The electronic contract solution FPT.eContract is fully compliant with the amended Law on Electronic Transactions

Recently, FPT Information System Corporation (FPT IS) has organized a seminar on “Adopting legally compliant electronic contracts and optimizing operations at enterprises”. Attended by speakers from the Vietnam Ministry of Information and Communications, FPT IS, and TIKI, the seminar opens many perspectives on the adoption of electronic contracts in accordance with the amended Law on Electronic Transactions 2023.

In June 2023, the National Assembly of Vietnam has passed the Law on Amendments to the Law on Electronic Transactions 2005. The revised version has added regulations related to electronic transactions, especially emphasizing the legal validity of data messages and electronic contracts, creating a solid legal framework for enterprises and organizations to adopt online signing forms.

Mr. Nguyen Minh Thi – Representative of the National Electronic Authentication Center, Ministry of Information and Communications – says, the new points of the Law on Electronic Transactions 2023 have created favorable conditions for the implementation of electronic contracts in Vietnam, allowing enterprises to sign on the digital environment with complete legal validity.

Mr. Nguyen Minh Thi – Representative of the National Electronic Authentication Center, Ministry of Information and Communications – discusses new points regarding the implementation of the Law on Electronic Transactions 2023.

“It is important to understand that electronic contracts concluded or performed via automatic information systems are legally valid and binding for all parties involved. The Amendments also include additional responsibilities of Ministries in promulgating regulations on signing and performing electronic contracts from the perspective of state management. As a result, transactions based on electronic contracts will become more and more popular and inevitable and will gradually replace conventional paper contracts. Therefore, enterprises need to clearly understand the provisions of the law regarding contract signing by electronic means”, said Mr. Thi.

Speaking of the legal validity of electronic contracts, Mr. Nguyen Van Ha – Representative of the National Electronic Authentication Center, Ministry of Information and Communications – says: “Contracts signed in the form of data messages according to the Law on Electronic Transactions have the same legal values as paper contracts. The Law on Electronic Transactions 2023 also stipulates that in cases of disputes in court, electronic contracts are completely valid and can be used as evidence if they fully ensure the accuracy and integrity.

“In light of the new points from the Law on Electronic Transactions 2023, the electronic contract solution FPT.eContract, developed by FPT IS, is fully compliant with all current laws and regulations in our country. According to Article 22 of the Law on Electronic Transactions 2023, the use of other authentication forms excluding e-signatures by electronic means to show signatories’ approval for data messages shall comply with other regulations of relevant laws. Currently, FPT.eContract offers a wide variety of forms of identification, authentication, and approval for electronic transactions, such as: SMS-based one-time password solution (SMS OTP), Facial biometric authentication and personal ID document authentication solution (FPT.eKYC), Chip-based ID card verification solution (FPT.IDCheck)”, said Mr. Le Thanh Bac – Director of Electronic Service Center, FPT IS.

According to Mr. Le Thanh Bac – Director of Electronic Service Center of FPT IS, FPT.eContract solution is fully compliant with all current laws and regulations.

Furthermore, the Law on Electronic Transactions 2023 also includes additional contents on trust services, such as Timestamping service and Data message authentication service besides the Public digital signature authentication service. In 2023, FPT IS has officially been licensed to provide the Time stamp authority service (FPT.TSA). Previously in 2022, the company has been licensed by the Ministry of Industry and Trade to provide the Certified e-Contract authority service (FPT.CeCA).

In response to Decree 13/2023/ND-CP on personal data protection, FPT IS has also issued a policy on Information security and personal data protection. FPT IS systems ensure safety and information security and are compliant with many international standards such as: ISO 27001 on Information Security, ISO 27017 on Cloud-specific Information Security Controls, ISO 27018 on Protection of Personal Information in the Cloud.

Adopting FPT.eContract since 2022, TIKI has seen many positive changes in the operating system. The signing process between TIKI and the vendors has been simplified and can be completed online in a quick and easy way.

“Using electronic contracts has reduced more than 70% of effort related to contract processing while the time to complete contract signing has also been reduced to just 1 day. It now takes just a few minutes to search for a contract, the costs on printing, delivery, and storage have been eliminated, while the obstacles of distance, space, and time have completely been removed. Electronic contracts have widely been used for many types of documents at TIKI such as e-Commerce platform service contracts, Contract addendums, Labor contracts, Contract liquidation records. All have the same legal value as paper contracts”, said Ms. Pham Thanh Thuy – Deputy Manager of Vendor and Product Quality Control, TIKI.

Ms. Pham Thanh Thuy – Deputy Manager of Vendor and Product Quality Control, TIKI – speaks of the outcomes when adopting FPT.eContract solution.

Introduced to the market 3 years ago, FPT.eContract has become one of the leading e-signing solutions, making many major marks such as: More than 3,000,000 transactions completed, more than 5,000,000 signing parties involved, and more than 2,000 corporate customers including Vinamilk, VNPay, Vietjet Air, SSI, Be Group, TIKI, 30Shine…

In particular, FPT.eContract has also launched a 100% free-of-charge FPT.eContract Lite version, addressing enterprises’ basic needs for contract/document signing while offering almost all features compared to the Pro version. The FPT.eContract Lite version has demonstrated the company’s desire to accompany SMEs in removing the barriers of costs, promoting business, and optimizing the approval and signing processes as well as the operations.

The solution has made many major marks, and therefore has been honored with a series of major awards, including Vietnam Innovation Challenge Program – Top 24 Exemplary Innovative Solutions, Make in Viet Nam Digital Technology Product Awards, Vietnam Digital Awards, Sao Khue Awards (Vietnam ICT Excellence), Asia-Pacific Stevie Awards…

To find out more about FPT.eContract, visit here or contact us at 1900 636 191.