A prominent feature of digital capitalism is the privatization of data and knowledge, created from the participation of billions of people, noted Prof Dr Nguyen Xuan Thang, Member of the Politburo, and Director of the Ho Chi Minh National Academy of Politics, Chair of the Central Theoretical Council.

He was speaking at the workshop “Digital Capitalism and Technological Socialism - Theoretical and Practical Issues” on January 13. The workshop was organized by the Ho Chi Minh National Academy of Politics in coordination with the Central Theoretical Council to discuss "Digital Capitalism" and "Technological Socialism".

The goal is to identify, analyze, and explain the profound changes of modern capitalism and real-world socialism in the new era.

In his opening remarks, Thang emphasized: “The explosion of digital technology, big data, AI, the Internet of Things (IoT), intelligent automation and super-quantum technologies is fundamentally transforming the quality of productive forces, modes of organization and distribution, and comprehensively reshaping the global socio-economic power structure.”

Analyzing in depth the model of “digital capitalism,” he pointed out a paradox: data and knowledge are generated from the participation of billions of users, yet are privatized and become the private assets of giant technology corporations. 

“In this model, data is no longer merely information but a strategic resource that generates unlimited profits,” he noted.

Corporations such as Nvidia, Meta and SpaceX are not simply economic entities, but are becoming new centers of power, holding monopolies over digital resources and algorithms. A very small number of technology firms control data, information flows, consumer behavior and even social opinion.

Data becomes the basis for forming market control barriers, leading economies, and consolidating the monopoly position of corporations. He warned of the risk of the establishment of “technological colonialism,” where developing countries easily fall into the trap of technological dependence and low-value segments.

In contrast to that is the “Technological Socialism” model. Thang said that digital technology is a product of human civilization and in a socialist regime, technology must serve people, being inclusive and humanistic.

The fundamental difference lies in the goal: if the capitalist market economy targets individual profit and monopoly, our economy aims for social benefits, protecting citizen data as a fundamental right and ensuring that “no one is left behind.”

The professor believed that it is necessary to continue deeper research on production relations to adapt to the new level of productive forces, ensuring the regulatory role of the State to prevent new inequalities arising from technology.

In addition to Thang’s presentation, the workshop also recorded many valuable presentations from experts, scientists, and scholars to further clarify the practical aspects of the issue.

Associate Prof Dr Nguyen Manh Hung, Deputy Director of the Ho Chi Minh National Academy of Politics, gave a fresh perspective on “Failure and Data.” 

Citing billionaire Elon Musk's saying "If things are not failing, you are not innovating enough," he argued that to innovate, society needs to build a culture of tolerance for failure, considering failure as a special type of data to calibrate policies. He proposed a controlled sandbox mechanism to avoid the situation of “fearing mistakes, hiding mistakes, and blaming,” which is hindering breakthroughs.

Sharing a similar development vision, Tran Van Phong highlighted the urgent need for education and training, including mathematical and algorithmic thinking in urban planning and management, as well as the development of high-quality and digital human resources.

He affirmed that in the digital era, the role of the entire nation and the political system must be mobilized, with entrepreneurs acting as the leading force.

From an international economics perspective, Prof Dr Hoang Xuan Binh of Foreign Trade University pointed out challenges related to the digital gap between localities, such as the large gap between Bac Ninh and Lai Chau, as well as issues of digital legal frameworks and digital talent.

He recommended designing policies based on data and evidence, innovating the public sector through sandbox mechanisms, investing in people and culture, building data governance frameworks, and developing policies to measure digital welfare alongside legal frameworks to protect data and privacy rights.

Thai Khang