The draft Law on Digital Technology Industry aims to create a strong legal foundation for Vietnam's digital transformation, addressing bottlenecks and fostering innovation.

National Assembly Chairman Tran Thanh Man emphasized that the law must align with Resolution 57, which focuses on advancing science, technology, and digital innovation.

Digital assets and regulatory framework

During a session on January 6, Le Quang Huy, Chairman of the Committee on Science, Technology, and Environment, reported on proposed revisions to the draft law.

The regulation of digital assets emerged as a significant topic. While some suggested deferring detailed regulations to the Government, others advocated including provisions in the law.

The committee ultimately proposed a framework for digital assets, assigning the Government authority over classification, management, and service provision.

Huy stressed that the provisions do not conflict with existing laws, such as the Civil Code, Electronic Transactions Law, or Securities Law, ensuring legislative coherence.

Deputy Minister of Information and Communications Bui Hoang Phuong noted that despite previous efforts by the Ministry of Justice, detailed regulations on digital assets have yet to materialize. The draft law now incorporates principles for developing and managing digital assets, delegating specifics to the Government to ensure flexibility.

Breakthroughs in digital technology

National Assembly members also focused on embedding the principles of Resolution 57 into the draft law to ensure significant progress in digital technology, innovation, and transformation.

Chairman Tran Thanh Man called for prioritizing strategic technologies like artificial intelligence (AI), blockchain, and semiconductors. He emphasized that Vietnam must master these technologies by 2030, aligning with national goals.

He highlighted the need for the law to identify and address bottlenecks, enabling resource mobilization and policy clarity.

The law should also support cutting-edge advancements, including controlled testing mechanisms and special incentives for key technologies, fostering an environment conducive to innovation.

Policy priorities and implementation

The draft law includes measures to encourage the production of digital technology products in Vietnam, gradually reducing dependence on foreign sources.

Provisions for controlled pilot programs and favorable conditions for innovative technologies, such as digital assets, align with the goal of removing regulatory barriers and avoiding a "prohibit if unmanageable" mindset.

Chairman Tran Thanh Man urged the Government to work with relevant ministries to prioritize investment and development in critical areas of digital technology.

Deputy Minister Bui Hoang Phuong further elaborated that the draft law provides for special incentives to support key digital technologies and products. This reflects the guiding principles of Resolution 57, ensuring the law's implementation aligns with Party directives and national priorities.

Thu Hang