Finance Sector develops the strategy for digital transformation by 2025 and vision 2030

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According to Resolutions, the 4th industrial revolution with the development trend which is based on the integration of the digital-physical-biological connection system and the breakthrough of the Internet and artificial intelligence, is the trend strongly impacting on all aspects of socio-economic life of countries in the world, including Vietnam.

Over the past time, the Ministry of Finance has taken many measures to deploy the IT application in the entire sector to approach in the fastest manner with the 4th Industrial Revolution such as: the application of the server virtualization technology to optimize the hardware investment efficiency; deployment of big data analytics; the initial application of social networking technology, mobile technology in providing online public services, e-Tax system, e-Customs, the automated system for Seaport Customs management, National Single Window and ASEAN Single Window system. The Finance sector has initially approached the first stage of development of digital Government, which is the stage of the e-Government and e-Finance development.

As the leading authority in IT application in authorities under the Government, the Minsitry of Finance has actively applied the technological achievements of the 4th Industrial Revolution, developed smart server platform, provided smart financial services and actively participated in the development of digital economy. Targeting to 2025, completing the development of e-Finance and basically establishing a modern, sustainable, public and transparent digital finance platform based on big data, open financial data and digital financial ecosystem. The Finance sector plays the role of facilitating, connecting, sharing data with digitized platforms, comprehensively meeting demand of public financial transaction and exploiting and using digital information of the Government, people, enterprises and organizations.

In order to promote achievements and grasp opportunities of the 4th Industrial Revolution which has brought high efficiency in the management of the Finance sector, in the coming time, the Ministry of Finance shall set tasks and some solutions.

First, developing strategies and completing mechanisms and policies on digital transformation. In which, developing the Financial strategy by 2030 and strategy in fields of Tax, Customs , Treasury, public debt, public assets, securities, national reserve fund, prices, insurance, accounting, audit… in accordance with direction of digital economic development. On the basis of financial strategy by 2030, developing the strategy for digital transformation in the Finance sector by 2025 and vision 2030; Improving policies to create legal frame work to deploy digital Finance; Developing building e-Government architecture in Finance sector, national database architecture on Finance towards digital financial architecture; Reviewing 5 year- plan on IT application for 2016-2020 and developing 5 year -plan on IT application for 2021-2025 of the Finance sector as well as units in the entire sector in accordance with Financial strategy by 2030 and strategy on digital transformation of the Finance sector by 2025 and vision 2030.

Second, building and developing e-Finance, establishing digital financial ecosystem. Strongly applying new technology in managing and instructing the Finance sector through the establishment of strategic cooperation, projects and investment projects; Focusing on proposals on big data, artificial intelligence, block chain and internet connection.

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Third, establishing e-working environment and developing a deep integrated and transparent Portal of the Finance sector between portals in the entire sector; interconnected with the Government and State agencies towards open database using artificial intelligence solutions; interacting and responding automatically to serve people and enterprises. Strengthening the development and provision of public services, database service under personalized demand by many methods, especially through mobile devices and cloud technology. Establishing e-offices and forming integrated and interconnected working environment. Collaborating and sharing smart information in the entire sector towards a paperless office and deploying work anytime, anywhere.

Fourth, deploying infrastructure services and securing financial information.

Fifth, propagandizing and raising awareness and training knowledge about the 4th Industrial Revolution.