The National Assembly (NA) passed the amended Law on Consumer Rights Protection on June 20, with many new regulations being developed to better protect consumers in the modern era, especially in cyberspace and in banking and finance services.

Comprising seven chapters and 80 articles, the law is scheduled to take effect from July 1, 2024.

It features regulations relating to the protection, collection, use, and security of consumer information.

As e-commerce has been developing rapidly, the protection of consumer rights has become increasingly important to protect people from fake and low-quality products and the appropriation of personal information to conduct fraud.

Protecting consumer rights in cyberspace is also important, especially in the context of Vietnam aiming to become a leading country in the region in terms of digital economy development, with a plan for its digital economy to account for 20 per cent of GDP by 2025.