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Completing and developing cashless payments of the Lao National Treasury - 1


Ministry of Education and Training

National Economics University

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Completing and developing cashless payments of the Lao National Treasury - 1

Completing and developing cashless payments of the Lao National Treasury


Major : Economics, Finance

Code : 62.31.12.01

Bank​


DOCTORAL THESIS IN ECONOMICS


Scientific supervisor : Prof. Dr. Nguyen Van Nam


Hanoi - 2012


COMMITMENT


I hereby certify that this is my own research work, the data and results presented in the thesis are honest and have never been published in any other work.


Vientiane Capital, June 29, 2011

PhD student


Explore PANMALAYTHONG


INDEX

COMMITMENT ii

LIST OF ABBREVIATIONS vi

LIST OF TABLES vii

LIST OF DIAGRAMS viii

LIST OF CHARTS ix

INTRODUCTION 1

CHAPTER 1: BASIC ISSUES OF NON-CASH PAYMENT 5

1.1. Overview of cashless payments 5

1.1.1 The need for cashless payments 5

1.1.2. Concept of cashless payment 6

1.1.3. Entities participating in the payment system through payment service providers 7

1.1.4. Overview of payment system 8

1.1.5. Requirements for non-cash payments 9

1.2. Non-cash payment methods and means in payment service providers 11

1.2.1. The role of non-cash payments 11

1.2.2. Non-cash payment methods in payment service providers 13

1.2.3. Payment methods through payment service providers 18

1.3. Procedures for allocating and paying State budget revenues and expenditures through the Treasury 25

1.3.1. Procedure for allocating and paying State Budget expenditures through the Treasury 25

1.3.2. Procedure for collecting State Budget through the National Treasury 30

1.4. Factors affecting cashless payments 32

1.4.1. Subjective factors 32

1.4.2. Objective factors 33

1.5. Cashless payment experience of some countries in the world and lessons learned for Laos 36

Chapter 1 Conclusion 46

CHAPTER 2: CURRENT STATE OF NON-CASH PAYMENTS OF THE LAOS NATIONAL TREASURY 47

2.1. Overview of the operations of the Lao National Treasury 47

2.1.1. Organizational chart of the Lao National Treasury 47

2.1.2. Functions and tasks of the Lao National Treasury 48

2.1.3. Budget Year of the Lao People's Democratic Republic 51

2.1.4. Activities of the Lao National Treasury 51

2.2. Current status of non-cash payment organization at the Lao National Treasury 60

2.2.1. Legal basis for cashless payment activities of the Lao National Treasury 60

2.2.2. Entities involved in payment to the National Treasury 62

2.2.3. Capital management 63

2.2.4. Non-cash payments in debt management of the National Treasury

Laos 64

2.2.5. Current status of using non-cash payment methods of the Lao National Treasury 65

2.2.6. Non-cash payment methods at the Lao National Treasury 72

2.3. Assessment of the current status of cashless payments of the Lao National Treasury 80

2.3.1. Results achieved 80

2.3.2. Limitations 82

2.3.3. Cause 86

2.3.4. The damage of current payments to the economy 88

Chapter 2 Conclusion 90

CHAPTER 3: SOME SOLUTIONS TO IMPROVE AND DEVELOP CASHLESS PAYMENTS OF THE NATIONAL TREASURY OF LAOS 91

3.1. Policies and guidelines of the Party and State on non-cash payments and development strategy of the Lao National Treasury to 2020 91

3.1.1. Policies of the Party and State on non-cash payments 91

3.1.2. Objective of perfecting payment through payment service providers 92

3.1.3. Non-cash payment development goals of the Lao National Treasury 93

3.1.4. Development strategy of the Lao National Treasury to 2020 95

3.2. Solutions to improve and develop cashless payments of the Lao National Treasury 97

3.2.1. Improve payment methods towards convenience and simplify procedures 97

3.2.2. Training staff to meet payment requirements 101

3.2.3. Strengthening propaganda 102

3.2.4. Improving accounting software 103

3.2.5. Multi-sectoral cooperation 103

3.2.6. Completing and developing payments of the Lao National Treasury 105

3.2.7. Modernizing payment technology 107

3.2.8. Building a reasonable payment service fee calculation mechanism 112

3.3. Some recommendations to the Government and relevant ministries and branches 113

3.3.1. Recommendations to the Government, Ministry of Finance and State Bank 113

3.3.2. Recommendations to relevant departments 118

Chapter 3 Conclusion 120

CONCLUSION 121

LIST OF REFERENCES 122

LIST OF PUBLISHED WORKS BY THE AUTHOR 126


LIST OF ABBREVIATIONS


- ATM: Automatic Teller Machine

- Democratic People's Republic of China

- IT: Information Technology

- DTXDCB: Basic construction investment

- HTTT: Payment system

- KBQG: National Treasury

- KBNN: State Treasury

- KBTU: Central Treasury

- LKB: Inter-Treasury

- NSNN: State budget

- Central Bank: Central Bank

- NHTM: Commercial Bank

- NHTMQD: State-owned Commercial Bank

- NH: Bank

- TTĐT: Electronic payment

- TTKDTM: Cashless payment

- TTBTM: Payment in cash

- TCCUDVTT: Payment service provider

- TTBT: Clearing and settlement

- TTD: Credit card

- TUBTM: Cash advance

- UNT : Collection authorization

- UNC : Payment authorization


LIST OF TABLES

Table 2.1: Non-cash payments in state budget expenditure management 51

Table 2.2: Non-cash payments in state budget revenue management 53

Table 2.3: Non-cash salary payment situation for civil servants through the Lao National Treasury 55

Table 2.4: Payment status of Lao National Treasury 66

Table 2.5: Situation of using electronic payment means at the National Treasury in 2005/2006 – 2009/2010 67

Table 2.6: Check payment status 70

Table 2.7: Implementation status of payment methods at the National Treasury in fiscal year 2005/2006 – 2009/2010 76


LIST OF DIAGRAMS


Diagram 1.1: Document circulation and payment processing, net clearing settlement...14


Diagram 1.2: Document circulation and payment processing and settlement of the instant total payment system 16

Diagram 1.3: Payment authorization process 20


Diagram 1.4: Collection authorization payment process 22


Diagram 1.5: Letter of credit payment process 24


Diagram 2.1: Organizational structure of the Lao National Treasury (also known as the National Treasury Department) 47

Diagram 2.2: Organizational structure of Provincial Treasury 48


Diagram 2.3: Paper document clearing process 79


Diagram 3.1: Electronic payment process of Treasury 94


Figure 3.2: Payment Improvement Process Collection Authorization 99


Diagram 3.3: The electronic payment process needs to be improved as follows 105


Figure 3.4: Overall model of payment system 111

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