Digital signatures to be used in electronic financial transactions

According to the Decree, electronic documents are demolished only with the agreement and confirmation of all participants of the transactions, except the cases stipulated by laws. The demolishment of electronic documents shall be done in line with the terms agreed by the participants and shall not affect the valid electronic documents as well as ensure the normal operation of the information system. The demolished electronic documents must be restored as reference for the competent State bodies.

The legality of electronic documents sent, received and dealt with between individuals and automatic information systems or among different automatic information systems is acknowledged. If necessary, electronic documents can be converted into paper documents and vice verse in conformity with the stipulated conditions. The Minister of Finance shall define the legality of electronic documents converted into paper ones for each category of financial activities.

The State encourages the conciliation for conflicts related to electronic financial transactions. If conciliation cannot be reached, the competence, order and procedures to deal with these conflicts will be stipulated by laws.

Previously, on February 15, 2007, the Government had issued Decree 26/2007/NĐ-CP regulating in details the implementation of the Law on Electronic Transactions, especially in terms of digital signatures and the confirmation of digital signatures. Foreign digital signatures and digital documents acknowledged by this Decree will have the same legality and validity as those provided by Vietnamese public certifiers of digital signatures.

By Phương Uyên

(Source: Decrees 26,27/2007/NĐ-CP)