Digital transformation in the Financial sector as formidable task, requiring high determination and great effort

Mr. Nguyen Viet Ha-Director of Department of Financial Informatics and Statistics speaks at the opening of the workshop.

Digital transformation in Financial sector - a key factor for national digital transformation

The workshop has been an annual activity jointly held by the Department of Financial Informatics and Statistics and the Institute of Financial Strategy and Policy to create forum for discussion between managers, financial-budgetary policymakers and information technology experts.

This is a major event of the Ministry of Finance with the goal of becoming a forum to help policymakers and strategists, experts, and leading domestic and foreign solution providers meet and exchange information and discuss new trends in the digital transformation in the Financial sector.

The workshop was attended by representatives of Central Economic Commission, Ministry of Information and Communications, Ministry of Industry and Trade, Vietnam Chamber of Commerce and Industry (VCCI), commercial banks,associations, universities and research institutes in the field of information technology and digital economy, and representatives of units under the Ministry of Finance.

Speaking at the opening of the Workshop, Mr. Nguyen Viet Ha, Director of the Department of Financial Informatics and Statistics said that on April 4, Prime Minister Pham Minh Chinh - Chairman of the National Committee for Digital Transformation signed Decision No. 17/QD-UBQGCDS promulgating the Action Plan on Digital Transformation in 2023.

Accordingly, the National Committee for Digital Transformation focuses on directing and coordinating with ministries, sectors and localities to promote effectively and stably digital transformation, and use resources to achieve key targets under national programs andstrategies on developing digital government, digital economy and digital society.

“As the "lifeblood" of the economy, digital transformation in the financial sector will be one of the key factors for national digital transformation and promoting digital transformation in other fields”, Mr. Nguyen Viet Ha said.

According to Ha, in 2023, the task of national digital transformation and the digital transformation of the Financial sector is the formidable task, requiring high determination, great effort and drastic and effective action.

Therefore, the workshop is a forum for management agencies, researchers and the business community to discuss digital transformation requirements in state financial and budget management, and create favorable conditions for domestic and international organizations to grasp information about the implementation plan of the Finance sector, thereby proposing models, technologies and best practices for the ministry.

Promote digital transformation in financial management

Deputy Head of the Central Economic Commission,Nguyen Duc Hien, cites Resolution No. 52-NQ/TW dated September 27, 2019 of the Politburo regulating guidelines and policies on proactively participation in the 4.0 Industrial Revolution as saying that the Financial sector is one of sectors with a high level of readiness to participate in the 4.0 Industrial Revolution and should be prioritized for development.

Mr. Nguyen Duc Hien highly appreciated the organization of the workshop, Mr. Nguyen Duc Hien said that the workshop’s theme “Digital data: a driver for sustainable digital transformation in Financial sector” is more important when 2023 is the year of national digital data and the building, developing, connecting, sharing, and exploiting data is an important factor in digital transformation, serving socio-economic development and creating new societal value.

In recent years, the Ministry of Finance has issued many resolutions and decisions on the Ministry's digital transformation strategy and plan until 2025, with an orientation to 2030 to implement the Party's resolutions and the resolutions and strategies of the Government and the Prime Minister to build and develop data of the Finance sector and have achieved outstanding results.

The workshop.

The Ministry of Finance has ranked first in the index of readiness for the development and application of information and communications technology (ICT Index) for many consecutive years.

Regarding rankings under the digital transformation index (DTI), in 2022, the Ministry of Finance ranked second among ministries and sectors providing public services; and led in implementing digital transformation in the fields of tax, customs and treasury with impressive results.

Specifically, the e-tax declaration system has been launched in 63 of 63 provinces and cities and 100% of tax branches, over 99% of enterprises have used e-tax declaration and payment and refund; 250 administrative procedures have been processed via the National Single Window

Data management platforms are built in the direction of enhancing compatibility between information infrastructures of state agencies, creating favorable conditions for electronic transactions between state agencies with the state agencies and the private sectors, ensuring data sharing from the Finance sector to other ministries, sectors and localities.

At the workshop, delegates focused on discussing major three topics: Firstly, discussing and evaluating some of the main digital transformation results of the Financial sector, especially in the field of digital data, and clarifying shortcomings, limitations and proposing policies associated with solutions to apply information technology, digital transformation and comprehensive modernization of the sector.

The second, discussing and proposing solutions to mobilize national financial resources for sustainable development based on digital data; sharing solutions for exchanging information, collecting data, classifying, cleaning data, building and analyzing databases to improve management effectiveness in the financial sector as well as the tax area.

The third, discussing and sharing experiences and trends from countries around the world on digital transformation in the financial sector, thereby proposing solutions to strongly apply new technology (big data analysis, artificial intelligence, blockchain, internet of things) in management, direction and operations of the Financial sector.

According to Ha, to maintain achievements and implement digital transformation goals, the Ministry of Finance needs to direct its subordinate units to promote digital transformation, develop digital Government and digital society, and use resources to gain key targets the Government and the Ministry of Finance, contributing to reducing cost and facilitating businesses, bring people satisfaction, creating a favorable environment for people and businesses to participate in the activities of the Ministry of Finance, thereby jointly creating social value, benefits, satisfaction, trust and consensus.

At the Plenary Session, delegates presented on mobilizing national financial resources for sustainable development based on digital data until 2030; building a national database and developing financial sector data; planning to build a big data to serve tax analysis and management under risk principles; trends and analyzing tax and finance data and introducing the supplier's experience and implementation capacity; artificial intelligence application to boost economic development.

Delegates visit the booth at the exhibition.