(ĐTTCO) – According to Prof. Dr. Tran Tho Dat, Chair of the Scientific and Training Council, National Economics University (NEU), the Law on the Digital Technology Industry, the Law on Personal Data Protection, and the Law on Data are three institutional pillars for digital transformation.

Prof. Dr. Tran Tho Dat, Chair of the Scientific and Training Council, NEU

This provides a legal foundation for the personal data economy, opening up new business models that treat data as an asset or a form of social credit. It also puts pressure on businesses to invest in security and data transparency and enhance their international competitiveness.

The Law on Data establishes an institutional foundation for using, sharing, connecting, and governing data throughout the political, social, and economic systems. The law classifies data, defines the rights and obligations of participants in the data ecosystem, promotes data sharing across sectors and agencies, reduces data silos in the public sector, and supports digital government and smart cities.

– What are the breakthroughs in these three laws?

– Once implemented, the three laws will turn data into assets and recognize data as a resource. They will transform data into assets that can be owned, valued, and transferred. They will turn technology into a domestic productive force, creating jobs and value. They will also turn digital trust into social capital, encouraging people and businesses to participate in the digital economy.

These laws support and protect domestic technology businesses in the globally competitive digital environment. On this basis, Vietnam can build a sovereign digital economy that competes globally and has its own distinct identity.

The laws not only establish property rights and data governance infrastructure but also recognize data as an important resource that can be harnessed and commercialized. The legislation establishes a data classification system (open data, personal data, public-interest data, big data, etc.).

It also establishes ownership rights and the economic value of data, as well as the obligations of those who own, use, and share data. This enables the formation of data markets, data centers, and data exchanges, enhancing interoperability among the State, businesses, and research organizations.

These three laws also form an institutional triangle for the digital economy and the process of turning data into assets. Previously, data was often merely a by-product of digitization activities. It is now recognized as a strategic asset that can be invested in, protected, and used to advance economic growth, innovation, and sustainable development. This institutional triangle provides a new legal foundation for Vietnam’s digital development phase.

– How, then, will data use be balanced with the protection of personal privacy?

– For the first time in Vietnam, individuals’ rights over their data are clearly stipulated in law. Personal data is protected and used within a framework of responsibility and trust. Organizations and businesses are bound by obligations when collecting, using, and transferring personal data.

This helps strengthen public trust in sharing and using digital data. In turn, it expands the data economy, makes it easier for Vietnamese businesses to comply with international standards and connect with global markets, reduces the risk of data breaches, and safeguards the foundations of ethics and fairness in the digital space.

– Could you elaborate on “turning technology into a domestic productive force”?

– The Law on the Digital Technology Industry is a pillar for building domestic productive forces and digital businesses to harness data. The law clearly identifies domestic digital technology businesses as the central force in the data industry.

The law introduces policies that prioritize the development of infrastructure, software, digital platforms, and data-driven services. Make in Vietnam businesses in fields such as AI, data analytics, blockchain, cloud, and cybersecurity will receive support.

The law will promote the development of sovereign, distinctly Vietnamese products, services, and platforms for harnessing data. This will enable businesses to enhance their competitiveness and technological autonomy in relation to global platforms, create jobs, improve labor productivity, and increase the digital economy’s contribution to GDP. This is the production pillar, helping transform data into goods and services—that is, assets that generate added value.

– So these three laws will shape a digital economy based on innovation and data?

– That is correct. Together, the three laws lay the institutional foundation for the data economy and innovation. Their consistent and coordinated implementation will help identify, value, and manage public and private data as a strategic national asset. This will enable data to be harnessed to develop new sectors such as Fintech, GovTech, HealthTech, and EdTech.

It will also create conditions for developing AI, machine learning, predictive models, and user-friendly, smart public and private services based on big data analytics. This will give rise to a digital economy in which data is the raw material, AI is the tool for harnessing it, and domestic technology businesses are the main productive force.

– Thank you, Professor.

This provides a legal foundation for the personal data economy, opening up new business models that treat data as an asset or a form of social credit. It also puts pressure on businesses to invest in security and data transparency and enhance their international competitiveness.

The Law on Data establishes an institutional foundation for using, sharing, connecting, and governing data throughout the political, social, and economic systems. The law classifies data, defines the rights and obligations of participants in the data ecosystem, promotes data sharing across sectors and agencies, reduces data silos in the public sector, and supports digital government and smart cities.

– What are the breakthroughs in these three laws?

– Once implemented, the three laws will turn data into assets and recognize data as a resource. They will transform data into assets that can be owned, valued, and transferred. They will turn technology into a domestic productive force, creating jobs and value. They will also turn digital trust into social capital, encouraging people and businesses to participate in the digital economy.

These laws support and protect domestic technology businesses in the globally competitive digital environment. On this basis, Vietnam can build a sovereign digital economy that competes globally and has its own distinct identity.

The laws not only establish property rights and data governance infrastructure but also recognize data as an important resource that can be harnessed and commercialized. The legislation establishes a data classification system (open data, personal data, public-interest data, big data, etc.).

It also establishes ownership rights and the economic value of data, as well as the obligations of those who own, use, and share data. This enables the formation of data markets, data centers, and data exchanges, enhancing interoperability among the State, businesses, and research organizations.

These three laws also form an institutional triangle for the digital economy and the process of turning data into assets. Previously, data was often merely a by-product of digitization activities. It is now recognized as a strategic asset that can be invested in, protected, and used to advance economic growth, innovation, and sustainable development. This institutional triangle provides a new legal foundation for Vietnam’s digital development phase.

– How, then, will data use be balanced with the protection of personal privacy?

– For the first time in Vietnam, individuals’ rights over their data are clearly stipulated in law. Personal data is protected and used within a framework of responsibility and trust. Organizations and businesses are bound by obligations when collecting, using, and transferring personal data.

This helps strengthen public trust in sharing and using digital data. In turn, it expands the data economy, makes it easier for Vietnamese businesses to comply with international standards and connect with global markets, reduces the risk of data breaches, and safeguards the foundations of ethics and fairness in the digital space.

– Could you elaborate on “turning technology into a domestic productive force”?

– The Law on the Digital Technology Industry is a pillar for building domestic productive forces and digital businesses to harness data. The law clearly identifies domestic digital technology businesses as the central force in the data industry.

The law introduces policies that prioritize the development of infrastructure, software, digital platforms, and data-driven services. Make in Vietnam businesses in fields such as AI, data analytics, blockchain, cloud, and cybersecurity will receive support.

The law will promote the development of sovereign, distinctly Vietnamese products, services, and platforms for harnessing data. This will enable businesses to enhance their competitiveness and technological autonomy in relation to global platforms, create jobs, improve labor productivity, and increase the digital economy’s contribution to GDP. This is the production pillar, helping transform data into goods and services—that is, assets that generate added value.

– So these three laws will shape a digital economy based on innovation and data?

– That is correct. Together, the three laws lay the institutional foundation for the data economy and innovation. Their consistent and coordinated implementation will help identify, value, and manage public and private data as a strategic national asset. This will enable data to be harnessed to develop new sectors such as Fintech, GovTech, HealthTech, and EdTech.

At the same time, this will create conditions for developing AI, machine learning, predictive models, and user-friendly, smart public and private services based on big data analytics. This will give rise to a digital economy in which data is the raw material, AI is the tool for harnessing it, and domestic technology businesses are the main productive force.

– Thank you, Prof.

Source: Financial Investment Magazine

This is an automated translation. If you notice any errors, please contact the Department of Communications, National Economics University at phongtruyenthong@neu.edu.vn.