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

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The State Treasury has provided solutions to expand authorized collection. Photo: the State Treasury

According to the draft, the accounts of the State Treasury at banks include: payment accounts opened at the SBV and commercial banks to implement transactions of state budget collection and disbursement; carry out account balance management transactions to ensure the solvency of the entire State Treasury system; carry out transactions using temporarily idle state funds or handling temporarily deficient state funds.

Payment accounts opened at commercial banks are only for state treasury revenues (referred to as specialized collection accounts).

The draft Circular specifies the place to open accounts, principles for managing account balances, account usage; payment, data reconciliation, settlement; account opening and closing procedures, etc.

Regarding the implementation of centralized electronic bilateral payments by the State Treasury at commercial banks, the draft stipulates that the payment will be done when the commercial bank has the necessary technical infrastructure, ensuring that it meets the business requirements and technical specifications for connection and information exchange to coordinate the collection of state budget and centralized electronic bilateral payments between the State Treasury and commercial banks as announced by the State Treasury on the State Treasury's electronic information portal.

The draft Circular stipulates the opening of State Treasury accounts at commercial banks that have completed the implementation of centralized electronic bilateral payments.

Specifically, the central State Treasury opens 1 payment account or 1 specialized collection account in VND; Open a payment account for each type of foreign currency (if any) at the head office of the commercial bank.

The State Treasury units will not open payment accounts or specialized collection accounts at that commercial bank.

Within 3 months from the date the State Treasury announces the completion of the implementation of centralized bilateral payment of the State Treasury at the commercial bank, the State Treasury units will close all payment accounts and specialized collection accounts currently opened at that commercial bank.

The draft Circular provides regulations on the duties and powers of the State Treasury. For example, the central State Treasury manages the opening and use of the accounts; decides on the opening and closing of the accounts of the central State Treasury, the State Treasury Transaction Office and the payment accounts of the provincial and district-level State Treasury at the bank.

The circular stipulates management of the balance on payment accounts, specialized collection accounts of the central State Treasury and State Treasury units to ensure the payment capacity of the entire State Treasury system.

It also provides regulations on implementation of the rights and obligations of account holders at banks under the regulations of the SBV and the agreement with the commercial bank where the State Treasury opens the account.

The Central State Treasury needs to coordinate with the commercial banks where the account is opened to unify the agreement on the coordination of state budget collection and electronic bilateral payments between the State Treasury and each bank, ensuring compliance with regulations.

According to the Ministry of Finance, when the draft Circular is implemented, Circular No. 58/2019/TT-BTC dated August 30, 2019 of the Minister of Finance regulating the management and use of State Treasury accounts opened at the State Treasury and commercial banks; Circular No. 109/2021/TT-BTC dated December 9, 2021 of the Minister of Finance amending and supplementing a number of articles of Circular No. 58/2019/TT-BTC will invalid.