E-transactions online

The financial sector would be able to conduct electronic transactions from the middle of the year when the legal framework is complete, a Ministry of Finance official said.
Decree 27 on e-transactions in financial operations was passed last week, paving the way for the use of e-signatures and other measures needed to conduct electronic financial transactions. The decree forms part of the legal framework to implement the Cyber Law that was passed by the National Assembly last year.
Tran Nguyen Vu, the deputy director of the Department of Financial and Information Statistics in the Ministry of Finance, said the department was preparing five circulars relating to transactions in customs, securities, taxation, state budget and the treasury.
These circulars will provide further details for the implementation of the decree and will be issued in June of this year.
“When state agencies are able to recognise e-documents and e-signatures, the country will be able to offer electronic services such as e-ticketing for Vietnam Airlines, which previously faced hurdles from the tax agency,” Vu said.
The decree will also regulate electronic tax declarations, in line with the country’s goal to provide online tax declarations for all businesses by 2008.
The circular on e-transaction in securities will increase protection for investors by defining the use of e-signatures and the responsibilities of service providers.
“We will ask for safe transactions for each investor, as there are increasing numbers of people participating in the stock exchange,” Vu said.
An official from Vietcombank Securities company, VCBS, said the number of transactions on the stock market will only increase and will soon need security measures to boost the number of electronic transactions.
According to the decree, e-transactions will be conducted in operations relating to the state budget, taxation, customs, treasury, securities, accounting and auditing.
All state agencies, organisations and individuals must use e-signatures to conduct e-transactions. The Minister of Finance will then determine a list of financial services that can be conducted through e-transactions.
“The Ministry of Finance will establish an initial dedicated certification authority to provide e-signature and certification services to agencies, organisations and individuals before the Ministry of Post and Telecommunications sets up an authority for public service,” Vu said.
The General Department of Taxation has started providing electronic tax declaration forms for local enterprises. Meanwhile, e-customs will be rolled out this year after a two year trial in Haiphong and Ho Chi Minh City.