Facilitating business transactions in the electronic environment

VCN - According to Lawyer Nguyen Hung Quang, Executive Director of Law Office NHQuang & Associates, Chairman of Vietnam International Commercial Mediation Center (VICMC), the implementation of the Law on Electronic Transactions (amended) will have a great impact on building the digital economy, limiting negativity and corruption in transactions with State agencies.
Lawyer Nguyen Hung Quang, Executive Director of NHQuang & Associates Law Office, Chairman of Vietnam International Commercial Mediation Center (VICMC).
Lawyer Nguyen Hung Quang, Executive Director of NHQuang & Associates Law Office, Chairman of Vietnam International Commercial Mediation Center (VICMC).

How do you assess the impact of the Law on Electronic Transactions (amended), if it is implemented?

The draft Law on Electronic Transactions (amended) has made many positive changes compared. Amended regulations reduce unnecessary documents, procedures, and certificates for businesses. It is expected that when the law comes into effect, it will have a great impact on businesses that have will apply information in transaction activities, businesses operating on digital platforms, and businesses providing e-signature certification services.

The draft Law on Electronic Transactions (amended) has tried to regulate traditional transaction methods on the electronic environment, so it will have a great impact on building a digital economy and digital transformation in the economy. This draft also has innovations when it comes to very specific regulations related to electronic transaction methods between people, businesses and State agencies, creating a legal framework for more secure transactions, especially in the context of Vietnam promoting e-commerce.

In particular, for regulations related to open data, sharing information from State agencies with the community will be an important component to build an "Open Government", limiting corruption and negativity and solving many difficulties and problems related to business conditions and administrative procedures.

According to the Ministry of Information and Communications, the Law on Electronic Transactions (amended) will expand the scope of electronic transaction regulation in commercial, civil, and economic transactions, creating a stable legal framework for electronic transactions to be widely applied. The law also improves policies to ensure safe, reliable, and legally valid electronic transactions, further promoting the application of information technology in transactions of State agencies, organizations, and individuals. It is necessary to remove problems with specialized databases and personal data in performing administrative procedures and public services in the network environment.

Do you have any advice for businesses to prepare before the Law officially takes effect?

Of course, with such a comprehensive set of laws, businesses must be careful. Methods of electronic transactions were prescribed in the Law on Electronic Transactions 2005, but this revised Law will provide clearer provisions, especially those related to transactions between enterprises and State agencies.

For example, regarding the use of open data from State agencies, the provisions in the current law and even in the draft amendment are still not more specific and clear. Businesses have talked a lot about problems in accessing information from management agencies, but this issue needs to be adjusted appropriately. When enterprises use tools and software to access and process data from management agencies, it may affect the security and safety of the State agencies' systems. Moreover, when receiving open and public data, whether businesses can reuse or commercialize it or not is an issue. For example, if businesses have access to public customs data, how it is reused should be clearly regulated, ensuring information security.

In your opinion, are the legal regulations on transactions in the electronic environment able to meet the changing speed of digital technology today?

It is true that digital technologies, as well as transaction and payment methods, are changing rapidly, so the development of legislation must provide the foundation for all activities.

Currently, the Law on Electronic Transactions from 2005 has met this problem; the regulations have been implemented for more than a decade, so the revised draft only adds more regulations to make it clearer. I hope that the authorities will absorb the comments of experts and businesses to develop new laws in the direction of facilitating businesses, ensuring they fully comply with these regulations.

By Huong Diu (recorded)/ Ha Thanh

Related News

Developing export markets along with trade promotion

Developing export markets along with trade promotion

VCN - Import and export of goods in the first 6 months of 2024 continue to record positive results, total turnover is estimated at USD 369.6 billion, up 16% over the same period last year.
Increase responsibility for consumer protection in the electronic environment

Increase responsibility for consumer protection in the electronic environment

VCN - Along with strong development, e-commerce has been posing many new problems and challenges for economic and social development, including in the field of protecting consumer rights.
Increasing consumer protection responsibility in the electronic environment

Increasing consumer protection responsibility in the electronic environment

VCN - Along with its robust growth, e-commerce has introduced numerous new issues and challenges for economic and social development, including the area of consumer rights protection
Tax compliance management in the digital economy

Tax compliance management in the digital economy

VCN - The management of tax compliance in the digital economy has faced many challenges compared to the traditional economy. The transactions made via the internet environment and digital platforms have caused monitoring, controlling and management difficulties. Therefore, it is required to have appropriate solutions for management and ensuring revenue sources.

Latest News

Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - Although the import and export turnover of goods slowed down in September 2024, in general, import and export activities, especially exports, still grew positively in the first 9 months of 2024. It is expected that import and export of goods in 2024 will reach a record of 800 billion USD.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

VCN - According to the Ministry of Agriculture and Rural Development, Vietnam's capacity to export over 50 billion USD worth of agricultural products annually, coupled with established supply chains, provides a significant advantage for Vietnamese agricultural and aquatic products to penetrate the Halal market.

More News

Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Vietnam and UAE trade sees billion-dollar growth

Vietnam and UAE trade sees billion-dollar growth

VCN - According to General Department of Vietnam Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) reached nearly US$5 billion, an increase of more than US$1.4 billion over the same period last year.
Sharing responsibility for ensuring security and safety of the supply chain

Sharing responsibility for ensuring security and safety of the supply chain

VCN – Post - clearance audit is carried out in a planned, focused and key manner, avoiding widespread and ineffective inspections, thereby creating convenience for the business community and improving the effectiveness of state management of customs.
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Read More

Your care

Latest Most read
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

According to the Ministry of Agriculture and Rural Development, Vietnamese agricultural and aquatic products could penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Mobile Version