2014年-世界发展银行全球_Implementation_of_Treasury_Single_Account_and_Strengthening_of_Cash_Management_in_Vietnam_56页_1mb

报告摘要

Summary of Implementation of Treasury Single Account and Strengthening of Cash Management in Vietnam

Core Content

The Vietnam Economic Management and Competitiveness Credit (EMCC) Policy Note provides an overview of the implementation of the Treasury Single Account (TSA) system and the strengthening of cash management in Vietnam. The report is part of ongoing policy dialogue between the World Bank, Development Partners, and the Ministry of Finance (MOF), aimed at improving public financial management (PFM) and government efficiency.

The State Treasury (ST) system in Vietnam, established in 1994, manages government finances across four levels: central, provincial, district, and commune. It has been using a Treasury Accounting and Budget Management Information System (TABMIS) since 2012, enabling centralized, transparent, and real-time budget planning and execution across all 63 provinces and 1,500 treasury offices.

Main Views

1. Current Status of the TSA

The TSA system is being implemented to consolidate government cash holdings at five banks: SBV and four SOCBs.
SBV and SOCBs have been used to hold government cash, but the system is not yet fully centralized.
As of now, 700 Treasury offices still hold idle cash, which earns below market interest rates.
Bilateral payment systems with SOCBs have been fully implemented, but SBV's IBPS has not been fully integrated due to collateral requirements and incompatibility with ST's accounting systems.

2. Benefits of TSA Implementation

Provides complete and timely information on government cash resources.
Enables comprehensive budget appropriation control.
Improves operational control and reconciliation quality.
Reduces transaction and fee costs.
Facilitates efficient payment mechanisms.
Reduces liquidity needs and public debt servicing costs.

3. Challenges and Limitations

SBV's collateral conditions and IBPS incompatibility are major obstacles to full TSA implementation.
Decentralized payment processing increases the workload for the State Treasury.
Cash usage is still significant, especially in remote areas.
Legislative and structural reforms are needed to fully realize the benefits of TSA and active cash management.

Key Recommendations

Short-Term Priorities (1–2 years)

Complete consolidation of government bank accounts across all five banks.
Launch a Treasury e-portal to provide budget units with access to treasury information systems and services.
Review the rationale for dedicated revenue accounts and explore the use of IBPS data format for meeting revenue accounting requirements.
Extend TSA coverage to include all general government funds and exclude government corporations.

Medium-Term Priorities (Beyond 2 years)

Centralize clearing through the main account in the center to improve efficiency.
Rationalize payment controls by delegating authority to budget units, starting with specific thresholds.
Improve internal controls at budget units as part of the delegation process.
Enhance payment systems by expanding the use of plastic payment cards for petty cash and travel payments.
Reduce the number of servicing banks to minimize the fragmentation of government cash balances.
Develop a cash forecasting function to provide timely and accurate information on cash flows.
Implement financial asset and liability management instruments such as offering interest on deposits and using government domestic security repurchase agreements.
Establish a Cash Management Committee to oversee changes in cash flow patterns and their impact on operations.
Appoint dedicated risk management staff and ensure dynamic organization structure and continuous training for cash management functions.
Develop a capacity building and training plan to enhance the State Treasury's ability to manage government cash efficiently.

Cash Management Reform

The State Treasury Development Strategy until 2020 emphasizes the need for safe and efficient management of entrusted funds and government debt.
Despite progress with TABMIS, the development of cash management capacity has been delayed.
The State Treasury is now taking steps to establish a cash management function, including drafting legislative proposals and analyzing cash flow patterns.

Conclusion

The TSA and cash management reforms are critical for improving public financial management in Vietnam. While significant progress has been made, challenges remain in centralizing cash holdings, integrating with SBV's systems, and enhancing internal controls. Continued collaboration with the World Bank, Development Partners, and stakeholders is essential to achieve full implementation and maximize the benefits of the TSA system.