Head of the Institute for Policy Studies and Media Development (IPS) Nguyen Quang Dong cited data from Nikkei Asia financial newspaper in a recent webinar focusing on cross-border data transfer and privacy protection held by the IPS as saying

The event aimed to find measures to protect users’ data safety and privacy without affecting the flow of data, deemed an artery of the digital economy.

The flow benefits the development of international trade as part of the global economy, but also poses challenges to Vietnam in terms of policies.

Therefore, seeking a suitable pathway is key to the country’s digital economy development.

Digital economy surged to 14 billion USD last year from just 3 million USD recorded in 2015, according to President of the Vietnam Digital Communications Association Nguyen Minh Hong. The figure is forecast to hit 52 billion USD by 2025.

Balance between data exchange, including personal and cross-border data, and privacy protection in a bid to strengthen users’ trust, is among the topics for building policies in Vietnam.

In the absence of protection mechanisms, the risks of data abuse will be tremendous for users, communities and countries, said Hong, who is also the former Deputy Minister of Information and Communications.

Vietnam’s building of legal regulations on cross-border data transfer are still in the initial phase, experts said.

The country should work to realise the twin targets of promoting the free flow of data for digital economy development, and ensuring safety and privacy for users, Dong said, adding supplementary measures should also be considered in the sector.

Source: VNA

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