Smart contracts from legal perspectives and directions for Vietnam
Published: July 29, 2026
Abstract
The Fourth Industrial Revolution is ushering in profound transformations across various sectors, particularly the economic landscape. Smart contracts (SC), underpinned by blockchain technology, represent a burgeoning trend with the potential to enhance efficiency and transparency. However, the implementation and regulation of SC in Vietnam remain fraught with legal and practical challenges. This study undertakes a comprehensive analysis of the legal framework governing SC in Vietnam, drawing valuable insights from the experiences of the European Union (EU) and the United States. By examining international precedents and best practices, the paper offers concrete recommendations to guide Vietnamese law in defining the legal nature of SC and charting a course for their future development.
Keywords
smart contractsblockchainEU regulationsUS regulationsVietnamese law
References
1.
Nick Szabo (1996). Smart Contracts: Building Blocks for Digital Markets. EXTROPY. Available at: https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart_contracts_2.html
2.
VN Technology. (n.d.). Smart contracts are computerized transaction protocols for executing contract terms, operating on the blockchain. Available at: https://vntechnology.com/hdmt-la-giao-thuc-giao-dich/.
3.
Max Raskin (2017). Smart Legal Contracts: The Law and Legality. Georgetown Law Tech Review. Available at: https://georgetownlawtechreview.org/wp-content/uploads/2017/05/Raskin-1-GEO.-L.-TECH.-REV.-305-.pdf.
4.
University of Economics Ho Chi Minh City. (n.d.). Distinctive Features of Blockchain. Available at: https://insight.isb.edu.vn/dac-diem-noi-troi-cua-blockchain/.
5.
Council of the EU (2022). Digital Finance: Agreement Reached on European Crypto-Assets Regulation (MiCA). Available at: https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/.
6.
EU Law (2008). Rome I Regulation. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32008R0593.
7.
Alexander Schmalenberger. (2022). Smart Contracts in the Data Act. Taylor Wessing. Available at: https://www.taylorwessing.com/en/interface/2022/smart-contracts/smart-contracts-in-the-data-act.
8.
U.S. Department of Commerce (2000). Electronic Signatures in Global and National Commerce Act (E-SIGN). Available at: https://www.congress.gov/bill/106th-congress/house-bill/1714/text
9.
National Conference of Commissioners on Uniform State Laws (1999). Uniform Electronic Transactions Act (UETA). Available at: https://www.uniformlaws.org/committees/community-home?CommunityKey=e104aaa8-c10f-45a7-a34a-0423c2106778.
10.
State of Arizona House of Representatives (2017). HB 2417. Available at: https://www.azleg.gov/legtext/53leg/1r/bills/hb2417p.pdf.
11.
State of Nevada. (2019). Nevada Revised Statutes Chapter 719: Electronic Transactions. Available at: https://www.leg.state.nv.us/NRS/NRS-719.html
12.
Pace International Law Review. (2001). The Formation of Contracts & the Principles of European Contract Law. Available at: https://digitalcommons.pace.edu/cgi/viewcontent.cgi?article=1215&context=pilr.
13.
Nguyen Tuan Quang (2019). Blockchain and Smart Contracts are Changing Our Financial System. Available at: https://viblo.asia/p/blockchain-va-hop-dong-thong-minh.
14.
Norton Rose Fulbright (2022). Smart Legal Contracts under English Law. Available at: https://www.nortonrosefulbright.com/en/inside-disputes/blog/202202-smart-legal-contracts-under-english-law-introduction.
15.
Nguyen Pham Thao Linh (2022). Current Legal Provisions on Smart Contracts and Some Improvement Solutions. Available at: https://tapchitoaan.vn/thuc-trang-cac-quy-dinh-phap-luat-ve-hop-dong-thong-minh-va-mot-so-giai-phap-hoan-thien6947.html.
16.
Vu Thi Dieu Thao (2018). Negotiating with Codes: SCs and Unresolved Legal Issues. vnlawfind. Available at: https://vnlawfind.com.vn/dam-phan-voi-nhung-ma-lenh-hop-dong-thong-minh-va-van-de-phap-ly-con-bo-ngo/.
