FPT IS accompanies the Ministry of Industry and Trade to promote digital transformation and safe electronic contracts
The national forum to support businesses in digital transformation and e-commerce development with the theme “Developing safe electronic contracts” recently took place in Hanoi with an emphasis on the significance of promoting electronic contracts under the robust development of the digital economy and e-commerce.
The forum was organized by the Ministry of Industry and Trade with the participation of leaders of its units, and representatives from the Ministry of Public Security, Ministry of Information and Communications, General Department of Taxation, Vietnam International Arbitration Center (VIAC) along with leading electronic contract authentication service providers licensed by the Ministry of Industry and Trade such as FPT IS, VNPT, VNPAY, CMC, and Viettel Telecom.
FPT IS representatives attended the cooperation signing ceremony with the Center for Information and Digital Technology under the Ministry of Industry and Trade
A cooperation signing ceremony took place between the Center for Information and Digital Technology under the Ministry of Industry and Trade and electronic contract authentication service providers as part of the event. As one of the licensed organizations for e-contracts authentication, FPT IS pledges to support the Ministry of Industry and Trade and businesses throughout the process of digital transformation and sustainable e-commerce development.
Speaking at the opening of the forum, Director General of the E-commerce and Digital Economy Agency, Ministry of Industry and Trade Le Hoang Oanh said that: “In the face of the global market’s ongoing volatility, flexibility and readiness to transform are the keys to sustainable business development. E-commerce has emerged as a key driver in the digital economy, with an impressive growth rate of 25% in 2023 and an anticipated 10% share of total retail sales by 2025. This process not only opens up great opportunities but also encourages companies to quickly adapt and make significant progress.”
Specifically, FPT IS and ten other organizations work in tandem with the Ministry of Industry and Trade and the E-commerce and Digital Economy Agency to provide technical support for the safe execution of contracts and electronic agreements in a digital environment. FTP IS and other organizations will provide a digital infrastructure to help businesses and individuals using electronic contracts be protected by authentication and trust technologies, aiming for a technical connection and supporting third parties like tax authorities, banks, financial institutions, and dispute resolution agencies to perform related operations. This will help preserve the legal value of electronic contracts and build trust for all parties involved, including individuals and businesses. With the involvement of about 49,000 businesses, over 490,000 e-contracts have been authenticated at the end of August 2024, indicating the service’s rapid growth.
According to Mr. Tran Dang Hoa – Chairman of FPT IS Company Limited, the adoption of electronic contracting and authentication solutions is an inevitable trend in Vietnam, bringing numerous benefits and efficiency to accelerate the digital economy. The safety and security of electronic transactions is crucial for both individuals and organizations to benefit from this. With products such as FPT.CA, FPT.eSign, FPT.eKYC, FPT.IDCheck, FPT TimeStamp, FPT.eContract, FPT.CeCA and the electronic identification and transaction solution KYTA, FPT IS has been at the forefront of assisting thousands of businesses across Vietnam since 2020 with the implementation of electronic contracting and authentication solutions.
“We ensure the authenticity, integrity, and legality of electronic transactions, from B2B to B2C, serving a variety of documents, including commercial contracts, agency agreements, internal document approvals, labor contracts, financial lending services, and bank account opening contracts and securities,” said Mr. Tran Dang Hoa.
At the forum, Mr. Nguyen Ta Anh, Deputy Director of the Enterprise Digital Solution Center, FPT IS, delivered an important presentation on the topic “Application of electronic contracts in B2C” (contracts between organizations, businesses and individuals). “Businesses are using two main methods of signing contracts in current B2C transactions: traditional and electronic,” shared Mr. Ta Anh. The traditional method requires a complex process including printing, delivery, and storage, which increases processing time from five to seven days and raises operating costs by up to 15% of the budget. However, despite the growing popularity of the electronic signature method, security, legality, and data storage remain prominent challenges due to the lack of a strict identification process.”
Mr. Nguyen Ta Anh, Deputy Director of the Enterprise Digital Solution Center, shared at the forum with the topic “Application of electronic contracts in B2C”.
By highlighting the need of closely integrating digital signatures and authentication systems with FPT IS solutions to address all business challenges, Mr. Nguyen Ta Anh added a professional viewpoint on the use of electronic contracts in B2C. “The process of identifying individuals and businesses not only helps verify the signatories’ identities, but it also prevents forgery and clearly defines the responsibilities of all the stakeholders, which is particularly necessary given the rapidly growing e-commerce industry. Understanding the context and challenges that businesses face, FPT IS has developed FPT.eContract to become a comprehensive electronic signing solution to fully meet technical and legal requirements, helping businesses optimize the B2C contract signing process from traditional electronic signing to digital signing using OTP verification, eKYC, and IDCheck”, Mr. Ta Anh shared.
Particularly, FPT.eContract’s end-to-end digital signing solution, combining FPT.eKYC, FPT.IDCheck, OTP, FPT.CeCA, FPT.eSign, and FPT.TSA technologies, helps ensure complete security and strong legality for every transaction. By applying these solutions, businesses can reduce contract processing time by 60% to 80% compared to traditional methods while reducing operating costs by up to 70% when compared to traditional methods. During the recent social distancing, the application of electronic signing has enabled many businesses to maintain their stable operations without requiring the signatories to be physically present.
Apart from presenting and signing a strategic cooperation agreement at the forum, FPT IS also attracted other participating businesses through its exhibition booths to introduce the most advanced digital technology solutions. With over 30 years of experience in information technology, FPT IS has developed and provided multiple important digital solutions, including FPT.eContract, FPT.eSign, FPT.CECA, and KYTA.GATE, to a series of large and small local and international businesses.
Accordingly, FPT.eContract is an e-contract solution developed by FPT IS to help businesses sign contracts from any location at any time, saving money and time while guaranteeing high legality. Second, eSign is known for its digital signature service, helping businesses to perform signing transactions in a completely safe and secure manner. Next, CECA is a specialized certified e-contract authority service for e-commerce and banking transactions that guarantee information security and integrity. In addition, the electronic identification and transaction solution KYTA.GATE designed to streamline the process of signing, storing, and managing e-contracts, is also a product from FPT IS that has drawn much attention from other companies.
An exhibition booth showcasing the e-contract solution FPT.eContract from FPT IS.
Through an intuitive demonstration model, FPT IS has provided practical experiences on the electronic contract signing process, helping customers clearly visualize the effectiveness and applicability of these solutions in business operations. Businesses have taken notice of and given positive feedback to features including the high security of electronic contracts, the ability to interact with business management systems, and the ability to sign at any time and from any location.
Ensuring the security and legality of electronic transactions is crucial given the growth of e-commerce and its increasing importance as an integral part the economy. FPT IS pledges to keep striving, innovating and offering the most advanced technology solutions, while closely cooperating with the Ministry of Industry and Trade and relevant agencies to co-create a safe and healthy e-commerce environment, contributing to the overall growth of Vietnam’s digital economy.
