(ĐTTCO) – According to Prof. Dr. Tran Tho Dat, Chair of the Scientific and Training Council at 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 at NEU

This provides a legal foundation for the personal data economy, opening up new business models that treat data as an asset or social credit. At the same time, it 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 stakeholders in the data ecosystem, promotes cross-sector and interagency data sharing, 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, generating jobs and value. They will 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 a globally competitive digital environment. This will enable Vietnam to build a sovereign digital economy that competes globally and has its own identity.

The laws not only establish property rights and data governance infrastructure but also identify data as an important resource with value for use and commercialization. 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, increasing 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 byproduct of digitization activities; now it is recognized as a strategic asset that can be invested in, protected, and used to drive economic growth, innovation, and sustainable development. This institutional triangle provides a new legal foundation for Vietnam’s digital development phase.

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

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

This helps increase public trust in the sharing and use of digital data. In turn, it expands the scale of 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.

– Professor, could you elaborate on “turning technology into a domestic productive force”?

– The Law on the Digital Technology Industry is a pillar for building productive forces and domestic 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 AI, data analytics, blockchain, cloud, cybersecurity, and other fields will receive support.

The law will promote the development of sovereign products, services, and platforms for harnessing data, all reflecting Vietnamese identity. 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 turn 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 coordinated and consistent implementation will help identify, value, and manage public and private data as a national strategic asset. This will enable data to be harnessed to develop new sectors such as Fintech, GovTech, HealthTech, EdTech…

They will also create conditions for the development of 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 input, AI is the tool for harnessing it, and domestic technology businesses are the principal 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 social credit. At the same time, it 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 stakeholders in the data ecosystem, promotes cross-sector and interagency data sharing, 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, generating jobs and value. They will 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 a globally competitive digital environment. This will enable Vietnam to build a sovereign digital economy that competes globally and has its own identity.

The laws not only establish property rights and data governance infrastructure but also identify data as an important resource with value for use and commercialization. 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, increasing 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 byproduct of digitization activities; now it is recognized as a strategic asset that can be invested in, protected, and used to drive economic growth, innovation, and sustainable development. This institutional triangle provides a new legal foundation for Vietnam’s digital development phase.

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

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

This helps increase public trust in the sharing and use of digital data. In turn, it expands the scale of 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.

– Professor, could you elaborate on “turning technology into a domestic productive force”?

– The Law on the Digital Technology Industry is a pillar for building productive forces and domestic 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 AI, data analytics, blockchain, cloud, cybersecurity, and other fields will receive support.

The law will promote the development of sovereign products, services, and platforms for harnessing data, all reflecting Vietnamese identity. 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 turn 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 coordinated and consistent implementation will help identify, value, and manage public and private data as a national strategic asset. This will enable data to be harnessed to develop new sectors such as Fintech, GovTech, HealthTech, EdTech…

At the same time, they 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.