Finance Sector finds solutions to take advantage of Industrial Revolution 4.0

Vice Minister Vu Thi Mai delivered the opening remarks.

At the opening speech, Vice Minister of Finance Vu Thi Mai affirmed that the 4th Industrial Revolution is a strong influence on all aspects of the socio-economic life of all countries and in the world. The revolution is based on the highly integrated foundation of the digital-physical-biological connection system with the breakthrough of the Internet and artificial intelligence that is fundamentally changing the world's manufacturing.

In that context, the Deputy Minister emphasized that this workshop is one of the activities confirming that the finance sector will focus on research and development of the application of new technologies in financial management, making the most of the benefits of the 4th Industrial Revolution.

In fact, over the past years, the finance sector has taken a fast and steady development, fulfilling the political tasks of the sector, mobilizing and efficiently using financial resources for socio-economic development of the country. In order to achieve these achievements, the contribution of the information technology (IT) system to the financial sector must be taken into account.

Scene of the Conference

Until now, IT has been applied deeply and extensively in almost all financial activities, becoming an indispensable blood vessel in the key professional activities such as managing state budget; management of state budget revenues and expenditures; electronic payment and government bond management; management in the field of taxation, customs; electronic taxation, e-customs, National Single Window, ASEAN Single Window; debt management; price management, public asset management; management and supervision of financial markets; State reserve management; and internal management tasks.

The Government of Vietnam has shown its strong determination to reform in line with the trend of the 4th Industrial Revolution. The Government and the Prime Minister have repeatedly given the message to businesses and people. People and international friends in Vietnam are developing hi-tech industries; focus on investment education, human development and expressed their desire to receive investment and support from developed countries in these areas.

In addition, a series of documents, policies, and mechanisms relating to the development of the 4th Industrial Revolution in general and the development of information technology during the Industrial Revolution 4.0, in particular, were adopted and promulgated by the Party and the Government. Most recently, on May 4th, 2017, the Prime Minister issued Directive No. 16/CT-TTg on enhancing the capacity to access the 4th Industrial Revolution, from now to 2020. To concentrate on developing information technology infrastructure, encouraging enterprises to renew their technologies so as to make the fullest use of their advantages.

In Directive No. 16, the first solution to the Prime Minister's request to ministers, heads of ministerial-level agencies, agencies attached to the Government, central agencies and presidents of provincial/municipal People's Committees at the central level, from now till 2020, to focus on promoting development, creating a real breakthrough in infrastructure, application and human resources in information and communication technologies; to develop digital connection infrastructure and ensure network security and security to facilitate people and enterprises in accessing digital content development opportunities.

In order to realize the above objectives and solutions of the Government, the tasks set for the financial information system in the coming period are extremely heavy.

At the conference, the speakers, delegates who were also the CEOs, leading experts in the field of IT and communications focused on exchanging, sharing and providing information and the international experiences in approaching the 4.0 industrial revolution to help the Ministry of Finance to take a holistic view, to set concrete goals and take initiative in seizing opportunities, proposing practical solutions to accelerate the development, make breakthrough in technology infrastructure, IT application of the Finance sector in the next phase.