​National Financial Database: Fundamental for E-Government Development

​National Financial Database: Fundamental for E-Government Development 17/05/2023 04:03:00 238

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The National financial database is one of the six national databases requiring priority implementation to create the base for e-government development as approved under the Decision No. 714/QD-TTg dated May 22, 2015 of the Prime Minister. Implementing the Decision No. 714/QD-TTg accordingly, the Minister of Finance on November 1, 2016 issued the Decision No. 2376/QD-BTC approving the National Financial Database Building Project.

The project’s overall objective is to build a unified national financial database to meet the needs on information and data accessing and exploiting for strategy formulation, policies planning, management and administration in finance and budget field, ensuring the timeliness, completeness, publicity, transparency and conformity with international practices. The National Financial Database is the core and center of the National Financial Information System. Information and data in the national financial database shall be managed and exploited by methods of new economy - the knowledge economy.

Completion of specialized financial databases

The Department of Financial Informatics and Statistics said it has completed construction of the state budget data warehouse and put it into operation since 2018 with the scope of connection, sharing and granting exploitation rights throughout the country. The State budget warehouse is being managed, operated to ensure full budget data and information to meet requirements of the Ministry of Finance and its units on management, direction and administration.

The General Department of Taxation has completed the construction of Tax Data Warehouse and put into use since 2018 to support tax profession, tax management, direction/administration and decision making. Up to now, the system has granted accounts for more than 2,500 users at the General Department of Taxation and 63 local taxation departments to join the system. The General Department of Taxation is planning to further upgrade the database of 124 dynamic and static reports to meet the policy mechanism requirements.

The State Treasury has also built a specialized database of treasury management under the project: "Upgrading and deploying data warehouse and professional statistics and analysis instruments - data warehouse" and deployed to users since November 2018. The State Treasury is currently developing a plan to upgrade and expand the data warehouse system to add more investment expenditure data, a number of functions to meet management requirements and strengthen storage capacity (the upgrade is expected to complete in 2023).

The General Department of Customs has completed construction of the Customs decision-making support information system and put into operation since October 2017. The General Department of Customs is currently implementing IT services outsource plan to perform Digital Customs in order to upgrade and modernize the customs sector, including building a database of centralized and unified storage, smart processing, serving for state management of customs requirements; standardizing the entire system data readily to connect with relevant ministries, branches and agencies.

The State Securities Commission has completed building a specialized securities management database (State Securities Commission database exchange and integration system building project– SOA integration axis) since 2018. The system exchanges and integrates existing databases of the State Securities Commission to provide and share information and data quickly, accurately and timely, supporting professional units of the State Securities Commission in securities and securities market management.

According to the Department of Financial Informatics and Statistics, the national prices database building roadmap approved by the Finance Ministry’s leadership in the Submission No. 241/TTr-QLG of the Price Management Department dated 07/07/2016 has been implemented in 2 phases: Phase 1 has been completed and put into official operation from July 1, 2018. Phase 2 of expanding integration scope to comprehensively meet requirements of state management on prices has been completed and put into official operation from November 1, 2021. Currently, the national price database system phase 2 has granted 518 accounts to users, providing reports timely and comprehensively in order to give out appropriate solutions to help stabilize market prices, control inflation;…

In 2018, the Department of Debt Management and External Finance carried out a project to purchase copyright and install the financial analysis and debt management software version 6.0 – DMFAS 6.0. The Department of Debt Management and External Finance has coordinated with UNCTAD to develop a draft contract for implementation. During negotiation, difficulties have arisen in payment terms in the contract with UNCTAD, regarding advance payment guarantee and remaining risks in implementation of upgrade copyright purchase contract. The Department of Debt Management and External Finance has submitted a report to the Ministry for approval of contract termination in 2021 and development of project to promote information technology application in public debt management.

The specialized database in public assets management has been implemented by the Department of Public Asset Management basing on the "Upgrading national public assets database" project. The Department of Public Asset Management has completed the project construction and implementation, including: Public asset management software, National data warehouse of public assets for ministries, branches and localities nationwide. Ministries, branches and localities have currently been updating public asset data in accordance with the Law on Management and Use of Public Assets into the public asset management software, for preparing annual public assets management and utilization reports, state financial statements.

The Insurance Supervisory Authority has implemented the insurance business management and supervision information system project in order to build a centralized database system for insurance market aiming to exchange information among units under the Insurance Supervisory Authority, integrate related systems to collect data, connect with insurance businesses and share data flexibly and uniformly, forming an integrated database as the basis to apply the most advanced tools. The project has been completed in 2022 and put into operation since the first quarter of 2023.

The Department of Corporate Finance has built a specialized database on management and supervision of state capital at enterprises under the project: "The Finance Ministry’s centralized system on supervision of state capital at enterprises” to manage and control the operations of enterprises who hold the state capital, thereby, mastering report data from units to serve and support leadership at all levels in administration and decision making, at the same time creating a specialized database for management and supervision of state capital in enterprises. The state capital and corporate finance management and supervision information system has been officially put into operation since early 2022.

The General Department of State Reserves has currently been carrying out procedures to submit to competent authority the investment policy for upgrading the State Reserve Database along with the State Reserve reporting information system. Once the investment policy is approved, the General Department of State Reserves shall take next steps to build a specialized state reserve management database.

The Department of Financial Informatics and Statistics has completed upgrading the financial common e-directory database, version 6.0. The system has been put into official operation, connecting and sharing e-directory data among information technology systems under the Ministry, ensuring integration and sharing of maters data in the Finance sector and between the Finance sector and other ministries, branches and localities.

The Ministry of Finance has approved the investment policy for the financial general database building project- Phase 1 at the Decision No. 1326/QD-BTC dated July 14, 2021; and then approved the financial general database building project- Phase 1 at the Decision No. 1416/QD-BTC dated 12/7/2022. The Department of Financial Informatics and Statistics shall hold prime responsibility and coordinate with relevant units to implement the project in 2022-2024 period. The Department of Financial Informatics and Statistics and relevant units have currently completed additional surveys for making detail design under the project implementation schedule.

According to the Department of Financial Informatics and Statistics, specialized databases under projects completed and put into operation recently have brought about various benefits and effects, as follows: Enhancing effectiveness and operational efficiency in financial management of the Ministry of Finance and the Government through timely providing financial and budget data to serve for the management and administration of the Ministry of Finance leadership, units under the Ministry and local financial agencies; Ensuring the accuracy and timeliness of the national financial resources management through using reliable source of public financial information and data; Supporting to improve the capacity of policy analysis and planning at professional units under the Ministry of Finance based on using business intelligence tools.

Specialized databases provide uniform exploiting and using manner in compliance with professional processes and procedures, improve data services management in order to enhance publicity, transparency and accountability of agencies and units. The deployment and use of specialized databases has contributed to building, implementing and shaping the financial data development strategy based on pillars of people and organization, process and governance, policy and technology with a focus on data governance.

The national financial database model implemented under the National Financial Database Architecture includes a centralized general financial data warehouse at the Ministry of Finance and specialized financial databases being uniformly planned, built and developed under main principles to ensure connectivity, integration and sharing of information and data among the units within the finance sector, between the Ministry of Finance and external agencies, organizations and individuals.

Need of updating in current context

According to the Department of Financial Informatics and Statistics, the National financial database building project was approved by the Ministry under Decision No. 2376/QD-BTC dated November 1, 2016. Basing on the project implementation results from 2016 so far, the implementation results of the State Budget Revenue and Expenditure Data Warehouse and the General Database on Finance - Phase 1, while ensuring adoption of changes in new technologies, it is an indispensable requirement to update the project to go with current context.

The objectives, scope, and content of specialized financial databases need to be updated in line with guidelines, tasks, strategies, and development plans in the new period as promulgated under resolutions, decisions of the Government, the Prime Minister and the Ministry of Finance.

In addition, new contents shall be reviewed and updated in the project, including: Updating financial data development strategy, roadmap and policies in medium and long term; Identifying KPIs analysis solutions, macroeconomic indicators based on financial database system to help the Ministry of Finance issue policies, make decision timely and effective; Proposing solutions to deploy analysis, forecasting and warning models serving for formulation and administration of socio-economic development plans under the management of the Ministry of Finance based on big data system of the Finance sector.

Determining infrastructure and architecture-oriented platforms, technology model used at the units, the level of investment in infrastructure and underlying technologies to serve the implementation of data strategic objectives for report, analysis and forecast information and data needs.

Updating mechanisms and policies related to data creation, collection, master, process, storage, connection and sharing in information and database systems of the Finance sector. Updating the goals of digital human resources for information and data management, consolidating organizational functions readily to manage, deploy and operate the national financial database system.

The Department of Financial Informatics and Statistics shall plan estimates from the state budget for hiring consultants to update the project. The consultants shall be high-qualified to update international experiences in public finance big data construction and governance as well as global technology trends in digital transformation.

(Thu Hằng)

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