An electronic version of a birth certificate. (Photo thegioididong.com) Nguyen Quoc Hung, General Secretary of the Vietnam Banks Association, believesthat Article 27, which said e-signatures require public approval to belegitimate, is ill-conceived.
He suggests a set of legitimacy criteria for e-signatures whereby firms couldconduct legitimacy reviews by themselves and inform the authorities of theirreviews. The self-assessment would save firms the bother of e-signatureregistration and requests for public approval.
The general secretary also believes that Article 50 should be revised to exemptcredit institutions and branches of foreign banks from connecting tosurveillance systems since the connection would cause additional costs andrisks to the organisations.
"Interference in banks' data systems is out of the question as it woulddisrupt banking operations. In fact, even the Law on Credit Institutions doesnot go so far as to allow such interference," he said.
He also underscores Article 52 on the reliability of e-transaction platforms asan article ill-suited to regulating banks' digital platforms. He says thearticle, if passed, would pose great risks to the banking system.
Lastly, the general secretary mentions nine other issues that are making thedraft unfit for legal passage. The issues involve the scope of the draft,e-authentication, e-contract, e-identification and dispute settlement.
Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, asserts that somearticles of the draft would add complexity to administrative procedures andcreate more regulatory burdens on banks.
He calls for a more detailed definition of the relations between creditinstitutions and the authorities to prevent the abuse of authority duringapproval-granting processes.
He also urges lawmakers to keep the draft in line with the Law on Enterprises,Law on Archives and some other relevant laws to ensure legal consistency.
Nguyen Thi Thu Trang, Director of the Centre for WTO and International Trade, VietnamChamber of Commerce and Industry, calls for a revision to improve the draft'scompatibility with international agreements of which Vietnam is a member.
"Many FTA-related commitments have yet to be incorporated into thedraft," she said.
The director also calls for a more detailed definition of e-authentication inthe draft, and the abolishment of the regulation that requires the submissionof genuine papers for electronic verification.
She also believes that individuals should be allowed to use e-documents inadministrative procedures should they find the practice more convenient.
The Law on E-Transactions was issued in 2005 and over 141 legal documentsrelated to the law remain in effect so far, comprising 26 laws, 29 decrees, 57circulars, 29 decisions and nine international agreements./.
VNA
