Information & Technology to improve transparent in financial activities

Ngoc Thuy 17:11, 2017/10/13

Thanks to Information & Technology (IT), administrative agencies such as the National Treasury, Tax Department and Custom Department have transformed their operation methods from prior review to post review in the process of risk management, reducing time and cost for enterprises and benefits for the society.

This is one of the statement at the conference “Industrial revolution 4.0 and the finance system”, which was held by the Ministry of Finance in October 12. At the conference, the Vice Minister of Finance Vu Thi Mai said, Information & Technology (IT) has been deeply integrated in the finance, in which covers almost all of the financial activities. As such, IT has become the life-blood of in key financial activities, such as: managing state budget; spending and collecting revenue for state budget; e-payment and government bond management; management in tax and custom procedures; implementing online tax and custom declaration and payment, the mechanism of single window, ASEAN single window; public debts and assets management, financial market management.

Evidently, the finance system is in the top among administrative agencies applying IT in its operation efficiently. In the coming time, the finance system will continue digitalizing documents and creating database for multi purpose in the future. At the same time, the finance system will develop an open database and applying analyzing software.

On the other hand, the Ministry of Information & Communications said, IT industry sector is developing with a rapid growth rate and in sustainable way, high revenue and export value, which contributes significantly to the national GDP growth. The total number of IT enterprises in Vietnam in 2016 is 24,501 enterprises, up to 13.13% compared to 2015. The total revenue in IT industry sector in 2016 is estimated of 67.6 billion USD, up to 11.49% compared to 2015. In which, revenue from hardware industry is 58.8 billion USD; software industry is 3 billion USD; digital content industry is 739 million USD; and IT services (except for selling and distributing) is 5 billion USD.

IT export value is 60.7 billion USD, in which hardware is 57.7 billion USD and software is 2.4 billion USD. The total revenue contributing to state budget is more than 34 trillion VND, equivalent to 3.4% of the total state budget. Comparing to the automobile industry, in 2016, importing complete built – in units (CBU) is 2.3 billion USD and car accessories is 1.4 billion USD, so the total is 3.7 billion USD. As a result, the revenue of IT industry sector is more than 20 times of the automobile industry.

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