Study on Managing and Implementing Electronic Transactions in the Field of Trade

The Project at A Glance

The Vietnamese Government has endorsed the national digital transformation program, which introduced a series of requirements to review specialized laws to facilitate national digital transformation and foster the development of innovative products, services, and business models based on digital technology, the Internet, and cyberspace.

In this context, International Economics (IEC), through its CEO is supporting the Ministry of Industry and Trade (MOIT) to analyze the domestic legal frameworks and learn international practices to enhance the development of trade activities in the digital environment.

The project is led by the DevTech Systems, Inc. (DevTech) and is being implemented under USAID Digital Trade Activity programme.

What We Found

The USAID Vietnam Digital Trade (VDT) is a two-year program focused on addressing regulatory gaps and promoting private sector engagement in the digital economy. It supports the Ministry of Industry and Trade (MOIT) in implementing frameworks for digital trade, ensuring regulations are developed with input from the private sector through public-private dialogues. The program aims to remove trade bottlenecks, enhance regulatory transparency, and create a thriving e-commerce environment for businesses of all sizes. It also encourages the participation of small and medium enterprises (SMEs) by introducing new business models and best practices, such as goods traceability, and by facilitating cross-border connections via MOIT’s digital trade promotion platform.

In this context, our Team is drafting a study on international experiences in managing and implementing electronic transactions in the field of trade with examples from China, Korea, the US and Singapore, and recommendations for Vietnam. Recommendations from the report will help in promoting the development of trade activities in the digital environment and especially help small and medium enterprises to be aware of domestic and international legal regulations.

Our Strategy and Impact

This activity is being implemented in close coordination with the MOIT Legal Department. The team of expert will prepare a report reviewing and analyzing the domestic legal framework and international experiences to promote the development of trade activities in digital environment. The report is expected to include assessment of domestic legal regulations on trade activities in the digital environment, as well as current situation of implementation and obstacles in the implementation process, with our Team providing inputs on international experiences in managing and implementing electronic transactions in the field of trade with examples from China, Korea, the US and Singapore, and recommendations for Vietnam.

Our Core Solutions

E-Commerce and digital trade are a vital way for businesses to transact with customers, creating immense opportunities, facilitate innovation, enhance competitiveness, and improve access in local and global markets. Vietnamese law acknowledges the importance of “data messages” as equivalent to traditional paper documents in commercial transactions but specific terms were absent. To address this, the Law on Electronic Transactions (E-Transactions) was approved and will come into effect on July 1, 2024.

International Economics Consulting provides advice and solutions on some of the latest emerging trends in e-commerce and digital trade such as paperless trading, e-payments, online consumer protection and data protection. We assist governments and businesses worldwide in creating an enabling environment for e-commerce and digital trade, to maximise economic growth and development.