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

The event was jointly organised by the Ministry of Planning and Investment, theWorld Bank (WB), the InternationalFinance Corporation (IFC) andthe VBF Consortium’s Management Board in Hanoion December 4.

Participants heard that all nations, including Vietnam, are facing the pressingneed for a balance between national security and social order and security; privacyof data and personal information; and socio-economic development throughdigital platforms.

The digital-based socio-economicdevelopment is driven by cross-border data transmission ability and widespreadavailability of the Internet.

In fact, many foreignbusinesses operating in Vietnam are utilizing the most advanced informationtechnology in business and cross-border trade. Many companies are using cloudcomputing, social networking, online payment, and smart technologies to runtheir business activities.

As these technologies areprovided by foreign suppliers, most of which have no establishments or branchesin Vietnam, so these businesses need to be able to transmit data acrosscountries.

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

Co-Chairman of the European Chamber of Commerce (EuroCham) inVietnam Denis Brunetti highlighted the important role of informationtechnology and technological innovation in Vietnam's socio-economic developmentover the last 25 years, saying that access to mobile services and the Internetvia mobile broadband nationwide has contributed to the country’s comprehensivegrowth.

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

The Government of Vietnam should make wider assessments of the impacts of theLaw 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 ofCommerce (Amcham) in Vietnam, expressed his wish to work with the VietnameseGovernment in developing effective preventive policies and enhance cybersecurity, towards creating an open, innovative, and secure online environment,which can promote trade.-VNA