Developing Digital Treasury to reform treasury’s operation

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Deputy Director General of State Treasury Nguyen Hong Ha stated at the seminar. Photo: TL

Initially building a comprehensive system

At the seminar, Mr. Nguyen Hong Ha, Deputy Director General of State Treasury said that together with the socio-economic development of the country and the Finance sector, over the past years, the State Treasury has actively reformed its operation and enhanced the efficiency and effectiveness of the apparatus and applied information technology in the system’s management.

The State Treasury is striving to perform its operation in the advanced IT environment and develop e-treasury by 2020. So far, the State Treasury system has developed its operation on the basis of IT application in accordance with the development of the country and the Finance sector.

According to the leader of the State Treasury, with the successful implementation of the TABMIS (Treasury and Budget Management Information System), the State Treasury has built the general architecture of the IT system, in which TABMIS plays a key role. Currently, it has completed applications under the centralized model connected with TABMIS such as: The centralized state budget revenue management system; the centralized bilateral e-payment system; the interbank e-payment system; the intertreasury e-payment system that is integrated into TABMIS; implementing e-transaction on account opening and payment of State budget expenditures in the Treasury’s online public service system.

“Currently, the State Treasury has supported enterprises and tax payers better and more accurately, and promptly collected revenues to the State budget, fully provided information and reported to the Government and the Ministry of Finance. The State Treasury System has promptly paid state budget expenditures to meet the increasing requirements on budgetary reform and step by step establish an e-treasury system,” Mr. Ha said.

However, in the context that the country is increasingly integrating deeper into the world economy, especially the application of industrial revolution 4.0 bringing many opportunities as well as challenges for the State Treasury of Vietnam. Therefore, in order to enhance the quality, effectiveness and efficiency of the management of the Finance in general and the State Treasury in particular, the application of new and advanced management technology of the 4th revolution in digital field is necessary.

Applying risk warnings in budget expenditure control

According to the the State Treasury’s leader, the State Treasury has continuously promoted IT application and studied to implement digital transformation such as: application of advanced technology, blockchain, mobility, data analytics combined with artificial intelligence (AI), icloud, and other digital platforms to promote policy reform and operational processes. This is the transformation of all operational management in the State Treasury field into a digital platform, the transformation of manual and semi-manual transaction channels into an online transaction channel in accordance with the road map of transformation of the Finance sector and development of e-Government.

At the seminar, Mr. Bui The Phuong, Director of Information Technology Department (under the State Treasury) said that the orientation for digital transformation to develop the digital treasury include, building an operational architecture involving the operational aspects of the budget management cycle, from the initial stage of the budgeting planning, through the relevant stages of budget implementation, to the final stage of financial report and budget settlement; Building the architecture of the IT application system in the direction of providing online electronic services, multi-channels, centralized integrated data and completed processes among ministries, sectors and agencies, so as to shorten time and reform the budget procedures.

In the short term, it will apply risk warnings in budget expenditure control, e-bilateral payment between the State Treasury and commercial banks, and quickly report on state budget revenue and expenditure and capital mobilization.

“Intelligent Mobile Application Software will help the State Treasury customers to interact with the State Treasury’s software system to implement transactions and management of public finance,” Mr. Phuong said.

Artificial intelligence and Virtual Assistant (chatbot) can be applied in the support for units on policies, operational processes on public finance as well as for users inside and outside the sector on the use of e-public services and software programs. At the same time, artificial intelligence combined with a large diversity of data is to be applied in real time, it will support risk warnings in management of public finance operation.