What is New Draft Electronic Transactions Law? Let’s find out with our company through the article below
Recently, the National Assembly’s law committee issued a draft of the new Electronic Transaction Law which is now undergoing comments from interested public parties. This is the first time that electronic transactions will warrant their own law as previous regulations on this subject matter have been limited to decrees of the government. This article will briefly overview the proposed elements of the new draft law.
First, the new draft law will apply to “agencies, organizations and individuals involved in or related to electronic transactions in Vietnam.” This is currently a broad application that can easily be interpreted to include both domestic and foreign actors and extend the sovereignty of Vietnam over electronic transactions considerably. I suspect that this will be revised and the application specified somewhat before the law reaches its final form.
As can be expected, electronic transactions are transactions conducted via electronic means. This is further enumerated as the scope expands to include automatic transactions (which contemplates smart contracts on the blockchain), mobile apps, and other forms of transactions that might currently be used to complete a transaction electronically. On the same note, there is an interesting concept included in the law about electronic signing programs. These are computer programs which are set up to automatically sign for a specific user digitally, and would suggest that the National Assembly is actually looking at NFTs in this law.
Data intermediaries are contemplated as well, or the idea that certain organizations may exist solely for the purpose of transferring data from one source to another. And electronic digital interchanges (EDIs) are also included as a means for implementing such data intermediary services.
The draft law seems to continue the previous methods for confirming an e-signature based on confirmation of a service that provides them such as a confirmed trusted source. It requires that data related to electronic transactions be able to be held integral from creation through the end of its validity, with exceptions for legitimate changes that are stored and displayed along with the original data.
The draft reiterates the fact that the results of electronic messages in the form of acceptable data messages have the same validity equal to text. Data messages include: electronic data exchange, electronic documents, e-mail, telegrams, telegraphs, faxes and other similar forms. There legal value is determined based on the reliability of the data message. Data messages are ranked with four levels of reliability depending on the method of formation, the confirmation of originator, etc. Ultimately, and most importantly, the law explicitly states that data messages may be used as evidence in court. This issue, despite seemingly obvious pronouncements in previous decrees, has flummoxed litigators in Vietnam for several years. It will be good for it to finally be resolved.
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