Vietnam’s finance sector will need 5.078 trillion dong (US$319 million) in 2006-2010 to apply information technology (IT) to its information management system in a reform drive. Dang Duc Mai, deputy general director of the finance ministry’s Department of Financial Informatics and Statistics, said on October 20 that 1.5 trillion dong of the sum would go to IT infrastructure development, two trillion dong to system software development and applications, and one trillion dong to training.
Next year will see major IT projects completed, including those in the tax, customs and securities sectors, he said at the opening of a two-day conference in HCM City.
Finance sector reform must be done on a large and far reaching scale, otherwise, the sector cannot be well prepared for integration in the world economy, he said.
Deputy Finance minister Huynh Thi Nhan underscored the importance of restructuring the finance sector by building an information management system meeting international standards and practices.
The sector has been taking the lead in IT application to reform but what has been achieved is fundamental, she said. “Standardising is a requisite for the finance sector to integrate when Vietnam joins the World Trade Organisation.”
The sector, which now has around 6,400 staff, with some 3,000 of them working on IT, gained the top spot in the 2003 Top Ten for IT preparedness in a poll undertaken by the Vietnam Association for Information Processing.