This event marks the continuation of Vinamilk’s comprehensive financial digital transformation projects as part of its sustainable development strategy, contributing to enhancing the brand’s position in the Vietnamese and international markets.
Representatives from Vinamilk and FPT announce the official launch of the FPT CFS – Comprehensive Financial Close and Consolidation Solution
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Vinamilk, a national brand, ranks among the top 40 largest dairy companies in the world by revenue and has consistently been among the best-listed companies in Vietnam. The company has expanded its scale to 46 units, including 1 head office, 5 branches, 15 dairy farms, and 16 factories in Vietnam, Cambodia, Laos, and the United States. Additionally, they have 2 warehouses and 12 subsidiaries and affiliated companies both domestically and abroad. Vinamilk’s products are exported to over 60 countries and territories worldwide, including the US, Japan, South Korea, and Australia.
Corresponding to its large-scale business operations, Vinamilk’s financial management, accounting, and tax administration have always been exemplary, despite the massive volume of detailed and complex accounting data they manage. The company’s timely provision of financial information has contributed to enhancing its reputation with customers, shareholders, and investors. Vinamilk has consistently been recognized as one of the best annual report companies in the non-financial sector while ensuring compliance with securities and financial market regulations.
Maintaining its commitment to financial transparency while increasing operational efficiency in reporting, Vinamilk has implemented numerous digital transformation projects in financial and accounting management. Most recently, in March 2024, Vinamilk, in collaboration with FPT, initiated the FPT CFS project, aiming to digitize the Comprehensive Financial Close and Consolidation Solution. This project also prepares the company for the transition to International Financial Reporting Standards (IFRS) and supports its M&A activities.
Within a short span of three months, the dedicated teams from both sides completed the preparatory work, data standardization, and automation of data integration from multiple sources, demonstrating a remarkable pace in project execution. This “lightning speed” is a testament to the dedication, professionalism, and innovative mindset of Vinamilk’s financial accounting team, as well as the supportive leadership within the organization.
Speaking at the event, Mr. Le Thanh Liem, Chief Financial Officer of Vinamilk, shared, “Digital transformation is a significant strategy for Vinamilk, particularly in the realm of financial management and accounting. Over the years, Vinamilk has been implementing digitalization solutions to enhance our financial management processes, and the adoption of FPT CFS aligns with this direction, promoting a more comprehensive and efficient digital transformation in the company’s financial sector, adhering to international standards.”
The official utilization of FPT CFS throughout Vinamilk’s financial consolidation processes will automate internal data reconciliation, enhance productivity, and improve the accuracy and timeliness of separate, consolidated, and consolidated explanatory reports.
Mr. Nguyen The Phuong, Deputy General Director and Chief Financial Officer of FPT, and Chairman of FPT Smart Cloud, expressed his pride in partnering with Vinamilk: “We are truly honored to accompany Vinamilk in the official operation of the FPT CFS system. The professionalism, dedication, and innovative mindset of the Vinamilk team, coupled with FPT’s market understanding and technological capabilities, have led to the successful implementation of this project ahead of schedule.”
During the event, the leaders of Vinamilk and FPT also expressed their desire for continued collaboration, embracing innovation and the application of new technologies in operations and management to optimize activities and enhance management efficiency.
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“Vinamilk and FPT Collaborate to Elevate Financial Management with Tech-Driven Solutions”
Vinamilk and FPT Corporation recently joined forces to unveil the FPT CFS – a comprehensive financial reporting solution. This innovative system promises to revolutionize the way businesses manage their financial operations, with a particular focus on streamlining the complex process of ledger closure and financial report consolidation. The official launch event marked a significant step forward for both companies, showcasing their commitment to harnessing technology to drive efficiency and progress.
