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

VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.

More News

Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Read More

Your care

Latest Most read
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - Mr. Nguyen Hoai Nam, Deputy General Secretary, Vietnam Association of Seafood Exporters and Producers (VASEP), said that the advantage that UKVFTA brings is that the main products of the seafood industry enjoy 0% import tax to the UK, especially key
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN - E-commerce platforms have emerged as crucial distribution channels, enabling goods to reach consumers quickly and conveniently.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Mobile Version