MoIT plans to launch a transaction assurance system in e-commerce

The Centre of Information and Digital Technology of the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade is expected to launch a system to ensure transactions in e-commerce from now until the end of the year.

MoIT plans to launch a transaction assurance system in e-commerce hinh anh 1

Illustrative image (Photo: VNA)

The Centre of Information and Digital Technology of the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade is expected to launch a system to ensure transactions in e-commerce from now until the end of the year.

This is to assist the parties to the transaction using protected online payments.

According to the Centre of Information and Digital Technology, the online payment on e-commerce markets still faces many difficulties due to the high return rate in e-commerce orders.

E-commerce platforms have had consumer protection mechanism, but there has been no mechanism to protect shop owners and no formal or convenient dispute resolution mechanism.

In order to solve the difficulties, buyers and sellers often use an intermediary stage, which is a system to secure transactions under the dispute resolution option (Escrow).

This means that two parties ask a third party to hold money, papers or other assets for a transaction on their behalf before the transaction is completed.

By this way, buyers and sellers can trust each other on e-commerce platforms and business-to-consumer (B2C) e-commerce websites.

The Escrow system of transaction assurance will solve the online payment difficulties of the e-commerce market by building a reliable intermediary system, ensuring that transactions take place according to agreement between buyers, sellers and brokers.

In addition, the system provides a place to keep the payment of the buyer and will only transfer it to the seller when the transaction is confirmed as successful from the parties participating in the transaction chain.

It also provides an online dispute resolution platform for the parties involved in the transaction.

Buyers and sellers have a default normal period of seven days to execute contracts.

During the holding period, only when the buyer clicks on the approve button to transfer the money to the seller, the money is actually transferred./.

Source: VNA
en.vietnamplus.vn

Related News

Perfecting tax policy for goods traded via e-commerce

Perfecting tax policy for goods traded via e-commerce

VCN - In order to ensure the goal of developing e-commerce activities without causing loss of state budget revenue, the Customs authority is actively coordinating with policy advisory units of the Ministry of Finance to research and review regulations on tax exemption for import and export goods transacted via e-commerce.
Beware of the "invasion" of unofficial e-commerce platforms

Beware of the "invasion" of unofficial e-commerce platforms

VCN - Appearing in Vietnam since the end of September, the online retail platform Temu has attracted buyers with its super discount and completely free shipping strategy. However, currently, the information about Temu's legal status and unverified information security methods lead to potential risks.
E-commerce tax collection in Hanoi increased by 265%

E-commerce tax collection in Hanoi increased by 265%

VCN - As of August 2024, the Hanoi Tax Department has built a tax management directory for e-commerce business activities including more than 75,000 organizations and individuals. In particular, there are more than 37,000 business households and more than 9,000 individuals.
Insurance companies adapt to e-commerce trends

Insurance companies adapt to e-commerce trends

VCN - Travel insurance, cargo insurance, shipping insurance… have become popular services in online shopping transactions. Therefore, insurance companies are adapting this trend and expanding their customer data.

Latest News

Ample opportunity for Vietnam - Peru trade to increase to meet potential

Ample opportunity for Vietnam - Peru trade to increase to meet potential

State President Luong Cuong's coming visit to Peru is set to catalyse cooperation in promising areas, as two-way trade continues its impressive trajectory, doubling to 600 million USD in 2022 from the 2014 level.
Vietnam aims to increase market share in Africa

Vietnam aims to increase market share in Africa

Although Vietnam’s rice exports have traditionally focused on Asian markets, experts have advised businesses to pay more attention to Africa which has emerged as a key potential market.
Seafood exports expected to break through in the last months of the year

Seafood exports expected to break through in the last months of the year

VCN - Vietnam's seafood exports in the third quarter of 2024 reached the highest turnover since the beginning of the year. Speaking to the press, Ms. Le Hang (photo), Communications Director of the Vietnam Association of Seafood Exporters and Producers (VASEP), shared the highlights of exports in the first 9 months of the year and assessed the trend in the last quarter of this year.
Vietnam’s aquatic exports on track to top 10 billion USD

Vietnam’s aquatic exports on track to top 10 billion USD

Vietnam’s aquatic exports are expected to exceed the annual target of 10 billion USD on the back of strong demand from major markets, according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien.

More News

Vietnamese, Chinese firms ink deals to bolster trade

Vietnamese, Chinese firms ink deals to bolster trade

Vietnamese and Chinese firms signed seven memoranda of understanding covering trade-economy, logistics, energy, agriculture, and media during a recent dialogue in Chongqing city of China.
Chemical companies go green to compete effectively

Chemical companies go green to compete effectively

VCN - Chemical and fertilizer production are industries with high emissions and energy usage, making the Green standard particularly stringent for them.
To open the door for industrial processing and manufacturing products to demanding markets

To open the door for industrial processing and manufacturing products to demanding markets

VCN - Vietnam's processing and manufacturing industry has made strong progress in 2024, with positive growth and becoming the main driving force of the economy. However, to maintain growth momentum and expand market share in demanding markets, businesses need to address challenges in quality standards, raw material costs and strict compliance requirements from international partners.
Vietnam- the Philippines trade reaches nearly US$6.5 billion after 9 months

Vietnam- the Philippines trade reaches nearly US$6.5 billion after 9 months

VCN - In the first nine months of 2024, the total two-way trade turnover between Vietnam and the Philippines reached nearly US$6.5 billion, an increase of over 20% year-on-year.
Vietnam's pepper exports down in volume, but surge in value

Vietnam's pepper exports down in volume, but surge in value

Vietnam's pepper exports saw a 1.9% year-on-year decrease in volume but a significant 48% increase in value thanks to higher prices in the first 10 months of 2024, according to the Vietnam Pepper and Spice Association (VPSA).
Vietnam’s e-commerce sector grows 18%

Vietnam’s e-commerce sector grows 18%

Vietnam’s e-commerce market is estimated at 22 billion USD this year, ranking third in Southeast Asia behind Indonesia (65 billion USD) and Thailand (26 billion USD).
Vietnam draws new wave of high-value investments: Savills

Vietnam draws new wave of high-value investments: Savills

Vietnam’s industrial and digital sectors are experiencing a strong growth, fueled by a surge in foreign direct investment (FDI) inflows, large-scale infrastructure projects, and a favourable legal environment, according to Savills Vietnam.
Plastic exporters focus on recycling technology transformation

Plastic exporters focus on recycling technology transformation

VCN - Vietnam's plastic industry is facing significant challenges related to plastic waste and the demand for recycling. Huynh Thi My, Secretary General of the Vietnam Plastics Association, shared important insights on the transformation efforts by plastic businesses to meet the growing export demands.
How is Vietnam-US trade under two Trump elections?

How is Vietnam-US trade under two Trump elections?

VCN - In the first nine months of 2024, Vietnam-US trade reached nearly US$100 billion, nearly three times higher than the same period in 2016 - the first year Donald Trump was elected President of the United States.
Read More

Your care

Latest Most read
Ample opportunity for Vietnam - Peru trade to increase to meet potential

Ample opportunity for Vietnam - Peru trade to increase to meet potential

State President Luong Cuong's coming visit to Peru is set to catalyse cooperation in promising areas, as two-way trade continues its impressive trajectory, doubling to 600 million USD in 2022 from the 2014 level.
Vietnam aims to increase market share in Africa

Vietnam aims to increase market share in Africa

Although Vietnam’s rice exports have traditionally focused on Asian markets, experts have advised businesses to pay more attention to Africa which has emerged as a key potential market.
Beware of the "invasion" of unofficial e-commerce platforms

Beware of the "invasion" of unofficial e-commerce platforms

Appearing in Vietnam since the end of September, the online retail platform Temu has attracted buyers with its super discount and completely free shipping strategy.
Seafood exports expected to break through in the last months of the year

Seafood exports expected to break through in the last months of the year

Vietnam's seafood exports in the third quarter of 2024 reached the highest turnover since the beginning of the year.
Vietnam’s aquatic exports on track to top 10 billion USD

Vietnam’s aquatic exports on track to top 10 billion USD

Vietnam’s aquatic exports are expected to exceed the annual target of 10 billion USD on the back of strong demand from major markets, according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
Mobile Version