At the VBF 2018 (Source: VNA)

Hanoi (VNA) - Legal frameworks, policies on intellectual property rights and cyber security were topics of interest for enterprises, especially foreign-invested companies, at the Vietnam Business Forum (VBF) 2018.

The event was jointly organised by the Ministry of Planning and Investment, the World Bank (WB), the International Finance Corporation (IFC) and the VBF Consortium’s Management Board in Hanoi on December 4.

Participants heard that all nations, including Vietnam, are facing the pressing need for a balance between national security and social order and security; privacy of data and personal information; and socio-economic development through digital platforms.

The digital-based socio-economic development is driven by cross-border data transmission ability and widespread availability of the Internet.

In fact, many foreign businesses operating in Vietnam are utilizing the most advanced information technology in business and cross-border trade. Many companies are using cloud computing, social networking, online payment, and smart technologies to run their business activities.

As these technologies are provided by foreign suppliers, most of which have no establishments or branches in Vietnam, so these businesses need to be able to transmit data across countries.

According to economic experts and representatives from foreign business associations, the Law on Cyber Security, promulgated in June 2018, has certain impacts on Vietnam’s future attractiveness and competitiveness in attracting foreign investment towards high technology and innovation.

Co-Chairman of the European Chamber of Commerce (EuroCham) in Vietnam Denis Brunetti highlighted the important role of information technology and technological innovation in Vietnam's socio-economic development over the last 25 years, saying that access to mobile services and the Internet via mobile broadband nationwide has contributed to the country’s comprehensive growth.

According to EuroCham, online copyright violations should be addressed rigorously by amending the Law on Intellectual Property and increasing administrative fines in order to turn Vietnam into a more attractive investment and business environment.

The Government of Vietnam should make wider assessments of the impacts of the Law on Cyber Security on foreign direct investment and the national economy, said Nicolas Audier who is also Co-chairman of Eurocham.

Michael Kelly, Chairman of the American Chamber of Commerce (Amcham) in Vietnam, expressed his wish to work with the Vietnamese Government in developing effective preventive policies and enhance cyber security, towards creating an open, innovative, and secure online environment, which can promote trade.-VNA