Better assets management delivers tangible gains

Saturday, Oct 07, 2017 09:23

The 2017 Vietnam Finance Conference was held in Ha Noi on Friday. — Photo

Improved public assets management has helped prevent losses, waste, corruption and other acts of infringement, experts said at a conference on Friday.

They also said that it has facilitated rational and effective exploitation of public assets and contributed to socio-economic development.

At the 2017 Vietnam Finance Conference (VFC), representatives from administrative agencies and organisations in the financial sector discussed efficiency boosting measures in public asset management, through policies and other public solutions.

Deputy Finance Minister Vu Thi Mai said accumulated public assets served as material foundations for state management and as provision for public works, national defence and social security, as well as an important resource for socio-economic development.

In recognition of this, the institutional framework for public asset management in Viet Nam had been improved constantly, creating a relatively comprehensive legal basis, she said.

The Prime Minister’s Office and the Ministry of Finance (MoF) had issued numerous documents promulgating standards and norms on the use of valuable assets, she noted.

One such legal document is the Law on Management and Use of Public Assets, which was passed by the National Assembly on June 21, 2007 and came into effect on January 1, 2015, creating an important legal corridor to ensure all types of public assets are strictly managed.

In late 2016, the National Assembly, while discussing the revised draft Law on Management and Use of Public Assets, had stressed the need to further clarify management responsibilities.

Among other things, the revised law aimed to enable more efficient operation of the national database of public assets.

According to a 2016 MoF report, public assets management and use had stabilised and raised the responsibility of all departments, agencies, organizations and units in an effective manner.

Conference delegates also praised the application of information technology and digital solutions in public property management, saying it had helped upgrade the national database on public assets, boosting managerial transparency.

Unresolved issues

Despite the progress, several issues remained unresolved and needed further discussion, delegates said, adding that these included shortcomings and limitations in public asset management policies and practices.

Some of the limitations had to do with technical challenges in building a national public assets database, they said.

In keeping with this year’s conference theme of policy mechanisms and public asset management operations, several technological solutions were discussed.

Linking the asset database with the national financial database, an electronic transaction system on public property, traffic infrastructure, digital convergence in the public financial sector, and integrated digital platforms were among the suggestions made by representatives of the Department of Public Asset Management, Department of Financial Informatics and Statistics under the MoF, FPT Technology and the World Bank.

After 13 successful years, the 14th Vietnam Finance Conference has been recognised as prestigious forum for the financial sector, a helpful networking platform and an information sharing hub for sustainable financial solutions.

Financial managers, policymakers, national and international experts, economists and leading IT solution providers came together this year to discuss policy enhancement for public asset management.

They noted that 2017 was considered a crucial year in implementing the national five-year (2016 to 2020) socioeconomic development plan, and public asset management was of central importance in this task.

In addition to the conference, the 2017 Vietnam Finance Expo showcased the latest technology solutions, products and services for public asset management, with more than 400 participants and exhibitors.

The conference was jointly organised by the Department of Financial Informatics and Statistics under the MoF, the National Institute For Finance, and the International Data Group (IDG). — VNS

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