Establishing a modern Digital Finance platform by 2025

VCN - The goal of the Digital Transformation of Finance Sector Plan to 2025 is to complete the development targets of e-finance and strive to basically establish a modern and transparent Digital Finance platform by 2025 based on big data, and open financial data.
With the goal of providing quality digital financial services to the society, the Ministry of Finance aims to reduce, restructure, simplify, standardize and unify administrative procedures
With the goal of providing quality digital financial services to society, the Ministry of Finance aims to reduce, restructure, simplify, standardize and unify administrative procedures

Ministry of Finance plays a tectonic role in digital transformation

Minister of Finance Ho Duc Phoc signed Decision No. 1484/QD-BTC promulgating the Ministry of Finance's digital transformation plan to 2025, with an orientation to 2030.

The overall goal of the Plan is to implement digital transformation associated with building a sustainable, modern and integrated national financial system, contributing to promoting growth, enhancing the resilience of the economy, and ensuring macroeconomic stability and national financial security. Implement reasonable incentive policies, improve fiscal space, create favorable conditions for effective mobilization, allocation and use of financial resources, and harmoniously solve economic development problems, society and the environment with the goals and tasks of the 10-year socio-economic development strategy 2021-2030

At the same time, actively apply the technological achievements of the Industrial Revolution 4.0, inheriting the results of e-Government implementation to gradually implement digital transformation of the Finance sector, providing digital financial services, actively participate in the development of Digital Government, Digital Economy, Digital Society.

By 2022, the Finance sector has completed the development targets of e-finance and strives to basically establish a modern, public and transparent digital finance platform by 2025 based on big data and open financial data. By 2030, a modern Digital Finance ecosystem will be formed in all fields, ensuring the effectiveness and safety of information.

The Finance sector plays the role of construction, connecting, sharing data and digitizing platforms, comprehensively meeting the needs of public financial transactions and the need for digital information exploitation and use of the Government, the people, businesses and organizations.

Along with that, the training and updating digital skills for officers and employees to gain digital knowledge and skills in order to participate in the digital transformation process are ongoing.

Regarding specific goals by 2025, the plan sets out three goals; providing quality digital financial services to serve society; optimally operating the activities of the Ministry of Finance; and encouraging social participation.

Providing service 24/7

With the goal of providing quality digital financial services to society, the Ministry of Finance aims to reduce, restructure, simplify, standardize and unify administrative procedures; provide new services based on the principle of ensuring service quality, reducing costs, proactively increasing social labor productivity; promptly respond to the needs of society.

People and businesses can use digital services online or in person. It is easy, simple and paperless. People are not required to present unless required by law.

Some specific criteria are included; 100% of administrative procedures eligible as prescribed are provided in the form of online public service at level 4; 100% of public services are designed and redesigned to optimize the user experience. When using online public services, information and data are filled automatically as previously provided under an agreement or collected and shared in accordance with the standard.

In addition, 100% of transactions conducted on the Public Service Portal and single window information system of the Ministry of Finance are authenticated electronically (e-Authentication), except for services requiring mandatory presence as regulated. The Public Service Portal and the single window information system of the Ministry of Finance are connected and share data with the National Public Service Portal. 100% of common online public services at levels 3 and 4, related to people and businesses are integrated into the National Public Service Portal.

At least 80% of administrative procedures dossiers are processed entirely online; information systems of the Ministry of Finance related to people and businesses that have been put into operation and are connected through an integration and data sharing platform; information of people and businesses has been digitized and stored in national databases.

At least 90% of people and businesses are satisfied with the resolution of administrative procedures; 100% of the single window division are applied information technology to solve problems; 100% of enterprises, organizations and individuals which are used e-invoices shall apply regulations on e-invoices.

Regarding the goal of maximally operating the activities of Ministry of Finance, the Ministry aims to provide services 24/7, ready to serve online whenever people and businesses need it. 100% of officers and employees of the Finance sector are assigned a digital identifier to perform tasks following the Government's roadmap on identification and electronic authentication.

Also, 100% of the necessary applications of the Finance sector are used and stored on the cloud computing platform and all internet-connected IT applications and services have IPV6.

Furthermore, 100% of the direction, operation and internal management of the Ministry of Finance are carried out based on an overall and unified platform for management and 100% of documents exchanged between units under the Ministry of Finance and between the Ministry of Finance and other state agencies are carried out in electronic form, signed by specialized digital signatures, except for confidential documents as prescribed.

Almost all, 90%, of work documents at the Ministry of Finance are processed on the internet (except for work documents under the scope of state secrets).

100% of the periodic reports (excluding confidential content) of the Ministry of Finance are updated and shared on the National Reporting Information System in line with the Government's general roadmap, which effectively serves the management activities and administration.

By Hoài Anh/Thanh Thuy

Related News

Expand online public services on intellectual property

Expand online public services on intellectual property

VCN – The General Department of Vietnam Customs has developed and completed the expansion of inspection and supervision procedures for exported and imported goods that require intellectual property rights protection on the Online Public Service Portal.
Focus on reform and digital transformation to facilitate people and businesses

Focus on reform and digital transformation to facilitate people and businesses

VCN - Promoting administrative reform and customs modernization, implementing digital transformation, and providing online public services are specific tasks the Customs sector has been focusing on to create convenience for people and businesses.
Remove overlaps, speed up the settlement of administrative procedures

Remove overlaps, speed up the settlement of administrative procedures

VCN - Recently, the Prime Minister has directed ministries, branches and localities to continue to strongly and drastically promote the reform of administrative procedures, and improve the business environment practically and effectively.
Customs sector provides 162 wholly online public services

Customs sector provides 162 wholly online public services

VCN – To promote the application of information technology, including providing online public services, is one of the remarkable results of the General Department of Vietnam Customs in the first quarter of 2023.

Latest News

Minister of Finance requests to strengthen inspection and supervision of public service activities

Minister of Finance requests to strengthen inspection and supervision of public service activities

VCN - Minister of Finance Ho Duc Phoc signed and promulgated Directive 03/CT-BTC requiring heads of affiliated and subordinate units to thoroughly implement well the Prime Minister's direction on rectifying and strengthening the inspection, examination and supervision of public service activities.
Assessing one-year implementation of "Strengthening Public Financial Management in Viet Nam” project

Assessing one-year implementation of "Strengthening Public Financial Management in Viet Nam” project

VCN - The Project Steering Committee of the Strengthening Public Financial Management Program, Subprogram 1 with a medium-term vision (Project) under the Strengthening Public Financial Management in Viet Nam program held its third meeting on the afternoon of November 23 to evaluate the performance of one-year implementation of the project and direct an implementation plan in 2024
New circular aims to improve stock market transparency

New circular aims to improve stock market transparency

The Ministry of Finance has issued a new circular which aims to improve stock market transparency in Vietnam. ​
Accelerate tax refunds

Accelerate tax refunds

VCN - Implementing the direction of the Prime Minister and the Minister of Finance in tax refunds, the General Department of Taxation has directed tax authorities at all levels to speed up the progress of tax refund settlement, and at the same time, strongly control implementation to ensure strict tax refund and compliance with the law.

More News

Intensified Deployment of Electronic Invoice Issuance for Each Petroleum Retail Sale

Intensified Deployment of Electronic Invoice Issuance for Each Petroleum Retail Sale

VCN - The Ministry of Finance states that the issuance of electronic invoices for each petroleum retail sale is fully supported by legal grounds. Alongside this, the Tax Department is escalating efforts in advocacy, leadership, directives, and the implementation of electronic invoice usage to enhance understanding among citizens and businesses about the benefits, responsibilities, and effectiveness of electronic invoice utilization. This initiative aims to improve taxpayer compliance with tax law obligations.
Transactions worth from 400 million VND to be reported to state bank

Transactions worth from 400 million VND to be reported to state bank

Transactions with a value of 400 million VND ($16,520)or more must be reported to the State Bank of Vietnam (SBV) from December 1, 2023, according to a new regulation.
Finance sector: Many solutions to promote anti-corruption

Finance sector: Many solutions to promote anti-corruption

VCN - According to the Ministry of Finance, through 10 months of 2023, the Ministry of Finance Inspectorate and units with specialized inspection functions under the Ministry have carried out more than 60,880 inspections and examinations, and discovered many violations in managing, using state capital and assets.
VAT reduction requires a combination of long-term solutions to support growth

VAT reduction requires a combination of long-term solutions to support growth

VCN - Responding to the opinions of National Assembly delegates on reducing value added tax (VAT), Minister of Finance Ho Duc Phoc said that this is only one of solutions and is effective in the short term, so it still needs long-term solutions for economic growth.
Reducing VAT along with tax and fee supports helps stimulate demand, reduce costs, and increase profits

Reducing VAT along with tax and fee supports helps stimulate demand, reduce costs, and increase profits

VCN - According to the program of the 6th Session, Minister of Finance Ho Duc Phoc, authorized by the Prime Minister, presented a Proposal on reducing value added tax (VAT), with a proposal to continue implementing this policy in the first half of 2024.
Frozen IPO market makes it difficult to attract foreign capital

Frozen IPO market makes it difficult to attract foreign capital

The lack of initial public offerings (IPOs) from new market entrants makes it difficult for the securities market of Vietnam, which is dominated by banking stocks, to attract foreign capital.
Enhancing and streamlining of regular expenditure payment processes at the state treasury

Enhancing and streamlining of regular expenditure payment processes at the state treasury

VCN - Following over six months of trial operations and five months of extensive implementation, the automation of payments for electricity, water, and telecommunications expenses has yielded significant practical benefits and outcomes.
Public-private partnership needed for sustainable rice farming

Public-private partnership needed for sustainable rice farming

Attracting investment and public-private partnership (PPP) plays an important role in implementing the project of sustainable development of 1 million ha of low-emission high-quality rice production in the Mekong Delta to 2030, said insiders.
Strengthen supervision to boost the insurance market

Strengthen supervision to boost the insurance market

VCN - Given by stricter regulations for insurance business activities, Mr. Ngo Viet Trung, Director of the Department of Insurance Management and Supervision (Ministry of Finance), said that this will help the insurance market develop sustainably.
Read More

Your care

Latest Most read
Minister of Finance requests to strengthen inspection and supervision of public service activities

Minister of Finance requests to strengthen inspection and supervision of public service activities

VCN - Minister of Finance Ho Duc Phoc signed and promulgated Directive 03/CT-BTC requiring heads of affiliated and subordinate units to thoroughly implement well the Prime Minister's direction on rectifying and strengthening the inspection, examination an
Assessing one-year implementation of "Strengthening Public Financial Management in Viet Nam” project

Assessing one-year implementation of "Strengthening Public Financial Management in Viet Nam” project

VCN - The Project Steering Committee of the Strengthening Public Financial Management Program, Subprogram 1 with a medium-term vision (Project) under the Strengthening Public Financial Management in Viet Nam program held its third meeting on the afternoon
New circular aims to improve stock market transparency

New circular aims to improve stock market transparency

The Ministry of Finance has issued a new circular which aims to improve stock market transparency in Vietnam. ​
Accelerate tax refunds

Accelerate tax refunds

VCN - Implementing the direction of the Prime Minister and the Minister of Finance in tax refunds, the General Department of Taxation has directed tax authorities at all levels to speed up the progress of tax refund settlement, and at the same time, stron
Intensified Deployment of Electronic Invoice Issuance for Each Petroleum Retail Sale

Intensified Deployment of Electronic Invoice Issuance for Each Petroleum Retail Sale

VCN - The Ministry of Finance states that the issuance of electronic invoices for each petroleum retail sale is fully supported by legal grounds. Alongside this, the Tax Department is escalating efforts in advocacy, leadership, directives, and the impleme
Mobile Version