Hanoi (VNA) - The Ministry ofInformation and Communications (MIC) isproposing the amendment of some articles in the Law on Electronic Transactions No. 51/2005/QH11 inorder to fix its shortcomings.

The ministry said that the law waspassed by the National Assembly in 2005, and it had played an important role increating a legal basis to promote e-transactions, promoting the application ofinformation technology and contributing to socio-economic development fornearly 15 years.

However, there are someshortcomings which needed to be amended and supplemented after 15 years ofimplementation.

Statistics in the E-Commerce White Book 2019showed that the size of the e-commerce market reached about 7.8 billion USD in 2018, including onlineretail, travel, marketing, entertainment and purchase of other digital productsand services. If the growth rate continues at 30 percent, the market size will hit 13 billion USD by the end of this year.

However, many expertsbelieved that the implementation of contracts, digital signatures, electronicauthentication and payments still had many shortcomings which limited thedevelopment of electronic transactions even though the Government had a policyto promote the digital economy. 

According to the MIC, thegoal is to build in the direction of expanding the scope to suit thedevelopment of Industry 4.0 and the digital economy.

At the same time, the revision also aims to suit international treaties related to free tradeagreements in which Vietnam is a member to facilitate the promotion ofdevelopment as well as the protection of legal rights and interests for thoseparticipating in e-transactions.

The amendment and supplementation draft will include regulations on prohibitedacts related to electronic identification and authentication, electronictransactions among state agencies, electronic transactions between stateagencies and organisations and individuals.

The ministry will be the agencyresponsible to the Government for coordinating with relevant ministries andagencies in performing the state management of electronic transactions.

The draft will supplement the regulations on converting paper documents intoelectronic documents and additional regulations on electronic identification,authentication, trusted services and service providers./.