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Vietnam Accelerates Legal Framework to Unlock Data's Economic Value
Vietnam is accelerating its legal framework to promote data utilization, aiming to establish competitive advantages in the AI era. Focus areas include streamlining administrative procedures and expanding investment in data centers, marking a significant step in the country's digital economic transition.
Vietnam is accelerating its legal framework to unlock the economic value of data, aiming to enhance competitiveness and foster economic growth in the AI era. This move is crucial for Vietnam's strategy to transition into a digital economy. A draft decree, intended to replace Decree 63, mandates authorities to proactively pull information from databases and records for informational or technical procedures. This aims to eliminate the need for applicants to resubmit documents and prevent requests for certifications or information from being turned into discretionary licensing. AI has evolved into an "assistant" for many banks, supporting functions from customer service and credit approval to fraud detection and risk management. As the technological gap between institutions narrows, a key question emerges: what will determine banks' competitive advantage in the AI era? Vietnam is keen to leverage this technological evolution. Ho Chi Minh City currently has 20 operational data centers with nine proposed projects. New projects are shifting towards large complexes integrating AI and other digital infrastructure, indicating an expansion of investment in data infrastructure. During his visit to France, General Secretary of the Communist Party of Vietnam Central Committee and President To Lam met with Vietnamese technology experts and visited Thales Group's technology research center, showcasing Vietnam's keen interest in advanced technologies. Vietnam also emphasizes deepening its Comprehensive Strategic Partnership with France, with scientific and technological cooperation being a key pillar. Similar collaborations are evident with Russia, including the operation of a long-standing science and technology research center and the launch of a new infectious disease prevention and control laboratory. By legally securing the utilization of data, Vietnam aims for sustainable economic growth and improved livelihoods. This data strategy is poised to be a key factor in Vietnam's establishment of its position in the global digital competition. Source: VietnamPlus English
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VietnamPlus English