Vietnam budget transparency ascends global ranking

May 21st at 16:08
21-05-2020 16:08:42+07:00

Vietnam budget transparency ascends global ranking

Placing 77th out of 117 economies, Vietnam jumped 14 spots from 2017 in this year's world ranking for budget transparency.

Buildings rise in Hanoi, Vietnam. Photo by VnExpress/Ba Do.

The country has a transparency score of 38 points out of 100, an increase of 23 points from the previous survey in 2017, according to the biennial Open Budget Score (OBS) released by U.S.-based non-profit International Budget Partnership.

Its score is still lower than the global average of 45.

In its seventh edition, the survey measured budget transparency in 117 countries and territories in terms of public access to information on how central governments raise and spend public resources. It assesses the online availability, timeliness, and comprehensiveness of eight key budget documents using 109 equally weighted indicators and scores each country on a scale of 0 to 100.

The eight documents are: pre-budget statement, executive budget proposal, enacted budget, citizen budget, in-year report, mid-year review, year-end report and audit report.

In Southeast Asia, Vietnam's budget transparency is weaker than the Philippines (10th), Indonesia (18th), Thailand (30th) and Malaysia (55th).

Vietnam has increased the availability of budget information by publishing its executive budget proposal as well as citizen budget and audit report online while increasing in-year reports, the survey revealed.

However, the country should produce and publish a mid-year review online, which includes revised projections for the full fiscal year for expenditure, revenue, and debt.

New Zealand topped the Open Budget Score index, followed by South Africa and Sweden.

In response to the OBS 2019 result, the Ministry of Finance said it is committed to ensure greater state budget transparency and wider public participation.

Vietnam posted a budget collection of VND1.54 trillion ($67.4 billion) in 2019, up 8.7 percent year-on-year, the ministry said.

It aims to have state budget collection of VND1.5 trillion ($65.8 billion) this year, according to a resolution passed by the National Assembly last year.

For decades, HCMC has been the country's largest moneymaker and assigned the highest state budget collection target.

Vnexpress





NEWS SAME CATEGORY

Stimulus welcomed as Vietnam accelerates economic reactivation

The ongoing pandemic has completely upended lives and economies across the planet, restricting movement, shutting schools, forcing people to work from home, and...

VIR seminar: Restarting the economy to stimulate demand on consumer finance

Restarting the economy will improve the demand for consumer finance, however, both consumer finance companies and banks need to build diverse loans to meet customer...

Optimising the recovery route ahead for Vietnam as a whole

As the old saying goes, “What does not break you makes you stronger.” This is so true for Vietnam, not only throughout its rich history but also in the current...

Investment promotion on the world wide web

Given the government’s proposed spending cuts for overseas business trips and conferences, Vietnam should quickly adopting online investment promotion.

E-commerce titans step up fake product fight

Overseas e-commerce companies Lazada and Shopee may lose their positions in Vietnam if they keep demonstrating limitations in protecting consumers from low-quality...

Government actions not enough to revive business sector: academic

The Government needs to do more to revive the business sector, Dr Tran Hung Son, deputy president of the Institute for Development and Research in Banking...

Government puts new economic stimulus package to National Assembly

The government expects the National Assembly to issue a new economic stimulation package so that the country can effectively reach its dual target of both reining...

Vietnam-EU trade pact could boost post pandemic recovery

The trade pact with E.U. could help the Vietnamese economy recover from pandemic impacts by boosting trade and creating jobs, the government says.

Viet Nam to boost trade with India

Viet Nam has a lot of potential to export goods to India, one of the most populous countries in the world with nearly 1.4 billion people.

International cooperation enhanced to develop marine economy

International cooperation would be enhanced to develop a sustainable marine economy, with a focus on improving infrastructure, according to a project Prime Minister...


MOST READ


Back To Top