EuroCham highlights digitisation in trade and economic development

March 20, 2023 | 10:50
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At the high-level session of the VBF 2023, the European Chamber of Commerce (EuroCham) provided numerous recommendations to increase the attractiveness of Vietnam to international investors and to the development of a green economy through digitisation.
Eurocham highlighted digitisation in trade and economic development
Gabor Fluit, newly-appointed EuroCham chairman at the VBF 2023

The report of EuroCham to Vietnam's government at the VBF on March 19 highlighted the harmonisation of the Vietnam personal data protection regulations with EU regulations.

"We would like to recommend having harmonisation of the Vietnamese personal data protection regulations with the EU Digital Service Act, Digital Market Act, and other international personal data protection laws. The objective is to ensure the safety of the users in the digital space through the regulation of the major technological platforms," noted the report.

Besides this, the government should facilitate the free flow and exchange of data between Vietnamese and multinational European businesses and organisations safely and securely, such as by recognising internationally reputable third-party data security, privacy, and information management certifications.

"We recommend that the government elaborate further on the different levels of importance of data and their respective corresponding obligations soon so that relevant entities can prepare and be in compliance with the laws," said the report. "Furthermore, we recommend that the Ministry of Information and Communications and other relevant government authorities ensure consistency across different legal instruments to avoid confusion. We look forward to seeing detailed regulations on the classification of data security assessment process and procedures to suit the practical needs of ensuring that data is secure and there is an open business environment."

Reorganisation of international certificates for e-signatures to provide e-alternatives for signatures and personal identification, and the adoption of innovative cloud-first policies with internationally recognised cloud accreditation, compliance, and security mechanisms are also necessary for the process of digitisation.

With fast application and global collaboration, existing digital policies, such as the Cybersecurity Law, Decree 53, and the draft Personal Data Protection Decree, should be recast and formulated to ensure Vietnam heads along a new path of sustainable growth driven by robust digital transformation with critical policy settings that are open, transparent, regionally focused, and globally consistent.

Towards that goal, regular dialogues and consultations with the business community for exchanges of international or regional best practices during the drafting and enforcement of laws and regulations are strongly recommended, the report said.

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