Public Finance for Children
Equitable investments for every child
- English
- Tiếng Việt
The Challenges
Investing in children is essential to realize children's rights and potential. We know that even the best plans have no value unless there is a budget to bring them to life.
Countries face tough decisions on how limited public finances are utilized to deliver support and services critical for the comprehensive development of children. Viet Nam is no exception. If allocations are insufficient, concentrated on better-off groups or used inefficiently, many children and especially the most disadvantaged are at risk of being left behind.
By supporting children at critical stages of their development, they get the best start in life and opportunities for cognitive and physical development throughout schooling years to fulfil their potential and become productive members of society. For Viet Nam to achieve child-focussed Sustainable Development Goals and targeted high-income status by 2045, it must prioritize investments in social sectors to address multi-dimensional child poverty and inequities, especially among ethnic minorities, to ensure no one is left behind.
The evidence is clear. For example, investing 1 per cent of gross domestic product in a universal cash transfer package for children in middle-income countries can reduce poverty by 20 per cent across the population, while for every US$1 invested in a nutritional intervention package Viet Nam will gain an economic return of US$48.
Despite competing priorities that have hindered social development spending, such as the COVID-19 economic recovery, child-centred budgets remain the most cost-efficient and impactful investments in the future of any country.
The Solutions
Public spending on children is a smart investment – for children, their communities and Viet Nam as a whole.
That is why UNICEF is working so public finance for children is a pathway to change.
To realize this, we advocate and support the government to ensure child-centred budgets address multi-dimensional poverty and funding reaches those most in need. This translates into the cost-effective and fair provision of key services and support that is planned, costed and budgeted for communities in need, especially across the child and social protection, nutrition as well as water, sanitation and hygiene (WASH) sectors.
So that public finance policies are geared towards protecting children’s services, we raise awareness of decision-makers around the economic case for investing in children and that all spending must be characterized by transparency, efficiency and equity. This is also an opportunity for UNICEF to share its expertise and international practices to support the government with oversight to monitor, track and analyze spending to ensure maximum impact.
Children’s need for impactful public finance support is especially critical with sustainable economic growth pressured by external headwinds, demographic change with a rapidly ageing population and climate change a threat multiplier. To realize this, UNICEF advocates for increased social sector spending and investment in children, even in times of crisis.
You can be the change for children!
Help UNICEF provide children and families with critical essential services for health and nutrition, education and protection.
Impact
As a change-maker, UNICEF is drawing on its deep international experience to ensure Viet Nam realizes effective social spending that meets the comprehensive development of children needs and tackles pockets of multi-dimensional poverty, so generations of happy, healthy and educated children become productive citizens. This investment in resilient children will include increased annual public spending on critical areas including WASH, nutrition, social assistance for children and child protection.
