Towards digital finance: Putting people and businesses at the center

Mr. Nguyen Dai Tri, Director of the Department of Informatics and Financial Statistics

The digital transformation of the Finance industry has achieved many positive results thanks to the application of achievements of the Industrial Revolution 4.0 into the industry's activities. Could you please give your comments on this result?

The Ministry of Finance attaches great importance to the application of the achievements of the Industrial Revolution 4.0 into the industry's activities. Implementing the e-Government development strategy towards a digital government, the Ministry of Finance has made a breakthrough in the application of information technology (IT) to support financial management and reform administrative procedures. In the Industry, the provision of online public services creates many results, supporting and creating conditions for people and businesses to promote socio-economic development, recognized by the Government and business community.

Up to now, 100% of administrative procedures (896 procedures) of the Ministry of Finance are provided with public services. In which, the total number of public services at levels 3 and 4 is 533 (59.55%).

The Ministry of Finance has completed connecting and integrating 346/533 DVCTT levels 3 and 4 on the National Public Service Portal, reaching a rate of 64.92%, 30% higher than the requirement in Resolution No. 01/ NQ-CP in 2020 and Resolution No. 17/NQ-CP in 2019 of the Government.

The financial services of the Ministry of Finance provide more and more utilities, help reduce time and costs, bring satisfaction to organizations and individuals, businesses when participating in transactions with the Finance agency, so are always highly appreciated by people, organizations and businesses.

The year 2021 is also the 8th year in a row (from 2013 to 2020) that the Ministry of Finance leads the ranking of Vietnam ICT Index 2020 (index of readiness for information technology development and application) of ministries and sectors set by the Ministry of Information - Communication cooperates with Vietnam Informatics Association.

In particular, 2021 is the first year that the Ministry of Information and Communications publishes the rankings on the level of digital transformation among 18 ministries, the public service provision (DTI) sector, and the Ministry of Finance also leads this ranking. Consistently leading the Vietnam ICT Index and leading the DTI 2020 rankings has confirmed the efforts of the Ministry of Finance in organizing and implementing IT applications over the years.

In order to achieve the above-mentioned positive results, would you like to share some key tasks, specifically in the digital transformation of the Finance industry?

Over the years, the Finance industry has made methodical and scientific preparation for the legal corridor and digital infrastructure (including connection infrastructure, equipment infrastructure, data infrastructure, application infrastructure, etc.) for the Industrial Revolution 4.0 and the industry's digital transformation. The Ministry of Finance has focused on developing and creating a real breakthrough in communication technology infrastructure, applications and human resources, developing digital infrastructure and ensuring network safety and security to create favorable conditions for people and enterprises.

Up to now, the Ministry of Finance has effectively deployed many new and "core" technologies, such as mobile technology (Mobility), big data analysis technology (Analytics), cloud computing technology (including cloud computing technology). In implementing reform of administrative procedures, improving management capacity to create conditions for people and businesses to easily and equally access development opportunities.

Along with that, the national financial database and specialized databases are researched and built on the basis of applying big data analysis technology, meeting the requirements of data information, serving the management, administration and policy making of the Finance sector.

The data sharing of the Finance industry is also guaranteed. In particular, in the field of Tax and Customs, the Finance sector has focused resources and great efforts to implement the Government's Resolutions such as deploying IT in tax management (such as electronic tax payment, electronic tax refund, electronic invoice); electronic customs.

Up to now, many of the targets have been achieved and exceeded: by the end of 2021, the number of businesses using electronic tax declaration services has reached more than 99.93%; 99.28% of enterprises registered to use the electronic tax payment service.

The synchronous and effective implementation of IT application solutions in recent years not only brought benefits to support the financial management of enterprises, but also brings tangible effects to society.

In 2022, how will digital transformation continue to be implemented by the Finance sector?

In 2022, the Ministry of Finance sets out six tasks in the digital transformation of the Finance sector, including a number of key tasks such as updating, maintaining and organizing the implementation of the Master Architecture towards the Ministry, Digital Finance, Detailed Architecture at the Ministry; building and deploying applications, information systems, shared data, and shared technology platforms for integration, communication, data exchange and sharing throughout the Finance sector, between the Ministry of Finance and the Ministry of Finance with agencies and units outside the industry.

Along with that, standardize and digitize business processes for processing records in the network environment; to digitize records and archive electronic work of the units according to regulations; upgrading and completing the Public Service Portal and the Ministry of Finance's electronic one-stop information system, ensuring smooth connection and data sharing with the National Public Service Portal. In addition to continuing to innovate, perfecting and developing the Tax, Customs, Treasury and Securities systems in the direction of modernity, professionalism, effectiveness and efficiency on the basis of a synchronous legal system; strongly use IT and 4.0 technology, facilitate legal commercial activities, ensure social security and safety and protect national interests.

Could you tell us about the goal of building a digital finance platform in the near future?

According to Decision No. 2366/QD-BTC on promulgating the Master Architecture towards the Ministry of Digital Finance, from now to 2030, the roadmap to build the Digital Finance Ministry is divided into two phases. In which, in the 2021 – 2025 period, the set goal is to build electronic finance - digital finance based on data and open data.

The vision of this phase, identified by the Ministry of Finance, is to continue to perfect the construction of the e-Government of the Finance sector towards the Ministry of Digital Finance, the Ministry of Finance serving, taking people and businesses as the center and improving sector-wide performance through digital government and digital tools. Therefore, at this stage, the Finance sector identifies key tasks such as transforming software and information technology systems; digital transformation on data integration, sharing and communication platforms; digital transformation of technical infrastructure and security.

At the same time, in this phase, the Finance sector will complete the integration of 100% of applications with the Financial Industry Access and Identity Management system and integrate with national IT systems towards single management system finance throughout the Government.

Approaching the 2026-2030 period, the Finance industry determines the goal of establishing a fully digitalized financial system and smart finance. The vision of this phase will be towards continuing to perfect the information systems serving the construction of paperless offices; building a digital financial platform based on data and open data; establish an ecosystem of the Digital Finance industry, in which the Government plays the role of creating and connecting with parties through the opening, sharing of data and digital platforms to enable multiple parties to create Smart finance services.