Minister of Finance Ho Duc Phoc speaks at the conference

Building Vietnam's Digital Finance

Speaking at an online conference to launch the Electronic Invoice System organized by the Ministry of Finance on the morning of November 21, Minister of Finance Ho Duc Phuc said with the recent strong development of science and technology, especially the fourth industrial revolution, the Party and Government have always paid great attention to developing and applying information technology in all fields of social life and especially national digital transformation.

"We are entering the third decade of the 21st century, a digital era with many opportunities and challenges. Amid the impact of the Covid-19 pandemic, digital technology is an important solution, contributing to creating a new driving force for economic growth and recovery, thereby ensuring sustainable, inclusive and comprehensive development,” said the minister.

Following the guidelines of the Party, State and Government and contributing to the nation’s digital transformation, the Ministry of Finance in general and the Tax sector in particular have always focused on promoting digital transformation, strongly applying information technology to management; focusing on digital transformation measures and step by step forming a strong and modern digital finance.

According to Minister, first of all, it is about building and perfecting institutions, from early 2018, the Ministry of Finance issued Resolution 02-NQ/BCSD on the application of industrial revolution 4.0 technologies in the field of Finance - Budget. Along with that, the Ministry has also focused on developing and promulgating documents to concretize and implementing resolutions, programs, plans and solutions of the Government and Prime Minister to build the Digital Government and e-Government.

In addition, creating a legal corridor for the implementation of electronic transactions and digital transactions in the network environment, the ministry has submitted to the Government for promulgation a Decree on electronic transactions in financial activities; Decree on e-invoices in selling goods and providing services and a Decree detailing a number of articles of the Customs Law on electronic customs procedures, said Mr. Ho Duc Phoc.

Moreover, the ministry has been focusing resources on prioritizing the development of four platforms that play key roles in the development of e-Finance towards Digital Finance, including: financial database platform; financial data sharing and integration platform; cloud computing platform and unified communication infrastructure in the Finance sector; and electronic identification and authentication platform.

The Finance sector has also applied information technology to management, improving service quality for businesses and people. Some typical applications are: Online Public Service System; Inter-Treasury Electronic Payment System, Inter-Bank Payment, Bilateral Payment by Commercial Banks; Automated Customs Clearance System and National Single Window; Electronic tax declaration, payment and refund system.

"The efforts in building e-Ministry of Finance towards the digital Ministry of Finance have been recognized in that the Ministry of Finance has for eight consecutive years from 2013 topped the readiness for Information and Communications Technology development and application in Vietnam (Vietnam ICT Index) of ministries, ministerial-level agencies, and government agencies. This result has made a huge and very important contribution to the Tax sector," the Minister said.

Important progress in digital transformation

Following the Government's instructions in Resolution 01/NQ-CP dated January 1, 2021, the modernization of the tax system and the application of e-invoices is a central task of the Finance sector in general and the tax sector in particular in 2021 because of its great benefits to the business community, people and society.

Minister Ho Duc Phuc said units under the Ministry of Finance, especially the General Department of Taxation, have made great efforts and determination to urgently carry out tasks and work to soon bring electronic invoices to life.

Specifically, the ministry has developed a system of legal mechanisms, policies, and clear legal corridors (Law on Tax Administration, Decrees and Guiding Circulars); and prepared material and technical infrastructure.

"I appreciate the efforts of the Tax sector in preparing to deploy e-invoices and today, we have completed all the work to prepare for this extremely important moment of the Finance sector in general and the tax sector in particular. This is a turning point and an extremely important process, contributing to the digital transformation of the tax authority, the Finance sector in particular and the national digital transformation in general,” said the Minister of Finance.

The successful implementation of e-invoices in six cities and provinces is a premise to expand to the whole country.

The Ministry of Finance expects to continue receiving the attention and instructions of the Government, the Prime Minister, coordination, support of ministries, Government agencies; coordination and close guidance of leaders of Provincial Party Committees, Municipal Party Committees, People's Committees of provinces and cities to successfully carry out this task.