This observation was made by Professor Nguyen Xuan Thang, Politburo member and President of the Ho Chi Minh National Academy of Politics, during the national scientific conference titled “Digital Capitalism and Technological Socialism: Theoretical and Practical Issues” held on January 13.

Co-organized by the Academy and the Central Theoretical Council, the event examined the emergence of two new paradigms: digital capitalism and technological socialism. Its objective was to identify, analyze, and interpret the profound transformations currently reshaping both modern capitalism and socialist systems in the new era.

Chairing the session, Professor Thang emphasized: “The explosive growth of digital technologies - big data, artificial intelligence, the Internet of Things, intelligent automation, and quantum computing - is fundamentally transforming the nature of production forces, organizational models, distribution systems, and the structure of global economic and social power.”

Delving into the model of digital capitalism, he pointed to a central paradox: the data and knowledge now driving entire economies are created by the social participation of billions - but these resources are being privatized and concentrated in the hands of a few tech conglomerates.

“In this model, data is no longer merely information - it has become a strategic resource, a limitless source of profit,” he noted.

Companies like Nvidia, Meta, and SpaceX, he said, are no longer just economic entities - they have become centers of new power, holding exclusive control over digital resources and algorithms. A handful of technology firms now dominate not only data flows and consumption behaviors, but also public discourse.

This concentration of control creates structural barriers to competition, allowing tech giants to steer economies and entrench their monopolies. Professor Thang warned of the growing risk of “technological colonialism,” where developing countries may fall into dependency traps and remain confined to the lower rungs of the value chain.

In contrast, he proposed the vision of technological socialism, asserting that digital technology is a product of human civilization, and under socialism, it must serve humanity in an inclusive and ethical manner.

The fundamental difference lies in the goals: capitalist economies prioritize private profit and monopoly, whereas a socialist economy, he said, should prioritize societal benefit, safeguard citizen data as a fundamental right, and ensure that “no one is left behind.”

He called for further research into how production relations must evolve in response to modern productive forces. The state, he emphasized, must retain regulatory authority to prevent new forms of inequality born from technology.

Alongside Professor Thang’s keynote, the forum featured several compelling contributions from leading scholars.

Associate Professor Nguyen Manh Hung, Deputy Director of the Academy, introduced a thought-provoking concept linking failure and data. Quoting Elon Musk - “If you haven’t failed, you’re not innovating enough” - he argued that innovation requires a societal tolerance for failure. He proposed establishing controlled sandbox environments to test new ideas and avoid the culture of fear and blame that often hinders breakthrough thinking.

Professor Tran Van Phong underscored the urgent need to reform education, with a focus on mathematical and algorithmic thinking in urban planning and governance. He called for the development of a high-quality digital workforce and urged for the entire political system to be mobilized - particularly entrepreneurs as frontline agents of innovation.

From the perspective of international economics, Associate Professor Hoang Xuan Binh of the Foreign Trade University highlighted the widening digital divide between regions in Vietnam, citing stark gaps between provinces like Bac Ninh and Lai Chau.

He recommended that policy design be grounded in data and evidence, with renewed investment in human capital, cultural readiness, and a legal framework for data governance. This includes mechanisms for digital welfare metrics and legal protections for privacy and citizen data.

Du Lam