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26 Apr 2012 08:00
Vietnam State Treasury Transforms Financial Processes with the Oracle E-Business Suite 12.1
 
 


Streamlined Internal Financials Enables Compliance with Vietnam and International Accounting Standards


Hanoi, Vietnam – 26 April, 2012

News Facts

  • As a professional, specialized unit under the Ministry of Finance, VST indentified a number of critical requirements related to scalability, standardization 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 centralized architecture which is capable of working side by side with existing legacy software to respond flexibly to the complicated financial processes throughout VST.
  • Dramatic results have been recognized through improved efficiency and productivity across all departments in VST including:

o Improving productivity of accounting staff

o Considerably reduced back-office costs, time and resources

o Streamlined, automated and simplified all VST’s internal financials

o Enabled real-time access to information at managerial levels, helping to produce multi dimensional reports

o The new system in place ensured standardized compliance with Vietnam and international accounting standards



Supporting Quotes

  • “Our critical requirements on scalability and standardization led us to choose Oracle E-Business Suite Financials 12.1 to utilize Oracle’s solid and highly compatible platform. Oracle meets our strict requirements and highly complicated financial accounting process,” said Mr. Nguyen Dai Tri, Vice President, Vietnam State Treasury. “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 organizations.”
  • “We congratulate VST on the successful roll-out of this project which once again demonstrates our rich expertise in implementing Oracle’s solutions,” said Mr. Duong Dung Trieu, CEO, FPT Information Systems. “Our partnership with Oracle brings about results beyond expectation, further enhancing our shared footprint in Vietnam and proving our ongoing contribution to the government.”
  • “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 Mr. 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.”



Supporting Resources



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