Guidance on verification of information about electronic financial transactions in Vietnam

Guidance on verification of information about electronic financial transactions in Vietnam (Internet image) 

Regarding this matter, LawNet would like to answer as follows: 

1. Guidance on verification of information about electronic financial transactions in Vietnam

The verification of information about electronic financial transactions according to Article 16 of Decree 165/2018/ND-CP is as follows:

- In the cases where an inspecting and investigating authority prescribed by specialized lawsoft or an authority in charge of initiating relevant administrative procedures wishes to verify information about an e-transaction by an organization or individual, one of the following methods shall be adopted to carry out the verification:

+ Use the electronic confirmation of e-transaction result provided by the information system administrator to the organization or individual in the form of a file or an email.

+ Carry out on-site observation of information retrieval by the organization and individual on the information system.

+ Use the feature that allows for retrieval of information by an electronic means provided by the information system administrator.

+ Connect, transmit data and exchange information with a finance authority to obtain information about e-transactions by entities following administrative procedures. This Point applies to authorities in charge of initiating relevant administrative procedures.

- Inspecting and investing authorities and authorities in charge of initiating relevant administrative procedures may only request organizations and individuals present physical documents converted from electronic documents in case of failure to verify information using one of the methods specified in Clause 1 of Article 16 of Decree 165/2018/ND-CP.

2. Responsibilities of information system administrators in Vietnam

Responsibilities of information system administrators according to Article 17 of Decree 165/2018/ND-CP are as follows:

- Comply with regulations of Decree 165/2018/ND-CP.

-. Assist in carrying out transactions on the information system by adopting one or a combination of the following methods: in person, over telephone, via email, through websites or web portals and other technologies.

- Provide information about electronic financial transactions within the scope of their information system to authorities in charge of inspecting and investigating financial operations and organizations and individuals that wish to retrieve and verify information within the scope permitted by law according to Article 16 of Decree 165/2018/ND-CP and other relevant regulations of law.

- Directly verify or authorize their affiliates or branches to verify physical documents converted from electronic documents at the request of participants in transactions on the information system under their management in accordance with regulations of law.

- Preserve confidentiality of personal information and information of enterprises and organizations on the information system under their management in accordance with regulations of law.

- Ensure security of information system and participate in responding to incidents and taking remedial actions against in accordance with regulations of the law on cyberinformation security, cybersecurity and regulations of Decree 165/2018/ND-CP.

- Any organization and individual that hire other enterprises' IT infrastructure to provide electronic financial transactions must cooperate with enterprises leasing IT infrastructure in assuming all responsibilities specified in Clauses 1 - 6 of Article 17 of Decree 165/2018/ND-CP.

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