Billions of dollars of 'sleeping' resources have not been awakened, the Prime Minister requires a trading floor

On the afternoon of November 1, Prime Minister Pham Minh Chinh chaired a working session on building a legal, policy and institutional corridor to promote the formation and development of a Vietnamese data platform.

Deputy Minister of Public Security Nguyen Van Long - Photo: VGP

The report at the meeting said that the global data economy is in a period of strong expansion. In Vietnam, the data market in 2024 is estimated to reach about 1.57 billion USD, and in 2030 is forecast to reach about 3.53 billion USD, an increase of 14.2%.

Vietnam's digital economy is expected to reach about 45 billion USD by 2025 and could reach between 90-200 billion USD by 2030 with huge potential.

Many policies for data platform development

To complete the data exchange development strategy, the Ministry of Public Security proposed a number of policies such as: Completing the data economic model; continuing to build a comprehensive legal framework for data exchange development and management; ensuring data security and safety in exchange operations; developing a public-private partnership model in the data sector; enhancing human resource development and international cooperation.

Affirming that data is a strategic resource and a new means of production for developing artificial intelligence, the Prime Minister said that we have a huge amount of data but it is scattered, fragmented, "sleeping and not yet awakened", and has not been exploited; posing the need to activate data resources.

Therefore, the successful construction of a data exchange in Vietnam will bring comprehensive strategic benefits. This is to help form a new market for data trading with high added value; contribute directly to economic growth, contribute to improving national competitiveness and business competitiveness.

Along with that is the development of a data service ecosystem, promoting the development of a professional, modern, international and regional data service market, creating new business models based on databases; diversifying production and business activities of people and enterprises.

However, he acknowledged that the institutions, policies, and legal framework for data exploitation, sharing, and trading are still in the early stages and need to be improved, especially regarding ownership, pricing, data commercialization, and licensing of data exchange operations.

Most of the data generated by the State, businesses and people has not been exploited, connected, shared and commercialized effectively. A data economy has not yet been formed; the data trading market still has many barriers and is fragmented, small and divided.

National data infrastructure is still lacking and not synchronized; data is still scattered in individual systems, lacking connectivity, lacking common standards, causing waste and hindering exploitation and sharing. Requirements for standardizing security, authentication and data tracing, ensuring trust.

Prime Minister Pham Minh Chinh - Photo: VGP

Data exchanges are not data marketplaces but rather value-added

The Prime Minister said that it is necessary to change thinking and have a suitable and systematic scientific roadmap on this issue. The data exchange is not a data market for buying and selling information, but needs to be a platform to provide resources and create added value, so it is necessary to form a data ecosystem. Therefore, it is necessary to develop the exchange in association with institutions, infrastructure, human resources, ensuring data security and safety.

Accordingly, the Prime Minister requested that the development and implementation of a data exchange development policy must be innovative, promoting a controlled testing mechanism (sandbox). Creating all favorable conditions for participants with open regulations, not allowing "a carpet to be laid on top and nails to be strewn underneath"; increasing post-inspection and reducing pre-inspection.

Ensure the balance of interests of all parties, property rights, and freedom of creativity in business. Have a monitoring and risk management mechanism to ensure data security and safety and absolute compliance with legal regulations on data and personal data protection. Refer to international experience to have outstanding policies.

The head of the Government requested that this November, a data exchange must be established and put into operation. Therefore, the Ministry of Public Security is assigned to review, supplement, and perfect the institution with an open, public, and transparent framework. Research specific mechanisms and policies on public-private cooperation. Have a breakthrough mechanism for creative activities, exploiting data from the national data center. Develop a mechanism to monitor and verify data prices on the exchange and a mechanism to resolve disputes.

In the immediate future, the center will research and deploy a trial operation, trying to run it in November. This includes a mechanism for ordering and assigning scientific, technological, and innovation tasks to technology enterprises, ensuring sufficient energy supply for the center, prioritizing green energy. Having a unified technical standards framework. Deploying modern strategic technologies, especially large language models, national virtual assistants, and blockchain technology at the center...

In addition, other ministries and sectors focus on training human resources, supporting start-up businesses, developing data exchanges and data economy. Allocate sufficient budget for data exchange operations and upgrading and expanding the scale of national data centers. Business associations actively participate in the national data exchange, strengthen cooperation...

NGOC AN

Source: https://tuoitre.vn/tai-nguyen-dang-ngu-yen-chua-duoc-danh-thuc-hang-ti-usd-thu-tuong-yeu-cau-phai-co-san-giao-dich-20251101192434228.htm