The decision on comprehensive architecture towards a Digital Finance Ministry recently issued by the Ministry of Finance shows the determination for a smart and modern digital finance with a roadmap to build a complete digital finance by 2030.

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Building E- finance and digital finance

Under Decision No. 2366 / QD-BTC on comprehensive architecture towards a Digital Ministry of Finance, from now to 2030, the roadmap for building a Digital Ministry of Finance includes two phases.

From 2021 to 2025, it is aimed to build an E-finance - digital finance based on data and open data. The Ministry of Finance said the vision for this period is continuing the construction of E-Government of the finance sector towards the digital finance ministry, service finance ministry that takes people and businesses as the centre and raising the performance of the sector via digital government and digital tools.

Therefore, the finance sector identifies key tasks for this period. First of all is the software and IT transformation. The ministry will focus on improving the legal document management system and running the documentary management system and the electronic single window system.

Besides, the finance sector will develop an operating system based on digitisation, integration of working tools and documents in the finance sector,an integrated reporting system,a management system for interest rate, exchange rate and market risk,a price management system,a public debt management system,an inspection, supervision, settlement system for tax debts,and an inspection, supervision and settlement system for customs violations.

The finance sector in this period will pilot the application ofartificial intelligence and virtual assistants in some of its important operations.

At the same time, the finance sector will integrate 100% of applications with the access and identity management system connected with the national IT system towards a throughout financial management system in Government.

Complete digital finance by 2030

From 2026 to 2030, the finance sector will develop a completely digital financial system and smart finance. The vision of this period is to continue improving information systems for the development of paperless offices; to build a digital finance platform based on data and open data; establish a digital finance ecosystem in which the Government plays a facilitating role connecting with all parties through the opening and sharing of data and digital platforms to allow multiple parties to create smart financial services.

To this end, the software and IT transformation will be carried out with several basic tasks such as: developing the decision support system of the finance sector which will become an important tool in management.

Besides, building smart applications to support operations, 100% of professional and operational support equipment: surveillance cameras, sensor devices (State reserve warehouses, customs warehouses), mobile devices, robots, social network data are connected, data is collected and analysed to support users.

For the digital financial application store, all of the services are "proactively provided" by many parties to the people and businesses according to the personalised model. In this period, artificial intelligence and virtual assistants will be popular in operation, development, planning and evaluation of the Ministry of Finance's policies and for providing new public financial services according to the requirements of people and businesses. At the same time, public financial services are exploited by a third party and built into new services to provide customers on multiple channels/means of communication (the civilisation of public financial services of the Ministry of Finance).

The completion of a modern digital financial ecosystem by 2030 should not be expected so much, said PhD. Nguyen Viet Hung, Deputy Director of Department of Financial Informatics and Statistics (Ministry of Finance) at the Forum of Vietnam’s Information and Communication Technology held at the end of last year.

He said that in the context of Industrial Revolution 4.0, the finance sector had prepared a legal corridor and digital infrastructure for Industrial Revolution 4.0 and the digital transformation of the sector.

Affirming the goal of the Ministry of Finance by 2030 to complete the construction of a modern digital financial ecosystem with a smart mechanism in information connection and sharing to bring smart added value ​​towards a comprehensive digital economy is a not too ambitious vision, Hung said for Vietnam to achieve a synchronous digital economic development, not only the finance sector but the others like transportation, health, education, industry and tourism must also perform digital transformation. In addition, policies for the digital transformation have to be clear.