Vietnam ICT in Finance 2007

 

The stock market is standing before both opportunities and challenges on its development path. The increasing demand for capital mobilisation and the considerably high social savings ratio will be the important prerequisite for the stock market to make further development. Meanwhile, the small foreign investment capital flows into the stock market, the non-managed market, the limited awareness of investors and cornering on the emerging market will be challenges for the Vietnamese stock market.

 

Therefore, the stock market development orientation until 2010 will consist of the development of managed market in both size and quality and the narrowing of free market. The stock market development will go together with state-owned enterprise restructure and modernise securities trading centres and the stock exchange to meet the managing and supervising requirements.

 

 

Vietnam's financial sector has shown rapid growth over the past years.  Bank deposits and credits have been growing at about 30 per cent a year, and the credits reached 71 per cent of GDP by the end of 2006. While the banking sector has been dominated by the state-owned commercial banks (SOCBs), it is diversified with the very rapid growth of leading joint stock banks (JSBs) while the SOCBs strive to enhance their balance sheet to be ready for equalization. The implementation of inter-bank payments system (IBPS) vastly improved the efficiency of the clearance and settlement of inter-bank payments.  ATMs numbered 3,820 in early 2007, as compared with 800 in 2004, enhancing the access to the banking service. Improved public confidence in the banking system and the Vietnamese dong is leading to the gradual de-dollarization of the economy and the greater use of non-cash payments.  More recently, the stock market has shown explosive growth. The number of listed companies and securities companies has quadrupled while the equalization of largest SOEs is not yet to come to the market.

 

However, there is a need to promote the consolidation of small banks and securities companies to survive in the increasingly competitive environment of the post-WTO era.  At the same time, conglomeration attempts by groups of major industrial enterprises and banks need to be carefully examined from a perspective of ensuring the banks' prudent operations, fair competition and the transparency of intra-group business dealings.  The growth also highlighted a need to enhance the operational efficiency of the financial market and its supervision by fundamentally upgrading the financial ICT infrastructures as well as internal ICT capacity of financial institutions.

 

 

What drives high performance in revenue and taxation agencies today and what will drive it in the future? Accenture undertook a global survey of taxation agencies around the world to address these questions. It involves 28 in-depth discussions with top executives of 20 agencies and online surveys. This presentation will cover the evolution of revenue innovations from the 80s to now. More importantly it will include findings of the innovations being planned and put in place now for leading taxation agencies to set the stage for the future.

 

With IBM Customs Agency Solutions, your organization can gain an architectural blueprint and proven methods to accelerate the transformation to e-government operating models. We can help your agency define and implement a modernization strategy that supports the complex challenges facing customs agencies and port authorities today.

 

Establishing a framework to increase efficiency Is your agency looking for a more effective and efficient way to reduce fraud and abuse, therefore improving voluntary compliance with tax law? Budget concerns and agency resource constraints have placed added pressure on tax agencies. The tax customer service and compliance solution from IBM is designed to help agencies administer tax laws and collect funds due to the government.

 

 

Governments wish to provide essential services in ways that maximize the efficiency of resident (i.e. indigenous and multinational) industry and promote trade competitiveness. This has resulted in an ever-gathering pace of administrative reform where – in the world of border regulation and customs – the focus is on creating a more transparent and industry friendly regulatory framework whilst at the same time protecting its nation’s citizens. This is also inspiring Customs to look for technology that can provide both the tools required to maximize performance but also the means to obtain the high degree of assurance demanded by citizens and policy makers.

We will look at global trends in the business and technology direction of Customs and attempt to understand the role of ICT not only as an enabler, but as a real change agent in the process of transformation for Customs and for the Trading Community. This will set the scene for introducing Accenture’s vision for transforming this vision into reality.

 

The existing tax administration systems around the world are mainly custom developed systems. The more sophisticated systems are usually implemented by integrating many different software products. The resulting systems are complex and difficult to maintain, leading to high operational costs and limited flexibility. In the Asia Pacific region where many countries are going through a period of rapid economic development, governments need to be very nimble in their tax administration in order to not only sustain their economies, but also to be a catalyst for further growth.

 

There is now increasing acceptance that a Commercial-Of-The-Shelf (COTS) approach to tax systems development is not only viable – it actually offers significant competitive advantage over a custom build approach. With the COTS approach, tax agencies can have greater certainty over the solution they are procuring, reduced implementation risks and cost, shorter time to market and also lower operational and maintenance costs.

 

The heartbeat of any organization is in the data center. Employees, partners, and customers rely on data and resources in the Data Center to effectively create, collaborate, and interact.

According to industry estimates, more than 70 per cent of IT budgets are dedicated to sustaining existing application environments. Therefore, IT organizations must improve operational efficiency, optimize utilization of data center resources, and release funds for innovative new IT projects that help generate revenue.

Data center managers need resilient infrastructure that consistently protects diverse applications and services against disruptions and security attacks; and an agile infrastructure that can incorporate ongoing improvements in computer, storage, networking and application technologies, and empowers IT to support changing business processes.

 

Enterprises today are also constantly challenged with data leakage caused by removable media and the resulting regulatory compliance issues, which dominate enterprise IT’s ‘Top Ten Concerns’ lists 1. Unmanaged removable media can easily open the floodgates for data to escape into the wrong hands, whether intentionally or accidentally. With more end users installing non-business related programmes and an increased number of threats, 85 per cent of corporate machines need to be rebuilt every year. The average enterprise downtime for each virus attack is 23 person days, with 31 person days required to achieve full recovery.

 

Mr Ghebranious will introduce you to a solution that provides policy-based enforcement by employing a white listing approach for both removable media and applications on your network.