Data exchange platforms: A lever for digital economy in Vietnam

Data is a new resource that can be likened to "oil," and data exchange platforms are capable of driving the development of the economy in various ways, according to expert Vu Ngoc Son.

The draft Data Law, which will be presented to the National Assembly for the first time at its 8th session in October, proposes the establishment of data exchange platforms managed by the Ministry of Public Security, providing legal and safe data selling, buying and exchange services.

A representative of the Ministry of Public Security emphasised that establishing a data market and developing related products and services are crucial for socioeconomic development. This is a breakthrough factor that will gradually create and promote the opening of the data market. It is a driving force for developing and stimulating digital transformation across sectors and fields, enhancing competitiveness, and ensuring the digital transformation process in Vietnam.

According to the National Data Strategy issued by the Prime Minister, Vietnam aims to complete the pilot operation of five data trading platforms by 2030.

Lever for digital economy

In the age of digitalisation, every decision made by organisations and businesses needs to be based on data. Many experts agree that in digital transformation, data is at the center. However, in reality, only large companies with platforms and services that have millions of users have a data advantage.

Most businesses and organisations today do not have sufficient data to analyze and solve their specific problems. This creates a significant demand for buying and exchanging data. Additionally, artificial intelligence (AI) requires large amounts of data to become smarter and more mature. Therefore, now more than ever, data exchange platforms are essential.

According to Vu Ngoc Son, a member of the National Cybersecurity Association's Executive Committee and Technical Director of the National Cybersecurity Technology Corporation (NCS), data exchange platforms not only make data-related activities transparent and safe but also ensure the legality of these transactions. This creates a trustworthy environment for both buyers and sellers, contributing to improved production and business efficiency.

A data exchange platform can be understood as a venue for conducting transactions, exchanges, and sales, and providing products and services related to data in an appropriate, accurate, and legal manner to service requesters.

The data at the National Data Center serves as a core foundation for offering data-related services, supporting policy planning, and building a digital government, digital society, and digital economy.

On the other hand, data exchange platforms are capable of driving economic development in several ways.

First, it enables effective data sharing, making it easier for businesses and organisations to find and acquire the data necessary for their business and strategic planning. In addition, a data exchange platform offers related products such as data analysis and mining services, helping businesses optimise data value.

While many companies may struggle to extract insights from data, the platform provides them with reasonable and legal options. Moreover, having data from multiple sources will stimulate innovation, allowing businesses to develop new ideas, strategies, and products to meet market demands. The platform also creates a healthy competitive environment, reducing costs and risks for businesses.

Data exchange through a platform will minimise legal risks associated with purchasing data from unknown sources or using unreliable services. Additionally, platforms will operate under a market mechanism, ensuring data quality and standards.

Challenges for data exchange platforms

According to expert Son, data exchange platforms are vulnerable to cybersecurity risks like other information technology systems. Attacks such as denial of service or data encryption attacks that disrupt operations, as well as targeted APT attacks aimed at stealing and altering data, can occur.

Therefore, ensuring the system security and safety must be a priority. He said the data exchange platform is not only an inevitable trend in the digital age but also a crucial factor driving economic development, encouraging innovation, and ensuring the legality of data transactions.

“While there will be unavoidable cybersecurity risks, with existing experience in cybersecurity and incident response, Vietnam can effectively protect the data exchange platforms using its own resources," he affirmed.