Data economy - a new growth engine for Vietnam.

Vietnam's digital economy is developing rapidly, with data as its core foundation.

2025 marks a significant turning point as our country shifts from policy awareness to building practical architecture and concrete infrastructure, with the operation of the National Data Center and a series of policies promoting data as a new growth engine.

Prime Minister Pham Minh Chinh and delegates launched the "Learning from Practical Work" program and witnessed the signing of cooperation agreements between the state, schools, and businesses.

According to the Ministry of Science and Technology , the number of digital technology businesses is expected to increase rapidly from 58,000 in 2020 to approximately 80,000 in 2025. Exports of digital technology products are projected to reach a staggering $172 billion in 2025, more than 1.7 times higher than in 2020. E-commerce is expected to experience spectacular growth, reaching an estimated $36 billion in 2025, a threefold increase compared to 2020, with an annual growth rate of 22-25%, the highest in the region.

Cashless payments are becoming widespread among businesses, households, and individuals. By the end of 2025, the estimated value of cashless payments will be 26 times GDP, with over 20.2 billion transactions per year...

Tax management and electronic invoicing have been implemented decisively and effectively, contributing to increased state budget revenue. By the end of 2025, 8.5 billion electronic invoices had been processed (a 3.4-fold increase compared to 2022); 368,000 businesses and business households had registered to use electronic invoices, generating 4.8 billion invoices from cash registers. Tax revenue from e-commerce reached VND 208.8 trillion, a 2.5-fold increase compared to 2022.

Alongside this, digital transformation in the fields of electricity, energy, transportation, etc., has also yielded positive results.

Prime Minister Pham Minh Chinh delivered a speech at the Third National Forum on Digital Economy and Digital Society Development.

Currently, Vietnam's digital economy is developing strongly, with data as its core foundation. The e-Conomy SEA 2025 report by Google, Temasek, and Bain & Company shows that the size of Vietnam's digital economy will reach approximately US$39 billion, up from US$34 billion in 2024, maintaining double-digit growth in all sectors, led by e-commerce with US$25 billion.

The current data center market has a capacity of approximately 104 MW (as of October 2025), projected to reach $1.26-$1.27 billion by 2030 with a compound annual growth rate of 10.8-11%. Cloud computing is also expected to reach $1.5 billion by 2030 thanks to demand from artificial intelligence. Data indirectly contributes 12-18% to GDP through the digital economy, with e-commerce accounting for approximately 9% of total retail sales in 2024.

Vietnam possesses distinct advantages: low data center construction costs (US$6.9 million/MW), a young population, and a high internet connectivity rate. However, the scale of its data infrastructure remains modest compared to the region, only about one-tenth that of Singapore.

The government has identified data as a “strategic resource” according to Resolution 57-NQ/TW of 2024 by the Politburo on breakthroughs in science, technology, and digital transformation. The National Data Strategy to 2030 (Decision 142/QD-TTg) aims to build a system of large, interconnected data centers, promoting the data industry and economy.

The National Data Center, inaugurated in August 2025 under the leadership of the Ministry of Public Security, will become the "backbone" for secure, inter-sectoral data sharing. The Law on Personal Data Protection (passed in June 2025, effective from July 1, 2025) strictly prohibits the illegal buying and selling of data, regulates cross-border data transfers, and balances the protection of privacy with the exploitation of data for the digital economy, harmonizing with the EU's GDPR standards.

Major General Nguyen Ngoc Cuong, Director of the National Data Center, affirmed that data is the "new oil" of the 21st century, the "heart" of digital transformation, and the "brain" for the nation's prosperous era. To effectively exploit it, continuous breakthroughs in science and technology, and innovation in both thinking and action are necessary.

Mr. Ho Quang Buu, Vice Chairman of the People's Committee of Da Nang City, emphasized that the data economy is not a separate component but a fundamental element that permeates all components of the digital economy.

In Da Nang, the city is focusing on three technological pillars – blockchain, robotics, and artificial intelligence – to develop its digital economy in the 2026-2030 period, with priorities including investment in digital infrastructure, providing open data, supporting businesses in digital transformation, promoting innovative startups, and attracting high-quality human resources.

In the e-commerce sector, a Shopee representative stated that small and medium-sized enterprises (SMEs) account for over 98% of all businesses in Vietnam, making them a crucial resource for boosting online exports.

With the support of artificial intelligence, platforms like Shopee help micro, small, and medium-sized enterprises (MSMEs) effectively access international markets and manage domestic and export sales on a single system.

Mr. Phan Manh Ha, Director of External Relations, Shopee Limited.

A prime example of high-tech application is the National Digital Twin, pioneered by National Digital Twin 15 (part of CT Group). Introduced at the Third National Forum on Digital Economy and Society Development, this solution completes the third axis in the core triad of digital transformation (digital citizens, digital organizations, digital territories), integrating over 300 data layers using artificial intelligence, supporting rapid and accurate planning, thereby enhancing state management and socio-economic development.

For example, planning a territory used to take years and involve hundreds of experts, but now, thanks to the National Digital Copy of NDT 15, it only takes a few days to build dozens of different planning scenarios with high accuracy, based on real-time data.

Leaders of National Digital Twin 15 (part of CT Group) introduced their high-tech application, the National Digital Copy, to Prime Minister Pham Minh Chinh and leaders of various ministries and agencies.

At the third National Forum on Digital Economy and Society Development, held on the morning of December 20, 2025, at the Government Office, Prime Minister Pham Minh Chinh emphasized that in the digital economy era, the most important input is no longer just gasoline or coal, but data. The more widely we use and exploit data, the higher the added value. The Prime Minister stressed that accessing modern technology will help us change our mindset, thereby promoting faster, stronger, and more efficient development.

In the national digital transformation, data plays a fundamental and crucial role. Therefore, ministries, sectors, and localities need to urgently complete their specialized databases to connect and share with the national data center and relevant agencies and units. The more complete and rich the databases are, the more solid the foundation for the development of artificial intelligence will be. The Prime Minister affirmed that ministries and sectors that build and manage databases well will possess high-quality artificial intelligence.

At the same time, it is necessary to raise awareness throughout the entire system about the digital economy and digital society, with particular emphasis on the core and crucial role of digital data.

The data economy not only offers significant benefits – increased productivity, improved public services, and attracting investment from global technology corporations – but also faces challenges related to cybersecurity, unequal access, and talent shortages. If effectively leveraged and closely integrated with rigorous protection, the data economy will become a pillar driving Vietnam's rapid industrialization and modernization, successfully achieving the goal of having the digital economy account for at least 30% of GDP by 2030 as stipulated in Resolution 57-NQ/TW, aiming for high-income status and regional leadership in sustainable digital transformation.

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