International experts are willing to assist the Ministry of Finance to unify the automated system

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The meeting

In the warm welcome, Minister Dinh Tien Dung shared with experts about the impressive achievements of Vietnam's economy as well as the financial-budgetary task in the past 3 years.

The Minister said that Vietnam's macro economy was becoming more stable and sustainable; GDP growth had continuously increased since 2016 and reached a relatively high level of 7.08% in 2018; inflation was controlled below 4% according to the set target. Along with that, the financial and state budget situation also developed well with 3 consecutive years of state budget revenue exceeding the estimate; and business investment environment had been significantly improved.

With these achievements, Vietnam’s economy has been continuously upgraded by credit rating agencies for 3 consecutive years.

Sharing about administrative reform and modernization of the financial sector, Mr. Dung emphasized that this was the key task for the whole sector over many years. So far, key units of the sectors such as Tax, Customs, Treasury, Securities etc., have implemented the automation in almost all stages.

Despites many efforts, a shortcoming to be solved immediately is that each unit in the Financial sector has its own automated system which is operating well, but there is not cohesion and sharing among units to create consistency and unity.

“It needs a comprehensive integration from top to bottom, so the new systems make sense. Currently, the Ministry of Finance has also embarked on building an e-Government Architecture in the Financial sector with very specific objectives and progress for transformation of software and technology system, to an integrated platform for data sharing and transformation of infrastructure and security. However, in order to succeed, it still requires more time,”- the Minister said.

Therefore, the Financial sector needs the assistance from experts, enterprises that are experienced and reputable in the field of technology and smart applications in the world.

Impressed by the achievements of the modernization of the Financial sector, the leader of the Delegation - Mr. Frans-Anton Vermast, Ambassador of International Smart City, Amsterdam, the Netherlands said: the delegation’s members are experts from many different cities in different fields with a shared desire to have the opportunity to assist the Ministry of Finance to automate at a higher level and integrate all systems of the whole sector as shared by the Minister

Mr. Frans-Anto Vermast noted that Vietnam should give top priority to data when integrating systems together, because it needs careful preparation, not only from management agencies but also from enterprises using the services.

309 enterprises connected to Customs Management System VCN – According to Customs IT and Statistic Department (General Department of Vietnam Customs), at end of ...

He believed that the Delegation would help Vietnam find a reasonable, smart application model that meets the requirements. The delegation also pledged to help Vietnam find the most suitable businesses in the world market to be able to implement this task most effectively.

In the afternoon of the same day, Deputy Minister of Finance Huynh Quang Hai had a meeting with Ms. Zoubida Allaoua, Director of the Finance, Competitiveness & Innovation Global Practice (FCI) and the World Bank’s senior experts (WB). At the meeting, the two sides discussed the disaster risk insurance. The two sides discussed the disaster risk insurance. According to Allaoua Zoubida, the WB is willing to support Vietnam in developing disaster risk insurance tools in the market; At the same time, we are ready to assist Vietnam in developing the Government's Defense Strategy against natural disasters, including public assets. Accordingly, the WB expects Vietnam’s Government to actively defend against this problem instead of using public expenditure for removing disaster’s consequences. Previously, the WB has collaborated with ministries and sectors in Vietnam to develop a specific disaster risk map. The Ministry of Finance expects the World Bank to soon share this map so that the insurance management agency has a basis to develop appropriate disaster risk insurance products.