World Bank suggests to Vietnam more stable, sustainable public finance

Although Vietnam exceeded the set target of collecting state revenue in 2013, the country should keep track on its mid-term objective of ensuring more stable and sustainable public finance, said a representative of the World Bank (WB). Victoria Kwakwa, country director of WB in Vietnam made the remarks at the meeting with Vietnam's Minister of Finance (MoF) Dinh Tien Dung in capital Hanoi Tuesday, reported MoF's official website on Wednesday. The WB representative also pointed out that the MoF needs to address challenges in raising the efficiency and competitiveness of Vietnamese economy by performing treasury single account and approving mid-term debt plan with an enhanced risk management mechanism. WB is willing to assist Vietnam in realizing the above- mentioned objective, MoF's website quoted Kwakwa as saying. Vietnamese Minister of Finance Dinh Tien Dung, for his part, said at the meeting that the country expects to further develop the Vietnam-WB partnership and pledges to perform the treasury single account in 2014. Official statistics by MoF showed that as of December 30, 2013, the country's total state budget revenues hit 810 trillion Vietnamese dong (38.3 billion U.S. dollars), reaching the estimated plan in 2013.