Understanding the inconveniences of customers when using paper contracts and aiming for digital transformation, a group of employees, namely Le Xuan Son, Nguyen Song Tung and Vu Thi Lien, from the VNPT-IT Region 3 Centre of the Information Technology Company under the Viet Nam Posts and Telecommunications Group (VNPT) has created an electronic contract software platform, called VNPT e-contract.

A group of employees from the VNPT-IT Region 3 Centre receiving the second prize at the Da Nang Technical Innovation Contest 2021 (Photo courtesy of characters)

The platform won the second prize at the municipal-level Technical Innovation Contest 2021, as well as the second prize (no first prize) in the information technology category of the Viet Nam Science and Technology Innovation Awards 2021.

Mr. Nguyen Song Tung, Head of the Programming Group of the VNPT-IT Region 3 Centre, said that his group came up with the idea of developing the electronic contract software platform system in a bid to realise the group’s goal of boosting digital transformation in a bid to better serve customers, especially in the context of the complicated developments of COVID-19.

He added that VNPT Group has used paper contracts for a long time, rising printing and delivery costs and not being flexible about the location and time of signing contracts.

Moreover, early 2020, the Government approved the national digital transformation programme until 2025 with a vision to 2030, which targets at increasing the digital economy’s contribution to 30% of Viet Nam’s GDP over the course of the next five years.

Besides, VNPT Group is on track to boost digital transformation in a bid to better serve customers.

According to Mr. Tung, digital transformation is an urgent and objective requirement according to the trend of the times. Electronic contracts can become one of the key tools to promote the digital economy with a friendly interface, easy to use, diverse features, full legal standards, and information security, giving users a good experience.

Also, e-contracts also meet the necessary requirements for a safe, convenient and optimal contract signing process.

Changing the contract signing method is considered one of the solutions to help businesses increase operational efficiency and create momentum for future development. This creates new business opportunities and promotes businesses to catch up with the trend of digital transformation and improve their competitiveness.

VNPT eContract helps businesses and people significantly reduce the cost and time for transaction, initiation, negotiation, signing as well as easily contact with customers and expand business to domestic and international markets.

With VNPT eContract, users can completely eliminate the use of paper. Because the parties involved in the contract have had a convenient tool to create, negotiate, sign, store, search, and look up contracts using a convenient IT application. Travel costs to meet face-to-face contracts are also significantly reduced, limiting disease transmission during the time in light of the complicated developments of COVID-19 worldwide.

As of late 2020, VNPT Group had signed more than 100,000 e-contracts with customers nationwide, including VNPost, Momo, and water supply companies in Ho Chi Minh City, Ba Ria - Vung Tau, and Hue, thereby benefiting more than VND500 million in printing and contract management costs.

Mr. Le Duc Vien, Director of the municipal Department of Science and Technology, highlighted the effectiveness of VNPT e-contract in allowing to encrypt the contract content when it comes into effect, thereby increasing security and creating peace of mind and trust for customers.

With contract encryption, the third party cannot know about the content of the contract.

Another advantage is that the information management function on the Blockchain technology can ensure the safety, transparency, anti-modification and anti-forgery. This is consistent with the principle of concluding and performing electronic contracts under the Law on Electronic Transactions.

Reporting by CAO TAI - Translating by M.DUNG