Developing digital technology industry into a key economic sector

Creating legal corridors for strategic industries

Deputy Prime Minister Nguyen Chi Dung emphasized that 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, promoting the development of digital technology enterprises, and at the same time creating a foundation for Vietnam to deeply integrate into global technology trends.

According to Deputy Prime Minister Nguyen Chi Dung, the Draft Law on Digital Technology Industry 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.

The draft Law sets out four major goals: Developing the digital technology industry into one of the key economic sectors, contributing greatly to GDP; forming a domestic digital technology enterprise ecosystem, shifting from processing to mastering core technology, integration, production and innovation; investing in developing modern and synchronous digital technology industry infrastructure, promoting digital transformation processes throughout society; attracting and developing a high-quality digital technology workforce, connecting domestic and foreign talents.

Notably, the draft institutionalizes major policies stated in Resolution No. 57-NQ/TW and Resolution No. 68-NQ/TW of the Politburo . The core contents include: Incentive mechanisms for digital technology enterprises; development of shared digital infrastructure; encouragement of innovative startups; talent training and controlled technology testing.

The draft Law provides systematic incentive policies covering the entire industry development chain, including financial support, infrastructure, corporate tax and import-export tax, land and customs procedures; encouraging investment in training, exemption from work permits, granting 5-year visas, scholarships and personal income tax incentives for experts; supporting investment in research, investment costs in research facilities are included in tax-deductible expenses. The State invests in essential infrastructure, encourages the private sector to build digital technology infrastructure and develop concentrated technology zones. Support for expanding the market for digital technology products, especially incentives in leasing/purchasing products using state budget capital.

In particular, the semiconductor industry is identified as a strategic sector that will enjoy separate preferential policies, creating competitive advantages and seizing opportunities to shift the global value chain. This is a step that clearly demonstrates Vietnam's initiative in anticipating the fourth industrial revolution.

Digital asset management, AI included for the first time in draft Law

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 national productivity and 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 of 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, while at the same time developing the domestic digital asset market.

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.

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.

Deputy Prime Minister Nguyen Chi Dung emphasized that, based on the opinions of National Assembly deputies at the Hall, the Government will continue to complete the Draft Law on Digital Technology Industry in a thorough and comprehensive manner, ensuring conditions for its immediate approval at this 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.

Source: https://nhandan.vn/phat-trien-cong-nghiep-cong-nghe-so-thanh-nganh-kinh-te-trong-diem-post878615.html