From the General Secretary's speech, discussing the data economy

"Oil of the digital age"

Speaking at the recent First National Congress of the National Data Association, General Secretary To Lam emphasized that Vietnam is entering the dawn of the digital age and data plays an important role in the digital economy .

Data is becoming a valuable resource in the digital world - Illustration photo

Our Party and State have soon recognized the importance of data for the digital economy and have proactively proposed strategic directions for development, perfecting the legal framework on data, data governance, data connection and sharing...

The above statements by the General Secretary once again show the importance and urgency of developing the data economy as well as increasing the value of data in the economy.

Previously, Resolution 57-NQ/TW dated December 22, 2024 of the Politburo on breakthroughs in science, technology, innovation and national digital transformation also clearly stated that data is at the heart of digital transformation.

Indeed, in the current context, data has become a valuable resource in the digital world, playing a decisive role in the development of technology platforms, businesses and the global economy. Data is even considered the "oil of the digital age".

Data is not just meaningless numbers or text, but it is the foundation of all activities in the field of information technology. From artificial intelligence (AI) applications, big data analysis systems to automation solutions, all rely on data to operate and develop.

When businesses have quality data, they can make better decisions, optimize workflows, and predict market trends.

A typical example is large technology corporations such as Google, Amazon or Facebook, these companies have taken advantage of data to build algorithms to optimize user experience, recommend products and create huge profits.

Without data, platforms like search engines, social networks, or online advertising systems cannot function effectively.

In addition, according to statistics, there are currently about 11 billion devices connected to the Internet worldwide. Market research firm IDC estimates that by 2025, this number will reach 80 billion devices.

The rapid growth of the Internet of Things will turn the flow of data into a “massive” one. IDC predicts that the total amount of digital data generated globally by 2025 will be 180 zettabytes (ZB). With the unprecedented growth rate of data, the future ahead is that important decisions will have to be made based on data.

Don't miss the big opportunity

Sharing with reporters of Cong Thuong Newspaper, technology expert - Mr. Nguyen Ngoc Han, General Director of Thu Do Multimedia - affirmed that Vietnam, with the advantage of a young population, a high rate of Internet users and the Government's determination, is facing a great opportunity to take advantage of the power of digital data to promote economic growth and improve productivity.

Digital data will contribute increasingly to growth - Illustration photo

Digital data will contribute to growth, improve labor productivity, promote administrative reform and innovation in Vietnam. " Digital data is playing an increasingly important role in Vietnam's GDP growth," said Mr. Han.

Evidence shows that in 2023, the digital economy (largely based on data mining and digital technology) accounted for about 12.33% of Vietnam's GDP. In 2024, the proportion of the digital economy continued to reach 18.3% of GDP, with a growth rate exceeding 20%/year, 3 times higher than the GDP growth rate, the fastest in Southeast Asia.

The figure has increased sharply compared to a few years ago and is forecast to continue to increase rapidly. The Vietnamese government has set an ambitious target that by 2030, the digital economy will contribute 30% of GDP - a target that requires data exploitation to take place deeply in all economic sectors.

This technology expert also analyzed that applying data in management and decision-making helps improve labor productivity and business efficiency. International research shows that businesses that incorporate data into the decision-making process can increase productivity by 5-6% compared to traditional methods.

In addition, digital data opens up new growth opportunities. Data-driven business models such as e-commerce, platform economy, digital services and creative economy are booming.

For example, by 2024, retail e-commerce will reach $25 billion in revenue, up about 20% from 2023 - largely thanks to exploiting data on consumer shopping behavior to personalize experiences and expand markets. Clearly, digital data is becoming a fundamental factor to help promote rapid and sustainable economic growth in Vietnam.

Many other experts also commented that digital data is and will continue to play a key role in Vietnam's economic development. From promoting GDP growth, improving labor productivity, to administrative reform and creating new business models, digital data is the country's strategic resource in the 21st century.

Mr. Truong Gia Binh, Chairman of FPT Corporation, said that data has become the most important fuel for every economy. "If I had to choose one word, I would choose data," he said, adding that data only has value when it is properly managed and has appropriate support policies.

Although Vietnam has initially recognized the importance of data, demonstrated through national digital transformation programs and ambitious digital economic goals, there is still much work to be done on the road to building a data economy - from perfecting institutions, developing infrastructure, training human resources to protecting security and privacy.

To realize the potential of the data economy, Vietnam needs the decisive participation of the entire system: Flexible policies, appropriate investment, proactive innovation by businesses and people ready to accept new things. Learning from the best international experiences and promoting internal creativity will help Vietnam find the most suitable path for itself...

In the near future, when data is exploited effectively and safely, Vietnam can make breakthroughs in growth and inclusive development, firmly entering the ranks of the region's leading digital economies. And thus, data becomes "air and light for the new era"...

Digital data is becoming the core “fuel” of the modern economy, similar to oil in the 20th century. In the digital age, every activity from production, business to administration creates and relies on data.

Quynh Nga

Source: https://congthuong.vn/tu-phat-bieu-cua-tong-bi-thu-ban-ve-kinh-te-du-lieu-379566.html