The National Assembly (NA) voted to approve the amended Law on Electronic Transactions on June 22, to boost electronic trade.

To come into effect on July 1, 2024, the law consists of eight chapters and 53 articles.

The amended Law adds regulations on the use and recognition of foreign electronic signatures, helping to reduce cross-border transaction expenses for firms and individuals and promoting international electronic transactions.

It also includes regulations on databases, data sharing, and connections between State agencies.

To protect electronic transactions, the law bans fraud, forgery, and the appropriation or illegal use of electronic transaction accounts, electronic certificates, and electronic signatures.

It also prohibits the illegal collection, supply, use, distribution and trade of databases.