Sustaining Viet Nam’s robust growth through enhanced public financial management

Context

Effective public financial management ensures that scarce public resources generate maximum impact where they are most needed. This helps the government achieve its policy and development objectives and to set the stage for robust public service delivery. The government of Viet Nam has embarked on a fiscal reform agenda to rein in accumulated imbalances, enhance domestic revenue mobilisation and improve expenditure efficiency.

To this end, the legislative framework for public financial management has been reviewed and revised. However, fully implementing the revised legal framework is an ongoing process, and the challenges that arise in this respect are addressed by the project.

Objective

Viet Nam has improved the management of public finances.

Approach

The project engages partners in working to improve Viet Nam’s public financial management by:

• improving the quality of medium-term budget planning and increasing fiscal transparency,
• creating better risk management systems for public debt management,
• increasing revenue potential and the economic efficiency of tax policy.

The project works with relevant government agencies, as well as other partners that operate country wide Moreover, the project engages departments of finance and tax and customs offices in the provinces.

The project’s mode of delivery encompasses a tailored set of interlinked activities, including analytical work, legal and policy advice, and organisational development. In addition, it provides formal and on-the-job training, coaching and mentoring, as well as peer-to-peer learning aiming to increase the capabilities of relevant actors.

Last update: March 2023