E-contracts to be developed and applied throughout the country
A survey conducted by the Ministry of Industry and Trade in 2021 revealed that at least 33% of the surveyed businesses use e-contracts in their commercial activities.
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| A businessman ratifies his e-contract via his laptop. (Photo qltt.vn) |
Enterprises are gradually switching to an electronic documentation system, underpinning the nation’s efforts to develop the digital economy.
A survey conducted by the Ministry of Industry and Trade in 2021 revealed that at least 33% of the surveyed businesses use e-contracts in their commercial activities.
The application not only helps firms and their customers be more efficient, but also contributes to reducing the impact of the COVID-19 pandemic and the gap in commercial transactions.
The Bkav DX Platform has hosted e-contracts for more than 3 years. As a result, it helped companies save 70% of printing and delivery costs annually and shortened the process of providing products to customers by 50%.
A representative of FPT Information System Company said that in Vietnam, the concept of e-contracts is no longer new. On the FPT.eContract – a signing platform between businesses and individuals – there are more than 2,000 customers performing transactions of data and contracts.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said Vietnamese businesses have long signed e-contracts with foreign partners in cross-border transactions and import-export activities.
On September 25, 2021, the Government issued Decree 85, detailing e-contract authentication services known as the CeCA-Certified eContract Authority to develop a legal framework for organisations who provide e-contract certification services.
The deputy minister said his ministry had assigned the Vietnam e-Commerce and Digital Economy Agency and other agencies to outline solutions to develop and widely apply e-contracts in the country, a key to developing the digital economy.
The agency has worked with relevant bodies to develop solutions to assist third parties such as commercial banks and tax agencies to check and authenticate printed contracts.
Le Duc Anh, Director of the agency’s Centre for Information and Digital Technology, said the agency had assisted businesses in integrating Vietnam’s Electronic Contract Development Axis.
Under the axis, 17 businesses have sent their applications to register for e-contracts. Of those, six have conducted surveys and joined the axis to ensure requirements to meet business criteria and technical standards of e-contracts development.
It is expected that the first businesses that ensure all service operation requirements will be granted registration in June and early July of 2022.
According to Nguyen Kho Din, director of Bkav DX Platform, with the participation of the Ministry of Industry and Trade, the application of e-contracts will expand widely as businesses are taking part in the nation’s digital transformation.
(Source: VNA)
