Transparent authentication, high security – FPT.eContract achieves remarkable growth

FPT Information System Corporation (FPT IS) has recently collaborated with the Vietnam e-Commerce and Digital Economy Agency, Ministry of Industry and Trade, and Dell Technologies to organize a webinar on “Authentication and protection of electronic contract data in Vietnam”, thereby confirming the legality, security and authenticity of FPT.eContract solution.

Electronic contracts in the eyes of Vietnamese enterprises

Electronic contracts have been widely adopted by organizations, enterprises and individuals across the country with the key feature that allows users to sign quickly, anytime, anywhere. So far, more than 1.2 million contracts have been successfully signed on FPT IS’ FPT.eContract, connecting millions of users and enterprises.

According to a survey of more than 400 participants at the webinar, 71% have already been aware of the form of electronic signing, 55% are ready to adopt the form in the coming future. In addition, top 3 issues that organizations and enterprises are concerned about include the legality, security, and willingness of the counterparty, respectively.

Electronic contract enhances data authentication and security

Electronic contracts already have equal legal validity compared to written contracts according to the Law on Electronic Transactions No. 51/2005/QH11, Decree No. 52/2013/NĐ-CP on e-commerce, Decree No. 130/2018 on digital signatures and digital signature authentication services, etc. Currently, the launching of Certified e-Contract Authority (CeCA) by the Ministry of Industry and Trade has strengthened the legality of signed documents, allowing a more decent basis for organizations, enterprises and individuals to widely adopt the form of electronic and remote signing. The signing is not only guaranteed for integrity and non-repudiation of contract content and digital signatures, but also identified by timestamp and digital signature of the Ministry of Industry and Trade, so that the concerned parties can look up, verify the authenticity of the contracts after signing anytime.

At the seminar, Mr. Le Duc Anh, Director of the Center for Informatics and Digital Technology, e-Commerce and Digital Economy Agency, Ministry of Industry and Trade, says that the validity of an electronic contract is based on two prerequisite conditions, which are the “Ability to verify the identity of the signer” and “Adoption of digital signatures and anti-forgery of contract content”. The conditions are indispensable for an e-contract authentication organization to authenticate an e-contract. Compared with unauthenticated e-contracts, those certified by CECA and the Ministry of Industry and Trade deliver multiple benefits to enterprises.

Mr. Le Duc Anh speaks at the seminar.

Meanwhile, Mr. Nguyen Hoang Tung, Director of VVN AI & Trusting solution, speaks at the webinar about the importance of centralized authentication of e-contracts. Responding to difficulties when signing e-contracts such as standardization in cross-signing; centralized data processing, exchanging and searching; dispute resolution and data security, the Ministry of Industry and Trade has researched and developed CeCA, thereby supporting enterprises and individuals to adopt e-contracts in a legal and transparent way.

On behalf of a CeCA authentication service provider and FPT.eContract signing platform provider, Mr. Nguyen Ta Anh, Deputy Director of Electronic Service Center, FPT IS, discusses the importance of e-contract authentication. All e-contracts signed on FPT.eContract are authenticated with electronic seal of the Ministry of Industry and Trade via CeCA, while FPT IS is always ready to support and accompany enterprises in the authentication process.

Mr. Nguyen Ta Anh at the event.

Speaking at the seminar, Mr. Nguyen Duc Thuan, Director of Bach Khoa Digital Solution Company, says: “Electronic contracts are inevitable, delivering not only multiple benefits in terms of time, space and cost for enterprises but also convenience for suppliers and distributors in the transaction and signing process. Adopting the FPT.eContract solution, we have to say that signing contracts has never been that quick and convenient.”

Mr. Nguyen Duc Thuan discusses the advantages of e-contracts.

In addition, the issues of data attack and information security are always a concern among many enterprises using e-contracts. Mr. Nguyen Si Nguyen, Solution consultant, Dell Technologies, says that the damage of cyber attacks in 2021 is 6 trillion USD, and a cyber attack happens every 11 seconds with different motives, methods and goals. It is required for enterprises to not only focus on preventing the risk of intrusion, but also pay attention to the recovery process after the attack.

“The recovery process of enterprises after the attack is extremely important, therefore, Dell Technologies has researched and offered a large number of enterprises the Cyber Recovery solution. This is a solution to isolate business-critical data from attacks. Important data is stored immutably in a platform, allowing recovery with high integrity and security,” said Mr. Nguyen Si Nguyen.

Currently, since the legal corridor has been solidly established, different solutions have already been available, the market is expanding, the speakers attending the webinar believe the adoption of e-signing will grow more strongly in Vietnam in the coming future. FPT IS expects that FPT.eContract solution will approach and assist a large number of both domestic and foreign customers in the digital transformation journey.

Read more about FPT.eContract here.

The webinar on “Authentication and protection of electronic contract data in Vietnam” is part of the DX Quickwin Series organized by FPT IS and partners to provide enterprises and organizations with a quick approach to digital transformation via e-contract and security solutions in the digital era.