In 2023, the State Securities Commission experienced measurable and successful results as a result of implementing information technology. This has significantly contributed to the growth of the stock market, as well as the advancement of the digital government and digital economy.
The State Securities Commission (SSC) has released a report stating that in the year 2023, it will continue implementing approved projects and tasks as per the "Plan for applying information technology in the operations of the Securities Commission." This step is aimed at developing a digital government and ensuring network information security, as per the Ministry of Finance's Decision 2134/QD-BTC of October 21, 2022.
In 2023, the State Securities Commission will focus on implementing IT projects to manage and supervise the stock market on schedule. The commission has proactively developed, promulgated, and submitted to the Ministry of Finance documents, regulations, and processes regarding IT applications. These include Decision No. 82/QD-UBCK, which was issued on February 8, 2023, by the Chairman of the State Securities Commission, providing guidance for securities companies on the use of the Securities Company Management Database System of the State Securities Commission. Decision No. 504/QD-UBCK, which was issued on June 21, 2023, amends and supplements Decision No. 544/QD-UBCK, dated June 18, 2018, of the Chairman of the State Securities Commission on regulations on standards and norms using specialized machinery and equipment at the State Securities Commission. Decision No. 667/QD-UBCK, dated August 10, 2023, of the Chairman of the State Securities Commission, promulgates regulations on network information security and cyber security of the State Securities Commission.
The State Securities Commission is responsible for the state management of online securities trading activities. It issues decisions approving market trading for securities companies in accordance with regulations. At present, 76 companies have been licensed for market trading. In 2023, the commission approved the provision of market trading services for 02 securities companies. The commission regularly monitors the status of stock trading activities of securities companies through periodic and irregular inspections, periodic reports, and reports when there are system changes. The commission also provides timely guidance and rectification for issues arising on the stock market related to market trading activities.
The State Securities Commission will conduct 12 rounds of application documents for the issuance of 73 individual digital certificates (CTS) in 2023. The commission will also implement 17 rounds of dossiers to request revocation for a total of 31 individual CTS in 2023. This is due to expired CTS, individuals quitting jobs, or damaged CTS storage devices for officials and civil servants of the State Securities Commission. The commission will also restore the device that stores personal CTS information and request to change CTS information for officials and civil servants of the State Securities Commission.
The State Securities Commission has introduced methods to exchange and resolve administrative procedures for people and businesses on the online public service system (DVCTT). The commission has provided 36 partial information services and 68 complete information services, and 36 information services have been integrated into the National Public Service Portal. Through this information service system, people and businesses can carry out administrative procedures in the electronic environment anytime, anywhere. They can also look up the status, processing progress, and results of administrative procedures. This ensures information openness and transparency.
The State Securities Commission has successfully integrated its information service system with various other systems, such as the Executive Document Management system, the EMC system of the Ministry of Information and Communications, the Cyber Trust system of the National Cyber Security Center, and GlobalSign's digital certificate. This integration was completed in 2023 as part of the IT initiatives outlined in Decision 1333/QD-BTC of the Ministry of Finance, dated July 1, 2022.
The Commission has implemented several IT projects and tasks approved in Decision No. 2842/QD-BTC, dated December 29, 2022, by the Minister of Finance. The plan and list of estimates for implementing IT applications in 2023 were approved in Decision No. 1963/QD-BTC, dated September 15, 2023, also by the Minister of Finance. The implementation of information services is proceeding according to plan, but there are still some areas that require attention to ensure effective public service provision. For instance, there is a need to find a solution to force the submission and processing of public service dossiers, increase the ratio of public services that generate online records, and upgrade the public service system to meet current regulations.
The State Securities Commission has taken on important and urgent projects to replace and supplement infrastructure system resources for its IT application systems. However, these projects have faced many difficulties and slow progress due to numerous stages and steps according to the prescribed order of public investment. Despite some limitations and delays in funding allocation and implementation procedures, the Commission is committed to completing these projects.
In 2024, the State Securities Commission plans to build a centralized data warehouse (Data Warehouse) to complete and develop databases. Although the database system on management objects is mostly complete, it is still fragmented, and there is no scientific connection. To overcome these weaknesses, the IT Department is currently organizing the implementation of a project to build a centralized database system (Data Warehouse). However, this project has not been implemented due to complicated and lengthy investment procedures.
The IT management of the IT Department is becoming increasingly diverse and complex as the IT system of the State Securities Commission continues to develop. However, the number of specialized IT staff is still very limited compared to actual needs. There are times when a lot of work needs to be done urgently, which significantly affects the progress and quality of work done by IT Department officers.
The IT personnel in the information technology team must receive proper training and development to meet quality standards. Keeping up with rapid technological advancements requires in-depth training courses and overseas learning programs to update knowledge about IT in the securities sector.
Innovative recruitment processes should be implemented to create favorable conditions for recruiting enough information technology staff to complete professional work according to the missing needs of the IT Department.
The State Securities Commission plans to build and improve the information infrastructure and create an electronic working environment by 2024, which will increase quality and operational efficiency. They will also build an information system according to a centralized model and create a database for objects under the management of the State Securities Commission. The deployment of information security and safety solutions for the SSC's IT systems is also on the agenda. Enhancing the effective exploitation of information systems and databases that have already been put into operation will serve the management and supervision of the stock market and the executive direction of the State Securities Commission.
In 2024, the State Securities Commission will collaborate with relevant units of the Ministry of Finance to deploy and complete programs and tasks allocated in the budget for implementation, ensuring that the schedule is met, and the disbursement rate is high. Currently, they have developed a plan for a list of estimates to deploy information technology applications in 2024, which is being submitted to competent authorities for appraisal and approval.
The SSC aims to develop regulations on the management and operation of IT applications, creating conditions for the application and development of IT at the SSC. They plan to build and complete documents on regulations for the exploitation and use of IT applications that have been and are prepared to be put into operation at the State Securities Commission. They will also develop regulatory documents on information technology requirements and standards applied in the operations of the State Securities Commission and the stock market. Gradually standardizing functions, tasks, and job descriptions in each IT management field of the State Securities Commission such as network administration, application administration, database administration, safety, and security is also on the agenda. Furthermore, the State Securities Commission will actively participate in contributing opinions to draft documents on IT mechanisms and policies developed by the Ministry of Finance and implement Circular No. 134/2017/TT-BTC dated December 19, 2017, of the Minister of Finance on instructions for electronic transactions on the stock market.
The main focus of the State Securities Commission will be to invest in IT applications to serve people and businesses in 2024, synchronizing with the policy of administrative reform. The administrative procedure reform of the Government and the Ministry of Finance will also be a priority.
Thúy Nga
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