How to develop secure electronic contracts?

DNHN - The forum to support businesses in digital transformation and e-commerce development is taking place on October 15, featuring new perspectives and providing strong motivation for companies to quickly adopt secure electronic contracts.

On October 15 in Hanoi, the Ministry of Industry and Trade organized the Forum to Support Businesses in Digital Transformation and E-commerce Development with the theme "Developing Secure Electronic Contracts." The event provided important information on the application of electronic contracts and created a platform for discussion between regulatory agencies and businesses to strongly promote the nationwide implementation of secure electronic contracts during the 2024-2025 period.

The forum was attended by leaders from units under the Ministry of Industry and Trade; representatives from the Ministry of Public Security, Ministry of Information and Communications, General Department of Taxation, State Bank of Vietnam, Vietnam Banks Association, Vietnam International Arbitration Centre (VIAC), as well as Certified eContract Authorities (CeCA) such as Vietnam Posts and Telecommunications Group (VNPT), FPT IS Co., Ltd., CMC Technology and Solutions Corporation, Vietnam Payment Solutions Joint Stock Company (VNPAY), Viettel Telecommunications Corporation (Viettel Telecom), MobiFone Telecommunications Corporation…

Building a sustainable digital ecosystem together

In the opening remarks, Le Hoang Oanh, Director of the Department of E-commerce and Digital Economy under the Ministry of Industry and Trade, stated that the Ministry has always supported businesses and organizations in the process of digital transformation by implementing policy solutions to develop a competitive and healthy e-commerce market, building ecosystems that help businesses effectively apply e-commerce to their operations, and improving their adaptability to new business and technology trends.

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

Director Le Hoang Oanh stated that contracts are a fundamental form of civil and commercial relationships and are the starting point of transactional processes in social life and economic activities. Therefore, the execution of contracts in an electronic environment is also one of the key issues in legal regulations on electronic transactions, as reflected in the UNCITRAL Model Law on Electronic Commerce and the United Nations Convention on the Use of Electronic Communications in International Contracts. The Electronic Transactions Law of 2005 and Decree 52/2013/ND-CP on E-commerce have also laid down fundamental provisions to ensure the legal validity of electronic contracts, including electronic contract authentication.

During the implementation of Decree No. 52/2013/ND-CP (amended and supplemented by Decree No. 85/2021/ND-CP) on E-commerce, 11 Certified eContract Authorities (CeCAs: VIETTEL, VNPT, FPT, CMC, VNPAY, etc.) have been registered to provide these services. The role of these organizations is to ensure technical aspects so that the process of signing contracts/electronic agreements in an online environment is conducted securely. CeCAs will provide a digital infrastructure that helps businesses and individuals use electronic contracts protected by authentication and reliable technologies, aiming at technical connectivity and supporting third parties such as tax authorities, banks, financial institutions, and dispute resolution agencies in carrying out related operations. These organizations play a role in protecting the legal value of electronic contracts and building trust among participants, including both individuals and businesses. As of the end of August 2024, over 490,000 electronic contracts had been authenticated, with the participation of nearly 49,000 businesses, demonstrating the positive growth of this service.

With a spirit of support and companionship, the Department of E-commerce and Digital Economy always encourages businesses, regulatory agencies, and related organizations to join in building a sustainable digital ecosystem. Therefore, this forum focuses on discussing factors that influence the full digital transformation of business processes, with a specific emphasis on one particular stage of that process: contract execution, aimed at promoting the adoption of secure electronic contracts.

Towards comprehensive digital transformation

Agreeing with the view of the Department of E-commerce and Digital Economy, Mr. Do Ke Cong, Director of the Digital Signature and Electronic Contract Center at VNPT, shared that since 2009, the Group has continuously improved its services and solutions, including the VNPT eContract platform and Remote Signing solutions. By 2024, VNPT proudly provided over 1 million electronic contracts in various fields: telecommunications services, electricity, water supply, banking, securities, transportation, transactions of SMEs, etc. Besides, VNPT also acknowledged the challenges businesses face when applying electronic contracts, such as costs, complex procedures, and lack of acceptance from third parties (such as tax authorities and the treasury). To address these, VNPT introduced several improvements, such as eliminating the setup fee for digital signatures and offering flexible signing packages starting from just 1,000 VND per signature.

As one of the pioneers in the implementation of digital signatures and electronic contracts in Vietnam, Mr. Do Quang Yen, Director of the C-SUITE Solutions Center at CMC TS Technology and Solutions Corporation, emphasized that digital transformation is a key factor that helps Vietnamese businesses develop sustainably and enhance competitiveness. Many companies have adopted CRM, ERP, Big Data, and AI systems to optimize processes, improve customer experience, and shift to online business models. Mr. Do Quang Yen said that electronic contracts act as the "final knot" in the digital transformation chain, ensuring transparency and automation among participants, from customers and partners to internal management. The C-Contract system by CMC is designed with security features such as timestamp authentication, signer identity verification, and contract integrity, ensuring legal and safe online transactions. With these solutions, CMC is committed to accompanying businesses on their digital transformation journey, bringing greater efficiency in the modern business environment.

Mr. Tran Dang Hoa, Chairman of FPT IS Co., Ltd., noted that the deployment of electronic signing and authentication solutions is an important and necessary trend in Vietnam, bringing many benefits to promoting the digital economy. However, to help organizations and individuals effectively utilize these solutions, safety and security in electronic transactions are considered key factors.

Since 2020, many companies in Vietnam have adopted electronic signing and authentication solutions to improve operational efficiency, including the use of tools such as electronic authentication, digital signatures, eKYC, identity verification, and electronic contracts. Platforms and services related to transaction management, such as FPT.CA, FPT.eSign, FPT.eKYC, and FPT.CeCA, have been widely deployed with the goal of ensuring authenticity, integrity, and legal compliance for business-to-business (B2B) and business-to-customer (B2C) transactions. These solutions have been applied in various fields such as commerce, finance, banking, labor, and internal management.

Alongside this, Mr. Nguyen Dang Trien from Viettel Telecommunications Corporation (Viettel Telecom) highlighted the role of digital signatures and authentication in ensuring security and preventing fraud in electronic transactions. Mr. Trien shared that as electronic signing becomes more prevalent, greater caution is required. Using digital signatures from authorized, reputable entities will help protect customers' rights, especially when digital signatures are accompanied by a timestamp and eKYC identification at the time of signing, ensuring that both businesses and individuals can feel more secure than with traditional paper documents. Viettel is committed to always being ready to accompany businesses in making digital transformation safer and easier through a complete suite of solutions, from electronic contracts and digital signatures to timestamps and electronic invoices.

At the forum, Mr. Tran Manh Cuong, Deputy General Director of VNPAY, affirmed that integrated service platforms are an important driving force in enhancing the effective adoption of electronic contracts for businesses. He stated: "The VNeDOC solution from VNPAY not only provides security for customers but also promotes quick and convenient contract signing.

With features such as timestamping, digital signatures, and identity verification, VNeDOC provides peace of mind and clear proof-tracing capabilities. Meanwhile, the VNPAY-CA digital signature solution enables fast operations on multiple devices, ensuring high-security standards, preventing counterfeiting, and shortening transaction time.

These efforts reaffirm VNPAY's commitment to building a transparent and secure transaction environment, while also opening up opportunities for sustainable development in the digitalization era.

The 2023 Electronic Transactions Law, effective from July this year, is not just a legal provision but also an important step forward in building a solid foundation for advanced technologies such as digital signatures, timestamps, and electronic identification. This demonstrates the Government's far-sighted vision in modernizing the commercial transaction system, creating a favorable environment for sustainable development. Speakers at the forum unanimously expressed that to optimize the effectiveness of these technologies, close and synchronized coordination between state agencies, businesses, and related organizations is essential. This cooperation not only maximizes the potential of technology but also ensures transparency and security for electronic transactions, thereby enhancing consumer trust in the digital economy.

With insightful shares from leading experts in digital transformation and experienced representatives from government agencies, the forum focused on key areas such as taxation, banking, information and communication, competition management, model contracts, and consumer rights protection. These areas are closely linked to the business processes of companies. The event offered new perspectives and provided strong motivation for businesses to quickly adopt secure electronic contracts, aiming for a fully developed and sustainable digital economy.

An Thao