The rapid advancement of digital finance in Vietnam is compelling businesses to rethink their approach to legal governance. As financial transactions become increasingly digital, the legal landscape is evolving, presenting both opportunities and challenges. Experts emphasize the need for proactive legal strategies to manage risks effectively.
In August 2026, a significant conference titled “Digital Transformation in Financial Transactions: Facilitating Capital Flows or Complicating Disputes” was held in Ho Chi Minh City. Organized by the investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) and the Vietnam International Arbitration Centre (VIAC), the event marked the commencement of the Legal Management Series HCMC 2026. This series focuses on legal governance in finance, trade, and logistics, addressing the profound changes brought about by digital technology and international integration.
Embracing Legal Governance in the Digital Age
Cao Thị Phi Vân, deputy director of ITPC, highlighted that businesses have traditionally viewed legal services as a means to resolve problems after they occur. However, the fast-changing business environment now requires legal considerations to be embedded in transaction design, data governance, contract drafting, and risk management from the outset. “Legal governance must stay ahead of risk,” she asserted.
Experts noted that digital finance has expanded rapidly in Vietnam, improving businesses’ access to capital, payment services, and other financial products. According to figures presented at the conference, 87% of the population now has a bank account, while QR-code transactions increased by 128.2% during the 2026-25 period. Behind this rapid growth, however, are emerging risks involving data protection, online fraud, cyberattacks, and innovative business models that remain insufficiently regulated.
Addressing Legal and Compliance Challenges
Participants at the conference discussed how the current legal framework is still scattered across different regulations, while technological innovation is evolving faster than policy development. They called for continued improvements to laws governing data protection, digital identity, cybersecurity, and consumer protection. Additionally, they emphasized the need to strengthen oversight of financial technology (FinTech), introduce regulatory sandbox mechanisms, and develop a legal framework for Open Banking.
For businesses, this means legal risks are no longer confined to conventional contractual clauses. Risks can arise from unauthenticated data, inadequate digital identification procedures, electronic transactions lacking sufficient evidence, or unclear allocation of responsibilities among parties operating on digital platforms. The emergence of digital assets, crypto-assets, and blockchain technology has further broadened the scope of these legal issues.
Ensuring Data Quality and Accountability
Phan Đức Trung, chairman of the Vietnam Blockchain and Digital Assets Association, highlighted that blockchain technology can enhance data storage and transaction traceability but cannot guarantee the accuracy of information entered into the system. He emphasized that businesses must ensure data quality from the beginning while clearly defining ownership, accountability, and responsibility for data throughout digital transactions.
According to Trung, technological advances cannot replace effective governance. Instead, companies need a clear understanding of who they are transacting with, which data carries legal value, who is responsible for that data, and how evidence can be established should disputes arise.
Dispute Resolution in Digital Financial Transactions
A key topic discussed at the conference was dispute resolution in digital financial transactions. Experts warned that as digital platforms become increasingly integrated into commercial activities, disputes are likely to involve ownership rights over digital assets, platform liability, the evidentiary value of electronic data, and the enforceability of contractual rights. The challenges are particularly significant for crypto-assets, where proving ownership, preserving evidence, and enforcing legal rights remain complicated.
Businesses should therefore consider dispute resolution mechanisms when negotiating contracts, particularly those involving cross-border transactions. Participants agreed that this represents a fundamental shift in legal governance. Rather than responding after disputes emerge, businesses should incorporate legal risk management into every stage of their operations, including partner due diligence, contract drafting, data management, platform selection, and dispute resolution planning.
Cao Thị Phi Vân stated that the Legal Management Series HCMC 2026 is intended not only to update businesses on legal developments but also to provide a practical platform where companies can exchange views directly with legal experts and experienced practitioners. She added that ITPC would continue supporting enterprises through training programmes, trade promotion activities, export consultancy services, and assistance in participating in international trade fairs and exhibitions.
The ultimate objective, she said, is not merely to help businesses comply with regulations but to strengthen their ability to anticipate risks, adapt to changes in the business environment, and improve long-term competitiveness. Experts concluded that in the digital economy, legal preparedness has become a strategic advantage. As technology continues to reshape business models and financial transactions, waiting until disputes occur before seeking legal solutions is no longer a viable option.
