New regulation of Vietnam on conditions for trust service business

New regulation of Vietnam on conditions for trust service business

Specifically, an enterprise shall meet the following conditions for eligibility to engage in the trust service business:

- It is legally established and operated in Vietnam's territory;

- It meets conditions for finance and technical and managerial personnel in conformity with each type of trust service prescribed in Clause 1 Article 28 of the Law on E-Transactions 2023;

- It has an information system for trust service provision satisfying the requirement for at least level 3 cyber information security assurance according to laws on cyber information security;

- It has technical schemes for the provision of services in conformity with each type of trust service prescribed in Clause 1 Article 28 of the Law on E-Transactions 2023;

- It has schemes to be ready for technical connection for supervising, inspecting, and reporting data electronically, satisfying the state management requirements for trust services.

Responsibilities of trust service provider (TSP)

According to Article 30 of the Law on E-Transactions 2023, a TSP shall:

- Disclose the registration procedure for using the service, forms, and related costs.

- Ensure that the information receipt and service provision are available 24/7.

- Implement regulations on the archive of documentation and connection and provision of information and reporting data electronically following the laws.

- Ensure that equipment in the information system is issued with management codes and ready for technical connection for state management of trust services.

- Perform professional measures to suspend or terminate the provision of services or other professional measures at the request of competent agencies according to the laws.

- Perform the responsibilities of an administrator of the information system for trust service provision satisfying the requirement for at least level 3 cyber information security assurance according to laws on cyber information security.

- Annually submit reports on trust service provision according to regulations of competent agencies.

 - Pay fees for the maintenance of the digital signature certification status examination system according to laws on fees and charges.

 The Law on E-Transactions 2023 of Vietnam comes into force as of July 1, 2024 and replaces the Law on E-Transactions 2005, except for cases prescribed in Article 53 of the Law on E-Transactions 2023.

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