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May 22, 2018 / 14:18

E-finance system to be operational in 2025

The Ministry of Finance is taking initiative in applying technological achievements of the fourth industrial revolution to be able to provide smart financial services in 2025.

Under a resolution signed recently by Minister of Finance Dinh Tien Dung, the ministry said that a smart governance system will be built to provide smart financial services, which will help the country develop the digital economy.
Vietnam’s financial cloud infrastructure is expected to fully operational by 2025
Vietnam’s financial cloud infrastructure is expected to fully operational by 2025
The ministry targets to have financial cloud infrastructure fully operational by 2025, noting that innovation in mobile devices and cloud technology on a large scale is key to technological application of the fourth industrial revolution.
The sector will plan to gradually switch applications to the cloud environment while setting up a comprehensive information security governance system, in compliance with Vietnamese regulations and international standards.
When operational, the financial cloud will help improve the electronic working environment. The use of data sharing, streamlining and automating internal processes, and providing the ability to search information on mobile devices, will combine towards paperless offices.
The application of new technology in the fourth industrial revolution period will also create a digital financial ecosystem based on the open data of the finance sector, creating conditions for people, enterprises, agencies and organizations to easily, and equally access information of the sector.
At present, the government of Vietnam is investing heavily into the building of e-government structures. The digital government invests in new technologies of the fourth industrial revolution era such as Internet of Things, blockchain, mobility, cloud computing, big data, data analytics and artificial intelligence to streamline or eliminate processes. This will allow the government to innovate management and public services, bringing greater efficiency and effectiveness in the digital era.
Minister and Government Office Chief Mai Tien Dung said that the application of IT in State operations is becoming a top priority of Vietnamese Government.
In 2018, the Government Office will focus on deploying IT applications in ministries and localities in order to improve the management capacity of the State agencies, enhance the responsibility of officials and create publicity and transparency, Dung said.
The Government has also set up software on solving letters of denunciation, centers for online public services and data integration, he added.
In order to achieve its objectives, the Government must encourage enterprises to invest in IT, the minister said.
The digital economy is an economy based on digital computing technologies. Technological advances in recent years have driven many sectors to innovate their business models, whilst giving birth to many new industries and blurring the physical boundaries between countries. The digital economy is becoming increasingly important to the global economy, valued at approximately US$3 trillion, equivalent to 3.8 percent of the global economic output. 
In ASEAN countries, the digital economy is worth an estimated at $150 billion, or 6 percent of the region’s GDP. It is projected that ASEAN’s digital economy will grow by 17 percent each year, while the overall economic growth rate is only 9 percent.
Vietnam is also among the ASEAN countries with considerable growth in its digital economy. The country’s financial technology market has also seen positive growth in terms of the number of firms and the services they offer, ranging from payment portals, personal financial services such as electronic wallets and digital banking apps, to crowd-funding platforms and peer-to-peer lending.
Notably, the number of internet users in Vietnam has reached 50 million, indicating that Vietnamese citizens are tech-savvy and enthusiastic with regards to new technologies, which is regarded as an important factor to develop the digital economy.