Financial sector strongly focusing on digital transformation

September 22, 2023 - 14:13
The financial sector has been ardently advocating for digital transformation, as this endeavour will be a pivotal element in the national digital shift
View of the event. VNA/VNS Photo

HÀ NỘI — The financial sector has been ardently advocating for digital transformation, as this endeavour will be a pivotal element in the national digital shift and will also bolster digital transformation across other sectors, according to officials.

At Vietnam Digital Finance 2023 (VDF-2023) with the theme 'Digital data: a driver for sustainable digital transformation in the financial sector', held on Thursday in Hà Nội, Nguyễn Đức Hiển, deputy head of the Party Central Committee's Economic Commission, said that both in the world and in Việt Nam, digital finance is in a period of explosive development with many diverse types of services.

Many studies have shown that digital finance improves the stability of the financial system and brings benefits to users of financial services, financial service providers, the government and the economy. It also helps increase access to financial services, especially for low-income groups, making an important contribution to financial inclusion.

For the financial industry alone, Hiển stated that in recent years, the Ministry of Finance has issued resolutions and decisions on the Ministry of Finance's Digital Transformation Strategy until 2025 with an orientation to 2030; and the Operational Plan of the ministry’s Digital Transformation Steering Committee in 2023 to promote digital transformation.

According to Nguyễn Việt Hà, Director of the MoF’s Department of Financial Informatics and Statistics, Prime Minister Phạm Minh Chính, who is also the chairman of the National Committee on Digital Transformation, in April this year, signed Decision No 17/QĐ-UBQGCDS promulgating the operation plan of the National Committee on Digital Transformation for 2023. Accordingly, the National Committee on Digital Transformation in 2023 focuses on directing and coordinating ministries, branches, and localities to continually promote digital transformation in the direction of bringing real and sustainable results.

Being considered as the ‘lifeblood’ of the economy, digital transformation in the financial sector will be one of the key factors for the national digital transformation and will help promote digital transformation in other industries, Hà noted.

In 2023, the digital transformation tasks for the entire nation in general, and the financial industry in particular, are very substantial, requiring high determination, immense effort, decisive actions and effective measures to achieve. For many consecutive years, the Ministry of Finance has consistently ranked first in the index of readiness for the development and application of information and communications technology (ICT Index), while it ranked second among ministries and branches providing public services in the Digital Transformation Index (DTI) in 2022.

The fields of tax, customs and treasury have always been at the forefront in implementing digital transformation, with notable results such as the electronic tax declaration, payment and refund system; and the implementation of 250 administrative procedures through the national single window mechanism.

Platforms for data construction and management have been developed to enhance compatibility between the information infrastructures of State agencies. This creates favourable conditions for electronic transactions between State agencies, organisations and individuals, while ensuring the sharing of financial sector data with other ministries, branches and localities.

To consistently maintain achievements and pursue digital transformation goals in finance and the State budget, Hiển stated that the MoF needs to guide its affiliates to champion digital transformation, and foster a digital government and society. This will help in reducing costs, creating favourable conditions for firms, and ensuring satisfaction for the people. — VNS