E-transaction in financial operations: Need to have unification among agencies

	Optimization of electronic financial transactions
	Transactions on the stock market will be closely monitored
	There will be specific guidelines on tax management for the enterprises having associated transactions

The representative of the Ministry of Finance stated at the seminar. Photo: H.D

In order to further improve the above draft Decree, the Ministry of Finance collaborated with VCCI to hold a seminar to consult enterprises about the draft to develop Decree replacing Decree 27/2007/ND-CP on e-transaction in the financial operations on September 6, 2017.

According to Mr. Nguyen Viet Hung, Deputy Director of the Department of Financial Informatics and Statistics- Ministry of Finance, Decree 27 has been issued over 10 years. Currently, most of the provisions of Decree are inconsistent with reality and current legal system. For example, some provisions only stipulate on the implementation under traditional methods based on e-environment, they have not taken full advantages of e-methods.

Therefore, the representative of the Ministry said that together with the Government’s requirement for administrative reform and creation of a favorable business environment for enterprises, the Ministry of Finance proposed to replace Decree 27 to help people and enterprises to implement e-transaction more easily and safely with Finance agency.

Agreeing with the proposal of the Ministry of Finance, Mr. Dau Anh Tuan, Director of Legal Department of VCCI stressed that e-transaction is an important and necessary trend. E-transaction helps to reduce cost and time for enterprises, especially, reduce harassment due to contact between State officer and enterprises. For the State authorities, the application of e-transaction will help save human resources and exchange information effectively.

Regarding to the concern of an enterprise about security, safety and digital signature in the context of fierce competitiveness, Mr. Nguyen Viet Hung said that the Draft was considered to ensure to keep secret in information exchange of enterprises under the Law on Cyber Information Security approved by the National Assembly 2015.

According to Mr. Dinh Cong Hiep, Head of Legal Division of Sai Gon - Hanoi Insurance Corporation, the draft should stipulate more clearly on e-transaction and e-document to expand and cover all transactions. Especially, a representative of Agriculture Bank Insurance Joint - Stock Corporation said that Decree 27 stipulates on the application of e-transaction in the insurance field, but the actual operation is based on the Law of Insurance Business. Hence, the representative proposed to stipulate specifically on e-transaction in the Insurance field, especially in conclusion of the insurance contract.

Moreover, for the securities field, Mr. Nguyen Duc Thuan, Head of Legal Department of MB Securities Joint Stock Company proposed that draft Decree need to be supplemented provisions on e-transaction in securities operations, because securities companies apply some services to customer via telephone and online transaction, but they still face difficulties in applying for licenses due to unspecific guidelines and regulations in general.

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Along with that, Mr. Dau Anh Tuan recommended that when the Decree is completed, the collaboration among competent agencies is necessary, because the application of IT, e-transaction, e-invoice and etc of some agencies such as Public Security, Market Management, and Border Guard is still limited. For example, if a shipment is transported on the road, the other competent agencies must have measures to assess the legality of goods and if the goods have invoices, these agencies can not require an enterprise to submit paper invoices causing harassment for the enterprise.

Therefore, Mr. Hung said that the development of the Draft Decree faced with some difficulties, especially in the propaganda for people and management organizations and agencies. Agencies need more time to amend measures and regulations.

“The Ministry of Finance has anticipated this problem, so it will listen and consult to finalize the Decree as well as issue circulars to guide on e-transaction in the financial sector such as a bank, insurance, securities and etc in line with reality,” Mr. Hung said.