Prime Minister: Operate data exchange in November 2025

The data economy boom

Reports and opinions at the meeting on the afternoon of November 1 showed that the global data economy is in a period of strong expansion. According to research firm Statista (Germany), the world's data platforms are growing strongly with a total value of up to 344 billion USD in 2024 and could reach 655 billion USD in 2029, mainly concentrated in the North America and Asia Pacific regions.

The European Union estimates that the bloc's data economy is expected to grow to 640 billion euros by 2025, equivalent to 4.8% of GDP. China is actively building a data ecosystem, with the value of data transactions estimated to reach 204.6 billion yuan by 2025. Singapore, with its advantage as a regional technology hub, has developed a digital economy that will contribute 17.7% to its gross domestic product by 2023, nearly double the growth of 13% in 2017.

In Vietnam, the data market alone is estimated to reach about 1.57 billion USD in 2024, and is forecast to reach about 3.53 billion USD by 2030, with a growth rate of about 14.2%. Vietnam's digital economy is expected to reach about 45 billion USD by 2025 and could reach about 90-200 billion USD by 2030, affirming the great potential of the data market and the important role of the data platform in the overall national digital economic development strategy.

The general trend in the world today is that countries all prioritize the data economy in their national development strategies. Developed and developing economies are stepping up investment in data infrastructure, building legal frameworks for data governance and sharing, and creating data markets to promote the circulation and creation of value from data. The competition for data has become a new battlefield in the global geopolitical and economic context.

In Vietnam, in recent times, the Party and the State have issued policies to promote the development of the data industry, build a data platform to serve national digital transformation, develop digital government, digital economy, and digital society. In particular, national digital transformation, development of national and specialized databases, integration, synchronization, storage, sharing, analysis, exploitation, and coordination of data at the National General Database have achieved some positive results.

The Data Law has regulated data intermediaries, data floors, data protection responsibilities and the rights of data subjects and data owners; initially creating a legal framework to promote data sharing, analysis, synthesis and trading. The Government has assigned the Ministry of Public Security to build a data floor at the National Data Center, with the goal of forming a national data floor and promoting the development of the data economy.

Based on the analysis of the current situation and international experience, the Ministry of Public Security proposed a number of strategic orientations for the development of data floors in Vietnam, including: Completing the data economic model; continuing to build a comprehensive legal framework for the development and management of data floors; ensuring data security and safety in trading floor operations; developing a public-private partnership model in the data field; enhancing human resource development and international cooperation.

In his concluding remarks, emphasizing the importance and strategic significance of data in the digital age, the Prime Minister assigned the Government Office to coordinate with the Ministry of Public Security to absorb opinions and complete the submission for issuance of the meeting conclusion notice.

Taking time to analyze the need to renew new growth drivers, including digital economy and data economy, the Prime Minister affirmed that data is a strategic resource, a new means of production after land, labor, capital and technology. Only with a Vietnamese database can there be Vietnamese artificial intelligence.

According to the Prime Minister, we currently have a huge amount of data but it is scattered, fragmented, "sleeping and not yet awakened", not exploited; posing the requirement to activate data resources. Therefore, building and developing a data platform in the current period is an inevitable and objective task, aiming to awaken and supplement the country's resources for socio-economic development.

The Prime Minister emphasized the orientations and viewpoints in developing data platforms in Vietnam - Photo: VGP/Nhat Bac

The Prime Minister emphasized that the successful construction of a data exchange in Vietnam will bring comprehensive strategic benefits.

Accordingly, a new type of market will be formed, a data trading market with high added value; contributing directly to economic growth, helping to improve national competitiveness and business competitiveness.

Along with that, develop a data service ecosystem, promote the development of a professional, modern, international and regional data service market, create new business models based on databases; diversify production and business activities of people and enterprises.

At the same time, it helps develop technology and innovation, provides high-quality, diverse, standardized data materials for the development and application of artificial intelligence, connects scattered and fragmented data warehouses, and promotes investment attraction and non-state capital sources.

Regarding improving national governance capacity, the formation of a data platform will accelerate the process of standardization, transparency, interconnection, connection and reuse of data among state agencies, between the public and private sectors, between domestic and foreign sectors, combining internal resources, external resources, national resources with international resources; making evidence-based policies, optimizing the provision of public services, enhancing monitoring, evaluation and forecasting capacity, promoting transparency and accountability...

Regarding national security, sovereignty and position, this contributes to the development of an independent and self-reliant economy associated with deep and effective international integration; protecting national data security and enforcing data sovereignty in cyberspace; and raising Vietnam's position in the global data network.

The Prime Minister spent time clearly analyzing the political and legal bases for successfully building a data exchange in Vietnam, including Resolution 57 of the Politburo; Data Law of the National Assembly; Plan 02 of the Central Steering Committee on science and technology development, innovation, national digital transformation; resolutions, decrees of the Government and Decisions of the Prime Minister.

Besides, according to the Prime Minister, there are still many limitations and shortcomings in institutions, policies, legal frameworks, human resources, etc. related to data floors that need to be recognized and solutions found to overcome them in the coming time.

Accordingly, 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.

Currently, most of the data generated by the State, businesses and people have 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 unsynchronized; data is still scattered in separate systems, lacking connectivity and common standards, causing waste and hindering exploitation and sharing.

Along with that, it is necessary to focus on standardizing security, authentication and data tracing, ensuring trust for people and businesses when participating in the data market.

The Prime Minister emphasized the orientations and viewpoints in developing data floors in Vietnam.

Firstly, the construction of a data platform in Vietnam must be innovative from thinking, awareness to action, demonstrating strategic vision, with high political determination, consensus and agreement of the entire political system, close coordination of ministries, branches, localities, and active support and participation of the community, businesses and people.

Second, we must proceed according to a suitable, scientific, and methodical roadmap, in the spirit of learning from experience and gradually improving; not being perfectionist, not being hasty, not missing opportunities; looking far and wide, thinking deeply, doing big things; doing things must be successful, and at the same time managing risks.

Third, the data exchange is not a data warehouse or a normal data market for buying and selling information, but must be a platform that provides resources, enhances data value, enhances the added value of data to serve research, startups, innovation, national governance, and socio-economic development. Form a data ecosystem, develop data-related products and services, and create a foundation for the development of artificial intelligence and national digital transformation.

Fourth , develop a data exchange with institutions as the pioneer, infrastructure as the foundation, technology as the breakthrough, human resources as the key, and efficiency as the driving force. Only when institutions are open, infrastructure is smooth, technology is modern, standards are unified, and human resources are highly qualified can reliable and high-quality data sources be gathered to build, operate, and effectively develop a data exchange.

Fifth, identify data security and safety as a consistent requirement and prerequisite for promoting data market development. Consider data security, safety and confidentiality as core, unchangeable principles to promote rapid, sustainable and safe data market development.

At the same time, the data platform must operate smoothly, continuously, publicly, transparently and must have an effective monitoring and supervision mechanism and comply with Vietnamese law and harmonize with international law and practices.

Regarding the requirements, the Prime Minister stated that the first is that the development and implementation of a data exchange development policy must be innovative, promoting a controlled testing mechanism (sandbox) for new issues but must ensure a synchronous legal framework, meeting practical requirements, protecting the legitimate and legal rights and interests of participating entities.

Second, create all favorable conditions for entities to participate in administrative procedures and transparent business regulations, avoiding the situation of "spreading nails underneath and spreading the carpet above"; increase post-inspection and reduce pre-inspection.

Third, ensure a balance of interests between the State, enterprises and people, in the spirit of harmonious interests and shared risks; ensure property rights and freedom of creativity in business.

Fourth, there is a mechanism to monitor and manage risks right from the beginning to ensure data security and safety and absolute compliance with legal regulations on data and personal data protection.

Fifth , refer to international lessons and experiences to orient the development of breakthrough and specific incentive policies suitable to Vietnam's conditions.

The requirement to strive for this November is to form and operate a data exchange, the Prime Minister pointed out the main directions, tasks and solutions in the coming time.

Regarding direction, the Prime Minister requested to thoroughly grasp the motto and spirit of 28 words: "Data listed on the stock exchange, State creation, pioneering enterprises, public-private partnership, market leadership, rich and strong country, happy people". Determination must be very high, efforts must be great and actions must be very drastic; assignment must be clear in 6 ways: clear people, clear work, clear time, clear responsibility, clear authority, clear products.

We must perfect institutions, mechanisms and policies to develop, protect, exploit and effectively use databases; build synchronous and connected infrastructure; smart governance; high-quality human resources; and have resources for investment.

Regarding specific tasks and solutions, the Prime Minister assigned the Ministry of Public Security to preside over and coordinate with relevant agencies to review, supplement, and perfect institutions. In particular, creating a synchronous, open, public, and transparent legal framework to ensure the operation of the data exchange, basically completed this November.

Along with that, research on specific mechanisms and policies on public-private cooperation, to be completed in 2025, including cooperation in investment, procurement, management, and use of assets, serving joint ventures, associations, and cooperation in developing data products and services to serve socio-economic development.

Propose a breakthrough mechanism for innovation and data exploitation activities from the national data center, to be completed in 2025. Research and develop regulations and guidelines on data pricing, develop a mechanism to monitor and verify data prices on the exchange, and a mechanism to resolve disputes related to data prices, to be completed in the first quarter of 2026.

Regarding the data exchange, the Prime Minister stated that in the immediate future, the Ministry of Public Security will be assigned to preside over and coordinate with relevant ministries and branches to focus on research and implementation of trial operations, and strive to conduct trial operations within November. The Ministry of Public Security is also assigned the task of conducting appraisal and licensing operations.

Regarding infrastructure, the Prime Minister assigned the Ministry of Science and Technology to develop a mechanism for ordering and assigning science, technology, and innovation tasks to public service units, organizations, and domestic enterprises, and support the formation of large-scale strategic technology enterprises, to be completed in the second quarter of 2026.

The Ministry of Industry and Trade develops a plan to ensure adequate and stable energy supply for data centers, prioritizing green and clean energy sources for national data centers.

The Ministry of Public Security will develop a unified technical standards framework for business organizations to ensure data security, to be completed by June 2026. Research on expanding the storage infrastructure of the National Data Center No. 1, including prioritizing the data trading floor, to be completed by November 2025.

Promote and prioritize the deployment of modern strategic technologies, especially large language models, national virtual assistants, blockchain technology, and high-performance computing centers at the National Data Center. Continue to deploy National Data Centers No. 2 and 3. Research and propose to add violations of data ownership rights and database-related violations to the Penal Code.

Regarding human resources, the Ministry of Education and Training will develop a training plan, especially high-quality human resources in data, to be completed in 2025 for implementation from 2026.

The Ministry of Science and Technology and the Ministry of Public Security will develop an incubation project to support start-ups, implement research programs, develop data service products, solutions for developing data trading floors and data economy; strive to complete in the second quarter of 2026. Develop mechanisms, policies and plans to attract domestic and foreign data experts.

The Ministry of Finance allocates sufficient budget resources for the construction, implementation and operation of data floors and upgrading and expanding the scale of national data centers.

For the National Data Association, domestic organizations and enterprises, the Prime Minister suggested actively participating in the national data exchange, strengthening cooperation and accompanying ministries, branches and localities in developing the data market. Promoting the role of a bridge, linking and cooperating with international enterprises, networks and data markets.

The Prime Minister emphasized that building a data exchange is a new, very difficult and unprecedented task, but it cannot be avoided; data is a type of asset, a type of resource that must comply with market rules, be transacted and have very high added value; so ministries, branches and agencies "only discuss work, only discuss progress, not retreat", actively and proactively deploy tasks according to their functions, tasks and powers and coordinate closely, creating common strength, forming a Vietnamese data exchange as soon as possible, all for the benefit of the nation, the people, the interests of the people and businesses.

Source: https://baodautu.vn/thu-tuong-chinh-phu-van-hanh-san-giao-dich-du-lieu-ngay-trong-thang-112025-d426648.html