Deputy Prime Minister Vuong Dinh Hue asked the State Treasury of Vietnam to manage the State budget efficiently, which is critical in promoting socio-economic development.

Deputy Prime Minister Vuong Dinh Hue poses with the staff
of the State Treasury of Vietnam (Source: VNA)

Speaking at the meeting with the State Treasury on January 30, Hue stressed that the treasury must develop solutions to enhance the efficiency of the State budget, with focus placed on speeding up the disbursement of public investment.

Resources must be spent for the right purposes to achieve socio-economic development goals and ensure the sustainable development of the Vietnamese economy, Hue said.

He urged the treasury to enhance reforms and modernisation as well as focus on developing human resources to better serve residents and businesses.

The State Treasury must issue a development strategy, which must be appropriate to the country’s finance development strategy and socio-economic development strategy to 2030, he said, adding it must contribute to building a stable and strong national finance for the country’s prosperous development.

In 2020, the State Treasury targeted that all State-budget transactions would be conducted online. In addition, cooperation with relevant agencies would be enhanced to speed up disbursement of public investment.

Hue said that 2020 was an important year for Vietnam because this was the final year of the 2016-20 five-year plan to create the impetus for the next five-year period.

The global slowdown was posing challenges to Vietnam, Hue said, urging efforts by the State Treasury to overcome difficulties to have a better year in 2020.

The Deputy PM also visited Military Commercial Joint Stock Bank (MB) on January 30, the first working day after Tet (Lunar New Year) holiday.

Hue urged the bank to speed up the digitalisation process to improve service quality and ensure convenience for customers. In addition, MB should focus on developing non-credit services.

MB should strive to maintain the position in the top five commercial banks by operation efficiency of Vietnam, he asked.

MB reported a pre-tax profit of 10 trillion VND in 2019, up 29.1 percent over 2018. Its ratio of bad debt was managed under 1.2 percent.