An inevitable trend
The draft Law on Digital Technology Industry is currently being publicly released by the Ministry of Science and Technology for comments from affected parties. The draft stipulates policies to support the development of the digital technology industry, including: support for brand building and development; development of domestic and foreign markets; incentives (tax, land, credit, finance, etc.); development of human resources and digital technology talent; incentives for digital technology zones; management and exploitation of digital data; promotion of smart industries through the application of digital technology; procedures for establishing and investing in digital technology zones, etc.
According to the draft submission to the Government by the Ministry of Science and Technology, the drafting of the Law on Digital Technology Industry aims to address existing shortcomings and inadequacies in the implementation of regulations on the information technology industry in the Law on Information Technology; and to propose breakthrough policies to promote development while mitigating potential risks in digital technology industry activities.
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| Creating a legal framework for the digital technology industry is absolutely essential. (Illustrative image) |
In the inevitable trend of digital transformation, creating a legal framework to develop the digital technology industry, shifting from assembly and processing to designing and manufacturing digital technology products and platforms to serve national digital transformation, digital government, digital economy, and digital society, is necessary to ensure national digital sovereignty.
Regarding resources for developing the digital industry, Vietnam has the advantage of a large population (nearly 100 million people, ranking 15th in the world), making it a large market to nurture and develop Vietnamese digital technology businesses. However, current legislation does not yet stipulate breakthrough measures to develop the domestic market for digital technology businesses, especially small and medium-sized enterprises (SMEs).
"For the digital technology industry to develop rapidly and sustainably, policies are needed to encourage businesses to develop domestically designed and manufactured digital technology products. However, current legislation lacks regulations and policies to promote the development of domestically designed and manufactured digital technology products," the draft submission to the Government on the Law on the Digital Technology Industry by the Ministry of Science and Technology clearly states.
Therefore, the development of a Law on the Digital Technology Industry is absolutely necessary to institutionalize the views, goals, and development orientations of the digital technology industry; to overcome existing shortcomings and limitations, as well as to create a solid legal basis for implementing outstanding and groundbreaking policies and mechanisms.
At the same time, we will mobilize all resources to effectively develop the potential of Vietnam's digital technology industry, contributing to accelerating national digital transformation and developing the digital economy and digital society in Vietnam; striving to make Vietnam one of the leading countries in the digital technology industry.
Perspectives on drafting the Law
According to the Ministry of Science and Technology, the purpose of developing the Law on Digital Technology Industry is to contribute to promoting the development of the digital technology industry into a major economic sector contributing significantly to the national economy, making Vietnam the most favorable environment for nurturing and developing digital technology businesses.
Simultaneously, develop the digital technology industry with a focus on Vietnamese digital technology enterprises, shifting from assembly and processing to innovation, design, and manufacturing in Vietnam; contributing to building a digital government and driving the development of the digital economy and digital society.
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The enactment of the Law on Digital Technology Industry will contribute to promoting the smartification of industries. Photo: Minh Anh |
The enactment of the Law on Digital Technology Industry affirms the legal value of the digital technology industry; establishes regulations and policies to promote the development of the digital technology industry; and replaces the provisions on information technology industry and information technology services in the Law on Information Technology with the provisions of the Law on Digital Technology Industry.
Promoting the smartification of industries by integrating and integrating digital technologies into various sectors and fields will change working methods, bring new value, and create a smartification revolution.
From a conceptual standpoint, the development of the Law on Digital Technology Industry institutionalizes the Party's guidelines and the State's policies on the development of the digital technology industry; overcomes current limitations and shortcomings; and, on the other hand, needs to provide specific regulations and create a clear legal framework to promote the development of the digital technology industry.
The Law on Digital Technology Industry will be developed based on the selective inheritance of relevant provisions of the Law on Information Technology and its implementing guidelines on the information technology industry, while also amending and supplementing new content based on selective reference to international laws and experiences to apply appropriately to Vietnam's reality, in order to meet the development requirements of Industry 4.0 and the digital economy in particular.
The Law on Digital Technology Industry does not alter the state management responsibilities of ministries and agencies in various fields. When digital technology products and services are applied in a field under the purview of a particular ministry or agency, that ministry or agency is responsible for managing them according to that field.
| Vietnam's digital technology industry is one of the fastest-growing sectors in the economy, with annual revenue growth twice the rate of GDP growth; its contribution to GDP reaches 6-6.5%, with estimated revenue in 2022 reaching US$148 billion, an 8.7% increase compared to 2021; it is a sector with strong export potential, well-suited to Vietnam's capabilities and characteristics. |
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