The State Treasury strengthens the organizational structure in streamlining and reducing intermediaries

  VCN - Acting Director General of State Treasury Ta Anh Tuan had an interview with the Customs Newspaper on the development objectives in the coming time of the State Treasury system.  
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the state treasury strengthens the organizational structure in streamlining and reducing intermediaries
Acting Director General of State Treasury Ta Anh Tuan

First of all, I would like to congratulate you on having been entrusted by the Ministry of Finance with the task of acting as the Director General of the State Treasury. Basing on the achievements of the State Treasury system in the past years, which groups of tasks will be prioritized to continue to promote the achieved success of the State Treasury in the coming time, Sir?

I would like to thank the Customs Newspaper for always paying attention to the operation of the State Treasury and for giving me this interview.

Over the past few years, under the leadership of the Party and Government, the direct guidance of the Ministry of Finance, the committees, the administrations at all levels, the effective coordination of relevant ministries and agencies and the efforts of State Treasury’s leaders and staff, the State Treasury system has gradually grown and increasingly confirmed its position and role in the national financial system.

State Treasury has gradually been strengthened and improved its functions, tasks and organizational structure; institutional and policy reform; technology modernization, safe, effective and stable operation in line with the State Treasury Development Strategy until 2020. These are the basic and important development orientations for the system to join integration and development in the modernization, contributing to the construction and development of the country.

Therefore, in the coming time, in addition to the determination to well fulfill the regular political tasks assigned by the Ministry of Finance, the State Treasury system will continue to prioritize the reform projects of the State Treasury Development Strategy until 2020, focus on areas of general accounting, treasury management reform, IT application to professional activities in accordance with the trend of revolution 4.0.

At the same time, the State Treasury will study, formulate and submit to competent authorities for issuance of the State Treasury Development Strategy for the period of 2021-2030 as the basis for implementation in the following years.

The sixth plenum of the 12th Party Central Committee issued Resolution No. 18-NQ / TU on 25th October 2017 on continuing the renovation and restructuring of the apparatus of the political system in a streamlined direction and effective operation. So what will the State Treasury do to implement this Resolution in the system, Sir?

Since the State Treasury Development Strategy until 2020 was issued, the State Treasury has strengthened and restructured the organizational structure in streamlining, efficient and effective operation and reducing the intermediaries. Only from 2015 until now, the State Treasury has cut 122 divisions at provincial State Treasuries and reduced over 1900 teams at the district State Treasuries. Regarding the human resource, the State Treasury has taken the initiative in training and developing a quality human resource; improved the operational process in the modernization and simplification of administrative procedures ..., thus raising the system’s labour productivity, creating an initiative in the management and use of the human resource.

In the coming time, the State Treasury will develop a detailed plan with a specific roadmap, focusing on a number of solutions. Accordingly, it will continue to restructure its subordinate units and reduce intermediaries in line with the objective of Resolution No. 18-NQ / TU of the Central Executive Committee.

At the same time, the State Treasury will accelerate administrative reforms; strengthen the IT application to professional activities as well as management and administration, ensuring publicity, transparency and professionalism, facilitating the elimination of intermediate levels and staffing streamlining.

The State Treasury shall study and develop a project of staff assignment by job position. Based on the job position, the State Treasury will identify the minimum staffing model for each subordinate level, and supplement the staffing under job position in order to carry out the staff assignment and management under the project in the coming time

In addition, the State Treasury will review and reduce redundant staff who have not been appreciated in duty performance and have limited capacity as prescribed.

Another important plan is that the State Treasury continues to strengthen staff training, focusing on building and improving the quality of qualified staff and developing strategies, policies and leaders at all levels.

In 2018, based on the functions and tasks of the units under the State Treasury offices and the reality, the State Treasury will report to the Ministry of Finance to organize the pilot examination of leaders for some positions according to Decision No. 2329 / QD-BTC of the Ministry of Finance approving the scheme for pilot examination and recruitment of a number of leading and management positions of the department, division levels and equivalent level at the Ministry of Finance’s units and subordinates.

In 2018, facing the challenges of the domestic financial-monetary market, what will the State Treasury do to fulfil the task of capital mobilization through the issuance of Government bonds?

2018 is forecast by economists to be optimistic about global and domestic economic growth after the end of 2017 with relatively impressive results. The determination of the Government to maintain the objective of macroeconomic stability, control inflation, sustainable economic growth is a positive signal for the domestic financial-monetary market.

However, the world economic situation is still complicated and has unpredictable risks. The domestic economy has many problems and factors affecting growth, and possible increases in inflation due to the sharp increase in electricity prices and public services prices, will also affect the domestic financial-monetary market.

The challenges for capital mobilization through the issuance of Government bonds are the market’s dependence on foreign economic variables; the confidence of investors in the stable development of the economy in the long run; potential abnormal factors of the market interest; unsustainable structure of investors, mainly depending on commercial banks, while the investment in long-term Government bonds of commercial banks is limited. Therefore, the attraction of foreign investment in the Government bond market is still limited.

In order to contribute to the completion of the economic growth target and capital mobilization for development investment within the assigned budget in 2018, the Ministry of Finance assigned the task of issuance of Government bonds to the State Treasury of VND 275,970 billion. The State Treasury actively advised the leaders of the Ministry solutions to mobilize sufficient capital for the state budget, while implementing the task of developing the Government bond market, specifically:

Firstly, on the basis of the assigned capital mobilization task, the State Treasury shall draw up an annual issuance schedule, a detailed quarterly / annual issuance schedule for each term, and publicize it on the website of the Ministry of Finance, State Treasury and Hanoi Stock Exchange to help investors grasp the information and actively allocate their capital in the investment.

Secondly, the State Treasury shall focus on issuing Government bonds under the bidding method through the Hanoi Stock Exchange from the beginning of the year; maintain weekly issuance to ensure continuity of the market, and at the same time, encouraging the Vietnam Social Insurance to participate in the Government bond auction to diversify investors for the Government bond market.

Thirdly, closely monitoring the market and regularly exchanging to grasp the needs of investors in order to flexibly manage the volume of calls for tender and bond term, to ensure sufficient mobilization of state budget at reasonable cost. In favorable market conditions with abundant liquidity and low interest rates, the State Treasury takes the chance to issue long-term bonds to fulfil the target of prolonging the average term of listed Government bond, while reducing the cost of state budget debts in the long run.

Fourthly, within the interest rate framework set by the Ministry of Finance, the State Treasury governs the interest rates of Government bonds in consistency with the market and with the guidance of the Government’s monetary policy. This is to ensure that the interest rate of Government bonds is the standard interest rate for other debt reference tools.

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Fifthly, the State Treasury will develop and carry out the Government bond swapping measure to reduce the debt peak at some time in the coming period under the Public Debt Restructuring Scheme approved by the Prime Minister at the end of 2017.

Thank you very much!

In 2017, the State Treasury carried out the administrative reform on state budget revenues and expenditures in a simple, public and transparent manner at units in the State Treasury system. This is an important objective in the State Treasury Development Strategy until 2020 and has been implemented synchronously and drastically by the State Treasury system for many years.

Specifically, the processing time of a state budget collection is reduced to about 5 minutes, compared with 30 minutes in the past; of state budget payment is shortened from 7 days to about 3 working days, the requirements for payment applications is simplified and the number of payment forms is cut.

By Huong Giang/ Huyen Trang

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