Dr Oliver Massmann is the General Director of Duane Morris Vietnam LLC. Vietnam's digital economy has expanded significantly.

DNHN - Dr. Oliver Massmann discusses Vietnam's digital economy, the EU-Vietnam Free Trade Agreement (EVFTA), and the Comprehensive and Progressive Agreement for Trans-Thailand Partnership in an article published on Mondaq. The Binh Duong (CPTPP) port.

In a Mondaq article, Dr. Oliver Massmann, General Director of the law firm Duane Morris Vietnam LLC, commented on the remarkable growth of the digital economy in Vietnam. In this article, Mr. Massmann discusses the key factors that have contributed to the growth of Vietnam's digital economy and stresses the importance of addressing several obstacles to sustain growth momentum. This.

According to Dr. Oliver Massmann, the digital economy of Vietnam has experienced impressive growth. According to Google data, Vietnam's digital economy will be worth 14 billion US dollars in 2020, a 450% increase compared to 2015. This indicates a significant growth rate in the country's digital economy.

Vietnam must, however, confront several significant obstacles if it is to continue to develop. As a result of the implementation of the national digital transformation programme aimed at 2025 and oriented towards 2030, the digital economic growth rate is projected to reach approximately 30% between 2020 and 2025, according to projections. Vietnam has set a goal of joining the top 50 countries in e-government and ensuring that the digital economy accounts for 30% of the country's GDP by 2030 as part of this programme.

Mr. Massmann emphasised that for Vietnam to achieve these objectives, several critical issues must be resolved expeditiously. The administrative burden of IT products is one of the most crucial concerns. He noted that information technology products in Vietnam are currently subject to a variety of licencing and registration requirements, which is problematic for industry businesses.

He also emphasised that restrictive provisions in policies, including the Government Decree No. 71/2022/ND-CP, the revised Law on Electronic Transactions, and the draught Law on Telecommunications Revision, must be revised.

In addition, Mr. Oliver Massmann discussed the impact of international trade agreements, such as the Vietnam-EU Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP), on Vietnam's digital economy. According to him, Vietnam's telecommunications laws have been modified to comply with EVFTA and CPTPP obligations.

In addition, Mr. Massmann discussed the mechanism for resolving disputes between investors and the government regarding investments. This mechanism could save time and money in litigation and create a binding and enforceable decision without the need for local court review, he said. He also emphasised the Vietnamese government's obligation to implement this commitment within five years of EVIPA's entry into force.

11 of the 27 EU members have ratified the EVIPA as of February 2023. Therefore, the remaining 16 EU members must ratify the agreement for it to enter into force. CPTPP also includes a mechanism allowing investors of one side to sue the government of the other side, but it lacks EVIPA's 5-year transition period. Oliver Massmann, Ph., noted that the Vietnamese Government intends to amend the country's current arbitration regulations shortly to ensure compliance with EVIPA. Investors under the CPTPP can then benefit from these policy enhancements.

This is a crucial step in ensuring that the obligations outlined in these agreements are implemented on time and to the benefit of investors.

Thanh Ha t/h.