Safe electronic contract application is an inevitable trend

Reduce errors, reduce business costs

On October 15, the Ministry of Industry and Trade organized a Forum to support businesses in digital transformation and e-commerce development, with the theme "Developing safe electronic contracts".

The event provided important information on the application of electronic contracts and created a space for exchange between management agencies and businesses, aiming to strongly promote the implementation of safe electronic contracts nationwide in the period of 2024-2025.

The forum was attended by leaders of units under the Ministry of Industry and Trade; representatives of the Ministry of Public Security, Ministry of Information and Communications, General Department of Taxation, State Bank of Vietnam, Vietnam Banks Association, Vietnam International Arbitration Center (VIAC) and organizations providing electronic contract certification services (CeCA - Certified eContract Authority) such as: Vietnam Posts and Telecommunications Group (VNPT), FPT IS Company Limited, CMC Technology and Solutions Corporation Limited, Vietnam Payment Solutions Joint Stock Company (VNPAY), Viettel Telecom Corporation (Viettel Telecom), MobiFone Telecommunications Corporation...

Ms. Le Hoang Oanh, Director of the Department of E-commerce and Digital Economy.

Speaking at the opening of the forum, Ms. Le Hoang Oanh - Director of the Department of E-commerce and Digital Economy, Ministry of Industry and Trade said that the Ministry of Industry and Trade has always accompanied businesses and organizations in the process of digital transformation, through the implementation of policy solutions to develop a healthy competitive e-commerce market, build ecosystems to support businesses in effectively applying e-commerce to business activities, and improve the ability to adapt to new business and technology trends.

Director Le Hoang Oanh emphasized that in the context of the constantly fluctuating global market, flexibility and readiness to transform are the keys to sustainable business development. E-commerce has become a key driving force in the digital economy, with an impressive growth rate of 25% in 2023 and is expected to account for 10% of total retail sales by 2025. This process not only opens up great opportunities but also encourages businesses to quickly adapt and make important strides.

Director Le Hoang Oanh said that contracts are the basic form of expression of civil and commercial relationships, and are the beginning of transaction processes in social life and economic activities. Therefore, concluding contracts in the electronic environment is also one of the key issues of legal regulations on electronic transactions.

Ms. Le Hoang Oanh said that e-commerce has been developing continuously over the past years, along with digital transformation in businesses, especially the application of electronic contracts has become an inevitable trend. This is the time when digital transformation in businesses from old, traditional models to digital businesses based on new information technology applications plays an extremely important role.

Firstly, electronic contracts have improved efficiency in labor as well as business transactions, contributing to reducing errors. In which, business processes are improved thanks to digital technology, helping to increase productivity and business efficiency.

Second, electronic contracts help reduce costs, saving maximum costs for operations. For example, many businesses have used software using virtual assistant chatbox, thereby saving on human resources costs, or virtual reality technology that simulates the visual appearance of new products of the business without having to build actual products or rent showrooms to display products. Thereby reducing operating costs, improving efficiency.

Forum to support businesses in digital transformation and e-commerce development, topic "Developing safe electronic contracts".

Over 490,000 electronic contracts authenticated

Ms. Le Hoang Oanh said that during the implementation of Decree No. 52/2013/ND-CP (amended and supplemented by Decree No. 85/2021/ND-CP) on e-commerce, 11 organizations providing electronic contract authentication services (abbreviated as CeCA: VIETTEL, VNPT, FPT, CMC, VNPAY, etc.) have been confirmed to register to provide this service. The role of the above organizations is to ensure the technical aspects so that the process of signing electronic contracts/contracts in the online environment takes place safely.

CeCA Organizations will provide a digital infrastructure to help businesses and people use electronic contracts protected by authentication and trust technologies, aiming at technical connection and supporting third parties such as tax authorities, banks, financial institutions and dispute resolution agencies to perform related operations. These organizations play a role in protecting the legal value of electronic contracts and creating trust for participating parties, including people and businesses.

By the end of August 2024, more than 490,000 electronic contracts had been certified, with the participation of nearly 49,000 businesses - demonstrating the positive development of this service.

According to Ms. Le Hoang Oanh, with the spirit of companionship and support, the Department of E-commerce and Digital Economy always encourages businesses, management agencies, and related organizations to participate in building a sustainable digital ecosystem.

The application of secure electronic contracts plays an important role in digital transformation.

Digital transformation is the key factor to help businesses grow

According to Mr. Do Quang Yen, Director of CMC TS C-SUITE Solution Center, CMC Technology and Solution Corporation, digital transformation is a key factor in helping Vietnamese enterprises develop sustainably and improve their competitiveness. Many enterprises have applied CRM, ERP, Big Data and AI systems to optimize processes, enhance customer experience and convert to online business models. Electronic contracts play the role of the "final knot" in the digital transformation chain, ensuring transparency and automation between participants, from customers, partners to internal management.

Mr. Nguyen Dang Trien, representative of Viettel Telecom Corporation, emphasized the role of digital signatures and authentic identification in ensuring safety and preventing fraud in electronic transactions.

Mr. Trien shared that as signing in the electronic environment becomes more popular, we must be more careful. Using the digital signature of a licensed and reputable unit will help protect the interests of customers, especially when the digital signature is attached with a time stamp and eKYC identification at the time of signing, both businesses and individuals participating in signing documents or contracts in the electronic environment can be more secure than traditional paper copies.

The Law on Electronic Transactions 2023, which came into effect in July this year, is not only a legal regulation but also an important step forward in building a solid foundation for advanced technologies such as digital signatures, timestamps and electronic identification. This shows the Government's vision in modernizing the commercial transaction system, creating a favorable environment for sustainable development.

Speakers at the Forum all expressed their agreement that to optimize the effectiveness of these technologies, close and synchronous coordination between government agencies, businesses and related organizations is indispensable. This cooperation not only helps to maximize the potential of technology but also ensures transparency and safety for electronic transactions, thereby promoting consumer confidence in the digital economy.

With in-depth sharing from leading experts in the field of digital transformation and experienced representatives of state agencies, the Forum focused on many important areas such as tax, banking, information and communication, competition management, standard contracts and consumer rights protection. These areas are closely linked to the business cycle of enterprises. The event brought many new perspectives, creating strong motivation for enterprises to quickly apply safe electronic contracts, towards a comprehensive and sustainable digital economy.

Source: https://congthuong.vn/safe-electronic-applications-are-the-best-trend-352537.html