THE NEW E-TRANSACTIONS LAW: E-SIGNATURE FOR CROSS-BORDER TRANSACTION

The implementation of the new E-Transactions law has brought significant advancements in the realm of cross-border transactions, specifically through the use of e-signatures. With the increasing digitalization of business processes, e-signatures have emerged as a convenient and efficient method of authentication for electronic documents and agreements.

1. The main difference between e-signature and digital signature

E-signatures and digital signatures have distinct meanings under the E-Transactions 2005 (Former Law) and the new E-Transactions Law, as clarified by the new law. Additionally, the definitions of “e-signature” and “digital signature” remain unchanged between the Former Law and the new law.

2. Criteria for e-signatures in the private sector to be legally recognised in Vietnam

The new law categorizes e-signatures into three distinct categories: specialized e-signatures, public digital signatures, and specialized digital signatures for public use. Each category is accompanied by specific criteria outlined in the law.

3. Notes for foreign business when take part in a cross-border transaction

– Validity of e-signatures
– Authentication of identity
– Consent and intent to sign
– Clear communication and transparency
– Data protection and security
– Dispute resolution clause
– Legal advice and due diligence

4. Conclusion

In conclusion, the implementation of the new E-Transactions law, with regards to e-signatures for cross-border transactions, marks a significant step forward in promoting efficiency and security in the global economy. With this legislation in place, businesses and consumers can now confidently engage in online transactions.

For the full detail of this post, please reference on this link: http://hmlf.vn/e-transactions-law-e-signature-for-cross-border-transaction/

Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn
Email: miller@hmlf.vn

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