Vietnam looks towards better management of public finances

11:10 | 04/11/2015 Economy

The European Union (EU), in collaboration with the Vietnamese Ministry of Finance (MOF) launched the EU Public Finance Modernisation Project (EU-PFMO) for Vietnam on October 28, seeking to enhance the government’s management capacity of public finances.

Vietnam looks towards better management of public finances

At the launching ceremony for the project (Credit: VOV)

The EUR3 million project, funded by the EU, is in place from March 2015 to June 2018 with a focus on providing consultations for building frameworks of policies and regulations towards facilitating fiscal decentralisation and improving the public finance management capacity of local authorities.

The project will be prioritised to be implemented in the country’s poorest provinces, particularly those with a large number of ethnic minority groups.

Addressing the event, MOF Deputy Minister Huynh Quang Hai emphasised that enhancing efficiency in using Vietnam’s limited resources to promote economic growth and improve public services requires a comprehensive and effective financial management system.

EU Minister Counsellor and Head of Co-operation and Development Section, Alejandro Montalban Carrasco said, adding that the country will face numerous challenges in realising commitments while joining the new free trade agreements (FTAs) such as the EU-Vietnam FTA (EVFTA) and the Trans-Pacific Partnership (TPP), especially improvement of the investment climate aiming to remove hindrances for international trade and investment./.

Source: NDO