At the International Conference on the Data Economy, hosted by the Ministry of Public Security on December 13 in Hung Yen province, global and local experts gathered to explore a new era - the Data Age, where data becomes a resource as crucial as energy or capital.

According to global trends, in the coming decade, data will play the role once held by oil and finance: the backbone of productivity, innovation, and national competitiveness. Countries that build transparent, secure, interconnected, and intelligently governed data infrastructures will lead in AI, automation, and new economic models.

Data as a strategic asset defining national competitiveness

Speaking at the conference, Major General Nguyen Ngoc Cuong, Director of the National Data Center, declared that the world has officially entered the Data Age. In this new era, data is no longer a scattered set of facts but a strategic resource that determines a nation’s ability to compete, stabilize its economy, and ensure long-term prosperity.

Cuong emphasized that a new development order is taking shape. While the 20th century was powered by oil and heavy industry, the 21st is driven by data, knowledge, and analytical power.

In this context, data is a production factor equal to land, labor, and capital. It can be priced, traded, and exploited to improve productivity, fuel innovation, and drive AI. In many OECD and European economies, data already makes a direct contribution to GDP.

Nations that manage and utilize data more wisely will enjoy distinct advantages in global competition.

“Vietnam is entering the Data Age with a strong determination to transform data into a growth driver, an economic asset, and strategic infrastructure,” Cuong said.

As the national coordinator, the Ministry of Public Security is already operating the National Data Center, establishing standards and a unified data backbone for all systems. The goal is to build a transparent, secure, and competitive data economy, strengthen regional and global cooperation in data and AI, and make data the foundation for sustainable and prosperous development.

Trust, regulation, and valuation: The pillars of the data economy

Cuong noted the conference focused on four foundational questions for shaping Vietnam’s data economy:

·        What data economy model suits a fast-growing nation like Vietnam?

·        How can data boost productivity and innovation?

·        How do we measure data as an asset and incorporate it into national accounts?

·        What legal framework is needed to ensure data is exploited safely, transparently, and responsibly?

These are not just Vietnam’s challenges - they are global dilemmas.

However, international experts believe Vietnam has rare and timely advantages to embrace the data economy - if it can build institutional frameworks and societal trust.

Raymond Gordon, Principal of the British University Vietnam (BUV), emphasized that data is not merely technical - it is deeply tied to a nation’s integrity and advantage. He highlighted the need for skilled human capital that can use data intelligently. Training this workforce will be key to whether Vietnam can fully harness data for national development.

From a policy perspective, Professor Rajrajam of University College London pointed out that the US, China, and Europe have taken very different paths in data governance.

He argued that Europe’s model offers valuable lessons for Vietnam: enabling data sharing for public benefit, while upholding privacy, sovereignty, and competition standards.

The EU Data Act, for example, compels businesses to unlock industrial data and grants individuals more control over their data - balanced by strict rules on transparency and responsible use.

AI: The refinery that turns data into economic power

From a technological standpoint, Assoc. Prof. Ali Dulaimi, Head of Computer and Data Science at BUV, compared data to 21st-century oil, and AI to the refinery that converts raw data into products, services, and markets.

AI not only processes existing data but also generates new data through continuous learning cycles, making models smarter and economically more valuable over time.

Dulaimi noted that Vietnam has made solid progress in collecting data across sectors, but its biggest challenge is moving from storage to active use.

If used effectively, data and AI could generate up to $79 billion in new revenue for Vietnam in the near future. However, this requires significant investment in AI infrastructure, data platforms, and homegrown technologies.

Vietnam’s strengths lie in its young population, high smartphone penetration, and vibrant startup ecosystem. AI could raise productivity in agriculture, improve incomes for tens of millions of smallholder farmers, modernize urban traffic management, enhance e-government rankings, and expand healthcare access in remote regions.

Yet these opportunities come with challenges: privacy protection, data sovereignty, and AI sovereignty.

The National Data Association has signed a memorandum of understanding with BUV to further develop data governance and academic collaboration.

Balancing innovation with security

Experts agree that Vietnam must find a delicate balance between data sharing and privacy, between open innovation and national security.

Building a comprehensive legal framework for data, AI, and AI energy, along with developing energy-efficient algorithms and reducing foreign tech dependency, will determine whether Vietnam can control its own digital destiny.

As Major General Nguyen Ngoc Cuong affirmed, Vietnam is entering the Data Age with a firm commitment to making data a national asset and growth pillar.

The National Data Center - under the coordination of the Ministry of Public Security - is laying the first bricks for a transparent, secure, and globally integrated data economy, where data is not just protected, but also leveraged to create long-term prosperity for the country.

Thai Khang