Vietnam makes progress in budget transparency: OBS report
Vietnam ranks 57th out of the 125 surveyed countries in terms of budget transparency, up 11 places compared to 2021, according to the Open Budget Survey (OBS) 2023 released recently by the International Budget Partnership.
The headquarters of the State Bank of Vietnam in Hanoi. The Open Budget Survey (OBS) 2023 shows that Vietnam makes progress in budget transparency. (Photo: VNA)
Hanoi (VNA) – Vietnam ranks 57th out of the 125 surveyed countries in terms of budget transparency, up 11 places compared to 2021, according to the Open Budget Survey (OBS) 2023 released recently by the International Budget Partnership.
The OBS is the world’s only independent, comparative and fact-based research instrument that uses internationally accepted criteria to assess public access to central government budget information; formal opportunities for the public to participate in the national budget process; and the role of budget oversight institutions such as legislatures and national audit offices in the budget process.
It shows that Vietnam has a transparency score of 51 out of 100, higher than the global average of 45, and up seven points from 2021; and a public participation score of 19 out of 100, two points higher than 2021 and four points higher than the global average.
Regarding budget oversight, it recorded 82 points as compared with the global average of 62, and up two points from 2021.
“Vietnam has increased the availability of budget information by increasing the information provided in the executive’s budget proposal,” the report says.
Notably, the country gained 100 points in citizen budget, 83 in enacted budget, and 78 in in-year reports.
To achieve the results, the Ministry of Finance has collected public feedback on the draft state budget estimate to be submitted to the National Assembly and make citizen budget reports. The approved budget estimate has been made public in a timely and accurate manner.
♉ The ministry said it hopes for more advice and technical support from organisations at home and abroad, and individuals to perfect relevant institutions and policies, thus further attracting public attention to budget information and creating favourable conditions for residents to contribute opinions to documents regarding the budget process and oversight./.
With 459 “yes” votes from 460 attending deputies, or 94.25%, the 15th National Assembly (NA) adopted a resolution approving the State budget settlement for 2022 on June 24 as part of the legislature’s ongoing seventh session.
Total state budget revenue from import-export activities reached almost 165.7 trillion VND (nearly 6.63 billion USD) in the first five months of 2024, equivalent to 44.2% of the assigned estimate and marking 7.4% growth compared to the same period last year.
The General Department of Taxation on June 5 reported that the total State budget collection of the tax sector in the first five months of this year was estimated at 767.41 trillion VND (30.19 billion USD), equivalent to 51.6% of the yearly projection and representing a year-on-year rise of 14.9%.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
