RESEARCH ON DEVELOPMENT OF SUSTAINABLE FINANCIAL STRATEGY FOR BACH MA NATIONAL PARK

Abstract

The study " Developing a sustainable financial strategy for Bach Ma National Park" was conducted in the context of public non-business units (including national parks and proteccted areas) implementing financial autonomy mechanisms as required by the Vietnamese Government, as specified in Decree No. 60/2021/NĐ-CP dated June 21, 2021. The study results indicated that the financial situation of Bach Ma National Park had been slight improved during the 2018 - 2023 period, despite being affected by the Covid-19 pandemic and other factors. However, the park still have been facing many financial constraints, such as financial resource shortages, unstable allocation, low revenue sustainability, and inefficient expenditures. These limitations may hinder the achievement of management objectives for the 2021 - 2030 period. On the other hand, Bach Ma National Park has financial opportunities arising from new government policies and the public’s growing interest in natural ecosystems after the Covid-19 pandemic. Without appropriate financial strategies and measures, the Park will inevitably face financial shortages for forest management, protection, and development in both the short and long term. To ensure financial sustainability for the 2024 - 2030 period, the park’s sustainable financial strategy must achieve two key objectives, including: ensuring sufficient financial resources for management goals and ennhancing expenditure efficiency. By implementing a combination of financial solutions in a roadmap tailored to its practical conditions in terms of resources and human capacity, Bach Ma National Park can achieve these objectives.