Innovation of the financial sector's business processes to implement digital transformation in Vietnam

Innovation of the financial sector's business processes to implement digital transformation in Vietnam (Internet image)

On April 4, 2024, the Ministry of Finance issued Decision 793/QD-BTC on the Action Program for implementing the Scheme to innovate the financial sector's business processes to implement digital transformation.

Innovation of the financial sector's business processes to implement digital transformation in Vietnam

The Ministry of Finance issued along with this Decision the Action Program of the Ministry of Finance for implementing the Scheme for "Innovation of the financial sector's business processes to implement digital transformation" according to Decision 1484/QD-BTC dated July 27, 2022, of the Ministry of Finance, with the following objectives and requirements:

(1) Objectives

Develop a plan to implement the digital transformation of the financial sector's business processes during the period of 2024–2025, aiming towards 2030, based on reviewing, evaluating, and specifically identifying the key business processes that need to be digitally transformed by units, which will serve as a basis for units to implement the digital transformation of their business processes in the upcoming period, including:

- State financial business management (State budget management; National reserve management; Public asset management; Government's domestic and foreign borrowing and debt repayment management, public debt, foreign debt of the country, and Vietnam's foreign aid; Management in the fields of accounting and auditing; Price management; Corporate finance management and state capital management in enterprises).

- Financial market management (State management of securities and stock market; State insurance management; management of banks and financial institutions).

- State customs management.

- State tax management.

(2) Requirements

- Adhere to the Party's and the State's orientations and guidelines on national digital transformation; ensure compliance with the comprehensive program for administrative reform in the period of 2021–2030 (Resolution 76/NQ-CP dated July 15, 2021, of the Government) and the administrative reform plan for the period of 2021–2025 of the Ministry of Finance (Decision 1924/QD-BTC dated September 30, 2021, of the Minister of Finance).

- Ensure resources for effective implementation and the quality of tasks and solutions to innovate the financial sector's business processes to meet the requirements of digital transformation.

- Ensure the operation and interoperability of business processes providing public services to businesses, organizations, and individuals within the functional scope and tasks of each unit under the Ministry; ensure the ability to adjust, supplement, simplify the key business processes of the financial sector in accordance with the provisions of relevant legal documents; ensure consistency, standardization, automation, flexibility, timeliness, continuity, and the ability to connect business processes among units under the Ministry, contributing to meeting the requirements of the overall architecture towards a digital Ministry of Finance; and ensure the ability to widely deploy and interconnect intersectoral business processes between units under the Ministry and other agencies under the Government.

- Ensure the ability to exploit, analyze data, figures, forecasts, and update data regularly and continuously in real-time, ensuring the ability to directly manage, process, and resolve incidents of reports on the network environment.

- Ensure financial information security and cybersecurity.

More details can be found in Decision 793/QD-BTC, taking effect on April 4, 2024.

Ho Quoc Tuan

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