On November 1st, at the Government Office, Prime Minister Pham Minh Chinh chaired a meeting with the Ministry of Public Security and other ministries to discuss the completion of the legal framework, institutions, and policies for the establishment and operation of Vietnam’s data exchange. He instructed that the legal framework be essentially completed and the exchange piloted in November, under the motto: “Data on the exchange, the State creates, businesses pioneer, public-private partnership, market leads, the nation prospers, and the people are happy.”
Reports at the meeting highlighted the global data economy boom. According to Statista (Germany), the total value of global data exchanges reached $344 billion in 2024 and is projected to grow to $655 billion by 2029, concentrated in North America and Asia-Pacific. The European Union forecasts the data economy’s value at €640 billion by 2025, while China estimates around ¥204.6 billion. Singapore’s digital economy accounted for 17.7% of its GDP in 2023, nearly double that of 2017.
In Vietnam, the data market is estimated to reach $1.57 billion in 2024 and could grow to $3.53 billion by 2030, with an annual growth rate of 14.2%. The digital economy is expected to reach $45 billion by 2025 and $90-200 billion by 2030, reflecting significant potential if data is effectively exploited.
Prime Minister Pham Minh Chinh – Photo: VGP/Nhat Bac
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The Prime Minister emphasized that data is not just information but a “new resource” on par with land, capital, labor, and technology. To develop Vietnamese artificial intelligence, we must have a Vietnamese database. Establishing a national data exchange is essential to “unlock fragmented resources,” promote data circulation and commercialization, and create new economic value.
He stressed that with the data exchange in operation, Vietnam will have a new market—the data transaction market—directly contributing to growth and enhancing national and business competitiveness. This will also foster a data service ecosystem, enabling data-driven business models, supporting startups, innovation, and AI development.
According to the Prime Minister, the data exchange will standardize, interconnect, and reuse data between public and private sectors, improving governance, evidence-based policymaking, and transparency. It will also safeguard national data security, assert cyber sovereignty, and strengthen Vietnam’s position in the global data network.
He pointed out that the current legal framework and policies on data sharing and commercialization are rudimentary, with much data scattered across isolated systems, leading to inefficiency. He urged the swift completion of mechanisms for data ownership, pricing, and exchange licensing, ensuring trust and information security for citizens and businesses.
The Prime Minister outlined five principles: innovate in both mindset and action; implement with a roadmap, refining as we go; view the exchange as a value-enhancing platform, not a data marketplace; prioritize institutions as pioneers, technology as breakthroughs, and human resources as key; and ensure data security throughout.
He also called for breakthrough policies in developing the data exchange, promoting sandbox mechanisms for new models; streamlining administrative procedures to avoid contradictions; and balancing the interests of the State, businesses, and citizens.
The Prime Minister tasked the Ministry of Public Security with leading the institutional completion and coordinating the exchange’s pilot in November. The Ministry will also approve operations and establish unified technical standards for data security. Other ministries have specific roles: the Ministry of Science and Technology will create research procurement mechanisms; the Ministry of Industry and Trade will ensure green energy for data centers; the Ministry of Education and Training will train high-quality personnel; and the Ministry of Finance will allocate the budget.
He emphasized that building the data exchange is “very new, very challenging, unprecedented, but indispensable.” Data is a high-value asset that must be traded and exploited according to market principles. Therefore, agencies and ministries must “focus on progress, not setbacks,” collaborating to establish Vietnam’s data exchange for national, business, and citizen benefits.
– 10:45 02/11/2025
Vietnam’s International Financial Center Set to Launch Operations This Month
The Prime Minister emphasized this directive while concluding the Conference on the Establishment of an International Financial Center in Vietnam, held on the morning of November 1st. The conference was conducted via teleconference, connecting participants from the UK, the Czech Republic, Hong Kong (China), and Indonesia.
Prime Minister Chairs Conference on Establishing International Financial Center
On November 1st, Prime Minister Phạm Minh Chính chaired a conference at the Government Office regarding the establishment of an International Financial Center in Vietnam. The event was held both in-person and virtually, connecting participants from the UK, Czech Republic, Hong Kong (China), and Indonesia.
Prime Minister: International Financial Center Must Commence Operations by November
Prime Minister Pham Minh Chinh has directed all relevant ministries and agencies to finalize the necessary decrees for the official launch of Vietnam’s International Financial Center in November. The center will operate under a unique “one center – two destinations” model, strategically located in Ho Chi Minh City and Da Nang.
Vietnam’s Economy Demonstrates Resilience, Overcoming Major External Shocks, Prime Minister Affirms
Speaking at the National Assembly Hall on October 30th, Prime Minister Pham Minh Chinh emphasized that over the past five years, we have achieved remarkable accomplishments. Our economy has demonstrated remarkable resilience, successfully weathering significant external shocks.
Prime Minister: All Obstacles in Two-Tier Government Operations Must Be Resolved by End of 2025
On the afternoon of October 29th, Prime Minister Phạm Minh Chính chaired a government meeting to discuss the implementation progress of Central Committee and National Assembly resolutions regarding the organization and operation of two-tier local governments.
