drastically implementing solutions to facilitate trade, improve the effectiveness of state management, and strive to achieve the revenue target of 2025.
Over 1,500 customs declarations processed by Hai Phong Customs during Tet

Over 1,500 customs declarations processed by Hai Phong Customs during Tet

VCN - Hai Phong Customs Department processed 1,547 customs declarations during the Tet holiday period
Hai Phong Customs strives to perform tasks from the beginning of the year

Hai Phong Customs strives to perform tasks from the beginning of the year

VCN – Hai Phong Customs Department has actively and effectively implemented solutions to accomplish tasks and achieve targets.

More News

Ho Chi Minh City: Foreign visitors spend more than VND1,500 billion to buy goods upon exit

Ho Chi Minh City: Foreign visitors spend more than VND1,500 billion to buy goods upon exit

VCN - According to the Ho Chi Minh City Customs Department, in 2024, the unit refunded VAT on goods that foreigners and oversea Vietnamese residents brought with them when leaving the country with a value of over VND1,540 billion.
3,500 customs declarations handled in Lang Son over Tet

3,500 customs declarations handled in Lang Son over Tet

VCN - During the 2025 Lunar New Year (Year of the Snake), Lang Son Customs Department processed nearly 3,500 customs declarations valued at over US$306 million.
Hai Phong Customs processes more than 1,500 declarations during 2025 Lunar New Year holiday

Hai Phong Customs processes more than 1,500 declarations during 2025 Lunar New Year holiday

VCN - During the 2025 Lunar New Year holiday, Hai Phong Customs Department processed 1,547 declarations.
US$10.5 million in trade flows through Binh Duong Customs during Tet  During the 2025 Lunar New Year

US$10.5 million in trade flows through Binh Duong Customs during Tet During the 2025 Lunar New Year

VCN - During the 2025 Lunar New Year holiday, the Binh Duong Customs Department arranged for staff to be on duty, ensuring quick and timely customs clearance, helping import and export businesses avoid interruptions and maintaining a smooth flow of goods.
Proactive customs measures for express parcels: Tightening control over import-export goods

Proactive customs measures for express parcels: Tightening control over import-export goods

VCN - International express delivery companies are the main entities responsible for handling import and export customs procedures on behalf of the recipients. The Express Customs Branch (HCM City Customs Department) has been proactive in introducing various measures to both promote trade and maintain strict control over import and export goods
Best covers of Vietnam Customs songs: 15 winners revealed

Best covers of Vietnam Customs songs: 15 winners revealed

VCN - The Vietnam Customs Youth Union has just officially revealed the 15 victorious pieces in the "Cover Songs about Vietnam Customs 2024" contest. These 15 prizes are divided into various categories, totaling approximately 100 million Vietnamese Dong in prize money
Vietnam Customs kicks off campaign for innovation, breakthrough, and growth

Vietnam Customs kicks off campaign for innovation, breakthrough, and growth

VCN - To concentrate on leadership, guidance, and vigorous implementation of goals, targets, and tasks towards the objectives of Digital Customs and Green Customs by 2025, the General Department of Vietnam Customs has launched a competition campaign with the theme: "Innovation - Breakthrough – Development”
Researching and proposing amendments to 2014 Customs Law to meet the requirements of innovation

Researching and proposing amendments to 2014 Customs Law to meet the requirements of innovation

VCN - After 10 years of implementation, the Customs Law has been effective in reforming administrative procedures and protecting national sovereignty. However, in the context of innovation requirements, it is necessary to continue reforming specialized inspections and focusing on digital transformation.
Hai Phong Customs implements solutions to facilitate trade

Hai Phong Customs implements solutions to facilitate trade

VCN - In 2024, trade turnover of Hai Phong Customs Department saw a sharp increase compared to 2023 to more than US$132 billion.
Read More

Your care

Latest Most read
GDVC sets goal of widely disseminating Customs policies

GDVC sets goal of widely disseminating Customs policies

VCN - Additionally, the GDVC aims to unify the direction and coordination within and outside the industry on the dissemination and education of laws for customs officials; to support, and provision of information to relevant organizations and individuals.
Hai Phong Customs sets out 15 tasks to achieve the revenue target of VND 72,000 billion

Hai Phong Customs sets out 15 tasks to achieve the revenue target of VND 72,000 billion

VCN - In 2025, Hai Phong Customs Department is assigned to collect the revenue target of VND72,000 billion (under Decision No. 1524/QD-TTg dated December 6, 2024 of the Prime Minister).
Over 1,500 customs declarations processed by Hai Phong Customs during Tet

Over 1,500 customs declarations processed by Hai Phong Customs during Tet

Hai Phong Customs Department processed 1,547 customs declarations during the Tet holiday period
Hai Phong Customs strives to perform tasks from the beginning of the year

Hai Phong Customs strives to perform tasks from the beginning of the year

VCN - Following Decision 19/2014/QD-TTg dated March 5, 2014 of the Prime Minister on the application of the Quality Management System under the National Standard TCVN ISO 9001:2008, Hai Phong Customs Department has issued a quality policy and quality obje
Ho Chi Minh City: Foreign visitors spend more than VND1,500 billion to buy goods upon exit

Ho Chi Minh City: Foreign visitors spend more than VND1,500 billion to buy goods upon exit

VCN - According to the Ho Chi Minh City Customs Department, in 2024, the unit refunded VAT on goods that foreigners and oversea Vietnamese residents brought with them when leaving the country with a value of over VND1,540 billion.
Mobile Version