Shifting the exploitation of data economy in Vietnam

How do you evaluate the data economy in Vietnam in recent times? Has Vietnam formed a data economy yet, sir?

In recent years, the data economy has become an important growth trend in Vietnam. Data is being widely used in areas such as e-commerce, banking and finance, healthcare, education and transportation. However, Vietnam is still in the early stages of forming a true data economy.

Mr. Nguyen Duc Dung, independent expert on digital transformation.

Vietnamese businesses have begun to realize the value of data, but have not yet exploited it effectively. Most data is being collected in a fragmented, unsystematic manner, leading to suboptimal use of data to generate profits or develop services.

Can you share how the shift from traditional economy to data economy is taking place?

The development of digital technology in the 1990s - 2000s created a strong shift from the traditional economy to the digital economy. Businesses began to collect and analyze more data about customers, products, and operations to optimize business efficiency and develop new products/services. However, in the early stages, data mainly played a supporting role, not becoming a core resource of the economy.

Over time, data generation has become more and more common. But the challenge is that not all businesses can access and effectively exploit this resource. This is why the data economy is gradually taking shape, in which data is not only a supporting tool, but also exchanged as a valuable asset.

So what is the nature of the data economy, sir?

The essence of the data economy lies in the sharing and exploitation of data on digital platforms to create new value. It is not just a separate economic sector, but a global shift in which data plays an important role as a resource on par with finance, labor and technology.

The data economy includes core elements such as data sharing within the business and organizational ecosystem, helping to optimize processes, increase productivity and develop new business models. To develop data mining skills and technology, human resources need to be equipped with knowledge of data analysis and management. In addition, the organizational structure and data governance must be tight to ensure effective data mining and compliance with legal regulations.

The application of data is now increasingly widespread in areas such as finance, healthcare, e-commerce, smart manufacturing, etc. and has proven that data can become a factor driving sustainable economic growth.

To exploit the data economy effectively, what should Vietnam do, sir?

Vietnam needs to focus on three main factors: Building technical infrastructure and legal infrastructure by perfecting regulations on the right to collect, own, share and protect data. The legal system needs to be clear to ensure a transparent environment and international consistency.

Raise awareness and training levels of human resources with data mining and analysis skills, especially specialized foreign languages. Currently, Vietnam still lacks data analysis experts.

Promote data sharing when building national data centers, strengthen the connection between ministries, sectors and enterprises in sharing and exploiting data. In particular, sharing information from sales and transaction platforms of foreign enterprises with domestic management agencies to serve data management.

In fact, in recent times, many platforms have exploited Vietnamese user data through entertainment programs and social networks to use AI to personalize content. In your opinion, what needs to be done to protect this data?

The best way to protect data is to improve the legal framework for personal data protection. Regulations related to privacy and personal data protection need to be issued and strictly enforced. Platforms that collect and use data need to be transparent, ensuring that users know how their data is used.

On the other hand, it is necessary to strengthen monitoring and sanctioning capacity in combination with management agencies building a strict monitoring system and strictly punishing violations related to personal data abuse; at the same time, raising users' awareness when equipped with knowledge about personal information security, proactively controlling, choosing services with transparent data protection policies and developing technological solutions such as data encryption, multi-layer authentication, helping to minimize the risk of data leakage.

Data is really effective when it is interconnected. What do you think Vietnam needs to do to promote this?

For data to be truly effective, it needs to be interoperable across systems, sectors, and organizations. This requires establishing common data standards, including a set of unified data formats and management standards across sectors, to facilitate data sharing and connectivity.

In addition, promoting cooperation between the State and enterprises, creating conditions for technology enterprises to participate in developing an open data ecosystem, encouraging the connection between the public and private sectors in data exploitation. This reality not only helps Vietnam take advantage of rich data resources, but also contributes to promoting the sustainable development of the digital economy.

Thank you very much!

According to VNA

Source: https://doanhnghiepvn.vn/cong-nghe/chuyen-huong-khai-thac-kinh-te-du-lieu-tai-viet-nam/20250508071341865