Vietnam State Treasury transforms financial processes with the Oracle E-Business Suite 12.1

As a professional, specialised unit under the Ministry of Finance, VST indentified a number of critical requirements related to scalability, standardisation and managerial report production that would benefit from a best-of-breed information and technology system.

VST chose the Oracle E-Business Suite 12.1 due to the solid and centralised architecture which is capable of working side by side with existing legacy software to respond flexibly to the complicated financial processes throughout VST.

“Our critical requirements on scalability and standardisation led us to choose Oracle E-Business Suite Financials 12.1 to utilise Oracle’s solid and highly compatible platform. Oracle meets our strict requirements and highly complicated financial accounting process,” said Nguyen Dai Tri, vice president of VST.

“We are now experiencing a thorough transformation in our overall internal financials, with reduced time and resources, whilst producing horizontal and vertical reports in real time. We hope our success will serve as a good reference across the financial sector as well as other enterprises and organisations,” Tri said.

Dramatic results have been recognised through improved efficiency and productivity across all departments in VST including improving productivity of accounting staff, considerably reduced back-office costs, time and resources, streamlined, automated and simplified all VST’s internal financials, and enabled real-time access to information at managerial levels, helping to produce multi-dimensional reports.

The new system in place will also ensure standardised compliance with Vietnam and international accounting standards

 “VST is our valued client in the public sector in Vietnam and we are proud to help VST manage their internal financials seamlessly, ensuring consistency throughout their entire system from our single, integrated system with a high level of compliance,” said Quang Minh Pham, country manager, Applications, Oracle Vietnam. “We are committed to support more local agencies in the public sector through our innovative and open solutions.”

The deployment of Oracle E-Business Suite Financials 12.1 at the VST  was implemented by FPT Information Systems - FIS, a platinum level member of Oracle PartnerNetwork (OPN).