Prime Minister Pham Minh Chinh has urged ministries to complete the legal framework and begin pilot operations of Vietnam’s national data exchange within November, calling data a strategic resource vital to the nation’s digital transformation.

Speaking at a meeting with the Ministry of Public Security and relevant agencies on November 1, Chinh said that data has become a new strategic resource in the digital era and Vietnam must move quickly to develop a national platform for data sharing and trade.

The Prime Minister noted that Vietnam is sitting on an enormous volume of data that remains fragmented, dormant and underutilized. “Establising a national dataxx exchange is an objective and essential step to activate this vast resource and channel it into national development.

Prime Minister Pham Minh Chinh speaks at the event. Photos: baochinhphu.vn

In Vietnam, the data market is estimated at around US$1.57 billion in 2024 and is projected to reach $3.53 billion by 2030, growing at an annual rate of about 14.2%.

The country’s digital economy is expected to be worth around $45 billion by 2025 and could reach $90-200 billion by 2030, underscoring the vast potential of the data market and the crucial role of a national data exchange in Vietnam’s overall digital economy development strategy.

Prime Minister unlocks strategic value from data exchange with comprehensive and long-term strategic benefits for the nation as follows:

First, it will create an entirely new market, a high value-added data trading ecosystem that boosts economic growth and competitiveness.

Second, it will develop a professional and globally connected data services industry, spurring new business models and diversifying production.

Third, it will fuel technological innovation, providing standardized data to power artificial intelligence and emerging technologies.

Fourth, it will enhance national governance by promoting transparency, interoperability, and evidence-based policymaking.

Finally, it will reinforce data security and sovereignty, enabling Vietnam to develop an independent yet globally integrated digital economy.

Globally, both developed and emerging economies are putting data at the center of national growth strategies, investing heavily in infrastructure, governance frameworks and trading markets.

According to the prime minister, Vietnam has made significant progress under the direction of the Party and Government, developing national and sectoral databases and integrating them into digital government and smart governance systems.

Deputy Minister of Public Security Nguyen Van Long said the ministry has analyzed the current situation and international best practices before outlining several strategic directions for developing data exchange platforms in Vietnam.

He said it's needed to improve the data economy model, continue building a comprehensive legal framework for the development and management of data platforms, ensure data security and safety in exchange activities, promote public–private partnerships in the data sector and strengthen human resource development and international cooperation.

Deputy Minister of Public Security Nguyen Van Long.

The Ministry of Public Security has been assigned to build the data exchange at the National Data Center, with the goal of establishing a national data marketplace that stimulates economic growth.

The Prime Minister also acknowledged persistent shortcomings, including fragmented data infrastructure, underdeveloped legal frameworks and a lack of skilled human resources.

He said that most data generated by the government, businesses and citizens remains disconnected and underexploited, while the data market is still “small, fragmented and full of barriers.”

He called for urgent solutions to standardize cybersecurity, authentication and traceability systems to ensure trust among participants in the future data market.

On policy requirements, the Prime Minister emphasized the need for breakthrough policies and sandbox mechanisms to pilot new ideas under controlled conditions. These must be accompanied by consistent legal frameworks that protect the legitimate rights and interests of all participants.

Administrative and business procedures must be streamlined to encourage participation and eliminate the “carpet above, nails below” phenomenon, ensuring fairness, efficiency and accountability.

The Prime Minister also called for balanced interests between the State, enterprises and citizens, upholding the principles of shared benefits and shared risks, protecting property rights and ensuring creative freedom in business.

“We must build risk management mechanisms from the outset to safeguard personal data and ensure compliance with legal standards. International experiences should be studied to develop special, incentive-based policies suited to Vietnam’s conditions,” said Chinh.

Determination to act this month

Prime Minister Chinh said the national data exchange must be established and start pilot operation within November 2025.

He instructed the Government Office and the Ministry of Public Security to finalize the legal foundation and accelerate technical implementation.

“This is a new, difficult and unprecedented task,” he said, “but it must be done.”

Chinh reiterated his motto: “Data on exchange, enabling government, pioneering enterprises, public-private partnership, market-led growth, a prosperous nation and a happy people.”

He urged all ministries and agencies to act decisively, following the six “clears”, including clear people, clear tasks, clear deadlines, clear responsibilities, clear authority and clear results.

“Data is a strategic resource and a new means of production, alongside land, labor, capital and technology,” said Chinh, adding that only with a Vietnamese data foundation can there be a truly Vietnamese artificial intelligence.

The conference is attended by leaders and officials from relevant ministries and agencies.