Prime Minister Pham Minh Chinh has requested that the National Data Exchange Platform be formed and operational this November.
He made the request while chairing a working session on November 1 with the Ministry of Public Security and relevant ministries and agencies regarding establishing a legal framework, policies, and institutions to promote the formation and development of a Vietnamese data exchange platform.
"Data is a strategic resource, a new means of production after land, labor, capital, and technology; and only with a Vietnamese database can there be Vietnamese artificial intelligence," said the PM.
“Therefore, building and developing a data exchange platform in the current period is an essential and objective task to awaken and supplement the country's resources for socio-economic development."
He stated that successfully building a data exchange platform in Vietnam will bring comprehensive strategic benefits. Specifically, it will create a new type of market—a high-value-added data trading market—directly contributing to economic growth and enhancing national and business competitiveness.
In addition, it will foster the development of a data service ecosystem, promoting a professional, modern, international, and regional data service market, creating new data-driven business models, and diversifying production and business activities for people and businesses.
The formation of a data exchange platform will also enhance national governance capabilities, accelerate standardization, transparency, inter-connectivity, and the reuse of data among State agencies, between the public and private sectors, and domestically and internationally. This will contribute to the development of an independent and self-reliant economy integrated deeply and effectively into the international community, protecting national data security and enforcing data sovereignty in cyberspace, and elevating Vietnam's position in the global data network.
The Government leader stressed that the policy for developing the data exchange platform must be groundbreaking, promoting a controlled testing mechanism (sandbox) for new issues while ensuring a synchronized legal framework that meets practical requirements and protects the legitimate rights and interests of participating entities.
At the same time, there must be mechanisms for supervision and risk management from the outset to ensure data security and safety, and absolute adherence to data laws and personal data protection regulations.
Furthermore, it is important to learn from international experiences to guide the development of groundbreaking and specific preferential policies suitable for Vietnam's conditions.
In Vietnam, the data market alone is estimated to reach about $1.57 billion in 2024 and is projected to reach about $3.53 billion by 2030, with a growth rate of approximately 14.2%.
Vietnam's digital economy is expected to reach about $45 billion by 2025 and could reach between $90-200 billion by 2030, affirming the enormous potential of the data market and the crucial role of the data exchange platform in the overall national digital economic development strategy.
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