HANOI, Oct. 26 (Xinhua) -- Vietnam has proposed a new law on electronic identification and authentication to provide a legal basis for the mutual recognition of foreign electronic identities and authentication results for cross-border transactions, the Vietnam News Agency reported Monday.
The proposed legislation is intended to protect the origin of domestic goods, address barriers to trade and improve Vietnam's competitiveness in global supply chains, while helping Vietnamese businesses meet international market requirements, the report said.
Meanwhile, it also seeks to reduce transaction and compliance costs for individuals and businesses while creating greater flexibility for innovation, the report added.
The draft law aims to establish a comprehensive legal framework for creating, managing and using electronic identities in state management, electronic transactions and the development of the digital economy and society, according to the report.
Under the proposal, it identifies five main groups of entities eligible for electronic identification, including individuals and organizations, products and physical assets, digital files and services, events and transactions, as well as locations and spaces. ■
