On the afternoon of October 6, 2023, Vietnam Business Lawyers Club (VBLC) hosted a seminar on “Electronic Transaction Law” to present the latest provisions of the Law on E-Transactions 2023 to its members, legal professionals, and those engaged in the domain of electronic commerce. The seminar boasted the participation of nearly 100 esteemed guests, including experts, legal professionals, and representatives from various law firms and prominent enterprises, such as: Ford, Honda, FPT Telecom, Vingroup, HTC Vietnam, Idemitsu, Novartis Vietnam, One Mount Group, EVN, PVN, Vinataba, Viglacera Corporation, TTP Bengoshi, MB Ageas Insurance, BIDV, VPBank, etc.
In the opening speech, Lawyer Tran Thanh Huyen, Chairperson of VBLC, shared that the development trend of e-commerce in Vietnam is expanding rapidly and has become a common method of doing business known to enterprises and the public. With the promulgation of the Law on E-Transactions 2023, the legal framework for e-commerce in Vietnam will be fundamentally completed, ensuring a favorable business environment, promoting healthy competition, and providing fairness to enable Vietnamese e-commerce remains aligned with the global marketplace.
LLM, Lawyer Luu Vinh – Director of Asia Legal Law Firm shared that the Law on E-Transactions 2023 has introduced a completely new mechanism, allowing the conversion of documents, papers, certificates, contracts, etc., from data messages to paper forms and vice versa. This new feature is expected to significantly reduce the burden of clerical work and document storage. However, the conditions for such conversion are vague and may require further guidance prior to widespread adoption within electronic transactions.
Furthermore, the Law on E-Transactions 2023 strictly prohibits the illegal collection, provision, disclosure, and distribution of data messages. In the perspective of LLM, Lawyer Luu Vinh, this adjustment is timely in response to the increasingly complex and sophisticated exchange and trading of personal information. He also emphasized that companies need to thoroughly research and review their information systems regularly to prevent legal risks when conducting transactions in the electronic environment.
Mr. Le Duc Anh, Director of the Center for Information Technology and the Digital Economy, Department of E-commerce and the Digital Economy, Ministry of Industry and Trade, shared insights regarding the initiatives undertaken by the Electronic Contract Division in researching and implementing electronic contracts. He emphasized, “Through the utilization of contract authentication technology employing HASH file storage (hashing technique), the contract authentication service is exclusively dedicated to the verification of contracts and the prevention of disavowal of responsibilities between contracting parties. This service is geared toward facilitating dispute resolution, with no involvement in the storage or transmission of contract content on the systems managed by Certification Authorities (CeCA) and the Electronic Contract Division of the Ministry of Industry and Trade. Enterprises can place their trust in the security and integrity of contract content.”
In addressing the legal matters surrounding virtual assets in Vietnam, Dr. Luu Huong Ly, Head of the Civil and Economic Law Division, Department of Civil and Economic Law, Ministry of Justice, presented a comprehensive overview of virtual assets, international practices pertaining to the definition of virtual assets, and the practical applications of virtual assets within the economic and societal framework. By referring to some specific cases in Vietnam involving virtual assets, such as Bitcoin, Dr. Luu Huong Ly postulated that a legal framework recognizing virtual assets as a type of property under Vietnamese law may be studied and developed. The resolution of related issues will depend on the purpose of using such virtual assets.
After more than three hours of continuous discussion, the seminar on “Electronic Transaction Law” workshop officially concluded with a Q&A session, addressing numerous questions related to the application of electronic contracts, electronic signatures in transactions with state agencies, judicial agencies, dispute resolution, and more. The content presented at the seminar will help member lawyers and businesses understand the new provisions of the Law on E-Transactions 2023, enabling them to confidently apply electronic contracts and electronic signatures, reduce costs, seize business opportunities, and enhance competitive capabilities.