Finance Sector Enhancing State budget administration

11:43:30 AM | 6/13/2022

Along with consistent and effective administrative procedure reforms, the Hau Giang finance sector has actively advised and closely followed current situations and regulations to ensure budgetary balance and social security stability to improve budget management, enhance the business environment and draw more investors. Our reporters have an interview with Mr. Le Phuoc Thai, Director of Hau Giang Department of Finance. Ngoc Tung reports.

Could you briefly introduce some outstanding financial and budgetary results and targets of the province in the past, as well as working plans for 2022?

Over the past years, the finance sector has effectively estimated and carried out key tasks and solutions to ensure the balance of budget revenue and expenditure. Total state budget revenue and expenditure both exceeded their given estimates. Main socioeconomic development requirements are met in a timely manner.

In 2021, performing its tasks amid COVID-19 epidemic complicated development and prolonged obligatory social distancing, the sector managed to complete its assigned tasks. State budget revenue totaled VND11,411 billion, equal to 146.07% of the task assigned by the central government and 103.59% of the estimate made by the Provincial People's Council. The budget expenditure valued VND9,569 billion, equal to 137.78% of the central estimate and 99.63% of the provincial estimate.

In 2022, the finance sector set the following goals: Total State budget revenue of VND9,002 billion, including local State budget revenue of VND4,800 billion (domestic revenue of VND4,300 billion and import and export tax of VND500 billion); total budget expenditure of VND7,954 billion (including recurrent expenditure of VND4,441 billion and construction expenditure of VND3,202 billion).

To achieve this goal, what specific solutions and tasks will the sector focus on?

In 2022 and the following years, to complete and exceed its assigned budget revenue tasks for better meeting expenditure tasks and emerging activities, the Department of Finance will continue to closely monitor actual situations, and coordinate with tax authorities to strengthen collection, analysis, forecast and assessment of revenue sources. Then, it will promptly advise People's Committees at all levels in directing and administering State budget collection tasks.

In addition, it will synchronously implement solutions to control state budget revenue, continue to review, develop and implement tax, fee and charge policy solutions to remove difficulties and support businesses and people to restore production and business, nurture and increase sustainable income.

The department will continue to exploit new revenue sources to offset declines in areas hurt by the epidemic; reconsider potential revenue sources such as real estate transfer and trading, personal income tax, factory leasing tax and current tax.

In addition, the agency will strictly manage local budget expenditures, thoroughly save regular expenditures; prioritize spending resources for social security policies, ensure national defense and security tasks and essential services, and at the same time, create a source for reforming salary policy according to regulations.

While focusing on "nourishing" revenue source and improving the efficiency of budget management and administration, how will the Department of Finance advise and act to attract, mobilize and effectively use investment capital?

To effectively use investment capital, the Department of Finance will continue to actively advise relevant bodies to take advantage of central supports through funding sources such as preferential credit loans, advances and borrowings from State budget, and additional funds from the central budget. It will advise the Provincial Party Committee and the Provincial People's Committee to flexibly administer the budget invested in key projects and constructions.

In the coming time, the demand for investment fund capital will continue to increase. The department will apply measures to mobilize and maximize financial resources for development investment; coordinate with other sectors to advise the Provincial People's Committee to introduce preferential mechanisms for businesses and attract external investment sources.

Especially, the department will review land funds and land-attached assets in the province in association with master plans and detailed plans on land use and socioeconomic development. It will focus on and speed up land auctions, increase investment resources for infrastructure development, and create a clean land fund to call for investment funds. At the same time, it will establish a mechanism for land acquisition and auction on both sides of expanded and newly built roads to generate financial resources for traffic infrastructure development.

How is administrative procedure reform and modernization focused in the finance industry?

Determining that administrative procedure reform is a key stage and to make breakthroughs and a key task to be achieved. Over the past time, reforming administrative procedures, especially in public financial reform, and improving the quality of services for people and businesses has been a serious focus.

Accordingly, all administrative procedures are provided on the website of the province, the website of the Department of Finance and online public service portals. People are guided to handle administrative procedures by professional civil servants. All questions are answered in a timely manner.

In addition to accelerating administrative procedure reform, we always focus on innovating management, administration and performance of assigned tasks, modernizing public administration and then building an e-government and a digital government.

Up to now, the sector has applied document management software; intensified information technology application to working processes; simplified administrative procedures; used electronic signatures to quickly and smoothly solve work.

In particular, the sector has applied the Treasury and Budget Management Information System (TABMIS) to make estimates, synthesize, analyze data and finalize budgetary data. This move is expected to help raise the Department and District Competitiveness Index (DDCI) as well as the Provincial Competitiveness Index (PCI).

Thank you very much!

Source: Vietnam Business Forum