Development strategy of the State Treasury to 2030

I. Perspective
1. Sticking to the guidelines and guidelines of the Party, National Assembly and Government; consistent with the socio-economic development strategy for the period of 2021 - 2030; is a part of the Finance Strategy to 2030 approved in Decision No. 368/QD-TTg dated March 18, 2022 of the Prime Minister and is in sync with development strategies of sectors and fields.
2. Develop a modern State Treasury system, which plays an important role in the public financial management system, contributing to unblocking, mobilizing and allocating and effectively using State financial resources.
3. Harmoniously combine inheritance and stability with innovation and absorption, approaching the advanced development level of the region and the world, based on modern management methods, meeting the requirements of financial management national government, improve service quality to people, businesses and state agencies.
4. Taking information technology modernization as a breakthrough; reforming mechanisms, policies, and business processes is the foundation; linking modernization of functions with renovating the organizational model of the State Treasury to create a driving force for the development of the State Treasury in a synchronous and comprehensive manner.
II. Overall objectives
Building the State Treasury to be lean, efficient and effective; synchronously renewing mechanisms, policies and professional processes for the management of state budget funds and state funds; improve the efficiency of capital mobilization activities for the state budget; well perform the function of the state accounting generalist; Strengthening the entire organizational structure in association with increasing the application of modern information technology platforms, connecting and communicating with other database systems of the financial industry, national databases, serving people, businesses, and state agencies, contributing to building a safe and sustainable national finance.
III. Detail goal
1. By 2025, the State Treasury will operate based on digital data and complete the digital Treasury platform; basically all state budget revenue and expenditure transactions through the State Treasury are done electronically (except for transactions under the scope of state secrets); linking digital data of the stages of estimating, allocating, implementing, accounting, auditing and finalizing the state budget; share information and data of state budget revenues and expenditures in real time; perfecting the mechanism to control state budget expenditure in the direction of risk-based control. After 2025, focus on research and development of services according to the needs of people, businesses and state agencies; by 2030, complete the construction of the Digital Treasury.
2. Striving for the average issuance term of Government bonds to reach from 9-11 years, with reasonable interest rates and issuance costs, contributing to restructuring, increasing the safety and sustainability of public debt.
3. By 2025, the cash flow forecast of the state budget will not differ by more than 10% from the actual one; by 2030, the forecast results will not differ by more than 5% from reality and the average idle state budget balance at the end of the day will not exceed the average state budget expenditure for 01-02 days.
4. Provide complete, timely and accurate information on state budget - finance in accordance with public accounting standards in order to well serve the leadership, direction and administration of competent agencies, rights and activities of inspection and supervision, improving the publicity and transparency in the management and use of state financial resources. Striving to 2030, the time for making and submitting state budget finalization reports and annual state financial statements will be reduced from 6 to 12 months compared to 2020.
5. Before 2025, fully prepare and be ready the conditions on mechanisms, policies, professional processes and application of information technology so that by 2030, basically complete the organizational arrangement according to 2-level treasury model and reduce at least 15% of payroll compared to 2020.
IV. Main tasks and solutions
1. Reform and modernize the functions of state budget fund management and state financial funds, state treasury management, capital mobilization and state accounting of the State Treasury.
a) Centralization of state budget revenues
- Completing the legal framework, technical infrastructure and interoperability of digital data on state budget revenues between the State Treasury and tax, customs, agencies, units and organizations related information on the basis of unifying the structure of information exchanged according to identifiers for each revenue.
- Building a database of state budget revenues for all state budget revenues; deploying digital services on state budget collection, creating favorable conditions for organizations and individuals to submit and track information on state budget payment online, anytime, anywhere and minimize organizational costs.
- Expand the participation of payment service providers, payment intermediary service providers and diversify electronic payment methods in state budget collection.
b) Regarding the control of state budget expenditure
- Renovating the mechanism for managing state budget expenditure commitments; provide sufficient information on commitments to spend state budget for the formulation, allocation and implementation of medium-term and annual budget plans in accordance with international practices.
- Unify the focal point, process and digitize the control and payment of state budget expenditures through the State Treasury, creating favorable conditions for units to use the state budget; share and communicate digital data in the entire process of state budget expenditure management, ensuring efficiency, publicity and transparency in the management and use of state budget funds.
- Renovate the method of controlling state budget expenditure in the direction of shifting from "pre-inspection" to "post-inspection", in association with strengthening decentralization, assigning accountability to budget-using units and corresponding to the level of development of the internal audit function in ministries, branches and localities, with respect to risk control, strengthening inspection and examination of cases with signs of violations.
- Continue to promote the application of electronic payment methods in payments to the state budget for beneficiaries, especially methods applied to beneficiaries in remote and isolated areas. No bank account.
c) Regarding capital mobilization for the state budget
- Implement the issuance and management of the Government bond portfolio proactively and effectively, meeting the capital needs of the state budget with the structure and maturity according to the objectives of the strategy, program and management plan. medium and long-term public debt management and annual plan for borrowing and paying public debt; ensuring the principle of close coordination in the administration of fiscal policy with monetary policy and other macro policies, maintaining macroeconomic stability, financial and monetary markets and ensuring balances big; in line with the ability of debt repayment, disbursement, absorption capacity of the economy, ensuring efficiency, avoiding waste.
- Manage interest rates for Government bonds to be in line with market principles, orientations for the administration of fiscal, monetary and other macro policies.
- Diversify government bond products to meet the needs of investors; to form standard Government bond codes with a large enough scale to promote the liquidity of the Government bond market, increase the ability to raise capital for the state budget and form a standard yield curve, supporting development of the Government bond market, capital market.
- Consolidate the investor base in the direction of continuing to improve the proportion of long-term investors in Government bond investment.
d) Regarding the management of the state budget
- Provide account management services and revenue and expenditure of state financial funds through the centralized payment account of the State Treasury, ensuring transparency and efficiency.
- Completing the centralized payment model of the State Treasury in accordance with the roadmap for building and developing the national digital payment infrastructure, meeting the Government's smooth payment requirements, ensuring the principles at each In the banking system, the State Treasury has only one account and at the end of the day the entire balance of the state treasury is concentrated in the account of the State Treasury at the State Bank of Vietnam.
- Improve cash flow forecasting methods and input information sources, gradually improve forecast quality and perform daily cash flow forecasting.
- Expanding the scope of investment and borrowing from the state budget; carry out investment transactions and borrow from the state budget according to market principles. Gradually reduce the idle state budget balance, optimize the benefits of using the state budget.
- Closely linking state treasury management with budget management and debt management in order to reduce costs and debt risks, and enhance the effectiveness, safety and sustainability of the public financial management system.
- Establishing a modern risk management framework, ensuring that risks in state treasury management are fully and timely identified, assessed, and timely, and have appropriate risk reduction policies in place.
e) State general accountant and state budget and financial statements
- Step by step unify accounting principles in the State sector; in which, priority is given to unifying the system of combination of accounting accounts, meeting the requirements of information aggregation and reporting of all levels of government and agencies and units.
- Expanding the scope of state general accounting according to the roadmap for implementing accrual accounting at accounting units, ensuring to cover all revenues and expenditures of the State, financial and non-financial assets, financial and debt obligations of the State.
- Building a general accounting database for the entire state sector on the basis of interconnection and collection of accounting data at all state accounting units, allowing information to be exported and reported, multi-dimensional according to each level to synthesize information on the state budget and state finance; at the same time, contributing to building a large database on national finance.
- Completing the regime and process for making and synthesizing revenue and expenditure reports, state budget finalization, and state financial statements on the basis of implementing the digital State Budget and Accounting Information System, in line with the State budget and accounting information system, consistent with the roadmap for implementing public accounting standards in Vietnam, ensuring the completeness, timeliness, publicity and transparency of the report and gradually shortening the reporting time.
2. Strengthen the application of information technology; actively participate in the industrial revolution 4.0, gradually forming the Digital Treasury
- Building and implementing the State Treasury's information technology architecture in line with the e-Government architecture; in which, the State Budget Information System and Digital State Accounting act as the core system, connecting, communicating and sharing data with the National Procurement Network, other databases national data and other relevant systems.
- Digitize State Treasury operations and provide open data on state budget - finance through upgrading and developing the Treasury and Budget Management Information System and related systems into The State Budget and Accounting Information System is digital based on modern technology, allowing the provision of digital services, serving the needs of people, businesses, agencies and units well, access and exploit information widely.
- Building and completing other information technology application systems to meet the requirements of reform and modernization of the State Treasury.
- Effectively apply digital technologies such as cloud computing (Cloud Computing), big data (Big Data), mobility (Mobility), Internet of things (IoT), artificial intelligence (AI), blockchain (Blockchain),... in building and deploying Digital Treasury applications and services to optimize the management, administration and service provision processes of the State Treasury.
- Continue to improve security systems and solutions, risk prevention; operation monitoring system and information security monitoring system, ensuring that the information technology system is always operated safely, stably and smoothly in all situations.
3. Streamlined organizational structure and human resource development
- Continue to review to arrange and reduce the focal point of the State Treasury at district level; pilot study to gradually arrange the organizational apparatus according to a 2-level model (at the central level, it is the level for formulating mechanisms, policies, and the operating organization; at the affiliated treasury units, it is the implementing level). The roadmap is suitable to the level of information technology application, the decentralization of state management and the arrangement and reorganization of administrative units at all levels, ensuring the operation of the State Treasury and the transactions of the State Treasury. Organizations and individuals with the State Treasury will enjoy advantages.
- Recruiting, training and fostering a contingent of civil servants, public employees and employees of the State Treasury according to their job positions, having good moral qualities and solid political will; have high professionalism, qualifications, skills, and creative capacity based on the competitive mechanism of recruitment, remuneration and promotion regime, in order to meet the requirements of the civil service and reform orientations to the country. By 2030, well serve people, businesses and state agencies. Increase the use of external resources and streamline the payroll according to the guidelines of the Party and Government.
- Develop a team of leaders of the State Treasury at all levels, a contingent of civil servants to research and develop mechanisms and policies at the central level of high quality, to meet the requirements of reform and modernization of the Treasury system. The State in the conditions of international economic integration and industrial revolution 4.0. Restructure the contingent of public servants, public employees and employees of the State Treasury at each level and each unit, in line with the consolidation of the organizational apparatus, modernization of professional processes and innovation of management methods.
- Develop and implement a mechanism to evaluate the performance (KPI) of each unit and each official, public employee and employee of the State Treasury according to the standards of titles and employment positions, creating motivation and pressure to each unit, each civil servant, officer, and employee to be dedicated, responsible, and best complete assigned tasks.
- Improve the working environment and actively implement the guidelines, mechanisms and policies of the Party and Government, creating conditions and promoting initiative, creativity and arousing the spirit of dedication in practice, duty performance of the contingent of civil servants, public employees and employees.
4. Transforming the method of treasury management and service provision
- To organize the performance of functions and tasks of state budget fund management, state budget management, capital mobilization and state accounting on the basis of converting the traditional administrative management method to the state budgeting method, service and provision of services, ensuring uniform, public, transparent, effective and efficient management.
- Focus on improving service quality; research and develop new treasury services to meet the needs of people, businesses and state agencies.
- Developing methods of providing online services via mobile devices in the field of state budget fund management, state treasury management, capital mobilization and state accounting.
5. Modernize inspection - examination and internal audit implementation
- Determine the focus and focus of specialized inspection of the State Treasury on the basis of risk assessment and the level of development of the internal audit function in ministries, branches and localities. Promote specialized inspection and inspection activities through the digital environment and information system.
- Consolidating the internal inspection and control system; develop the risk control function; develop regulations and conduct internal audit of the State Treasury.
- Consulting and supporting the development of internal audit function on finance - budget at ministries, branches, budget-using units and localities.
6. Other tasks and solutions
- To perfect the financial management mechanism of the State Treasury in accordance with the guidelines and policies of the Party and the State, ensuring that there is enough funding to carry out the reform and modernization of the State Treasury.
- To organize closely and effectively manage assets which are gold, silver, precious metals, precious stones, national treasures and other properties assigned by the State to the State Treasury for management; cash, valuable papers, precious assets temporarily deposited or kept by the State Treasury for preservation.
- Developing and diversifying forms of international cooperation; access to modern management technologies and take advantage of international resources; support and share experiences with treasury of other countries.
- Propagating and disseminating to all levels, branches, units and individual civil servants, public employees and employees of the State Treasury about the meaning, role, content and importance of the reform process, ways to modernize the State Treasury system, create unity and consensus in the process of implementing the State Treasury Development Strategy to 2030.
- Strengthening forecasting, analytical and reactive capabilities, ensuring smooth management, administration and service provision of the State Treasury system and achieving reform and modernization goals suggest.
V. Implementation organization
1. Ministry of Finance:
a) Formulate an implementation plan and roadmap, and direct and supervise the implementation of the Strategy; promptly report to the Prime Minister to consider adjusting and supplementing the Strategy to meet practical requirements.
b) Assume the prime responsibility for, and coordinate with the Ministry of Planning and Investment in, allocating funds from the state budget and lawful capital sources in accordance with law for reforming and modernizing the State Treasury according to law.
2. Ministries, ministerial-level agencies, Governmental agencies, People's Committees of provinces and centrally run cities shall coordinate with the Ministry of Finance in directing and implementing the Strategy; focus on the complete implementation of regulations and regulations; digital infrastructure development; develop digital platforms, systems, data, applications and services, and ensure network safety and security according to the Strategy for E-Government Development towards Digital Government in the 2021-2025 period, with a vision to 2020. 2030.

Source: Vitic/ thuvienphapluat.vn