This document describes the work done in the UNU/IIST MoFIT project during the period April--September 1996 by five Fellows from Vietnam (four from the Ministry of Finance, one from the Institute of Information Technology). The eventual aim of the project is to describe a complete financial information system. The first part of the project concentrated on the taxation system, the Vietnamese Government's main revenue collecting system. It includes a domain analysis in two parts, an informal narrative and a formal model; a prototype of part of that system developed from the formal specification and used to test it; a description of the security aspects of the system; an extension of the formal model describing the security aspects; and a description of taxation policies, particularly those likely to change in the immediate future. The formal components are written in the RAISE specification language, RSL using the RAISE development method.