Stepping up Information Technology Application in Financial Sector

In an effort to deploy and accelerate information technology (IT) application development, the Ministry of Finance has secured the top place in Vietnam ICT Index among central agencies in four straight years (2016, 2015, 2014 and 2013).

This information was released at the 5th “Financial Statistical Informatics Conference” in Hanoi on May 24. The event aimed to unify guiding views and plans for deployment of IT applications and financial statistics for the 2016 - 2020 period, in a bid to make the electronic Ministry of Finance synchronised and unified from central to local levels.

Improving service efficiency
Speaking at the meeting, Finance Minister Dinh Tien Dung affirmed that information technology development is defined by the Party and the State as an effective instrument for achieving three strategic breakthroughs in national development as a key to unlock the door to the new stage. The Government is also promoting information technology application in all sectors and fields in order to enhance the performance of State management and administration, improve the business environment, sharpen economic competitiveness and create favourable conditions for people and businesses.

Giving evidence to this, Finance Minister Dinh Tien Dung mentioned Resolution 36a/NQ-CP on e-government, the National Programme on information technology application in state agencies in the 2016 - 2020 period guided by Decision 1819/QD-TTg, and most recently Directive 16/CT-TTg on strengthening approach to the 4th Industrial Revolution on May 4, 2017.

Regarding IT application in the finance sector in the past time, the Minister of Finance affirmed that IT has been deeply and extensively applied across financial operations and become a vital blood vessel in key professional operations such as State budget management, State budget income and expenditure management, taxation and customs management, electronic tax and customs deployment.

Sharing this view, Mr Dang Duc Mai, Director of the Financial Informatics and Statistics Department, said that the finance sector stepped up IT application together with financial mechanism reform, professional process restructuring towards international practices in the 2011 - 2015 period and 2016, and achieved many important results. These will serve as important premises for continued growth in the coming years.

Seven tasks in new stage
Minister Dinh Tien Dung said, to meet and catch up with requirements of the so-called Industrial Revolution 4.0, IT application in the financial sector will focus on the seven following main contents.

One, building public services for people and businesses; enhancing information sharing, ensuring access to and use of financial information for people and the whole society, creating the foundation for e-government development, improving the efficiency of State management and enhancing national competitiveness.

Two, building core application systems and national databases on finance, specialised databases furnished by cutting edge technologies to serve guidance, management and administration of all levels in the financial sector.

Three, building, operating and using IT application systems within the financial sector, prioritising IT applications for administrative reform and raising working performance.

Four, modernising IT infrastructure to meet development requirements in each period.

Five, ensuring the operational security and safety of financial information systems in terms of institutions, technical solutions and operational management.
Six, ensuring synchronous conditions and capacity (technical and technological infrastructure, staffing) in central and local financial agencies to meet IT application requirements to serve financial operations.

Seven, renovating investment management, consolidating organisational management structure and developing IT human resources for the financial sector to meet sector modernisation requirements and tasks.

However, according to the Finance Minister, the bottom line is that all financial units must see financial information system modernisation as the core of the financial sector modernisation, in good coordination with financial informatics and statistics systems, to successfully achieve the above tasks.

PV