Efficiently Utilizing State Budget

10:42:59 AM | 4/4/2022

In the context of the complicated development of the COVID-19 pandemic, the Financial sector of Bac Ninh province has done a good job of advising and proposing many financial mechanisms and policies, implementing many solutions to ensure effective budget collection, and promoting the efficiency of budget capital.

In 2021, the provincial Department of Finance successfully completed the assigned tasks. It coordinated with other departments, committees and sectors to review proposals to cut fees and charges for businesses and people facing difficulties due to the COVID-19 pandemic; advised the Provincial People's Committee to well implement the State budget management, investment finance, price management, and public property management. The total State budget revenue was estimated at nearly VND33,260 billion, up 19.5% compared with the estimate, an increase of 8% compared to the implementation in 2020; the total local budget expenditure was estimated at nearly VND21,220 billion, up 11% compared to the estimate. The budget spending was efficient, well supporting the socio-economic development goals, ensuring national defense and security, and dealing with urgent pandemic problems.

In 2022, the provincial Department of Finance will synchronously implement solutions to complete the assigned financial and State budget tasks. It will organize the administration and management of State budget expenditure closely in accordance with regulations, improve the efficiency of State budget use; promote administrative procedure reform; control inflation, and strengthen inspection and supervision of State budget use. The department will continue to improve professional qualifications for cadres, civil servants, public employees, employees. Bac Ninh province aims to achieve the total State budget revenue of VND30,567 billion in 2022, up 9.8% compared to the 2021 estimate. The total budget expenditure is VND18,807 billion, of which, the investment and development expenditure is VND6,552 billion; the regular spending is VND10,615 billion.

Mr. Nguyen Kim Thoai, Director of Bac Ninh Department of Finance said, “Right since the beginning of 2022, the Department has managed State budget expenditures strictly; improved the efficiency of the use of State budget; thoroughly reduced recurrent expenses, increased development investment spending, and improved the efficiency of budget allocation. It has strictly implemented the conclusions of the Standing Committee of the Provincial Party Committee on strengthening the management of public investment and the management and use of the State budget; implemented Directive 10/CT-UBND dated September 20th, 2021 of the People's Committee of Bac Ninh province on strengthening the State management and improving the efficiency of public investment activities; implementing State budget expenditure according to the assigned estimate. It has coordinated with the Provincial Tax Department and the Customs Department to well manage revenue sources, effectively exploit the budget revenue; and ensure correct, sufficient and timely collection of revenues into the State budget.”

In order to complete the 2022 estimate, the Financial sector of Bac Ninh has proposed the following key solutions: Promoting investment attraction, developing a number of industries and fields into the driving forces for growth of the province. It will harmoniously combine basic and fundamental industries with new industries, high-tech industries, supporting industries, and consumer industries; and step up the processing industry and value chain links. It will develop agriculture in a modern and sustainable manner.

The department will promote administrative reform in the financial sector, focusing on tax, customs, and State treasury to improve the business environment, encourage start-ups, and better serve people and businesses.

Source: Vietnam Business Forum