LEGAL FRAMEWORK FOR DATA AND ELECTRONIC TRANSACTIONS IN VIETNAM'S DIGITAL ECONOMY: CURRENT ISSUES AND DIRECTIONS FOR IMPROVEMENT

In the context of the digital era and the Fourth Industrial Revolution, data has emerged as a strategic factor of production, while electronic transactions serve as the foundational mechanism underpinning the operation of the digital economy. However, the current legal framework still exhibits notable bottlenecks and regulatory gaps. This article examines the current state and proposes directions for improving the legal framework governing data and electronic transactions in Vietnam. Employing a qualitative legal research methodology combined with a Law and Economics approach, the study systematically analyzes normative legal documents and academic literature. The findings identify two major bottlenecks: first, the ambiguity surrounding the legal status of data and the structure of rights over data; and second, the lack of coherence between electronic transaction law and civil and commercial law, compounded by regulatory gaps regarding cross-border transactions. Accordingly, the paper highlights the urgent need to clarify the structure of legal rights, delineate the responsibilities of relevant stakeholders, and ensure systemic legal compatibility. This study provides a solid scientific and practical foundation for addressing institutional bottlenecks, unlocking data resources, and ensuring legal certainty, thereby contributing to the effective and sustainable development of Vietnam’s digital economy.