Developing a data exchange platform requires breakthrough technology, but human resources are key.

On the afternoon of November 1st, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired a conference on the development of Vietnam's data platform.

Concluding the conference, the Prime Minister emphasized the motto "data must be listed on the exchange, the State creates, businesses are pioneers, public and private sectors cooperate, the market leads, the country prospers, and the people are happy;" striving to complete the Vietnam Data Exchange by November 2025.

The conference was attended by leaders from ministries, central agencies; experts and scientists ; and leaders of corporations in the technology and data sectors.

The conference aims to improve the institutional framework and policy mechanisms for building, managing, and exploiting data; developing a synchronized and interconnected data infrastructure; governing, managing, and utilizing data; attracting and developing human resources; and mobilizing financial resources to invest in the development of Vietnam's data platform.

Currently, developed countries are rapidly building strategies for the development of the data economy, in which data platforms play the role of intermediary platforms connecting data providers and users.

Global data platforms are experiencing strong growth, with a total value reaching $344 billion in 2024 and potentially rising to $655 billion by 2029.

In Vietnam, the data market alone is estimated to reach approximately $1.57 billion in 2024, and is projected to reach around $3.53 billion by 2030.

Vietnam's digital economy is expected to reach approximately US$45 billion by 2025 and could reach between US$90-200 billion by 2030. Therefore, Vietnam has enormous potential in its data market, and data platforms play a crucial role in the overall national digital economy development strategy.

As the state management agency for data, promoting data exploitation to serve the development of Vietnam's digital economy and digital society, the Ministry of Public Security proposes a development orientation for data exchanges in Vietnam. This includes perfecting the data economy model; continuing to build a comprehensive legal framework for the development and management of data exchanges; ensuring data security and safety in exchange operations; developing a public-private partnership model in the data sector; strengthening human resource development and international cooperation related to data exchanges…

ttxvn-thu-tuong-chu-tri-cuoc-hop-ve-phat-trien-san-du-lieu-1.jpg — Prime Minister Pham Minh Chinh chaired the meeting. (Photo: Duong Giang/VNA)

At the conference, delegates discussed and assessed the current state of data exchange development worldwide; experiences in developing data exchanges in other countries; the development of data exchanges in Vietnam; the direction of data exchange development within the overall national data economy development goals; and the construction of a data ecosystem. They also proposed numerous issues regarding the development of Vietnam's data exchange, such as the classification of data uploaded to the exchange; determining data pricing; the scope of data usage; the rights and responsibilities of data users; privacy rights; and intellectual property rights related to data.

In particular, delegates noted that developing a data exchange in Vietnam faces many challenges due to an incomplete legal framework; increasingly complex risks of data insecurity and safety breaches; a fragmented and inconsistent national database; challenges in licensing procedures and cooperation models; and limited technological infrastructure.

Concluding the conference, emphasizing the importance and role of the data platform, Prime Minister Pham Minh Chinh stated that Vietnam aims for a growth rate of 8% or higher in 2025. He added that relying solely on traditional drivers of investment, exports, and consumption would make achieving this target difficult, and therefore, it is necessary to rely on new growth drivers such as the digital economy, which includes data.

Recalling General Secretary To Lam's statement: "data has become an important resource and means of production," the Prime Minister said that Vietnam currently has a huge amount of data, but it is scattered, fragmented, and has not been systematically exploited.

Therefore, building and developing a data exchange platform in the current period is an essential and objective task, aimed at awakening and supplementing the country's resources for socio-economic development.

According to the Prime Minister, the successful establishment of a data exchange platform in Vietnam brings strategic and comprehensive benefits: It creates a new type of market with high added value, directly contributing to economic growth and enhancing national and enterprise competitiveness; promotes the development of a professional, modern data service market of international and regional stature; fosters technological development and innovation, providing high-quality raw materials and data; improves national governance capacity, accelerates the standardization, transparency, interoperability, connectivity, and reuse of data among state agencies, between the public and private sectors, and domestically and internationally; ensures national security, sovereignty, and standing, contributing to the development of a self-reliant economy linked to deep and effective international integration.

Outlining the political and legal foundations and challenges of building a Vietnamese data exchange platform, the Prime Minister emphasized the need for innovative thinking and action, demonstrating a strategic vision with the highest political determination from the entire political system, business community, and people; proceeding according to a suitable roadmap, learning from experience along the way, and not missing opportunities; building a data exchange platform not as a data warehouse for buying and selling information, but as a platform to provide resources and enhance the added value of data; developing the data exchange platform with "pioneering institutions, infrastructure as the foundation, technology as the breakthrough, human resources as the key, and efficiency as the driving force."

In that spirit, Prime Minister Pham Minh Chinh requested the development and implementation of a groundbreaking data exchange platform development policy, promoting controlled implementation; ensuring a synchronized legal framework that meets practical requirements and protects the legitimate rights and interests of participating entities; creating all favorable conditions for participating entities with streamlined administrative procedures and business regulations, avoiding a situation where "the top is smooth while the bottom is rough"; ensuring a balance between the state, businesses, and citizens, harmonizing interests and sharing risks; ensuring property rights and freedom of innovation in business for all entities; establishing mechanisms for monitoring and managing data security and safety risks, strictly adhering to data laws and protecting personal data; and developing breakthrough revenue incentive policies suitable to Vietnam's conditions for the successful development of a data exchange platform.

ttxvn-thu-tuong-chu-tri-cuoc-hop-ve-phat-trien-san-du-lieu-3.jpg — The Prime Minister requested the development and implementation of a groundbreaking policy for the development of a data exchange platform. (Photo: Duong Giang/VNA)

The Prime Minister has assigned the Ministry of Public Security to review, supplement, and improve the institutional framework, creating a comprehensive, open, transparent, and accountable legal framework to ensure the effective operation of the data exchange platform. This includes researching specific mechanisms and policies for public-private partnerships in the development of the data exchange platform; researching and developing regulations and guidelines on data valuation; establishing mechanisms for monitoring and valuing data on the exchange platform; and developing mechanisms for resolving data-related disputes. Initially, the Ministry of Public Security will coordinate with relevant ministries and agencies to research and conduct pilot testing of the data exchange platform.

To emphasize the need for infrastructure development to ensure the operation of the data exchange, the Prime Minister assigned the Ministry of Science and Technology to develop a mechanism for ordering and assigning scientific and technological tasks and innovation to public service units and startup organizations, and to support the formation of large-scale strategic data technology enterprises.

The Ministry of Industry and Trade is developing a plan to ensure an adequate energy supply. The Ministry of Public Security is developing a unified technical standards framework for organizations and businesses to ensure data security; researching the scale of the storage infrastructure of the National Data Center No. 1; and promoting and prioritizing the deployment of strategic and modern technologies. The Ministry of Education and Training is developing a plan to train high-quality human resources in data-related fields.

The Ministry of Science and Technology and the Ministry of Public Security are developing a project to incubate and support startup businesses, implement research and development programs for data products and services, and develop database solutions for the data economy; and develop a plan to attract domestic and foreign experts to develop human resources in data technology.

The Ministry of Finance has allocated sufficient budget for the construction and upgrading of the national data center. The National Data Association, domestic organizations, and businesses are actively participating in the national data exchange; strengthening cooperation and collaboration with ministries, sectors, and localities for the development of the data market; and playing a bridging role in linking and cooperating with international data businesses, networks, and markets.

Emphasizing that building a data exchange platform is a new and difficult task, but one that cannot be avoided for the benefit of the nation, the people, and businesses, Prime Minister Pham Minh Chinh requested that ministries, sectors, localities, and businesses only discuss the matter at hand, not delay it; in the spirit of "not rushing, not striving for perfection, and not missing opportunities," the construction of the data exchange platform must ensure "breakthrough thinking, decisive action, tangible results, and benefits for the people."

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