Draft Law On E-Transactions

The current Law on E-Transactions of Vietnam, which entered into force in March 2006, demonstrates limitations in managing new issues emerging from technological applications developing in the nation. After more than 17 years, the law fails to govern situations beyond its original scope. The draft amended Law on E-Transactions was first released on 4 May 2022 by the Ministry of Information and Communication (the MIC). The new law is expected to update and refine the existing legal framework to keep pace with the potential ramifications of the rapidly evolving landscape of e-commerce and digital technology. After several amendments and following the conference held by the National Assembly's Standing Committee on 20 February 2023, the fourth revised draft (the Draft Law) was released for public comment (the "Draft Law").¹ In this Legal Update, we will discuss several notable changes to the regulations under the Draft Law in comparison with the Current Law.