Where do businesses stand in the data 'game'?

(Chinhphu.vn) - For many years, data was often mentioned as a technical concept, associated with information technology or large technology companies. But as we enter a new phase of digital economic development, data is moving out of the "server room" and directly onto the business control panel.

Data is not just a matter for the government or the technology industry; it's a matter of survival for the business community.

The question is no longer whether or not to collect data, but where businesses stand in the data "game." This "game" is increasingly recognized as determining competitiveness and growth rate.

At the 3rd National Forum on Digital Economy and Society Development, held on the morning of December 20th at the Government Headquarters, many speakers highlighted that data is not just a matter for the State or the technology industry, but a matter of survival for the business community. As data becomes a new type of resource, businesses are forced to choose: either actively participate in the "game" or accept being left behind.

Data: From technical concept to economic asset

In his presentation at the forum, Major General Nguyen Ngoc Cuong, Director of the National Data Center, Ministry of Public Security , offered an easily understandable perspective on the role of data in the modern economy. The Major General emphasized: "Humanity has gone through many economic forms, each associated with specific means of production. The 21st century is the age of data and artificial intelligence."

This comparison is not purely theoretical. In reality, data is directly involved in the process of creating economic value. From analyzing customer behavior and optimizing supply chains to personalizing products and forecasting market demand, data becomes the foundation for faster and more accurate decisions.

Major General Nguyen Ngoc Cuong affirmed the economic role of data, stating: "Data is a special economic asset that can be exchanged, valued, and commercialized; data is the foundation for intelligence, for forecasting, and for decision-making." This approach shows that data is no longer simply for storage or reporting, but should be viewed as a type of asset that can generate profit if exploited correctly.

At the macro level, the government views data as the foundation for digital government, digital economy, and digital society. At the micro level, data will determine how quickly or slowly businesses can advance in an increasingly fierce competitive environment.

The reality is that most Vietnamese businesses don't lack data. They have customer data, sales data, operational data, and financial data. The problem is that very few businesses turn this data into a competitive advantage.

Many businesses are still at the basic level of digitalization, which involves storing data in a fragmented manner across different departments and using it primarily for report compilation or reviewing past events. Data analysis for trend forecasting, strategy optimization, or new product design remains quite limited, especially among small and medium-sized enterprises.

Meanwhile, Vietnam's digital economy is expanding rapidly. According to the e-Conomy SEA 2025 report by Google, Temasek, and Bain & Company, the size of Vietnam's digital economy is projected to grow by approximately 17% year-on-year in 2025, placing it among the fastest-growing in Southeast Asia. This figure indicates that the digital market is large enough for businesses to exploit, but only those that know how to leverage data will be able to benefit.

Not only in terms of scale, the role of the digital economy in the overall economy is also becoming increasingly prominent. According to government targets, the digital economy is expected to contribute approximately 20.5% of GDP by 2025, with total revenue estimated at over $50 billion. This means that more and more business activities will rely on digital platforms and data, from trade and finance to logistics and services.

The gap between national data and business data.

A key point highlighted at the forum was the link between national data and business operations. In recent years, Vietnam has invested heavily in building national databases on population, businesses, insurance, and land. These systems help government agencies reduce paperwork, increase transparency, and improve operational efficiency.

But the impact of national data doesn't stop at the public sector. When data is standardized and connected, businesses are the direct beneficiaries. Faster information verification and simpler procedures save businesses time and costs. Furthermore, these data sources open up the possibility of developing new data-driven products and services, from digital finance and e-commerce to insurance and logistics.

Major General Nguyen Ngoc Cuong believes that, if properly exploited, national data can become a valuable "input material" for the private sector. This requires businesses not only to wait for data to flow in, but also to proactively build the capacity to receive, analyze, and connect data to their business strategies.

The current gap lies in the fact that many businesses are not yet ready in terms of infrastructure and human resources to leverage this increasingly abundant data source. Without preparation, businesses may be left behind in a new and emerging value stream.

Great opportunities, but also significant challenges.

More broadly, the data "game" is not just a technological race, but also a race in management thinking. Businesses that want to go far need to shift from experience-based management to data-driven decision-making. This requires changes from leadership to operational structures, from investment strategies to risk tolerance.

In fact, the number of technology and digital businesses in Vietnam is increasing rapidly. According to statistics from the Ministry of Science and Technology, by 2025, Vietnam will have more than 75,000 stable digital technology businesses. This presents both opportunities and competitive pressure, as businesses that better manage data will have a clear advantage.

However, along with the opportunities come challenges regarding information security, data protection, and legal compliance. Data exploitation requires businesses to invest systematically; it cannot be done haphazardly. If data is considered an asset, businesses must manage it like any other asset, with clear processes, standards, and responsibilities.

Overall, Vietnamese businesses are at a crossroads in the data game. One path is the familiar one: using data minimally, primarily for daily operations. The other path requires investment and a shift in mindset, but opens up opportunities for long-term growth.

Therefore, data is no longer an option, but a mandatory requirement if businesses want to participate deeply in the digital economy. As data becomes the means of production in the new era, businesses cannot afford to be left out of the game.

The sooner businesses recognize data as a strategic asset, the greater their chances of leveraging the rapidly emerging digital economy in Vietnam.

Giang Oanh

Source: https://baochinhphu.vn/doanh-nghiep-dang-dung-o-dau-trong-cuoc-choi-du-lieu-10225122015523813.htm