Vinamilk and FPT cooperate strategically to improve comprehensive financial management

The official use of FPT CFS to digitize the entire process of Consolidating Financial Statements at Vinamilk will help automate internal data reconciliation, improve productivity, and increase the accuracy and timeliness of separate reports, consolidated reports and consolidated notes. On September 11, Vietnam Dairy Products Joint Stock Company ( Vinamilk ) and FPT Group successfully held a ceremony to officially announce the operation of the FPT CFS system - a comprehensive financial closing and consolidation solution. This is an event that continues Vinamilk's series of comprehensive financial digital transformation projects in its sustainable development strategy, contributing to enhancing Vinamilk's brand position in the Vietnamese and international markets.

Representatives of Vietnam Dairy Products Joint Stock Company (Vinamilk) and FPT Group announced the official digitalization of the FPT CFS system - Comprehensive financial reporting consolidation and closing solution.

Vinamilk is a National Brand in the Top 40 largest dairy companies in the world in terms of revenue, and has been in the Top of the best listed companies in Vietnam for many consecutive years. Currently, Vinamilk has expanded its scale to 46 units including 1 headquarters, 5 branches, managing a system of 15 dairy farms and 16 factories in Vietnam, Cambodia, Laos and the US, 2 warehouses and 12 subsidiaries and affiliated companies both domestically and internationally. The company has also exported products to more than 60 countries and territories around the world such as the US, Japan, Korea, Australia, etc.

Corresponding to the scale of production and business activities, accounting, tax and financial management at Vinamilk are always the bright spots of the enterprise despite having to manage a huge amount of accounting data with detailed and complex operations. Financial information provided by Vinamilk in a timely manner, fully reflecting the health status of the enterprise, has contributed to increasing its reputation with customers, shareholders and large investors. For consecutive years, Vinamilk has been honored as the Top Enterprise with the Best Annual Report in the non-financial industry group, while always ensuring compliance with regulations on Securities and financial markets.

Maintaining its commitment to financial transparency while increasing operational efficiency in reporting, Vinamilk has implemented many digital transformation projects in financial management and accounting. Most recently, in March 2024, Vinamilk and FPT launched the FPT CFS project, building a roadmap to implement digital solutions for closing books and consolidating comprehensive financial reports. The project is also a preparation step for the conversion of financial reports according to International Financial Reporting Standards (IFRS) and M&A activities of the enterprise.

Vinamilk and FPT discuss FPT CFS project, build roadmap to implement digitalization Comprehensive financial reporting and consolidation solution

In just 3 months, the professional teams of both sides have completed the preparation, data standardization, and automated integration of data from multiple sources to be ready for implementation. The "lightning speed" in the project implementation process comes not only from the efforts and professionalism of the financial accounting team but also from the consensus and support for innovation from Vinamilk's leaders. Speaking at the ceremony, Mr. Le Thanh Liem, Vinamilk's Chief Financial Officer, shared: "Digital transformation is a major strategy at Vinamilk in general and in the field of financial management and accounting in particular. Over the years, Vinamilk has been implementing many digital solutions to improve the financial management process and the application of FPT CFS is also in this direction, helping to promote a more comprehensive and effective digital transformation in the company's financial sector, according to international standards".

Mr. Le Thanh Liem, Vinamilk's Chief Financial Officer, shared that digital transformation, including digitalization in financial management, is a major strategy at Vinamilk.

The official use of FPT CFS to digitize the entire process of Consolidating Financial Statements at Vinamilk will help automate internal data reconciliation, improve productivity, and increase the accuracy and timeliness of separate reports, consolidated reports and consolidated notes. Mr. Nguyen The Phuong - Deputy General Director and Chief Financial Officer of FPT, Chairman of FPT Smart Cloud, shared at the event: "We are truly proud to become a team accompanying Vinamilk in the official operation of the FPT CFS system. It is the professionalism, efforts and innovative thinking from all levels of the Vinamilk team combined with the market understanding and technological capacity of FPT that have helped to successfully implement the project ahead of schedule". At the same time, within the framework of the event, the leaders of Vinamilk and FPT also hope that the two businesses will continue to accompany and cooperate in the process of innovation, applying new technologies to operations and management to help optimize operations and enhance the management efficiency of the business. Source: https://vov.vn/doanh-nghiep/vinamilk-va-fpt-hop-tac-chien-luoc-nang-tam-quan-tri-tai-chinh-toan-dien-post1122749.vov