The Effect of Digital Transformation on Vietnam's Regulatory Framework

Abstract

The context in which businesses operate and interact with citizens has been significantly altered as a result of Vietnam's accelerated digital transformation. This research investigates the effects of digital transformation on Vietnam's regulatory framework, with an emphasis on the opportunities and challenges that result from the country's digital expansion. A strong legal framework is acknowledged as a critical component in the realization of the objectives of the National digital transformation program by 2025, with a focus on 2030, which involves the establishment of three pillars: digital governance, digital economy, and digital society. The article provides a comprehensive analysis of the legal framework that facilitates Vietnam's digital transformation and suggests several suggestions for advancing the digital transformation process in the future. The results suggest that the digital transformation has generated a critical need for regulatory reform, particularly in the realms of data protection, e-commerce, and digital payments. The study emphasizes the necessity of a unified legal framework, enhanced enforcement mechanisms, and increased public awareness. Nevertheless, it also recognizes opportunities for economic development and innovation, such as the potential for digital regulations to stimulate employment creation and investment. The study concludes by delineating a roadmap for the future of Vietnam's regulatory framework, underscoring the significance of stakeholder engagement, transparency, and adaptability. Vietnam can establish a regulatory framework that promotes economic growth and individual rights by confronting the obstacles and capitalizing on the opportunities that digital transformation presents.