Who is allowed to buy and sell data?

The government proposes legalizing the buying and selling of data, requiring identification through VNeID, tightening management to reduce black market goods, and increasing transaction transparency.

People will soon be able to buy and sell data as an asset. Photo: VNCS .

The Ministry of Public Security is seeking feedback on a draft decree regulating the operation of domestic data exchanges. Personal data could officially become a valuable asset that can be bought and sold by citizens and government agencies.

This transaction must be conducted legitimately and cannot be done using fake accounts. Vietnamese citizens must register an account and achieve level 2 identification on the VNeID application.

Domestic organizations and businesses are subject to the same regulations and must obtain a Certificate of Business Eligibility as prescribed by law. Foreign organizations without a VNeID must manually legalize their documents through consular procedures. This regulation helps minimize data black markets and keeps a record of all transactions.

To open and operate a data exchange, the business leader must have a university degree or higher, and must have studied in a field related to technology, business economics , or law. They must also have at least two years of experience in data management.

State management agencies will thoroughly check each individual's work history and compare it with their social insurance contribution history via VNeID. Employment history information on the VNeID application is also used for verification purposes, aiming to detect and eliminate fake work experience documents.

Data exchanges are divided into two main, separate types. The first is directly managed by the National Data Center under the Ministry of Public Security, using the domain name sandulieuquocgia.gov.vn, and specializes in providing data from Party and State agencies.

The remainder are placed into other data exchange platforms, established by various private entities or non-governmental organizations. These platforms must meet information security requirements at level 3 or higher and must also be synchronously connected to the national platform.

Buyers simply search for the necessary data directly on the platform interface, completing the entire transaction online. Sellers are obligated to clearly disclose the legitimate source of the data. Then, both parties are free to negotiate and finalize the price.

Payments for transactions are made through banks or intermediary organizations. Data is transferred via downloadable files or specialized API functions, along with a document confirming property rights.

Additionally, data platforms allow parties to conduct transparent online auctions by using a bid-up or bid-down system. These platforms also provide a special testing environment, allowing buyers to access, test, and evaluate the data before payment, but they cannot extract or download the data.

Regarding pricing, the state-run agency will determine the fees for its data, while individuals are free to price their data assets. The Ministry of Finance will issue detailed guidelines on this mechanism and provide additional support services for analyzing reference prices. The commission charged by the exchange on each successful transaction will be publicly and transparently disclosed.

To mitigate risks, the exchange must establish mechanisms to protect users. The system must have a channel for receiving feedback and dispute resolution requests, and notify users of the proposed solution within 3 business days.

Sellers who provide false data will face severe penalties and will be required to compensate for actual damages. Buyers who use the data for purposes other than those agreed upon will also be required to provide commensurate compensation. The Ministry of Public Security will closely monitor all activities on the platform and conduct inspections and handle violations.

Source: https://znews.vn/ai-duoc-phep-mua-ban-du-lieu-post1642162.html