Enhancing Financial and Budgetary Management

10:32:33 AM | 10/9/2023

The financial sector of An Giang province has been implementing consistent solutions to achieve the highest possible fiscal revenue target assigned by the Provincial People’s Council for 2023. Additionally, the sector has been managing budget expenditure in a strict, economical, and effective manner.

According to the An Giang Finance Department, in the first six months of 2023, the total state budget revenue was VND3,959 billion, equal to 60% of the full-year target assigned by the Provincial People's Council, down 3% year on year. Particularly, tax revenue from imports and exports was VND200 billion, equal to 49% of the target and 76% of the value a year earlier; and domestic budget revenue was VND3,759 billion, equal to 60% of the target and 98% of the value in the corresponding period of 2022.

By level, provincial budget revenue was VND2,589 billion, equal to 54% of the target and 93% of the same period of 2022, and district-level value was VND1,370 billion, equal to 74% of the yearly target and 104% of the same period of last year. All districts, towns and cities collected budget revenue more quickly than planned.

Regarding local budget expenditure, in the first half of 2023, the province focused on mobilizing financial resources to fully and promptly meet spending tasks, implement social protection and social security policies and fund infrastructure construction, security and defense, thus helping the successful completion of local political tasks.

Accordingly, the total local budget expenditure was estimated at VND8,636 billion, equal to 46% of the target assigned by the Provincial People's Council, 134% of the value recorded in the same period of 2022. Of the sum, development investment spending was VND3,395 billion, reaching 44% of the target.

Mr. Tran Minh Nhut, Director of An Giang Finance Department, said: Budget management and administration in the first six months of this year was very effective and well-ordered as expected by the Provincial Party Committee, the Provincial People’s Council and the Provincial People’s Committee, hence enabling the successful achievement of socioeconomic development goals of the province.

“Budget revenue in the first six months of 2023 reached 60% of the full-year target, faster than the schedule assigned by the Provincial People's Council. Spending for social security and disease prevention was strictly controlled. An Giang seriously restricted unplanned spending to make sure that the budget was rightly used. Most State budget-funded agencies complied with their assigned spending estimates and followed policies, standards and norms to this effect,” he added.

According to the department, social and economic development will be challenging in the last months of 2023, thus directly affecting the budget revenue and hindering budget expenditure for local needs. Therefore, the financial sector has adopted various solutions to complete the 2023 budget collection target assigned by the Provincial People's Council at the highest level, said Nhut. The department will regularly monitor revenue collection, analyze detailed causes of any increase or decrease in revenue in each area and each field to make timely reports and propose effective collection solutions. At the same time, the department will focus on effectively carrying out support solutions to assist companies to tackle their difficulties and forming a good environment for them to do business, thus building a stepping stone for future increase in budget revenue.

Moreover, with respect to funding construction investment, the financial sector will intensify investment management, inspection and supervision; improve investment outcomes; and prevent loss and waste. It will focus on speeding up the construction progress and fund disbursement for construction investment, strictly comply with the Public Investment Law and regulations on investment capital management, completely handle debts after settling annual public investment capital. The sector will ensure the fund for construction investment as planned in 2023 and promptly settle payment for completed construction and will not fund additional projects if unnecessary. Regarding recurrent expenditure, the department will follow the approved plan and seriously exercise thrift.

Sticking to the goals and tasks as planned by the Provincial People's Committee, the An Giang Finance Department worked out and carried out Plan 86/KH-STC dated January 19, 2023 on administrative reform in 2023, including institutional reform, administrative procedure reform, administrative apparatus reform, civil service reform, public finance reform, construction and development of electric government and digital government.
The department also implemented Plan 27/KH-STC dated January 9, 2023 on organization of emulation movements to successfully complete the financial and budget management in 2023 and aligned administrative reform with emulation and commendation.
The department regularly directed relevant bodies to pay attention to reviewing and updating legal documents within its jurisdiction to promptly advise the Provincial People's Committee to amend, supplement or annul conflicting, overlapping regulations. In the first six months of 2023, no administrative procedure was removed.
The department received and settled 444 applications in the first six months of 2023, including 439 online applications accepted and delivered online and five received and returned with results at the Provincial Public Administration Service Center or through the public postal service. Most of the applications were delivered with results in a full and timely manner. Only one application was settled late due to a system error and the department also apologized to the applicant for the lateness. At the same time, settlement results were publicly posted on the Provincial Public Service Portal.

Source: Vietnam Business Forum