Digital Transformation in financial sector is urgent and important task

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Deputy Minister Bui Van Khang speak at the conference.

Digital transformation focuses on three main contents: institutions, technology and human resources

At the conference, Deputy Minister of Finance Bui Van Khang said that the Finance sector has implemented digital transformation in various fields, achieving positive results, brining efficiency to the whole society, and contributing to shortening the time for tax, customs, treasury, securities procedures... and reducing paperwork, time and costs for businesses and people.

The conference under theme “Transforming business processes and information system in the financial sector in the digital age” has affirmed the determination of the Finance sector in effectively implementing the tasks in the Finance Sector Digital Transformation Plan and Project 06 of the Prime Minister.

The Deputy Minister emphasized that digital transformation has severed all aspects of life, and this is an urgent task to meet the requirements of national development when entering a new era in line with the direction of General Secretary and President To Lam “Digital transformation - An important driving force for developing productive forces, perfecting production relations to bring the country into a new era”.

“With the role of the “bloodline” of the economy, digital transformation in the financial and budgetary sector is an urgent and important task that needs to be effectively performed. The Finance sector has focused on three main contents: institutions, technology and human resource, in which institutions will be the top priority, and technology and human resources are the foundation to create the premise for development”, the Deputy Minister affirmed.

The conference.

The Finance sector has reviewed, updated and revised legal documents, policies in key areas under the state management of the Ministry of Finance to serve as a basis for digital transformation at the Ministry of Finance.

In terms of technology, the ministry has focused on improving digital infrastructure capacity, perfecting digital data, promoting the development of digital applications, services, network safety and security; strengthening the deployment and testing of new technologies such as AI, Bigdata, etc. to serve core specialized activities and activities serving people and businesses.

In terms of human resources, affirming that this is an extremely important and core issue, the Deputy Minister said that the Finance sector has focused on raising awareness, role and responsibility with high determination, great efforts, and drastic actions in the digital transformation process of all cadres, civil servants and public employees of the Finance sector.

The state revenue sees positive results thanks to the contribution of digital transformation

The Ministry of Finance issued Decision 837/QD-BTC dated April 15, 2024 on the digital transformation plan for 2024 to effectively implement the approved goals in Decision No. 1484/QD-BTC dated July 27, 2022 on approving the Digital Transformation Plan of the Ministry of Finance to 2025, with a vision to 2030.

Notably, the digital transformation plan of the Finance sector achieves four goals: providing the best digital financial services to serve society; optimally operating the activities of the Ministry of Finance; widely mobilizing social participation; achieving arising goals assigned by the Politburo and the Government in the following years.

Sharing about the positive results in digital transformation of the Finance sector, especially in key areas such as tax, customs, treasury, etc., Dr. Nguyen Nhu Quynh, Director of the National Institute for Finance said that in the tax sector, despite the implementation of large-scale support packages for people and businesses, total state revenue still has achieved positive results, an important part of which is due to the promotion of digital transformation and the IT application in the state revenue management. The total state revenue in the 2021-2023 period was estimated to reach 18.4% of adjusted GDP, higher than the target in Resolution No. 23/2021/QH15 of the National Assembly (16% of GDP).

Regarding electronic tax declaration, payment and refund, over 99% of enterprises nationwide have used electronic tax declaration, payment and refund services. Communication channels have been expanded to support the lookup information on tax liability, tax declaration and payment anytime, anywhere, creating convenience for people and businesses.

Quynh said that with the increasing import and export turnover and Vietnam's trade cooperation with more countries and becoming an important link in the global value chain, the IT system and infrastructure of the Customs sector play an important role, ensuring that there are no errors for the smooth import and export activities.

Regarding online public services, the total number of customs administrative procedures is 225, of which 214 procedures are performed by the Customs, including 132 procedures provided with full online public services; 61 procedures provided with partial online public services; 21 procedures provided with online services.

Regarding the orientation of digital transformation solutions in the Finance sector by 2030, Dr. Nguyen Nhu Quynh said that in order to meet the needs of digital transformation in the Finance sector by 2030, and the requirements of national digital transformation, the Finance sector has set out key solutions.

Accordingly, the Finance sector focuses on digital finance platform that operates safely in the digital environment; development of digital Ministry of Finance in a comprehensive manner, with the participation of the entire political system, and provides breakthrough solutions and approaches, with a distinctive character, to basically complete the targets of developing an electronic Ministry of Finance and forming a digital Ministry of Finance by 2025.

The Finance sector offers open orientation for people, businesses and other organizations to participate appropriately in the activities of the Ministry of Finance; develops platforms in the direction of providing unified and seamless services at all administrative levels for use everywhere.

Exhibition of digital transformation application results in the Financial sector. Within the framework of the Conference, the Ministry of Finance organized an exhibition on the results of digital transformation applications in the Financial sector in general and securities in particular. In addition, there were booths of units with the latest products and technological solutions of the 4th Industrial Revolution, as well as technologies such as artificial intelligence, blockchain, big data and especially data security technologies.