Digital Data - The Foundation for Sustainable Digital Financial Development

On September 21, the Department of Financial Informatics and Statistics and the Institute of Financial Strategy and Policy ( Ministry of Finance ) co-organized the Conference - Exhibition on digital finance in State budget management in 2023 (Vietnam Digital Finance 2023 - VDF-2023) with the theme "Digital data - Platform for sustainable digital finance development".

Speaking at the Workshop, Mr. Nguyen Viet Ha, Director of the Department of Informatics and Financial Statistics, said: On April 4, 2023, Prime Minister Pham Minh Chinh - Chairman of the National Committee on Digital Transformation signed Decision No. 17/QD-UBQGCĐS promulgating the Action Plan of the National Committee on Digital Transformation in 2023.

According to Mr. Nguyen Viet Ha, in 2023, the task of national digital transformation in general and digital transformation of the financial sector in particular is very heavy, requiring high determination, great efforts, drastic and effective actions. For many consecutive years, the Ministry of Finance has always been at the top of the rankings in terms of readiness for the development and application of information and communication technology (ICT Index). In terms of rankings according to the DTI digital transformation assessment index, in 2022, the Ministry of Finance will be in the top 2 among ministries and sectors providing public services.

Notably, the tax, customs and treasury sectors have always been pioneers in implementing digital transformation with impressive results such as the Electronic Tax Declaration System has been deployed in 63/63 provinces and cities and 100% of affiliated tax departments; over 99% of enterprises use electronic tax declaration, payment and refund; in the customs sector: 250 administrative procedures are carried out through the national single window mechanism... Data construction and management platforms are built in the direction of enhancing compatibility between information infrastructures of state agencies, facilitating electronic transactions between state agencies and between state agencies and organizations and individuals; ensuring the sharing of financial sector data for other ministries, sectors and localities in need of exploitation and use...

To continue to maintain the achievements and implement the goals of digital transformation in the field of finance - State budget, the representative of the Ministry of Finance said that it is necessary to focus on directing and coordinating units, promoting digital transformation, to achieve important targets of the Government in general and the Ministry of Finance in particular, contributing to reducing costs, creating convenience for businesses, bringing satisfaction to people, creating a favorable environment for people and businesses to participate more in the activities of the Ministry of Finance and thereby jointly creating value, benefits, satisfaction, trust and social consensus.

Mr. Nguyen Duc Hien, Deputy Head of the Central Economic Committee, said that in the world and in Vietnam, digital finance is in a period of explosive development with many diverse types of services. Many studies have shown that digital finance improves the stability of the financial system, bringing benefits to users of financial services, financial service providers, the government and the economy in general; increasing access to financial services, especially for low-income people, making an important contribution to financial inclusion.

Regarding the Finance sector alone, according to Mr. Nguyen Duc Hien, in recent years, the Ministry of Finance has issued Resolutions and Decisions on the Strategy and Plan for digital transformation of the Ministry of Finance until 2025, with a vision to 2030, the Action Plan of the Steering Committee for digital transformation of the Ministry of Finance in 2023... to implement the Resolutions of the Party and the Resolutions and Strategies of the Government and the Prime Minister to build and develop data of the finance sector and achieve many outstanding results.

At the plenary session with the theme: Digital data - Platform for sustainable digital financial development, speakers, experts, and managers discussed and shared issues on: Mobilizing national financial resources for sustainable development based on digital data by 2030; building a national database and developing financial sector data; plans to build a big database (Big Data) to serve the analysis and management of taxes according to the risk principle...

Mr. Dang Ngoc Minh, Deputy Director General of the General Department of Taxation, shared about risk management in tax administration and the application of big data. Accordingly, the tax sector creates a comprehensive information and data system on all compliance risks that tax authorities face. There are taxpayer segments, according to each tax and each compliance pillar (registration, tax declaration, tax payment and accurate income declaration).

From there, tax authorities support taxpayers by providing information; warning/notifying taxpayers of obligations that need to be performed or have not been complied with. At the same time, increase the effectiveness of fraud prevention, monitoring to ensure increased compliance with the law and voluntary tax payment.

After the plenary session, the Workshop also had two thematic sessions. The first topic was Innovation in tax management in the digital economy, delegates focused on discussing: Building a database to serve tax management for e-commerce activities; connecting and sharing data to develop and prevent tax losses in e-commerce activities; managing risks for the tax sector in the digital age; securing important data against cyber attacks; applying artificial intelligence (AI) technology in tax management and innovating tax management.

In the second session with the theme of Optimizing digital data in digital transformation of the financial sector, delegates discussed and shared experiences to exploit the power of AI and Blockchain technology in financial management software; create breakthroughs in electronic payments in Vietnam; new generation data centers for the financial sector; upgrade the network information security monitoring system (SOC) for the financial sector; data management and storage on cloud platforms: Challenges and solutions; open platform infrastructure for digital transformation of the financial sector; contents on optimizing digital data in the financial sector.

In addition, the Ministry of Finance has booths of 2 units (General Department of Taxation; Department of Informatics and Financial Statistics) participating in the exhibition of digital transformation application results in the financial sector in general and tax in particular. Besides, there are booths of units with the latest products and technological solutions of the fourth industrial revolution, as well as technologies on storage, big data analysis, etc../.

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