Firms should take caution in online export transactions: expert
Firms should take caution in online export transactions: expert
Vietnamese exporters should take caution while conducting transactions with foreign partners via e-contracts, said Chau Viet Bac, deputy secretary of the Vietnam International Arbitration Center (VIAC).
At the Export Forum 2019 held by the HCMC Investment and Trade Promotion Center on August 27, Bac said the legal value of e-contracts is recognized in most countries in the world, including Vietnam. However, evidence on paper should be kept to prevent risks in case of disputes.
He discussed with representatives of local exporters issues in import-export contracts and solutions to international trade disputes, noting the trends of the conversion from paper-based contracts to e-contracts and online payments amid the digital economy.
Due to the development of information technology, especially the Internet, Vietnamese enterprises have increasingly used e-contracts. According to the e-Commerce and Digital Economy Agency, under the Ministry of Industry and Trade, 28% of Vietnamese enterprises had used e-contracts as of last year.
As a result, trade disputes have been addressed through online negotiations, mediation and arbitration, besides through the courts.
In online transactions, information will be saved automatically, saving time and costs. However, it is hard to verify the authority of employees in charge of conducting the transactions.
