The State Treasury focuses on solutions to ensure revenue, expenditure and budget management

VCN - In the first months of 2024, the State Treasury (SBV) has actively implemented many solutions in state budget revenue and expenditure as well as flexible and safe management of the budget.
The State Treasury has coordinated with units to ensure timely and effective state budget revenues and expenditures. Photo: T.Linh
The State Treasury has coordinated with units to ensure timely and effective state budget revenues and expenditures. Photo: T.Linh

Gathering revenue sources, ensuring expense control

According to a report from the State Treasury, in the first months of the year, State Treasury units proactively coordinated with the General Department of Vietnam Customs, General Department of Taxation and local collection agencies to quickly focus and collect accurate revenues for budgets at all levels; providing regular and continuous revenue data information to competent levels, serving revenue collection management at all levels.

Currently, the State Treasury has been continuing to coordinate with commercial banks to collect state budget and make electronic bilateral payments. By the end of the first quarter of 2024, the State Treasury has signed framework agreements with 21 commercial banks, connected bilateral electronic payments with 16 commercial banks and is continuing to coordinate with the remaining commercial banks for implementation.

The State Treasury said it is piloting a personal payment service through accounts at the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Vietnam Bank for Agriculture and Rural Development (Agribank).

In controlling state budget expenditures, the entire State Treasury system has ensured strict, timely and regulated expenditures. The unit also provided daily disbursement data to the Ministry of Finance, party committee leaders, and local authorities to promptly serve the management and administration of the state budget. In particular, the entire system has proactively coordinated with ministries, branches and localities to synchronously deploy many positive solutions that contribute to promoting the disbursement of public investment capital; strengthen strict control of regular expenses...

The State Treasury has strengthened regular inspections, surprise inspections and remote monitoring of the implementation of administrative procedures in the field of state budget expenditure control...

Pay principal and interest on government bonds promptly

Along with ensuring state revenue revenues and expenditures, the State Treasury has also managed the state treasury to fully and promptly meet the spending needs of the state budget and units that have transactions with the State Treasury in domestic and foreign currencies. According to the State Treasury, from the beginning of the year to May 15, 2024, the total mobilized volume of Government bonds reached VND 120,790 billion, reaching nearly 30.2% of the total plan for 2024. Average issuance term is 11.09 years; the average issuance interest rate is 2.24%/year.

General Director of the State Treasury Tran Quan said that the State Treasury continues to organize the issuance of Government bonds in appropriate with central budget needs and market situation within the scope of tasks, on favorable market conditions to strive to complete assigned tasks. In addition, the State Treasury will also manage issuance interest rates closely to the market situation, diversify terms to meet requirements from the central budget, and closely tie capital mobilization to state budget mobilization.

From the results achieved above, in the future, the Ministry of Finance has requested the State Treasury to promptly make payments for completed volumes, promoting payments through the State Treasury's online public services to save time and travel expenses of investors, public transparency of the application processing process at the payment control agency in accordance with the Prime Minister's direction in Official Dispatch No. 24/CD-TTg dated March 22, 2024 on accelerating the progress of allocation and disbursement of public investment capital in 2024.

The State Treasury also needs to continue to coordinate closely with collection agencies to fully and promptly collect revenues into the state budget; deploy the expansion of collection accounts at commercial banks complying with the regulations. At the same time, it is necessary to closely follow the market situation, state budget revenues and expenditures, organize government bond bidding through the Hanoi Stock Exchange to mobilize capital for the central budget with appropriate amounts, ensuring cost savings and efficiency in public debt management; organize payment of principal, interest on government bonds, and related expenses promptly and fully complying with regulations.

In the second quarter, the State Treasury continues to require State Treasury units to proactively coordinate with local revenue agencies to quickly focus and accurately account revenues for all budget levels. Regarding expenditure control, the State Treasury requires the entire system to promote administrative reform in a customer-oriented direction, taking the satisfaction of individuals and organizations as an important measure in the public service provision of the State Treasury.

By Hương Dịu/Thanh Thuy

Related News

Dong Nai Customs: Creative solutions to nurture source of revenue

Dong Nai Customs: Creative solutions to nurture source of revenue

VCN - The revenue collection result of Dong Nai Customs Department has shown positive signs. To achieve the goals of revenue collection, many creative solutions have been deployed to nurture sources of revenue and bring practical work efficiency.
HCM City Customs: Increased revenue by more than VND36 billion through price consultation

HCM City Customs: Increased revenue by more than VND36 billion through price consultation

VCN - Through price consultation for imported goods, HCM City Customs Department rejected the declared value for 2,711 declarations, increasing revenue for the state budget by over VND36 billion.
VND83,000 billion of State budget 2023 saved in 2023

VND83,000 billion of State budget 2023 saved in 2023

VCN - In 2023, the management of state budget expenditure was implemented proactively and strictly according to estimates, ensuring correct policies and regimes, thoroughly saving regular expenditures, and cutting down on unnecessary and slow spending tasks.
Hai Phong: Budget revenue reached more than VND40,000 billion

Hai Phong: Budget revenue reached more than VND40,000 billion

VCN - The results of Hai Phong City's revenue collection achieved a good growth rate, expected to reach hundreds of trillion VND for the third consecutive year.

Latest News

Review the tax payment of sales livestream individuals

Review the tax payment of sales livestream individuals

VCN - The General Department of Taxation has just issued an official letter directing local tax departments to drastically manage e-commerce taxes and electronic invoices generated from cash registers.
13 cases subject to direct tax registration with Tax authority

13 cases subject to direct tax registration with Tax authority

VCN – The Ministry of Finance collects comments on a draft Circular guiding tax registration to replace Circular 105/2020/TT-BTC. According to the draft, if the National Population Database
Ministry of Finance: Focusing on improving independent audits

Ministry of Finance: Focusing on improving independent audits

VCN - According to Minister of Finance Ho Duc Phoc, in recent times, the Ministry of Finance has focused on improving the quality of independent audits through training, inspection, and examination.
Digitizing the process, banks actively lend online

Digitizing the process, banks actively lend online

VCN - Many banks promote online lending to save time and costs for both parties and creating conditions to promote credit growth.

More News

The finance sector

The finance sector's firm stance on combating tax evasion in e-commerce

VCN - Addressing and clarifying some opinions raised by National Assembly deputies during the questioning session on issues related to the commerce and industry sectors on the afternoon of June 4, Minister of Finance Ho Duc Phoc stated that in the coming period, the finance sector would rigorously enforce tax collection on e-commerce to ensure fairness in the fulfillment of taxpayers' obligations.
Total State revenue managed by Tax sector is estimated at VND767,415 billion

Total State revenue managed by Tax sector is estimated at VND767,415 billion

VCN – The total state revenue in the first five months of 2024 managed by the Tax authority is estimated at VND 767,415 billion, meeting 51.6% of the target and 114.9% year-on-year.
Tax sector cooperate with Police agency to prevent fraud of tax invoice

Tax sector cooperate with Police agency to prevent fraud of tax invoice

VCN - Over the years, the acts of law violation on electronic tax invoices took place complicatedly with many different tricks. To prevent fraud, the tax sector has applied several drastic measures, including strengthening cooperation with the Police agency.
Over 4.49 billion USD raised through G-bond auctions in five months

Over 4.49 billion USD raised through G-bond auctions in five months

The State Treasury mobilised more than 127 trillion VND (4.49 billion USD) from G-bond auctions on the Hanoi Stock Exchange (HNX), or 31.76% of the annual plan.
Five-month budget revenue reached half of the whole year 2024 revenue estimate

Five-month budget revenue reached half of the whole year 2024 revenue estimate

VCN - According to the Ministry of Finance, in May 2024, total state budget revenue is estimated to reach VND150.9 trillion. In the first five months of 2024, total budget revenue is estimated to reach VND898.4 trillion, equal to 52.8 percent of the estimate.
Bank savings of individual customers recover while institutional savings decline

Bank savings of individual customers recover while institutional savings decline

Deposits of individual customers at banks have increased again since February this year, after declining in January, the latest statistics from the State Bank of Vietnam (SBV) showed.
Foreign investors

Foreign investors' net selling exceeds 2.3 billion USD since 2023

Foreign investors have net sold Vietnamese stocks on HoSE with a value of 58 trillion VND (over 2.3 billion USD) since the beginning of 2023, indicating a prevailing trend of net selling in the Vietnamese stock market.
Five-month public investment disbursement reaches nearly 27% of target

Five-month public investment disbursement reaches nearly 27% of target

The disbursement of public investment from the State budget in the first five months of this year was estimated to reach 190.6 trillion VND (7.44 billion USD), equal to 26.6% of the yearly target and 5% higher than the same period last year, according to the General Statistics Office (GSO).
Credit growth quota policy needs to ensure safety of banking system

Credit growth quota policy needs to ensure safety of banking system

The State Bank of Vietnam (SBV) this year removed the credit growth quota for foreign banks, but the policy remains for Vietnamese banks, due to concerns about rising bad debts, the security of the banking system and macroeconomic instability.
Read More

Your care

Latest Most read
Review the tax payment of sales livestream individuals

Review the tax payment of sales livestream individuals

The General Department of Taxation has just issued an official letter directing local tax departments to drastically manage e-commerce taxes and electronic invoices generated from cash registers.
13 cases subject to direct tax registration with Tax authority

13 cases subject to direct tax registration with Tax authority

VCN - Notably, Article 4 of the draft Circular stipulates that taxpayers subject to direct tax registration with tax authorities include: taxpayers subject to tax registration through the interconnected single-window mechanism; Taxpayers subject to direct
Ministry of Finance: Focusing on improving independent audits

Ministry of Finance: Focusing on improving independent audits

According to Minister of Finance Ho Duc Phoc, in recent times, the Ministry of Finance has focused on improving the quality of independent audits through training, inspection, and examination.
Digitizing the process, banks actively lend online

Digitizing the process, banks actively lend online

VCN - Many banks promote online lending to save time and costs for both parties and creating conditions to promote credit growth.
The finance sector

The finance sector's firm stance on combating tax evasion in e-commerce

Minister of Finance Ho Duc Phoc stated that in the coming period, the finance sector would rigorously enforce tax collection on e-commerce to ensure fairness in the fulfillment of taxpayers' obligations.
Mobile Version