- Recently, 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. What is your opinion on the development direction of Vietnam’s data economy as well as the article by General Secretary To Lam?
I truly believe that the development direction set out by General Secretary To Lam is both timely and visionary. His article underscores the critical role of data as a new economic resource, which, in my opinion, is comparable to oil in the industrial era.
Vietnam’s recognition of data as a strategic asset reflects a forward-looking approach, aligning with global digital transformation trends. The direction outlined in his article sets the foundation for a modern data economy that values both innovation and sovereignty.
I also want to note that Vietnam is making remarkable progress as it steps into the digital age. Recently, important documents were issued by competent authorities on cybersecurity and data, namely the Law on Data, the Decree on personal data protection, the Decision approving the National Data Strategy until 2030, and the Resolution on breakthroughs in science, technology, innovation, and national digital transformation.
- What solutions does Vietnam need to implement for the data economy to truly develop (perfecting the legal system, facilitating the development of database infrastructure, public-private partnership, capital investment, human resource training, etc.)?
I am a lawyer, so I will first focus on the legal system of Vietnam. I think Vietnam must refine its laws to clarify some key elements like data ownership, cross-border data transfer, data storage, consent mechanisms, and data sharing across sectors. To attract more investment, legal certainty is crucial for both domestic and foreign investors. It is also worth noting that Vietnam’s international integration is unmatched and should be utilized to develop the legal framework on data.
Second, I believe that investment in localized cloud infrastructure and data centers should be prioritized by the government to further develop national database systems. Incentives and tax benefits could promote investment in sectors as mentioned. Also, the data economy demands a workforce with strong skills in data science, cybersecurity, AI, and digital ethics. Education and training programs should be structured and provided to meet this demand, in partnership with universities and international tech companies.
- In your opinion, how can the data economy contribute to Vietnam’s economic growth target in the near future and beyond?
The data economy can be a transformative engine for Vietnam’s growth in several ways. When it comes to technologies, data-driven technologies such as AI, IoT, and automation can boost productivity across manufacturing, agriculture, logistics, and services. Further, the focus on the development of data can support the rise of digital platforms, fintech, e-commerce, and smart city solutions, generating high-income jobs and exportable services.
Also, with the ongoing reshuffling of the government’s human resources, I think that data initiatives can enhance public service, optimize policy planning, and accelerate the process of reshuffling the government.
Last but not least, a transparent data environment will attract tech giants to invest in Vietnam. If effectively developed, the data economy could contribute significantly to Vietnam’s GDP growth and its ambition to become an upper-middle-income country by 2030 and a high-income country by 2045. This growth is not only sustainable but also contributes to building a knowledge-based economy. With a dynamic spirit and the right strategies, Vietnam has the potential to become a successful model of digital economic development on the global stage, shaping a bright future.
- What is your opinion on Vietnam’s economic activities in the first 3 months of the year?
Vietnam’s economy in Q1 has shown resilience despite global uncertainties like trade wars, supply chain disruption, and so on. According to public sources, the country’s GDP is expected to grow by nearly 8% in the first quarter, creating a solid foundation for economic growth throughout the year.
Key indicators suggest positive momentum in exports, foreign investment, and industrial production. Notably, the recovery in tourism and consumer demand signals strong domestic market potential. Looking at the first three months, I believe that 2025 will be another successful year for Vietnam.
- What is your opinion on Vietnam’s simplification of visa procedures/elimination of visas to create favorable conditions and attract more foreign businesses/investors to Vietnam?
Visa simplification is a pragmatic – thực dụng – and strategic move as it can significantly boost investor confidence and create a more business-friendly environment.
By simplifying entry procedures and expanding visa exemptions, Vietnam enhances its competitiveness as a destination for investment, tourism, and talent. It sends a clear message that Vietnam is ready to open up and compete on the international stage. However, it is essential to balance this openness with strong security measures and regulatory oversight to ensure that the benefits of increased international engagement do not come at the cost of national security or effective border control. If managed well, these reforms could drive substantial long-term economic growth.
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Please do not hesitate to contact Dr. Oliver Massmann under [email protected] if you have any questions on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.
