Ministry of Finance aims to cut regulatory compliance costs by at least 20%

At least 80% of administrative procedures under the jurisdiction of the Ministry of Finance and eligible units of the Ministry are provided online at levels 3 and 4.

Financial institution reform is key task

The Ministry of Finance's administrative reform plan for the 2021 – 2025 period focuses on six contents: institutional reform; administrative reform; organizational reform of the state administrative apparatus; public affair services reform; public finance reform; building and developing e-government and digital government.

The key administrative reform in the next five years of the Ministry of Finance is to reform financial institutions, in which focusing on building and perfecting the institutional system of the financial sector's administration and improving the effectiveness and efficiency of law enforcement; to build a contingent of professional, capable and qualified staff, civil servants and employees of the Finance sector to meet the requirements of tasks and the development of the Finance sector.

The objective of institutional reform in this period is to continue to build and perfect the institutional system in the financial sector in order to reform and improve the quality of the socialist-oriented, synchronous market economy institutions, transparency, modernity, integration; make a breakthrough in mobilizing, allocating and effectively using resources to promote the healthy development of national finance; organize strict and effective law enforcement, raise the awareness of law observance of individuals, organizations and society.

The goal by 2025 is to basically improve the financial sector institutional system, thereby improving the effectiveness and efficiency of state management and development-facilitation capacity, promoting rapid, sustainable and attractive growth and actively receiving foreign investment capital flows, and restoring economic growth.

In addition, renovating and improving the quality of financial institutions in the direction of completeness, specificity, unity, synchronization, feasibility, stability, modernity, international competitiveness, publicity and transparency, and developing the market.

At the same time, focusing on prioritizing institutional and policy reforms to support people and businesses to recover production and business, especially the community of small and medium-sized businesses that have been heavily affected by the Covid-19 pandemic, thereby contributing to the recovery and development of the economy.

Besides that, continuing to improve and implement the legal system, mechanisms and policies to create a favorable and healthy investment and business environment, ensuring freedom and safety in business activities for all economic sectors, promoting innovation.

Completing institutions and legal frameworks to promote digital transformation in the financial sector, effectively serving the construction and development of digital government and digital economy.

Series of goals set in administrative procedure reform

Regarding administrative procedure reform, the Ministry of Finance will also drastically, synchronously and effectively reform administrative procedures in the financial sector, especially those directly related to people and businesses; as well as internal administrative procedures between state administrative agencies.

At the same time, reviewing, reducing and simplifying business conditions, composition of documents and optimize the settlement process of administrative procedure on the basis of the strong application of information technology; abolishing barriers restricting freedom of business, improving and raising the quality of the investment environment, ensure fair, equal and transparent competition.

Along with that, renovate and improve the efficiency of implementing the single window, inter-agency single window mechanism in handling administrative procedures; promote the implementation of administrative procedures in the electronic environment so that people and businesses can perform services anytime, anywhere, on different devices.

The goal is that by 2025, the Ministry of Finance will complete the reduction and simplification of at least 20% of regulations and reduce at least 20% of regulatory compliance costs related to business activities in the regulation documents under the management of the Ministry of Finance effective until the end of May 31, 2020.

At the same time, completing the renovation of the implementation of single window, inter-agency single window mechanism in handling administrative procedures in the financial sector towards improving service quality, not following administrative boundaries, and increasing the application of information technology, reducing travel time, social costs and creating favorable conditions for people and businesses.

At least 80% of dossiers handling administrative procedures are circulated within agencies of the Ministry of Finance electronically. At least 80% of administrative procedures in the financial sector which require financial obligations and online payments can be implemented. In particular, the rate of online payment transactions reaches 50% or more.

In 2021, digitalizing the results of administrative procedures that are still valid for use under the competence of the central, general, departmental and branch levels for settlement achieve the minimum rate of 40%, 30%, 20% and 15% respectively. In the 2022 – 2025 period, increase at least 20% per year for each administrative level until 100% to ensure the connection and sharing of data in the settlement of administrative procedures in the electronic environment.

At least 80% of administrative procedures under the jurisdiction of the Ministry of Finance and eligible units of the Ministry are provided online at levels 3 and 4. Among them, at least 80% of administrative procedures are integrated, provided on the National Public Service Portal. The rate of online applications at levels 3 and 4 out of the total number of applications is at least 50%. The goal is that the satisfaction level of people and businesses in handling administrative procedures achieves at least 90%.

In addition, 90% of internal administrative procedures between state administrative agencies under the Ministry of Finance and between the Ministry of Finance and other state administrative agencies are published, publicized and updated in a timely manner.

80% of people and businesses carrying out administrative procedures in the financial sector do not have to re-submit information, papers and documents that have been accepted when successfully carrying out previous administrative procedures.