The Conference - Exhibition on digital finance in State budget management in 2024 (Vietnam Digital Finance 2024 ) with the theme "Innovation of business processes and information systems in the Finance sector in the digital age" took place on the morning of September 20, in Hanoi.

Speaking at the opening of the event, Deputy Minister of Finance Bui Van Khang emphasized: In recent times, the Finance sector has focused on improving digital infrastructure capacity, perfecting digital data, promoting the development of digital applications and services, contributing to shortening the time for tax, customs, treasury, securities procedures... reducing paperwork, time and costs for businesses and people.

Dr. Nguyen Nhu Quynh, Director of the Institute of Financial Strategy and Policy, Ministry of Finance, presented a series of figures showing the efforts of the tax sector in digital transformation, improving the efficiency of state budget management.

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Deputy Minister of Finance Bui Van Khang delivered the opening speech at the event.

To date, more than 99% of businesses nationwide have used electronic tax declaration and payment services. By the end of August 2024, about 9.6 billion electronic invoices had been received and processed by tax authorities.

In the first 8 months of 2024, more than 40,000 businesses registered to use electronic invoices.

To effectively manage taxes in e-commerce activities, the General Department of Taxation has coordinated with the Ministry of Information and Communications, the Ministry of Industry and Trade and commercial banks to collect information from 929 e-commerce trading floors, 284 online sales applications, with 140 million accounts of organizations and individuals.

Tax revenue from organizations and individuals engaged in e-commerce business activities has increased sharply from VND 83,000 billion in 2022 to VND 97,000 billion in 2023; in the first 6 months of 2024, it collected over VND 50,000 billion.

In addition, the Ministry of Finance operates the Electronic Information Portal for Foreign Suppliers to support foreign suppliers in registering, declaring, and paying taxes in Vietnam. To date, 106 foreign suppliers have registered to pay taxes on the electronic information portal, collecting about VND 16,800 billion.

To date, the state budget revenue in cash accounts for only about 0.069% of the total revenue. The Ministry of Finance has digitized 100% of the state budget collection work by taking advantage of the commercial bank network.

By the end of 2023, about 98,000 units using the state budget will participate in public services; 99% of state budget expenditure documents will be through online public services.

In the field of Customs, the Ministry of Finance is connecting, integrating, and synchronizing data of 100% of administrative procedures being performed on the National Single Window Portal with the National Public Service Portal to facilitate people and businesses in carrying out import and export procedures.

The General Department of Customs' information system is connected to the Population Database to serve the authentication of citizen information (citizens do not need to present household registration books or documents related to permanent or temporary residence when performing procedures and services in the customs field).

However, according to the Ministry of Finance, there are still some major challenges in applying information technology and digital transformation to improve the efficiency of state budget revenue management. For example, difficulties in infrastructure and data collection for electronic invoice management and e-commerce.

After about a decade of implementing information technology applications, many systems in the Finance industry need to change to fill the technology gap.

However, funding is still the biggest difficulty at present.