Decree No. 27/2007/ND-CP on electronic transactions in financial activities

 

DECREE

VOn electronic transactions in financial activities

THE GOVERNMENT

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Law on Electronic Transactions dated November 29, 2005;

At the proposal of the Minister of Finance.

DECREE:

Chapter I:

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Decree stipulates matters related to electronic transactions in financial activities.

Article 2Applicability

This Decree applies to agencies, organizations, and individuals that choose to use electronic transactions in financial activities.

Article 3. Explanation of Terms

In this Decree, the following terms are understood as follows:

1. "Electronic voucher" is information created, sent, received, and stored electronically in financial activities. An electronic voucher is a form of data message, including: electronic accounting vouchers; electronic budget revenue and expenditure vouchers; electronic customs declaration and procedure information; electronic tax declaration and procedure information; electronic securities transaction vouchers; electronic financial reports; electronic final accounts reports; and other types of electronic vouchers suitable for each type of transaction as prescribed by law.

2. "Financial agency" is a state agency managing finance.

3. Cancellation of an electronic voucher is making it unusable.

4. Destruction of an electronic voucher is making it inaccessible and unreferable to the information contained within it.

5. An organization providing value-added services for electronic transactions in financial activities is a business entity operating under conditions and providing services that enhance the usability of electronic vouchers for users by completing the form or content of the information or providing storage and recovery capabilities for such information.

Article 4. Principles of electronic transactions in financial activities

1. Parties participating in electronic transactions in financial activities must comply with the principles stipulated in Article 5 of the Law on Electronic Transactions and other relevant laws governing financial management. For electronic transactions in internal operations of financial agencies and between organizations, individuals, and financial agencies, parties must comply with the provisions set forth in Article 40 of the Law on Electronic Transactions.

2. Organizations and individuals participating in electronic transactions in financial activities within the scope of management by the Ministry of Finance must adhere to technical and operational regulations issued by the Ministry of Finance.

Chapter II:

ELECTRONIC VOUCHERS

Article 5. Legal value of electronic documents

1. The form of representation, sending, receiving, storing, and legal validity of electronic vouchers shall be carried out in accordance with the Law on Electronic Transactions.

2. Electronic vouchers in financial activities must meet all requirements for state management and comply with legal provisions applicable to specialized financial sectors.

3. Electronic vouchers must bear the digital signatures of those responsible for signing the electronic vouchers.

4. In cases where an electronic voucher only bears the signature of an authorized person, the information system must have the capability to recognize and confirm the processing actions of those responsible according to the law during the circulation of the electronic voucher until the final signer.

Article 6. Encryption of electronic vouchers

Organizations and individuals may choose to apply forms and tools for encrypting electronic vouchers. The encryption of electronic vouchers shall be carried out in accordance with the provisions of the law.

Article 7. Conversion from electronic vouchers to paper vouchers and vice versa

1. When necessary, electronic vouchers can be converted to paper vouchers, but they must satisfy the following conditions:

a) Reflecting the complete content of the electronic voucher;

b) Having a specific symbol confirming the conversion from an electronic voucher to a paper voucher;

c) Bearing the signature and name of the person converting the electronic voucher to a paper voucher.

2. When necessary, paper vouchers can be converted to electronic vouchers, but they must satisfy the following conditions:

a) Reflecting the complete content of the paper voucher;

b) Having a specific symbol confirming the conversion from a paper voucher to an electronic voucher;

c) Bearing the signature and name of the person converting the paper voucher to an electronic voucher.

3. The Minister of Finance shall specify the legal validity of electronic vouchers converted to paper vouchers and vice versa for each type of financial activity as prescribed in Article 11 of this Decree.

Article 8. Cancellation and Destruction of Electronic Documents

1. Electronic documents may only be cancelled with the agreement and confirmation of all parties involved in the transaction, except where otherwise provided by specialized laws; the cancellation of electronic documents becomes effective according to the agreed term by the parties involved. Cancelled electronic documents must be stored for the purpose of state authorities' reference.

2. Electronic documents that have exceeded their storage period as prescribed may be destroyed if there is no other decision from the competent state authority. The destruction of electronic documents must not affect the integrity of undestroyed electronic documents and must ensure the normal operation of the information system.

Article 9. Sealing, Temporary Detention, and Confiscation of Electronic Documents

1. The sealing, temporary detention, and confiscation of electronic documents must comply with the provisions of the law.

2. The sealing, temporary detention, and confiscation of electronic documents must ensure:

a) The integrity of information during the sealing, temporary detention, and confiscation process;

b) No impact on the normal operation of the information system and production and business activities of organizations and individuals;

c) The ability to restore the integrity of sealed, temporarily detained, or confiscated electronic documents at the organization's or individual's system after the sealing, temporary detention, or confiscation period;

d) Determining access and changes to the content of sealed, temporarily detained, or confiscated electronic documents.

3. After the competent state authority decides and implements measures to seal, temporarily detain, or confiscate electronic documents, organizations and individuals are not permitted to exploit, use, or modify these electronic documents within their own information systems for transactions or other purposes.

4. Strictly prohibited are any forms of intrusion, exploitation, copying, repairing, or using electronic documents that have been sealed, temporarily detained, or confiscated.

Article 10. Use of Automatic Information Systems

1. Electronic documents sent, received, and processed between individuals and automatic information systems or between automatic information systems themselves shall not be denied legal value.

2. Organizations and individuals bear full responsibility for the use of automatic information systems in their financial activities.

ChapterIII:

ELECTRONIC TRANSACTIONS IN FINANCIAL ACTIVITIES

Article 11. Electronic Transactions in Financial Activities

1. Electronic transactions in various types of business operations: state budget, tax, customs, treasury, securities, accounting, auditing.

2. Other electronic transactions in financial activities as prescribed by laws on financial management.

Article 12. Responsibilities and Authorities of Organizations and Individuals

1. Compliance with the provisions set out in points a, b, c, d of Clause 1 of Article 48 of the Law on Electronic Transactions.

2. Right to choose methods and means to implement electronic transactions in financial activities as prescribed by the Law on Electronic Transactions, this Decree, and other relevant legal provisions.

3. Organizations and individuals holding sealed, temporarily detained, or confiscated electronic documents must report all related data to the competent state authority, ensuring the conditions stipulated in Clause 2 of Article 9 of this Decree.

4. Subject to state management, inspection, and examination by competent state authorities.

5. Responsible for implementing regular and ad hoc reports on electronic transactions in financial activities as prescribed by law.

Article 13. Responsibilities and Authorities of Organizations Providing Value-Added Services

1. Provide transmission and completion services for electronic vouchers to facilitate information exchange among parties involved in transactions.

2. Timely and fully deliver electronic vouchers according to agreements with parties involved in transactions.

3. Retain records of transmission and receipt activities and electronic vouchers until the transaction is completed.

4. Ensure infrastructure connectivity; implement control, security, safety, confidentiality, and integrity measures for information, and provide other utilities for parties exchanging electronic vouchers.

5. Provide complete information and data to competent authorities upon request as stipulated by law.

6. Adhere to current laws on telecommunications, Internet, and technical and operational regulations issued by the Ministry of Finance.

7. Be entitled to charge fees to ensure the sustainability of operations.

8. Have the right to refuse to provide value-added services related to electronic transactions in financial activities to financial agencies, organizations, and individuals who do not meet the conditions for participation in transactions or violate contracts.

1. Financial agencies and organizations or individuals participating in electronic transactions in financial activities must use digital signatures.

2. Electronic transactions in financial activities between organizations, individuals, and financial agencies must use digital signatures and digital certificates provided by public digital signature certification service organizations.

3. The Minister of Finance shall specify the list of mandatory electronic transactions in financial activities that require the use of digital signatures.

Article 15. State Management Content

1. Develop and issue strategies, plans, policies, and programs for the development of electronic transactions in financial activities.

2. Guide the implementation of laws on electronic transactions in financial activities.

3. Establish technical regulations related to electronic transactions in financial activities based on compliance, uniformity, and synchronization with national technical regulations concerning electronic transactions.

4. Organize and manage international cooperation on electronic transactions in financial activities.

5. Conduct inspections and audits of the implementation of laws on electronic transactions in financial activities; handle complaints, denunciations, and administrative violations according to their authority.

Article 16. Responsibilities of Ministries, Sectors, and Localities

1. The Ministry of Finance has responsibilities and authorities:

a) To be responsible for state management of electronic transactions in financial activities within its jurisdiction.

b) To determine a reasonable timeline for the use of electronic transactions in financial activities by financial agencies, organizations, and individuals based on specific conditions.

c) To organize training, guidance, and support activities for the application of electronic transactions in financial activities.

d) To study, develop, and promulgate technical and operational regulations on electronic transactions in financial activities.

đ) To implement necessary security and preventive measures for information and data systems under its jurisdiction.

e) To provide support services for the implementation of electronic transactions in financial activities for financial agencies and organizations or individuals participating in electronic transactions with financial agencies.

g) To decide on the recognition of organizations providing value-added services for electronic transactions in financial activities to provide such services to organizations and individuals participating in transactions with financial agencies.

h) To establish regulations on the formation, organization, operation, and management of organizations providing specialized digital signature certification services for electronic transactions in financial activities of financial agencies in accordance with laws on digital signatures and digital signature certification services.

2. Ministries, ministerial-level agencies, government agencies, provincial people's committees, and municipal people's committees directly under the central government have the responsibility to manage state affairs regarding electronic transactions in financial activities as prescribed by law.

Chapter IV:

RESOLUTION OF DISPUTES, COMPLAINTS, DENUNCIATIONS, INSPECTION, AUDIT, AND HANDLING OF VIOLATIONS CONCERNING ELECTRONIC TRANSACTIONS IN FINANCIAL ACTIVITIES

Article 17. Dispute Resolution

1. The State encourages parties involved in disputes regarding electronic transactions in financial activities to resolve them through mediation.

2. In cases where the parties cannot reach a settlement through mediation, the authority, procedures, and processes for resolving disputes concerning electronic transactions in financial activities shall be carried out in accordance with relevant laws.

Article 18. Complaints and Accusations

Complaints against administrative decisions and administrative acts related to electronic transactions in financial activities, and accusations to competent state agencies regarding violations related to electronic transactions in financial activities shall be handled in accordance with the provisions of the law.

Article 19. Inspection and Supervision

1. Competent state authorities have the responsibility to inspect and supervise, promptly detect and handle violations concerning electronic transactions in financial activities.

2. Organizations and individuals participating in electronic transactions in financial activities are subject to inspection and supervision by competent state authorities in accordance with Clause 1 of this Article.

3. Inspections of organizations and individuals participating in electronic transactions in financial activities shall be conducted in accordance with the provisions of the law.

Article 20. Handling Violations

1. When an organization participates in electronic transactions in financial activities and commits a violation of the law, it will be subject to administrative penalties according to the provisions of the law on administrative penalties or its electronic transaction activities may be suspended according to the provisions of the law, depending on the nature and severity of the violation.

2. When an individual participates in electronic transactions in financial activities and commits a violation of the law, they will be subject to disciplinary action, administrative penalties, or criminal prosecution according to the provisions of the law, depending on the nature and severity of the violation.

3. Organizations and individuals causing damage to other organizations or individuals when participating in electronic transactions in financial activities must compensate according to the provisions of the law.

Chapter V:

IMPLEMENTING PROVISIONS

Article 21. Effective Date

This Decree shall take effect fifteen days after its publication in the Official Gazette.

Article 22. Implementation organization

1. The Ministry of Finance shall coordinate with relevant ministries and sectors to provide guidance on the implementation of this Decree.

2. Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Chairpersons of provincial People's Committees under central cities are responsible for implementing this Decree./.