Digital Technology Industry Law: A boost to promote the formation of new industries

On the afternoon of May 9, at the 9th Session of the 15th National Assembly, the National Assembly listened to the Report on explanation, acceptance and revision of the draft Law on Digital Technology Industry and discussed a number of contents with different opinions of this draft Law.

Deputy Prime Minister Nguyen Chi Dung, in his explanation, emphasized: “The draft Law on Digital Technology Industry is not only an important step to perfect the legal framework for an emerging industry, but also contributes to the timely institutionalization of the Party's major policies on innovation.”

Deputy Prime Minister Nguyen Chi Dung also affirmed that the Digital Technology Industry Law Project is expected to become a strong push to promote the formation of a new industry, which is both of high economic value and an endogenous driving force for national digital transformation.

Digital Technology: The Future Economic Driver

The draft Law on Digital Technology Industry sets an ambitious goal: Making digital technology a key economic sector, contributing greatly to GDP. According to Deputy Prime Minister Nguyen Chi Dung, the law will promote the domestic technology business ecosystem, shifting from outsourcing to mastering core technology, creating products with Vietnamese brands.

Deputy Prime Minister Nguyen Chi Dung affirmed that the Digital Technology Industry Law Project is expected to become a strong push to promote the formation of a new industry, which is both of high economic value and an endogenous driving force for national digital transformation.

This is a step for Vietnam to not only be an “employee” but also become a “boss” in the technology game. The law is built on Resolutions 57-NQ/TW and 68-NQ/TW of the Politburo, with four pillars: Modern digital infrastructure, creative startups, technology talent and business incentives.

The semiconductor industry, the "trump card" of the 4.0 industrial revolution, enjoys its own preferential policies to anticipate the trend of shifting global supply chains.

AI is identified as a breakthrough tool to improve national productivity and competitiveness. (Photo: AI)

A notable new point in the draft law is the official inclusion of artificial intelligence (AI) in the content of the law. AI is identified as a breakthrough tool to improve productivity and national competitiveness. However, this is still a field with many potential risks and there are not many complete legal models in the world. Therefore, the Draft has chosen a principled approach, "flexible" in the framework of the law, and the Government will issue detailed regulations suitable for practice.

At the same time, the Draft also introduces for the first time the principles for digital asset management, a very new and complex field. The initial regulations revolve around the definition, classification and content of digital asset management in a flexible manner. The Government will provide specific regulations for each specialized field. This is an important premise for effective management and at the same time developing the domestic digital asset market.

Digital Vietnam: Golden opportunity to break through

The draft Law clearly establishes a controlled testing mechanism (sandbox) for products and services applying digital technology. This mechanism includes provisions on implementation principles, selection criteria, authority, legal responsibility, user rights, and exemption from liability for objective risks in testing.

The Draft Law on Digital Technology Industry will continue to be completed for approval at this 9th Session.

To ensure legal consistency, the Government is directing the Ministry of Science and Technology to study the possibility of regulating a sandbox mechanism framework in the Law on Science, Technology and Innovation, from which the Government will specify details suitable for each industry and field.

The draft Law on Digital Technology Industry is not only a legal document, but also a “compass” for Vietnam’s ambitions in the digital age. With many incentives, sandbox mechanisms, and a pioneering approach to AI and digital assets, Vietnam is sending a strong message: We are ready to “play big” on the global technology stage .

Deputy Prime Minister Nguyen Chi Dung pledged to absorb the National Assembly's opinions to complete the draft, ensuring its immediate approval at the 9th Session.

The Law on Digital Technology Industry is not only a sectoral law, but also an institutional lever for the national digital transformation process. This is a golden time for Vietnam to build a proactive legal foundation, paving the way for domestic technology enterprises to develop firmly, integrate deeply and contribute to creating a new position for Vietnam in the digital age.

Nguyen Hien

Source: https://vtcnews.vn/luat-cong-nghiep-cong-nghe-so-cu-hich-thuc-day-hinh-thanh-nganh-cong-nghiep-moi-ar942397.html