Insights were unveiled by Mr. Le Duc Anh, Director of the Center for Information Technology and Digital Technology at the Ministry of Industry and Trade, during a workshop titled "Implementing the Law on Electronic Transactions" recently held in Hanoi.

With Decision No. 411 in 2022, the Prime Minister sanctioned the National Strategy for the Development of the Digital Economy and Digital Society, targeting a significant surge in electronic contract adoption by Vietnamese enterprises. The strategy aims for 85% usage by 2025 and full adoption by 2030.

Additionally, Directive No. 18, issued last June, underscores the Ministry of Public Security's role in authentic identification for commercial activities, paving the way for B2C electronic contracts.

May 2024 witnessed the introduction of Decree No. 48, refining regulations on digital signatures and certification services, with a spotlight on the VNeID application.

Developed by the National Population Data Center under the Ministry of Public Security, VNeID offers a robust digital authentication platform to replace traditional identification methods.

Vietnam's approach to electronic contracts involves close coordination among three key ministries: The Ministry of Industry and Trade, overseeing electronic transactions; the Ministry of Information and Communications, managing technology infrastructure and security standards; and the Ministry of Public Security, tackling identification challenges in electronic transactions.

The goal is crystal clear: enable individuals in Vietnam to seamlessly sign electronic contracts using VNeID. Efforts are underway to integrate personal digital signatures with eKYC from the Ministry of Public Security, with practical implementation expected in the early third quarter.

Forecasts anticipate approximately 1 billion secure electronic contracts being signed annually in Vietnam by 2030, spanning both B2B and B2C transactions. Technological solutions such as App Tokenization streamline the process, enabling individuals to sign contracts seamlessly after a one-time identification process.

For cross-border contracts, collaboration with entities like DocuSign ensures validity across nations, leveraging the certification framework established domestically.

The workshop served as a pivotal platform to address concerns and facilitate the smooth transition into the new landscape outlined by the Law on Electronic Transactions 2023, slated for official enactment on July 1, 2024.

VNeID is an application developed by the National Population Data Center under the Ministry of Public Security. It operates based on a platform of population data, identification, and electronic authentication. VNeID serves as a digital identification system, providing a secure and reliable means for individuals to authenticate their identities in the digital environment. It aims to replace traditional documents for citizen identification with an electronic alternative, streamlining processes such as signing electronic contracts and accessing online services securely.

PV